Document:

Exhibit 10.5

 

[*]
Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed.

 

EXCLUSIVE LICENSE AGREEMENT

 

This exclusive license
agreement (this “Agreement”) is made and is effective as of September 10, 2020 (the “Effective Date”) between
The UAB Research Foundation (“UABRF”), a non-profit 501(c)(3) corporation incorporated in the State of Alabama, and
Aridis Pharmaceuticals, Inc. (the “Licensee”), a publicly traded company incorporated under the laws of the state of
Delaware, with its principal places of operations as described in the signature block on the signature page below.

 

RECITALS

 

WHEREAS, UABRF and Texas Biomedical Research
Institute (Texas Biomed) jointly own all right, title and interest in (i) the intellectual property described in UABRF intellectual
property disclosure numbered U2020-0060, entitled “Human neutralizing antibodies against SARS-CoV-2 / COVID-19” (the
 “Invention”), which was co-developed by the Texas Biomed Inventors (defined below) while employed at Texas Biomed and
the UAB Inventors (defined below) while employed at UABRF’s affiliate, the University of Alabama at Birmingham (“UAB”),
and (ii) the patent application(s) noted on Exhibit A hereto which is part of the Licensed Patents which covers such intellectual
property;

 

WHEREAS, UABRF and Texas Biomed have executed
an Inter-Institutional Agreement attached hereto as Exhibit C pursuant to which Texas Biomed has granted UABRF the right to negotiate
licenses to commercialize the jointly owned Licensed Patents on behalf of both entities and accordingly UABRF, has the right to
grant exclusive licenses to the Licensed Patents as set forth in this Agreement and desires to have the same developed and commercialized
to benefit the public; and

 

WHEREAS, the Licensee, a leading company
focused on the development of novel, differentiated therapies for infectious diseases, desires to obtain a license to the Licensed
Patent upon the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the
premises described above and the mutual promises and agreements set forth in this Agreement, the Parties agree as set forth below.

 

Article
1

Definitions

 

The definitions used
in this Agreement are set forth below.

 

		1.1	“Affiliate” means any Person that directly or indirectly controls, is controlled by,
or is under common control with a Party. “Control” means (i) the beneficial ownership of at least fifty percent (50%)
of the voting securities of a Person with voting equity, or (ii) the power to direct or cause the direction of the management or
policies of a Person.

 

		1.2	“Agreement” means this agreement, as amended from time to time in accordance with the
terms and conditions set forth in this agreement.

 

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		1.3	“Combination Product” means a Licensed Product consisting of one or products or technology
covered by a Valid Claim packaged, bundled, or otherwise combined for sale with one or more other antibody products or antibody
technology that is not covered by a Valid Claim.

 

		1.4	“First Commercial Sale” means the first Sale of a Licensed Product by the Licensee,
its Affiliates or its Sublicensees to a Third Party.

 

		1.5	“For Value” means any consideration, remuneration or benefit of any kind, whether received
directly or indirectly, including, but not limited to, cash, equity, debt, preferential treatment, including waiver, rebate, discount,
etc.

 

		1.6	“Inventors” are collectively the Texas Biomed Inventors and the UAB Inventors.

 

		1.7	“Licensed Field of Use” means treatment of patients for infection, or prevention of
infection, with SARS-COV-2.

 

		1.8	“Licensed Patents” means all patents and/or patent applications owned or controlled
by Texas Biomed, UABRF, and/or UAB covering the above-described Invention including (a) the patents and/or patent applications
set forth on attached Exhibit A, (b) any foreign patent applications based thereon, (c) all patents proceeding from such domestic
and foreign patent applications, (d) all divisionals, continuations, reissues, reexaminations and extensions of any patent or patent
application described in (a) – (c) above. “Licensed Patents” shall also include patents and patent applications
covering inventions arising out of research by sponsored by Licensee as contemplated under section 5.2.

 

		1.9	“Licensed Product” means any product or part thereof, process or service, the development,
manufacture, use, import, export, offer for sale or sale of which is covered by, or which cannot be undertaken or completed without
infringing, a Valid Patent Claim set forth in any Licensed Patent.

 

		1.10	“Licensed Territory” means worldwide.

 

		1.11	“Major Market” means the United States of America, the European Union or Japan.

 

		1.12	“Net Sales” means the gross amount received by Licensee (or Affiliate or Sublicensee)
relating to any Sale of a Licensed Product, less (a) discounts actually allowed, (b) rebates, price reductions, rebates to social
and welfare systems, charge backs, government mandated and similar rebates, (c) credits for claims, allowances, retroactive price
reductions or returned goods, (d) prepaid freight and insurance, (e) customs duties, sales taxes or other governmental charges
actually paid in connection with such Sale (but excluding income tax). Where a Licensed Product is not used, transferred or exchanged
For Value, the Net Sales will be fair market cash value for such transaction to be agreed upon between the Parties.

 

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		1.13	“Non-Royalty Income” means anything received by the Licensee from a Sublicensee For
Value to the extent received in exchange for sublicense rights hereunder that is cash or a cash equivalent that is not calculated
upon a percentage of Net Sales, including, but not limited to, fees and advances. For purposes of clarity, a sublicensee issue
fee is an example of “Non-Royalty Income” because it is not based on Net Sales but instead is a fee paid to gain access
to the Licensed Patents.

 

		1.14	“Parties” means UABRF and the Licensee, and each of them individually is a “Party”.

 

		1.15	“Person” means an individual, corporation, partnership, trust, business trust, association
or any other entity with a separate legal identity, including the Parties.

 

		1.16	“Protection Activities” means taking all actions deemed necessary and desirable to
protect the Licensed Patents, including, but not limited to, obtaining, filing for, securing, pursuing, prosecuting, and continuing
or maintaining the patents and patent applications.

 

		1.17	“Protection Expenses” means all legal fees, costs and expenses reasonably incurred
by UABRF in the performance of the Protection Activities, such fees, costs and expenses to be documented by written invoice.

 

		1.18	“Representative(s)” means, with respect to each Party and their Affiliates, all trustees,
directors, officers, employees, agents and advisors.

 

		1.19	“Sale or Sales” means any use, transfer or exchange, For Value or otherwise, of a Licensed
Product. Sales include all Sales by the Licensee, its Affiliates, and its Sublicensees and includes any transfer by the Licensee
or a Sublicensee to an Affiliate or sublicensee where there is no subsequent Sale (i.e., the Licensed Product is not further resold
or transferred).

 

		1.20	“Sublicensee” means a Person to whom the Licensee has granted a sublicense pursuant
to Section 2.5 of this Agreement.

 

		1.21	“Texas Biomed Inventors” means Luis Martinez-Sobrido, Fatai Oladunni, and Jun-gyu Park.

 

		1.22	“Third Party” means any Person other than the Parties, their Affiliates, and Texas
Biomed.

 

		1.23	“UAB Inventors” means James Kobie, Mark Walter, Ashlesha Deshpande, Michael Piepenbrink,
Paul Gopefert, Nathan Erdmann, Madhubanti Basu, and Sanghita Sarkar.

 

		1.24	“United States” means the United States of America.

 

		1.25	“Valid Patent Claim” means (i) a pending patent claim included within the Licensed
Patents or (ii) an issued and unexpired patent claim included within the Licensed Patents which has not been held permanently revoked,
unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, to which an appeal has
not or cannot be taken within the time allowed for appeal, and which has not been disclaimed, denied or admitted to be invalid
or unenforceable through reissue, disclaimer or otherwise.

 

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Article
2

Grant
of License

 

2.1           Grant
of License. Subject to the terms and upon the conditions set forth in this Agreement, UABRF hereby grants to the Licensee an
exclusive, sublicensable right and license, subject to the terms and conditions of this Agreement, to (a) practice the Licensed
Patents and (b) make, have made, develop, use, lease, offer to sell, sell, import and export Licensed Products, within the Licensed
Field of Use in the Licensed Territory during the Term. The Licensee may transfer its rights under this Agreement to an Affiliate,
provided such Affiliate assumes all of the obligations of the Licensee under this Agreement.

 

2.2           Rights
of the United States Government. It is understood that if a United States Governmental Authority has funded research, during
the course of or under which the Licensed Patent(s) was conceived or made, the United States government is entitled, as a right,
under the provisions of 35 U.S.C. §§ 200-212 and applicable regulations of Chapter 37 of the Code of Federal Regulations,
to a non-exclusive, non-transferable, paid-up license to practice or have practiced and use the affected Licensed Patents for governmental
purposes. The Licensee acknowledges that the rights and license granted to it pursuant to this Agreement are subject to any and
all rights of the United States government.

 

2.3           Reservation
of Rights by UABRF, its Affiliates and Texas Biomed. UABRF reserves the right, for itself, for its Affiliates, and for Texas
Biomed, to:

		(a)	practice and use, and to permit their Representatives to practice and use, the Licensed Patents
within the Licensed Field of Use for non-commercial educational and research purposes;

		(b)	grant to non-profit academic, educational or research institutions and governmental authorities,
non-exclusive, royalty-free licenses to make and use the Licensed Patents within the Licensed Field of Use for non-commercial educational
and research purposes;

		(c)	permit their respective Representatives to disseminate and publish scientific findings from research
related to the Licensed Patents; and

		(d)	practice, use and otherwise commercialize, including licensing, the Licensed Patents to Third Parties
for applications and uses outside of the Licensed Field of Use and outside the Licensed Territory.

 

2.4            Title
Remains with UABRF and Texas Biomed. All right, title and interest in and to the Licensed Patents remains with UABRF and Texas
Biomed. Except as provided in this Agreement, no express or implied licenses with respect to the Licensed Patents or any other
rights are transferred or granted to the Licensee by implication, estoppel or otherwise.

 

2.5           Right
to Grant Sublicenses. The Licensee has the right to grant sublicenses to any Person under this Agreement on the following terms
and conditions:

		(a)	the execution of a sublicense shall not in any way diminish, reduce or eliminate any of the Licensee’s
obligations under this Agreement, and the Licensee shall remain primarily liable for such obligations and any breach of any provision
of this Agreement by a Sublicensee;

 

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		(b)	the Licensee shall provide UABRF with a copy of any such sublicense granted by it under this Agreement
within thirty (30) days of the execution of the sublicense;

		(c)	UABRF and Texas Biomed are third party beneficiaries to each sublicense and each agreement evidencing
a sublicensing arrangement shall include a statement and an acknowledgement by the Sublicensee to this effect;

		(d)	the Licensee may not sublicense the right to prosecute or protect the Licensed Patents to a Sublicensee;

		(e)	Sublicensees are prohibited from further sublicensing the Sublicensee’s rights to any other
Person;

		(f)	the Sublicensee shall obtain and maintain insurance coverage as described in Section 8.2;

		(g)	the Sublicensee shall be subject to indemnification obligations as described in Section 11.2; and

		(h)	in the event this Agreement is terminated or upon the expiration of the Term, (i) the Licensee
shall notify the Sublicensee of the termination or expiration, (ii) the sublicense will terminate simultaneously with the termination
or expiration of this Agreement, and (iii) the Sublicensee may enter into a license agreement with UABRF on substantially the same
terms as the Sublicensee’s sublicense with the Licensee with UABRF’s approval (which approval shall be granted subject
to such Sublicensee’s agreement to the terms as required in this Section).

 

Article
3

Development
and Commercialization

 

3.1           Development
and Commercialization Plan and Milestones. During the Term, the Licensee shall use good faith, reasonable commercial
efforts to develop, manufacture, commercialize and market the Licensed Patents through a diligent program designed to accomplish
the commercial exploitation of the same and to make the technology covered by or embedded in the Licensed Patents available to
the general public in accordance with the procedures and practices that are usual and customary for similar technologies and industries.
Notwithstanding the foregoing, the Licensee shall be required to demonstrate continuing good faith, reasonable commercial efforts
to commercialize the Licensed Patents in one or more Major Markets and do all that is legally required to obtain and retain any
regulatory and/or governmental approvals to manufacture and/or sell Licensed Products in such Major Market(s). The Parties acknowledge
that the development and commercialization plan and milestones set forth below are reasonable. Licensee shall use good faith, reasonable
commercial efforts to achieve the milestones set out below, or shall demonstrate to UABRF a reasonable, alternate development and
commercialization plan if such milestones cannot be achieved. Such alternate plan to be approved by UABRF and not unreasonably
withheld.

 

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	#	Development and Commercialization Plan and Milestones	Date
	1	Complete animal studies at Texas Biomed to validate therapeutic potency of lead antibody 	*
	2	Initiate IND enabling GLP toxicity studies 1	*
	3	File IND or MCM application with FDA or foreign equivalent for a Licensed Product	*
	4	Completion of a phase I/II human study 2	*
	5	Completion of a phase III human study 2	*
	6	BLA or MCM approval from FDA or foreign equivalent for a Licensed Product	*
	7	First Commercial Sale of a Licensed Product	*

1 Subject to the successful
demonstration of prophylactic or therapeutic potency of lead antibody.

2 Completion shall mean availability
of the clinical study report.

 

All variations and deviations from and
changes to the development and commercialization plan and milestones must be expressly approved in writing by UABRF, such consent
not to be unreasonably withheld, conditioned or delayed. For purposes of clarity, any variation or deviation from or changes to
development and commercialization milestones must be amended in a timely manner and expressly approved in writing by UABRF.

 

3.2           Development,
Commercialization and Royalty Report. The Licensee shall provide UABRF, on each January 31 and July 31 following the Effective
Date until completion of a phase I/II human study as described in milestone 4 in Section 3.1, with written semi-annual progress
reports detailing the activities of the Licensee relating to the development and commercialization plan and accomplishment of the
milestones. Subsequently, such reports shall be provided annually on each January 31 until the First Commercial Sale. After the
First Commercial Sale, Licensee shall provide to UABRF written quarterly royalty reports setting forth all applicable information
specified in Exhibit B.

 

3.3           Patent
Markings. The Licensee shall ensure that each Licensed Product manufactured and/or sold in the United States shall bear patent
markings that meet all applicable requirements of 35 U.S.C. §287, as amended from time to time. All Licensed Products manufactured
and/or sold outside of the United States shall be marked in such a manner as to conform to the applicable law of such country/jurisdiction.

 

3.4           Manufacturing
in the United States. Licensee acknowledges that, unless otherwise waived by the governmental authority that funded the development
of the Licensed Patents, it is required to substantially manufacture in the United States any Licensed Products sold in the United
States covered by the Licensed Patents. UABRF and Licensee shall cooperate to obtain any waivers from such manufacturing requirements
as may be reasonably required.

 

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Article
4

Protection
of The Licensed Patents; Patent Prosecution 

 

4.1           Patent
Protection Activities.

 

		(a)	UABRF Retains Primary Responsibility. Subject to the terms and conditions set forth
in this Agreement, UABRF shall continue to be primarily responsible for undertaking all Protection Activities relating to the Licensed
Patents.

		(b)	Co-operation of the Licensee. The Licensee shall cooperate fully with UABRF
and its designated legal counsel in connection with the Protection Activities.

		(c)	Consultation with the Licensee. UABRF shall, and shall cause its designated legal
counsel to, consult with the Licensee and provide to the Licensee all related documentation pertaining to prosecutorial matters
arising in connection with such Protection Activities, and the Licensee shall be given reasonable opportunity to discuss, advise
and review issues with UABRF and its designated legal counsel.

		(d)	Foreign Protection Requested by the Licensee. The Licensee must notify UABRF in writing
identifying in which foreign countries and jurisdictions, if any, the Licensee wishes to undertake Protection Activities with respect
to any Licensed Patents. Exhibit A shall be deemed to be amended accordingly to reflect these designations.

		(e)	Foreign Patent Protection Not Requested by the Licensee. UABRF, in its reasonable
discretion and after consultation with Licensee, may elect to undertake Protection Activities with respect to any Licensed Patents
in any country or jurisdiction not so designated by the Licensee pursuant to Section 4.1(d) above. In such cases Licensee shall
have sixty (60) days to elect to include such Protection Activities under subsection (d) above; otherwise (i) UABRF shall be responsible
for all Protection Expenses incurred in connection therewith and the Licensee shall not be responsible for such expenses, (ii)
the Licensed Patents so affected shall no longer be deemed to be licensed to the Licensee, (iii) the Licensee shall forfeit and
shall no longer have any rights or obligations with respect thereto, and (iv) Exhibit A shall be deemed to be amended accordingly
to delete the affected Licensed Patents.

		(f)	Disclaimed Licensed Patents. The Licensee may, at any time during the Term, provide
at least sixty (60) days written notice to UABRF that it no longer wishes to be responsible for the Protection Expenses in connection
with one or more Licensed Patents. In such cases, (i) the Licensee shall continue to be responsible for all Protection Expenses
incurred in connection therewith until the expiration of such sixty (60) day notice period and thereafter shall not be responsible
for such expenses, and (ii) the Licensed Patent(s) so affected shall no longer be deemed to be licensed to the Licensee and Exhibit
A shall deemed to be amended accordingly.

 

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Article
5

Financial
Terms 

 

5.1           Patent
Protection Expenses. During the Term and with respect to the Licensed Patent(s), the Licensee will be financially responsible
for the payment of all Protection Expenses incurred

either before or after the Effective Date.
The Licensee shall pay such amounts to UABRF within thirty (30) days of receipt of an invoice for the same from UABRF.

 

5.2           Funding
to Inventors’ Research Programs. Licensee shall provide at least Fifty-Thousand U.S. dollars ($50,000.00) in research
funding to each of the Lead Inventor’s research program. The sponsored research proposals shall be submitted to the University
of Alabama at Birmingham and the Texas Biomedical Research Institute prior to October 1, 2020. This funding will be supplied under
research agreements agreeable to Licensee, UABRF and Texas Biomed, and it is expected that intellectual property resulting from
such research shall be included under this License Agreement and the Interinstitutional Agreement between UABRF and Texas Biomed
covering Licensed Patents.

 

5.3           Milestone
Payments. During the Term, the Licensee shall pay to UABRF the development and commercialization milestone payments as set
forth below. Payments shall be reduced by one half for milestones achieved with a Combination Product. Each such milestone payment
is non-creditable and non-refundable and shall be due within thirty (30) days of achievement. The Licensee shall provide written
notice to UABRF to accompany the payment identifying the milestone that has been achieved.

 

	Milestones	Payment 
	File IND or MCM application with FDA or foreign equivalent for a Licensed Product	*
	Initiation of a phase III human study	*
	Completion of a successful phase III human study 1,2	*
	BLA or MCM approval from FDA or foreign equivalent for a Licensed Product in a Major Market	*
	First Commercial Sale of a Licensed Product	*

1 Successful
shall mean meeting the primary endpoints of the study design.

2 Completion shall mean availability
of the clinical study report.

 

5.4           Running
Royalty Payments. During the Term and with respect to each country or jurisdiction within the Licensed Territory, the Licensee
shall pay to UABRF a continuing royalty of * percent (*%) on all Net Sales of Licensed Products arising in such country/jurisdiction
until the expiration of the last Valid Patent Claim in that country/jurisdiction. If Licensee sells any Licensed Product in the
form of a Combination Product in a particular country, Net Sales of such Combination Product in such country for the purpose of
determining the royalty due to UABRF pursuant to this Section will be calculated on a country-by-country basis as follows:

 

(a) where
both the product or component of the Combination Product covered by any Licensed Patent (“Covered Component”) and
the product(s) or component(s) not covered by any Licensed Patent (“Other Component(s)” are sold separately in
such country, by multiplying actual Net Sales of such Combination Product in such country by the fraction A/(A+B), where A is
the invoice price of the Covered Component if sold separately in such country and B is the total invoice price of the Other
Component(s) if sold separately in such country;

 

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(b) where the
Covered Component is sold separately but the Other Component(s) are not sold separately in such country, by multiplying actual
Net Sales of such Combination Product by the fraction A/C, where A is the invoice price of the Covered Component if sold separately
in such country and C is the invoice price of the Combination Product; or

 

(c) where the
Covered Component is not sold separately in such country, by multiplying actual Net Sales of such Combination Product by the fraction
D/E, where D is the inventory cost of the Covered Component and E is the inventory cost of the Other Component(s), as such inventory
costs are determined in accordance with Licensee's regular accounting methods, consistently applied. All amounts owing to UABRF
under this Section 5.4 shall be paid on a quarterly basis, on or before the ninetieth (90th) day following the end of
the calendar quarter in which such amounts were earned.

 

(d) Special
Handling of Multiple Antibody Combination Product. As of the Effective Date, Licensee expects that Licensed Product will be developed
and sold as a Combination Product combining two distinct antibodies, one of which would, if sold separately, be considered a Licensed
Product hereunder. Provided that Licensee reasonably demonstrates to UABRF that such Combination Product contains at least two
distinct antibodies, and that each antibody confers significant expected efficacy to the resultant Licensed Product, then such
Combination Product shall be considered a “Multiple Antibody Combination Product,” and Net Sales for such Licensed
Product shall be calculated by multiplying actual Net Sales by the fraction 1⁄2 (one half). Milestone payments and Non-Royalty
Income payments for such Multiple Antibody Combination Product shall be reduced by one half as for other Combination Products,
as noted in Sections 5.3 and 5.6.

 

(e) Under no
circumstances will the royalty due to UABRF be less than * percent (*%) on Net Sales on Combination Products.

 

5.5           Minimum
Annual Payments. Beginning on January 1, 2026, the Licensee shall be obligated to pay minimum annual payments to UABRF as set
forth below. Minimum annual payments shall be reduced by one half, if the only Licensed Products being sold or in development by
the Licensee, its Affiliates and/or Sublicensees are Combination Products. All such minimum annual payments shall be nonrefundable
but are creditable against royalties due to be paid to UABRF for that calendar year. Minimum annual payments shall be payable no
later than January 31 of the calendar year due.

 

In any year in which the Licensee can reasonably
demonstrate that there will be no significant market for any COVID-19 antibody product, the Licensee may provide such justification
to UABRF by the minimum annual payment due date, and the payment below for that year shall be waived.

 

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	Calendar Year Ending	Minimum Payment
	31-Dec-26	*
	31-Dec-28	*
	Each calendar year thereafter during the Term	*

 

The dates for all applicable
minimum annual royalty payments may be adjusted by reasonable agreement of the Parties if the timelines and milestones presented
in Section 5.1 are adjusted by reasonable agreement of the Parties.

 

5.6           Non-Royalty
Income. The Licensee shall pay to UABRF * percent (*%) of any and all Non-Royalty Income received by it during the Term with
such payments being made to UABRF on or before the thirtieth (30th) day following receipt by the Licensee. Payments
shall be reduced by one half for Non-Royalty Income received for a Combination Product. All such payments shall be accompanied
by a written notification of the nature, origin and identity of the payor.

 

5.7           Royalty
Payments from its Affiliates and Sublicensees. The Licensee shall pay to UABRF an amount equal to that which the Licensee would
have been required to pay to UABRF had the Licensee effected the Sales actually effected by its Affiliates and/or its Sublicensees.

 

5.8           Address
for Payments. Except as otherwise directed by UABRF, all amounts due to be paid by the Licensee to UABRF pursuant to this Agreement
shall be paid to UABRF at the address set forth below its signature on the signature page of this Agreement.

 

5.9           Late
Payment Penalty. The balance of any amount which remains unpaid more than thirty (30) days after it is due to UABRF shall accrue
interest until paid at the rate equal to the lesser of one percent (1%) per calendar month or the maximum amount allowed under
applicable law. However, in no event shall this interest provision be construed as a grant of permission for payment delays.

 

5.10         Currency
Conversion. All amounts due to be paid to UABRF pursuant to this Agreement shall be made in United States dollars. Any and
all amounts received by the Licensee or generated in foreign currency shall be converted into United States dollars at the official
rate of exchange from such currency to United States dollars at the rate quoted in the Wall Street Journal (United States edition)
for the last business day of the calendar quarter in which payment is due to UABRF or on a business day no earlier than five (5)
business days before payment is made to UABRF.

 

5.11         Foreign
Taxes. UABRF is exempt from paying income taxes under United States law; therefore, all payments under this Agreement shall
be made without deduction for taxes, assessments or other charges of any kind which may be imposed on UABRF by any government outside
of the United States or any political subdivision of such government with respect to any amounts payable to UABRF pursuant to this
Agreement. All such taxes, assessments or other charges shall be assumed by the Licensee.

 

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Article
6

Recordkeeping
and Audit Rights

 

6.1          
Books and Records. The Licensee shall keep complete and accurate books, accounts and other records and documentation
necessary to ascertain all transactions and events pursuant to which payments due to UABRF under this Agreement arise or are accrued.
All such books, accounts and other records and documentation shall be kept at the Licensee’s principal place of business
for a period of not less than six (6) years following the end of the calendar year to which they pertain.

 

6.2          
Right to Audit. UABRF shall have the right to have the Licensee’s books and records audited by an external,
qualified, independent certified public accounting firm of its choosing, under appropriate confidentiality provisions such as those
set forth in Section 8.3 of this Agreement, to ascertain the accuracy of the reports and payments due to UABRF under this Agreement
and compliance by the Licensee, its Affiliates and its Sublicensees with their obligations pursuant to this Agreement and any sublicense.
Such audit shall be conducted from on ten (10) days advance notice during normal business hours but not more than once in any twelve
(12) month period. If any such examination reveals that the Licensee has underpaid or underreported any amount due under this Agreement,
the Licensee shall promptly pay to UABRF the amount so underpaid or underreported. If such underpayment or underreporting exceeds
five percent (5%) for any twelve (12) month period examined, the Licensee shall immediately reimburse UABRF the full costs and
expenses incurred by it with respect to the audit.

 

Article
7

Infringement;
Enforcement

 

7.1         
Notification of Infringement. During the Term, each Party shall provide prompt written notice to the other Party
of any actual infringement or suspected/potential infringement of the Licensed Patents of which such Party is or becomes aware
and shall provide, to the extent reasonable and practicable, any available evidence of such infringement by a Third Party (an “Infringement
Notice”).

 

7.2          
Licensee Right to Pursue/Prosecute. During the Term, the Licensee shall have the right to resolve, in the Licensed
Field of Use and in the Licensed Territory, any suspected/potential infringement and, in those jurisdictions in which the Licensee
may file suit without the requirement that the owners of the Licensed Patents are parties to the lawsuit/action, prosecute any
infringement of any Licensed Patents, in its own name and at its own expense, provided the Licensee remains in compliance, in all
material respects, with its obligations under this Agreement. In those jurisdictions in which the owners of the Licensed Patents
must participate as parties to the lawsuit/action, the Licensee may name UABRF and Texas Biomed as parties for standing purposes
only, upon written approval of the Board of Trustees of the University of Alabama with respect to UABRF and of Texas Biomed, which
approval shall not be unreasonably withheld.

 

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The Licensee shall use its best
commercially reasonable efforts to abate or terminate such infringement without resorting to litigation, which may include at
its reasonable discretion negotiating and executing a sublicense agreement which complies with the terms of Section 2.5 of
this Agreement. Before the Licensee commences any legal action with respect to any infringement or potential infringement, it
shall give careful consideration to: a) the views of UABRF and Texas Biomed; b) there being reasonable legal and economic
bases for doing so and c) giving UABRF twenty days’ notice before such legal action. UABRF shall cooperate with the
Licensee in connection with any remedial action undertaken by the Licensee, including if Licensee commences a lawsuit.
Licensee shall be responsible for the costs and expenses incurred by UABRF with respect to such cooperation.

 

		7.3	Control of Suit; Joinder; Expenses.

 

		(a)	Initiated by the Licensee. If the Licensee wishes to commence a lawsuit, it must
do so within ninety (90) days following the date of notification of relevant infringement pursuant to Section 7.1, except where
it is reasonably pursuing other action (including negotiation) to terminate such infringement.

		(b)	Initiated by UABRF. If the Licensee elects not to exercise its right to commence,
or fails to commence, an action within ninety (90) days of notification of relevant infringement, or sixty (60) days’ notice
by UABRF of its intention to do so, whichever is later, UABRF may do so at its own expense, and shall retain sole control over
the direction of such lawsuit. The Licensee shall cooperate fully with UABRF in connection with such lawsuit and shall be responsible
for the costs and expenses incurred by it with respect to such co-operation.

		(c)	Joinder by UABRF or Texas Biomed. UABRF and Texas Biomed, to the extent permitted
by applicable law, may elect to join in as a party to any infringement lawsuit initiated by the Licensee, in which case, both Parties
shall jointly control the lawsuit and shall equally share the responsibility of all legal fees, costs and expenses, unless otherwise
agreed to by the Parties. If UABRF or Texas Biomed is involuntarily joined as a party to a lawsuit initiated by the Licensee, the
Licensee shall pay all legal fees, costs and expenses incurred by UABRF and Texas Biomed arising out of such joinder and participation,
including, but not limited to legal fees, costs and expenses reasonably incurred by legal counsel selected and retained by UABRF
and Texas Biomed to represent them in such lawsuit.

 

7.4          
Settlement. The Licensee may not settle, enter into a consent judgment or other voluntary final disposition of any
lawsuit initiated by it or to which it is a party without the prior written consent of UABRF. Neither Party may settle or otherwise
dispose of any lawsuit to which it is a party, which admits liability on the part of the other Party or which requires the other
Party to pay money damages nor issue a formal statement without such other Party’s prior written consent. No Party may settle
or otherwise dispose of any lawsuit to which Texas Biomed is voluntarily or involuntarily joined as a party, which admits liability
on the part of Texas Biomed or which requires Texas Biomed to pay money damages nor issue a formal statement without Texas Biomed’s
prior written consent.

 

    12

     

    

 

7.5         
 Recoveries.

 

		(a)	With respect to any lawsuit commenced by the Licensee in which UABRF is not a party pursuant to
Section 7.3(a) above, or in which UABRF is joined as a party pursuant to Section 7.3(c) above,
any recovery of damages shall first be applied in satisfaction of the costs and expenses incurred by the Parties in bringing such
lawsuit, including attorneys’ fees, provided they are reasonably incurred, and any balance shall be shared 70% to Licensee
and 30% to UABRF.

 

		(b)	Lawsuit initiated by UABRF. With respect to any lawsuit commenced solely by UABRF
pursuant to Section 7.3(b) above, all recoveries of damages awarded in the lawsuit shall belong to UABRF. To the extent the Licensee
executes a sublicense with the infringing party with respect to future activities occurring after the conclusion of the lawsuit,
the Licensee shall first pay over to UABRF all payments (whether or not designated as “royalties”) made by the infringer,
up to the amount of UABRF’s unreimbursed litigation expenses (including, but not limited to, reasonable attorneys’
fees), and thereafter any amounts paid by the Licensee shall be in accordance with the terms of this Agreement.

 

Article
8

Other
Covenants and Agreements

 

8.1           Use
of Names. No Party may, without the prior written consent of the other Party:

 

		(i)	use (a) the name of the other Party or its Affiliates, if applicable, (b) the name or image of
any Representative of the other Party, or (c) any trade-name, trademark, trade device, service mark, symbol, image, icon, abbreviation,
contraction or simulation thereof owned by the other Party in any publication, advertising or sales promotional material, press
release or in any marketing or advertising documentation or material without the prior written consent and authorization of the
other Party; or

		(ii)	represent, either directly or indirectly, that any product or service of the other Party is a product
or service of the representing Party or that it is made in accordance with or utilizes the information or documents of the other
Party.

 

Notwithstanding the above, the Licensee
may disclose that it has received a license to Licensed Patents owned by UABRF and Texas Biomed in connection with any Licensed
Product and UABRF and Texas Biomed may disclose that it has granted a license to the Licensee, and either Party may use the name
of the other Party to the extent such use is reasonably necessary for complying with applicable law.

 

    13

     

    

 

8.2           Insurance
Coverage. Upon the Effective Date of this Agreement and during the Term of this Agreement, the Licensee shall purchase
and maintain insurance coverage in type and amounts that are sufficient to fulfill Licensee’s indemnification
obligations and warranty obligations under this Agreement. For clarification, the Licensee shall obtain and maintain product
liability insurance in an amount that is customary for the stage of product development and, if applicable, prior to
commencing a clinical trial shall obtain and maintain clinical trial coverage in an amount of at least $10 million per
occurrence. All insurance coverage shall be primary to any coverage carried by UABRF and/or its Affiliates, be placed with a
reputable insurance company with an A.M Best rating of at least A-X, list UABRF and its Affiliates and Texas Biomed as
additional insureds and waive all rights of subrogation against any additional insureds.  If such insurance coverage is
written on a “claims made” basis, the Licensee agrees to provide such coverage for ten years after the Agreement
expires or is terminated. Upon UABRF’s prior written consent such insurance coverage may be maintained through a
self-insurance program, provided it has an acceptable risk management. The Licensee shall provide certificates of insurance
evidencing the Licensee’s insurance coverage to UABRF upon UABRF’s reasonable request and prior to, if
applicable, commencing its first clinical trial and the First Commercial Sale of a Licensed Product. The Licensee shall
provide UABRF with at least thirty (30) days prior written notice of any change in the terms or cancellation of coverage.

 

8.3           Confidentiality.

 

		(a)	Exchange of Proprietary Information. The Parties acknowledge that during the Term
they are likely to share information with each other that they each consider to be confidential and proprietary (“Proprietary
Information”). For the purposes of this Agreement, the Party that discloses Proprietary Information shall be referred to
as the “Disclosing Party” and the Party receiving the Proprietary Information, the “Receiving Party.”

 

		(b)	Nature of Proprietary Information. The Parties agree that all information that is
provided to the other Party shall be deemed to be Proprietary Information.

 

		(c)	Restrictions. With respect to all Proprietary Information disclosed to it, the Receiving
Party (i) shall keep it confidential (other than as permitted by this Agreement), (ii) shall store and maintain it with the same
diligence and care as its own proprietary information, but no less than reasonable diligence and care, (iii) may only use it for
the purpose for which it was disclosed by the Disclosing Party, (iv) may not disclose it (other than as permitted by this Agreement),
(v) may not deconstruct, modify or copy it (other than as permitted by this Agreement), and (vi) may not transfer or assign it
to any Third Party.

 

		(d)	Access to the Proprietary Information. The Proprietary Information may be used by,
and disclosed to, on an “as-needed” basis, the Receiving Party’s Representatives. The Licensee may disclose Proprietary
Information relating to the Licensed Patents to investors, prospective investors, consultants, collaborators and other Third Parties
in the chain of manufacturing and distribution, if and only if, the Licensee obtains from such recipient a written confidentiality
agreement, the provisions of which are at least as protective of UABRF’s Proprietary Information as these set forth in this
Section 8.3. Each Party will promptly notify the other Party of any unauthorized use of or access to the Proprietary Information
of which it becomes aware.

 

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		(e)	Exceptions to Confidentiality Obligation. The restrictions of confidentiality described
above shall not apply to Proprietary Information (i) which as of the Effective Date or subsequently becomes available to the public
without breach of this Agreement, (ii) if it is lawfully obtained from a Third Party not bound by similar confidentiality and use
restrictions and obligations, (iii) if it is known by the Receiving Party prior to disclosure as evidenced by contemporaneous records,
or (iv) if it is at any time developed by the Receiving Party independently of any disclosure made pursuant to this Agreement.
In addition, the confidentiality obligations shall not apply to the Receiving Party if the Receiving Party is legally required
by applicable law, court order or Governmental Authority to disclose the Information, provided the Receiving Party discloses only
the minimum to comply and, makes commercially reasonable efforts to provide prior notice to the Disclosing Party to enable it to
contest the requirement or to seek a protective order. The confidentiality obligations herein shall not apply to the extent Licensee
is reasonably required to make disclosure to regulatory authorities in relation to clinical development or licensure of Licensed
Products.

 

		(f)	Termination or Expiration of this Agreement. Upon the expiration of the Term, or
the earlier termination of this Agreement, each Receiving Party shall, at the Disclosing Party’s option and upon written
notice thereof to the Receiving Party, return all Proprietary Information, copies and other tangible expressions thereof, to the
Disclosing Party or provide the Disclosing Party with written notice that the Proprietary Information in its possession, or in
the possession of its Representatives, has been destroyed within thirty (30) days after receipt of the Disclosing Party’s
written notice to the Receiving Party requiring the Receiving Party to destroy the Proprietary Information in its possession. The
Receiving Party may retain one archival copy of the Information for purposes of compliance of its obligations under this Agreement.

 

		(g)	Continuing Obligations after Termination/Expiration. The restrictions and obligations
set forth in Section 8.3(c) above shall continue for five (5) years from the termination or expiration of this Agreement.

 

Article
9

Term
and Termination

 

9.1            Term.
This Agreement shall commence on the Effective Date and shall continue until the date of expiration of the last to expire of any
Valid Patent Claim (inclusive of any extensions, supplementary protection certificates or their equivalents) within the Licensed
Patents, unless terminated sooner in accordance with the terms of this Agreement (the “Term”).

 

9.2            Termination
by the Licensee. The Licensee may terminate this Agreement at any time, in its sole discretion, by giving not less than ninety
(90) days prior written notice to UABRF. Upon the reasonable request of UABRF, the Licensee shall provide assistance, at its expense,
to UABRF to enable UABRF to facilitate and effect the transfer of applicable information and documents regarding the Licensed Patents
to a new licensee.

 

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9.3            Termination
by UABRF. UABRF shall have the right to immediately terminate this Agreement upon the occurrence of any one or more of the
following events:

 

		(a)	if the Licensee is in material default of any provision of this Agreement or its obligations under
this Agreement and such default has not been remedied within sixty (60) days after receipt of a notice to cure from UABRF;

		(b)	if the Licensee is convicted of a felony within the United States or similar crime in the following
jurisdictions relating to the manufacture, use or sale of a Licensed Product: European Union, Japan, Canada, Australia, United
Kingdom, South Korea, New Zealand, or;

		(c)	if the Licensee shall become insolvent, shall make an assignment for the benefit of its creditors,
or shall have a petition in bankruptcy filed for or against it which is not resolved within 180 days thereof; or

		(d)	if the Licensee disclaims payment of all Protection Expenses.

 

9.4           Effect
of Termination or Expiration. Any termination or expiration of this Agreement will not relieve either Party of any obligation
or liability accrued prior to such termination or expiration. Upon the termination of this Agreement or the expiration of the Term,
all payments then or thereafter due to the Licensee pursuant to any sublicense shall, immediately and automatically, become owed
directly to UABRF. Further, upon termination of this Agreement, Licensee shall a) submit a final report as described in Section
3.2; b) suspend its manufacture, use and sale of Licensed Products; and c) provide UABRF copies of any regulatory information filed
with any U.S. or foreign government agency with respect to Licensed Products.

 

Article
10

Covenants;
Representations and Warranties; Limitations on UABRF’s Obligations

 

		10.1	The Licensee. The Licensee makes the following representations and warranties to UABRF.

 

		(a)	The Licensee is a corporation, duly incorporated, validly existing and in good standing under the
laws of the State of Delaware.

		(b)	The Licensee has all necessary corporate power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby.

		(c)	The execution, delivery and performance of this Agreement by the Licensee will not conflict with
or result in a breach of, or entitle any party thereto to terminate, an agreement or instrument to which the Licensee is a party,
or by which any of the Licensee’s assets or properties are bound.

		(d)	This Agreement has been duly authorized, executed and delivered by the Licensee and constitutes
a legal, valid and binding agreement of the Licensee, enforceable against the Licensee in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’
rights generally.

		(e)	The Licensee possesses the necessary expertise and skill in the technical areas pertaining to the
Licensed Patents, to make Licensed Products, and to make and has made, its own evaluation of the capabilities, safety, utility
and commercial application of the Licensed Patents.

		(f)	Any activity undertaken with the Licensed Patents and the Licensed Products will be conducted in
compliance with all applicable laws.

 

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		10.2	UABRF. UABRF makes the following representations and warranties to the Licensee.

 

		(a)	UABRF is a non-profit corporation, duly incorporated, validly existing and in good standing under
the laws of the State of Alabama.

		(b)	UABRF has all necessary corporate power and authority to enter into this Agreement and to consummate
the transactions contemplated hereby.

		(c)	The execution, delivery and performance of this Agreement by UABRF does not conflict with or contravene
its governing documentation, nor will the execution, delivery and performance of this Agreement by UABRF conflict with or result
in a breach of, or entitle any party thereto to terminate, an agreement or instrument to which UABRF is a party, or by which any
of UABRF’s assets or properties are bound.

		(d)	This Agreement has been duly authorized, executed and delivered by UABRF and constitutes a legal,
valid and binding agreement of UABRF, enforceable against UABRF in accordance with its terms, except as such enforceability may
be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally.

		(e)	UABRF has the right to grant the license under this Agreement.

		(f)	To UABRF’s best knowledge and based upon information and representations and warranties made
to it by its inventor(s) and by Texas Biomed to it, UABRF and Texas Biomed own all right, title and interest in the Licensed Patents
and there have been no claims made against UABRF or Texas Biomed asserting the invalidity or non-enforceability of, or with respect
to the Licensed Patents, and UABRF is not aware that any such claims exist.

		(g)	UABRF has, with respect to UAB and Texas Biomed, sufficient rights from those parties to grant
the exclusive license contemplated herein, and no additional compensation or obligations will be required by Licensee for the rights
granted herein and obligations made by UABRF herein, other than those set out in this Agreement. UABRF and Texas Biomed have properly
executed the Interinstitutional Agreement covering management and disposition of the Licensed patents between them, and UABRF shall
maintain this Agreement in full force and effect throughout the term of this Agreement.

 

10.3         Limitations
on UABRF’s Representations and Warranties. Except as set forth in this Agreement, UABRF makes no other representations
or warranties of any kind. In particular, UABRF makes no express or implied warranties regarding merchantability, fitness for a
particular purpose, non-infringement of the intellectual property rights of third parties, validity and scope of any Licensed Patents,
the capability, safety, efficacy, utility or commercial application or usefulness for any purpose of any Licensed Patents, or that
it will not grant licenses to one or more Third Parties to make, use or sell products or perform processes that may be similar
to and/or compete with any Licensed Product. No Representations or warranties are being provided by Texas Biomed to the Licensee
as a joint owner of the Licensed Patents.

 

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Article
11

Liability
and Indemnification

 

11.1         No
Liability of UABRF or Texas Biomed. None of UABRF, its Affiliates, Texas Biomed, or any their respective Representatives have
any liability whatsoever to the Licensee, its Affiliates or any Sublicensee or any Person for or on account of any injury, loss
or damage of any kind or nature, sustained by, assessed or asserted against, or any other liability incurred by or imposed upon
the Licensee, its Affiliates or any Sublicensee or any Person, arising out of or in connection with or resulting from:

 

		(a)	the use of the Licensed Patents during the Term;

		(b)	the production, use, practice, lease, or sale of any Licensed Product;

		(c)	any advertising or other promotional activities with respect to (a) and/or (b) above; or

		(d)	the Licensee’s compliance with, and performance of the Licensee’s representations and
warranties given under, and the Licensee’s obligations pursuant to, this Agreement.

 

UABRF’s and Texas Biomed’s
aggregate liability for all damages of any kind (other than for those arising from UABRF’s intentional misconduct or gross
negligence) arising out of or relating to this Agreement or its subject matter under any contract, negligence, strict liability
or other legal or equitable theory shall not exceed the amounts paid and/or payable to UABRF and Texas Biomed’s under this
Agreement.

 

11.2         Indemnification
by the Licensee. The Licensee agrees to defend, indemnify and hold UABRF, its Affiliates, Texas Biomed, and their Representatives
(collectively, “Indemnitees”) harmless from and against any and all third party claims, demands, losses, costs, expenses,
deficiencies, liabilities or causes of action of any kind or nature (including, without limitation, reasonable attorneys’
fees and other costs and expenses of defense) (collectively, “Claims”) based upon, arising out of or otherwise relating
to the following, except to the extent any such Claim is attributable :

 

		(a)	the use of the Licensed Patents during the Term;

		(b)	the production, use, practice, lease, or sale of any Licensed Product;

		(c)	any advertising or other promotional activities with respect to (a) and/or (b) above; or

		(d)	the Licensee’s compliance with, and performance of the Licensee’s representations and
warranties given under, and the Licensee’s obligations pursuant to, this Agreement.

 

11.3         Procedures. The
Indemnitees agree to provide Licensee with prompt written notice of any Claim for which indemnification is sought under this
Agreement. Licensee shall, at its own expense, provide attorneys reasonably acceptable to UABRF and Texas Biomed (as
applicable) to defend against any such Claim. The Indemnitees shall cooperate fully with Licensee in such defense and will
permit the Licensee to conduct and control such defense and the disposition of such Claim (including all decisions relative
to litigation, appeal, and settlement, subject to the qualifications set forth in this Section 11.3). Licensee agrees to keep
UABRF informed of the progress in the defense and disposition of such Claim and to consult with UABRF with regard to any
proposed settlement. Neither Licensee nor UABRF shall settle any Claim without the prior written consent of the other, which
consent shall not be unreasonably withheld.

 

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11.4         Limitation
of Liability. Neither Party, its Affiliates nor any of their respective Representatives will be liable to the other with respect
to any subject matter of this Agreement under any contract, negligence, strict liability or other legal or equitable theory for
(a) any indirect, incidental, consequential or punitive damages or lost profits or (b) cost of procurement of substitute goods,
technology or services. (This limitation of liability does not limit Licensee’s obligations pursuant to Section 11.2 for
indemnification of UABRF or Texas Biomed against any third party Claims successfully brought against UABRF or Texas Biomed, regardless
of the theory of liability).

 

Article
12

Miscellaneous

 

12.1         Entire
Agreement. This Agreement is the sole and entire agreement by and between the Parties regarding the subject matter set forth
in this Agreement, and this Agreement supersedes all prior agreements and understandings with respect thereto. All previous negotiations,
statements and preliminary instruments by the Parties with respect to the subject matter hereof are merged in this Agreement.

 

12.2         No
Inducement. Each Party hereby acknowledges that in executing this Agreement, such Party has not been induced, persuaded or
motivated by any promise or representation made by any other Party, unless expressly set forth in this Agreement.

 

12.3         Independent
Contractors. The relationship between the Parties is that of independent contractors. No Party has the authority to bind or
act on behalf of the other Party without obtaining such other Party’s prior written consent. The Parties do not intend to
create an employer/employee relationship.

 

12.4         No
Third Party Beneficiaries. This Agreement is entered into by and among the Parties for the exclusive benefit of the Parties
and permitted assignees. The Parties agree that Texas Biomed as a co-owner of the Licensed Patents is a third-party beneficiary
of this Agreement. This Agreement is expressly not intended for the benefit of any creditor of a Party, or any other person. Except
and only to the extent provided by applicable statute, no such creditor or Third Party shall have any rights under this Agreement
or any other agreement between the Parties.

 

12.5         Assignment.
Neither Party shall sell, assign, transfer or otherwise dispose of this Agreement to a Third Party without the prior written consent
of the other, which consent shall not be unreasonably withheld. Any attempted assignment of this Agreement not in compliance with
the terms of this Section 12.5 will be null and void. No assignment will relieve any Party of the performance of any accrued obligation
that such Party may then have pursuant to this Agreement.

 

12.6         Amendments.
Any and all modifications to this Agreement shall only be effective and binding if in writing and signed by a duly authorized representative
of each Party.

 

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12.7         Notices.
Any notice, request, approval or consent required to be given under this Agreement will be sufficiently given if in writing and
delivered to a Party in person, by recognized overnight courier or mailed in the United States Postal Service, postage prepaid
to the address appearing below such Party’s signature on the last page of this Agreement, or at such other address as each
Party so designates in accordance with these criteria. Notice shall be deemed effective upon receipt if delivered in person or
by overnight courier or five (5) business days after mailing with the United States Postal Service.

 

12.8         Disputes.

		(a)	Equitable Relief. Either Party may seek equitable and legal relief in the event of
a breach or threatened breach by the other Party of its obligations under this Agreement, without the requirement to post a bond.

		(b)	Internal Resolution. In the event of any dispute arising out of or relating to this
Agreement or to a breach thereof, including its interpretation, performance or termination, the Parties shall try to settle such
conflicts amicably between themselves.

		(c)	Mediation. In the event the Parties are still unable to resolve the dispute or conflict,
the dispute or conflict may then be submitted by a Party to a mediator, mutually agreed to by the Parties, for nonbinding mediation.
The Parties shall cooperate with the mediator in an effort to resolve such dispute.

		(d)	Litigation. If the dispute is not resolved within sixty (60) days of its submission
to the mediator, either Party may resort to litigation.

 

12.9         Rights
and Remedies. The use of any one right or remedy by any Party shall not preclude or waive the right to use any or all other
remedies. Such rights and remedies are given in addition to any other rights the Parties may have by law, statute, ordinance or
otherwise.

 

12.10       Waiver.
No waiver of a provision, breach or default shall apply to any other provision or subsequent breach or default or be deemed continuous,
nor will any single or partial exercise of a right or power preclude any other further exercise of any rights or remedies provided
by law or equity.

 

12.11       Severability.
In the event that any covenant, condition, or other provision contained in this Agreement is determined to be invalid, void or
illegal, such covenant, condition or other provision shall be deemed deleted from the Agreement and shall not affect the validity
of the remaining provisions of this Agreement.

 

12.12       Force
Majeure. Neither Party shall be liable for any failure to perform as required by this Agreement to the extent such
failure to perform is due to circumstances reasonably beyond such Party’s control, including, without limitation, labor
disturbances or labor disputes of any kind; accidents; acts, omissions or delays in acting by any Governmental Authority;
civil disorders; insurrections; riots; war; acts of war (whether war be declared or not); terrorism; acts of aggression; acts
of God; fire; floods; earthquakes; natural disasters; energy or other conservation measures imposed by law or regulation;
explosions; failure of utilities; mechanical breakdowns; material shortages; disease or other such occurrences; provided that
the affected Party uses reasonable efforts to overcome or avoid the effects of such cause and continues to perform its
obligations to the extent possible.

 

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12.13       Survivability.
All rights and obligations of the Parties which by intent or meaning have validity beyond or by their nature apply or are to be
performed or exercised after the termination or expiration of this Agreement shall survive the termination or expiration of this
Agreement for the period so specified, if any, or for perpetuity.

 

12.14       Governing
Law. This Agreement, and the application or interpretation hereof, shall be governed exclusively by its terms and by the laws
of the State of Alabama.

 

12.15       Jurisdiction.
The Licensee consents to the personal jurisdiction of the federal and state courts located in the State of Alabama with respect
to all claims or other causes of action arising out of this Agreement.

 

12.16       Interpretation.
Whenever used in this Agreement and when required by the context, the singular number shall include the plural and the plural the
singular. Pronouns of one gender shall include all genders, masculine, feminine and neuter.

 

12.17       Captions.
The captions as to contents of particular sections or paragraphs contained in this Agreement are inserted for convenience and are
in no way to be construed as part of this Agreement or as a limitation on the scope of the particular sections or paragraphs to
which they refer.

 

12.18       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one
and the same instrument. Transmission by facsimile or e-mail of an executed counterpart of this Agreement shall be deemed to constitute
due and sufficient delivery of such counterpart. If by e-mail, the executed Agreement must be delivered in a .pdf format.

 

The remainder of this page intentionally
left blank

 

    21

     

    

 

IN WITNESS WHEREOF, the Licensee
and UABRF have each caused its duly authorized representative to execute this Agreement, effective as of the Effective Date.

 

	UABRF:	 	THE LICENSEE:
	The UAB Research Foundation  	 	Aridis Pharmaceuticals
	 	 	 
	By:	/s/ Karthik Gopalakrishnan, Ph.D.	 	By:	/s/ Vu Truong
	Name: 	 Karthik Gopalakrishnan, Ph.D.	 	Name: 	Vu Truong
	Title:	Director of Licensing and New Ventures	 	Title:	 CEO

 

	Addresses For Notices and Payments:	Address For Notices:
	
        For Delivery by Courier Service:

        The UAB Research Foundation

        Attention: Executive Director

        710 13th Street South

        CSB 120

        Birmingham, AL 35233

         

        For Delivery by U.S. Postal Service:

        The UAB Research Foundation

        Attention: Executive Director

        1720 2nd Avenue South

        CSB 120

        Birmingham, AL 35294

         

        By email:

        Innovation@uab.edu
	
         

        Aridis Pharmaceuticals

        Rebecca Edwards

        Aridis Pharmaeuticals, Inc.

        5941 Optical Ct.

        San Jose, CA 95008

	 	 

Read and acknowledged by: Texas Biomedical Research Institute

 

	By: 	/s/ Larry Schlesinger,
    MD	 

Larry Schlesinger, MD

President and CEO

Texas Biomedical Research
Institute

8715 W. Military Drive,
San Antonio, TX 78227-5302

Email: lschlesinger@txbiomed.org

 

    22

     

    

 

EXHIBIT A

LICENSED PATENTS

 

*

 

    23

     

    

 

EXHIBIT B

REQUIRED REPORT INFORMATION

 

Development and commercialization reports should include at
a minimum, the following information:

		1.	A summary of the scientific/technical development related to product development since the previous report.

		2.	A summary of the Licensee’s business development initiatives and partnerships, including fund raising and any grants
awarded.

		3.	A summary describing the status of the regulatory activities, including filings made and status of discussions with regulatory
agencies regarding market approval of Licensed Products.

		4.	A summary describing achievement of development milestones.

		5.	A summary of all sublicenses executed by the Licensee, including a copy of each executed sublicense.

		6.	A summary of all reports provided to the Licensee by its Sublicensees.

 

Financial reports should include the following information:

		1.	With respect to each calendar quarter, the gross selling price and the number of units of all Licensed Products Sold (identified
by product name/number) in each country/jurisdiction in the Licensed Territory, together with the calculations of Net Sales

		2.	With respect to each calendar quarter, the royalties payable in U.S. dollars accrued on such sales of Licensed Product.

		3.	With respect to each calendar quarter, the exchange rates, if any, used in determining the amount due.  

		4.	The amount of any consideration received by the Licensee from its Sublicensees and an explanation of the contractual obligation
satisfied by such consideration

		5.	The occurrence of any event triggering a milestone payment obligation

 

    24

     

    

 

EXHIBIT C

INTER-INSTITUTIONAL AGREEMENT

 

    25

     

    

 

INTER-INSTITUTIONAL AGREEMENT

 

This Inter-Institutional Agreement
(“Agreement”) is made and entered into as of the Effective Date set forth below between the Lead Institution and
Other Institution(s) identified below (together, the “Parties”). This Agreement consists of: Part 1
(“Transaction Terms”) which identifies the Parties, the Patent Rights subject to this Agreement, the economic
arrangements between the Parties, and other transaction-specific terms; Part 2 (“General Terms”) which contains
the general terms and conditions; and Exhibit A which includes terms to be included in any license of the Patent Rights
subject to this Agreement.

 

The Parties hereby agree as follows:

 

Part 1 – Transaction Terms

 

	Lead Institution	 	Other Institution(s)
	The UAB Research Foundation	Texas Biomedical Research Institute
	120 Collat School of Business	8715 W. Military Dr.
	710
    13th Street South	San Antonio, TX 78227
	Birmingham, AL 35233	 
	ATTN: Karthikeyan Gopalakrishnan	ATTN: Joanne Turner, PhD
	Phone:
    *	Phone: *
	Email:
    innovation@uab.edu	Email:
     ip@txbiomed.org
	Effective Date	September 10, 2020	 
	Patent Rights  	Internal 

Reference No.	Serial No./ 

Date of Filing	Title   	Inventors (including employer at time of invention)
	                	UABRF Intellectual Property Disclosure # U2020-0060          	*       	Human Monoclonal Antibodies to Sars-Cov-2 and Use Thereof         	Mark Walter, UAB Ashlesha Deshpande, UAB James Kobie, UAB Michael Piepenbrink, UAB Paul Gopefert, UAB Nathan Erdmann, UAB Madhubanti Basu, UAB Sanghita Sarkar, UAB Luis Martinez-Sobrido, Texas Biomed Fatai Oladunni, Texas Biomed Jun-gyu Park, Texas Biomed
	Share of Net Consideration	*	  
	Share of Patent Expenses	*
	Administration Fee	*

	Third-Party Interests	  
	Governing Law	None 

 

    Page 1

     

    

 

 

Part 2 – General Terms

 

1. Definitions

 

The following capitalized terms have the meanings set forth
below.

 

“Administration Fee”
means the fee retained by Lead Institution as consideration for acting as lead under this Agreement. The amount of the Administration
Fee, if any, is identified in the Transaction Terms and is calculated as a percentage of License Consideration after subtracting
Patent Expenses reimbursed therefrom.

 

“License Agreement”
means any agreement entered into by Lead Institution pursuant to the rights conferred by this Agreement granting Licensee the right
to make, have made, import, use, offer to sell or sell products or services covered by Patent Rights, or any agreement granting
an option for such a license or any agreement commercializing the Patent Rights.

 

“License
Consideration” means collectively all money and other items of value (excluding research grants), including
up-front license fees (whether cash, equity, or other consideration), annual maintenance fees, Patent Expense reimbursements,
milestone fees, minimum royalties, earned royalties, and other consideration received from a Licensee or its sub-licensees,
or otherwise received on account of licensing or optioning or otherwise commercializing the Patent Rights.

 

“Licensee” means
a third party who has been granted an interest to practice the Patent Rights pursuant to a License Agreement with Lead Institution.

 

“Net Consideration”
means the License Consideration less the Administration Fee and unreimbursed Patent Expenses paid by the Lead Institution.

 

“Patent Expenses”
means all reasonable, out-of-pocket expenses incurred relating to the preparation, filing, prosecution, maintenance or defense
of Patent Rights, both past and future. For avoidance of doubt, the salaries and overhead costs of each Party’s technology
transfer office or legal affairs office are not included as out-of-pocket expenses for purposes of calculating the Patent Expenses.

 

“Patent Rights”
means worldwide rights to the inventions described and claimed in the patents and patent applications identified as Patent Rights
in the Transaction Terms; reissues, reexaminations, renewals, extensions, divisionals, continuations (including continuations-in-part
(CIPs) only to the extent that the claims in such CIPs are entitled to the priority date of, and fully supported by, another patent
or application in the Patent Rights) of the foregoing; and any extensions of or supplementary protection certificates referencing
any of the foregoing, foreign counterparts and any other forms of protection directed to the inventions covered by the patents
and patent applications identified as Patent Rights in the Transaction Terms.

 

    Page 2

     

    

 

“Share of Net Consideration”
means the respective percentage allocated to each Party of Net Consideration, as set forth in the Transaction Terms.

 

“Share of Patent Expenses”
means the respective responsibility allocated to each Party for Patent Expenses not reimbursed by a Licensee as set forth in the
Transaction Terms.

 

“Third-Party
Interests” means rights of Licensees, research sponsors (including the U.S. government) or other third parties in the
Patent Rights or in the proceeds of licensing the Patent Rights, other than inventors’ interest under the Parties’
intellectual property policies. The Third-Party Interests, if any, are identified in the Transaction Terms.

 

 2. Patent Prosecution and Protection 

 

2.1 
Authority to File Patents. The Lead Institution has the responsibility and authority to take all reasonable actions
necessary and appropriate to seek patent protection for the Patent Rights in accordance with the terms of this Agreement. The Lead
Institution may not delegate this authority to a Licensee, unless such delegation is approved by the Other Institution(s) for a
particular Licensee (or deemed approved in accordance with Section 3.3). Although the Lead Institution will have the ultimate
decision authority in these matters, the Lead Institution will use reasonable efforts to keep the Other Institution(s) reasonably
informed as to all material patent prosecution actions and decisions, and the Lead Institution will give due consideration to any
recommendations made by the Other Institution(s) concerning the patent prosecution. Lead Institution will provide, or direct outside
patent counsel to provide, Other Institution(s) with all serial numbers and filing dates, together with copies of all applications
in the Patent Rights and patents that issue from the Patent Rights, including copies of all office actions, responses and all other
communications from the U.S. Patent and Trademark Office and the patent offices in any other jurisdictions.

 

2.2 
Abandonment of Patent Rights by Lead Institution. The Lead Institution will not abandon the prosecution of any patent
application (except in favor of a continuation, divisional or continuation-in-part application) or the maintenance of any Patent
Rights without notifying the Other Institution(s) in writing at least sixty (60) days in advance of any applicable deadline and
allowing the Other Institution(s) the opportunity to elect to prosecute or maintain such Patent Rights at its sole expense in the
name of Other Institution(s) and Lead Institution. If the Other Institution(s) wishes to continue prosecution of such Patent Rights,
then the Parties will negotiate in good faith an appropriate arrangement to enable the Other Institution(s) to continue prosecution
and commercialization of such Patent Rights, which may include the Parties entering into a new agreement that gives an Other Institution
the lead in patent prosecution and licensing with appropriate adjustments in the economic arrangements between the Parties.

 

2.3  Patent Assignments. Lead
Institution will record assignments of Patent Rights in the names of the Lead Institution and the Other Institution(s) in the U.S.
Patent and Trademark Office and other government patent offices, as applicable, and will provide Other Institution(s) with a copy
of each recorded assignment.

 

 3. Licensing 

 

3.1  Exclusive
Right to License. Subject to the terms and conditions of this Agreement and Lead Institution’s compliance
therewith, Other Institution(s) hereby grants to Lead Institution (a) the exclusive right and authority to negotiate,
execute, and administer License Agreements that comply with the requirements of Exhibit A, and (b) except as permitted under Section
3.4, the exclusive license to grant licenses to Other Institution(s)’ rights in the Patent Rights. Other
Institution(s) will not license the Patent Rights, except as permitted under Section 3.4.

 

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3.2   Efforts
to License. Lead Institution will use reasonable efforts, consistent with its usual practices, to seek Licensee(s) for
the commercial development of Patent Rights and will administer all License Agreements for the mutual benefit of the Parties
and in the public interest. Lead Institution will exercise reasonable efforts to ensure that any Licensee fully complies with
the terms of any License Agreement. Under no circumstances will Lead Institution be liable to Other Institution(s) for
monetary damages for any alleged failure by Lead Institution to meet the obligations stated in this Section 3.2.

 

3.3  License Agreement. Lead
Institution will provide Other Institution(s) with a substantially final draft of any License Agreement or amendment to a License
Agreement prior to execution for the Other Institution for review and written approval. Absence of response within ten (10) business
days shall be deemed approval by the Other Institution. The Lead Institution will provide the Other Institution(s) a copy of any
License Agreement or amendment that is executed.

 

3.4 
Reserved Rights. Each Party expressly reserves the right to use the Patent Rights and associated inventions or technology
for educational and research purposes, and to grant such educational and research rights to other non-profit institutions. Each
Party can also license rights to the U.S. government as required by its obligations related to research funding.

 

3.5 No
Agency Relationship. This Agreement does not create an agency relationship between the Parties.

 

3.6 Equity in Licensees.
If the License Consideration includes equity in the Licensee, the Lead Institution will in accordance with its regular practices,
and as approved in writing by the Other Institution, hold such equity until it receives cash on account of such equity whether
by way of dividend, sale of shares, merger or other transaction or event and then allocate and distribute such cash as License
Consideration hereunder.

 

3.7 No
Implied License. This Agreement grants no express or implied license in any rights of either Party except for the rights explicitly
granted in Patent Rights.

 

 4. Financial Terms 

 

 4.1 Patent Expenses.

 

(a) The Lead Institution
will be solely responsible for all Patent Expenses not reimbursed by a Licensee incurred after the Effective Date and for ensuring
that all Patent Expenses are paid in a timely manner.

 

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4.2 License Consideration.

 

(a)
 The Lead Institution will have the responsibility, obligation and authority to receive and collect the License Consideration
payable under the License Agreement, and perform such audits under the License Agreement as the Lead Institution deems appropriate.

 

(b) The Lead Institution will deduct
from the License Consideration and retain for itself or reimburse the Other Institution(s) the following amounts: first, the Patent
Expenses and second the Administration Fee. The Net Consideration will be distributed to the Other Institution(s) in accordance
with the Share of Net Consideration set forth in the Transaction Terms.

 

4.3 Allocation of Proceeds. If the
Lead Institution licenses the Patent Rights together with other patent or intellectual property rights controlled by Lead Institution
or Other Institution that are not covered by this Agreement, the Parties will negotiate in good faith to determine the portion
of the gross licensing proceeds received under the License Agreement that are attributable to the Patent Rights.

 

 5. Records, Reports and Audits 

 

5.1 Books and Records. Lead
Institution will keep complete, true and accurate accounts of all Patent Expenses and of all License Consideration received by
it from each Licensee of the Patent Rights and will permit Other Institution(s) to examine its books and records in order to verify
the payments due or owed under this Agreement.

 

5.2 Payments and Reports.
Lead Institution will calculate the allocation of License Consideration in accordance with the terms of this Agreement and furnish
to the Other Institution(s) a written report of receipts and calculations and deliver the Net Consideration due to the Other Institution(s),
if any, with the report. Such reports and distributions will be provided no less frequently than once per calendar year. Lead Institution
will provide the Other Institution(s) copies of reports, sublicense agreements and other material documents received from Licensees.

 

5.3
Annual Reports. Upon request by Other Institution(s), Lead Institution will submit to Other Institution(s) an annual report
setting forth the status of all patent prosecution, commercial development and licensing activity relating to the Patent Rights
for the preceding year.

 

 6. Notice 

 

Any notice or payment required to be given to a Party
will be sent to the address of that Party specified in the Transaction Terms. If an email address is included for a Party in the
Transaction Terms, then transmission of an email to that email address will constitute valid notice under this Agreement. Any Party
may notify the other in writing of a change of address, in which event any subsequent communication relative to this Agreement
will be sent to the last said notified address. All notices and communications relating to this Agreement will be deemed to have
been given when received.

 

7. Confidentiality of Licensee Information

 

If required by a License Agreement, each Party
will, to the extent permitted by law, keep confidential the terms of such License Agreement and any business information
received from the Licensee (e.g., revenues, business development reports, milestones accomplished, sublicensee information
and sublicense agreements), except that a Party may report revenue it receives in accordance with its reporting requirements
to sponsors and may include such revenue in aggregate licensing revenue reported by such Party.

 

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 8. Term and Termination 

 

8.1  Term
Duration. This Agreement is effective from the Effective Date and will remain in effect for the life of the last-to-expire
patent under Patent Rights, or in the event no patent contained in Patent Rights issues or such patents or patent applications
are abandoned, then one year after the last patent or patent application is abandoned, unless otherwise terminated by operation
of law or by acts of the Parties in accordance with the terms of this Agreement.

 

8.2  Termination
for Convenience After Three Years. Any Party may terminate this Agreement without cause at any time after three years
have passed from the Effective Date upon 90 days’ prior written notice to the other Parties, unless either (a) there is
a License Agreement in effect at such time, or (b) the Lead Institution notifies the Other Institution that it is actively
engaged in good faith negotiations with a bona fide potential Licensee and the Lead Institution consummates a License
Agreement with such potential Licensee within 120 days of the notice of termination. For the purpose of this Section,
 “actively engaged” will mean that there has been at least one exchange of a draft License Agreement or term sheet
between the Lead Institution and the bona fide potential Licensee within 60 days after receipt of the notice of
termination.

 

8.3 Termination for Cause.
Any Party may terminate this Agreement for cause by written notice in the event another Party materially breaches this Agreement
and does not cure the breach within 30 days of such written notice.

 

8.4 Effect of Agreement Termination
on Patent Rights. After termination of this Agreement and subject to any previously signed License Agreement and applicable
law, each Party may separately license its interest in the Patent Rights on a worldwide basis and no Party will have any ongoing
obligations to share Patent Expenses or share or account for revenues under such licenses.

 

 8.5 Other Effects of Termination.

 

(a) Termination will not affect
any previously signed License Agreement or the distribution of License Consideration thereunder if still appropriate, and the applicable
provisions of this Agreement will continue to be effective and applied.

 

(b) Termination of this Agreement
will not relieve any Party of any obligation or liability accrued under this Agreement before termination, or rescind any payments
made or due before termination.

 

(c) Apart
from the provisions specifically set forth in this Section 8.5, the Parties will have no further rights or obligations under this
Agreement.

 

8.6 Surviving Terms.
Any termination of this Agreement pursuant to this Section 8 will not affect the rights and obligations set forth in this
Section 8 as well as the following Sections of the General Terms, all of which will survive termination: 7 (Confidentiality
of Licensee Information), 10 (Disclaimer; Limitations), and 13 (Governing Law).

 

    Page 6

     

    

 

 9. Representations. 

 

9.1   
Assignment by Inventors. Each Party represents that its inventors have assigned or are obligated to assign to such Party
all of the inventors’ rights in the Patent Rights, and that such Party will use diligent efforts to cause its inventors to
sign any additional papers as may be necessary to evidence or effect such assignment.

 

9.2    
No Conflict. Except for the Third-Party Interests identified in the Transaction Terms and any rights granted pursuant
to Section 3.4, each Party represents that, to the knowledge of its technology transfer office or other licensing office or department
or equivalent officers, it has not granted any rights to any entity or person in the Patent Rights.

 

9.3    Title.
Each Party represents that its owns all of its right, title and interest in the Patent Rights, free and clear of any lien, charge,
or encumbrance, that it has no knowledge of any defects to its title and interest in the Patent Rights and that no claims have
been made against it asserting the invalidity or non-enforceability of the Patent Rights and that it is not aware that any such
claim exists.

 

9.4    No Infringement.
Each party represents that to the best of its knowledge, there is no action alleging infringement of the intellectual property
rights of any Third Party has been made or threatened against it or any of its Affiliates with respect to the Patent Rights, (ii)
there is no pending or threatened action or litigation relating to the Patent Rights, and (iii) there are no judgements or settlements
against or owed by it or any of its Affiliates relating to the Patent Rights.

 

 10. Disclaimers; Limitations. 

 

EXCEPT AS SET FORTH IN THIS SECTION 10, NO PARTY EXTENDS
ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE WITH RESPECT TO THE PATENT RIGHTS. IN ADDITION, EACH OF THE PARTIES EXPRESSLY DISCLAIMS ANY WARRANTY THAT
THE PRACTICE OF THE PATENT RIGHTS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OF THIRD PARTIES. No Party
will make statements, representations, or warranties, or accept liabilities or responsibilities, with respect to or potentially
involving the other Party, that are inconsistent with this Section.

 

TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO
EVENT WILL ANY PARTY BE RESPONSIBLE FOR ANY INCIDENTAL DAMAGES, CONSEQUENTIAL DAMAGES, EXEMPLARY DAMAGES OF ANY KIND, LOST
GOODWILL, LOST PROFITS, LOST BUSINESS AND/OR ANY INDIRECT ECONOMIC DAMAGES WHATSOEVER REGARDLESS OF WHETHER SUCH DAMAGES
ARISE FROM CLAIMS BASED UPON CONTRACT, NEGLIGENCE, TORT (INCLUDING STRICT LIABILITY OR OTHER LEGAL THEORY), A BREACH OF ANY
WARRANTY OR TERM OF THIS AGREEMENT, AND REGARDLESS OF WHETHER A PARTY WAS ADVISED OR HAD REASON TO KNOW OF THE POSSIBILITY OF
INCURRING SUCH DAMAGES IN ADVANCE.

 

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11. Sponsor Reporting

 

Each Party will assume responsibility for reporting
the Patent Rights to its own government and other research sponsors as may be required, provided that if Lead Institution and the
Other Institution(s) both received federal funding for the research that resulted in the Patent Rights, then the Lead Institution
will take responsibility for the federal reporting, and provide viewing rights or copies of sponsor reports to the other Party.

 

12. Use of Names

 

Each Party agrees that it will not use the name of any other
Party or a Licensee in any advertising or publicity material, or make any form of representation or statement which would constitute
an express or implied endorsement by such other Party of any licensed product, and that it will not authorize others to do so,
without having obtained written approval from such other Party or Licensee. Notwithstanding the foregoing, either Party may make
factual statements regarding the existence of this Agreement and that Lead Institution is managing commercialization of the Patent
Rights. After a License Agreement is executed, the Parties may make factual statements that the Patent Rights have been licensed
to a particular Licensee, except to the extent limited by Section 7.

 

13. Governing Law

 

This Agreement will be governed by and interpreted, and its
performance enforced in accordance with the laws of the jurisdiction specified in the Transaction Terms, without giving effect
to choice of law and conflicts of law principles, except that the scope and validity of any patent application or patent will be
governed and enforced by the laws of the applicable country of the patent application or patent. If no jurisdiction is so specified
or the Transaction Terms states “None” or the like, then the Parties have contractually agreed not to designate a particular
governing law for this Agreement.

 

14. Publication

 

Each Party reserves the right to publish related to
the Patent Rights, in accordance with each Party’s own policies and practices. A License Agreement will not give Licensee
the right to review an advance copy of the proposed publication by any of the Parties relating to the Patent Rights unless such
Party has specifically agreed in advance to the inclusion of and scope of such provision.

 

15. Complete Agreement

 

This Agreement sets forth the complete agreement of
the Parties concerning the subject matter hereof. No waiver of or change in any of the terms hereof subsequent to the execution
hereof claimed to have been made by any representative of either Party will have any force or effect unless in writing, signed
by duly authorized representatives of the parties.

 

    Page 8

     

    

 

16. Counterpart Signatures; Electronic Delivery

 

The Parties may execute this Agreement in one or more
counterparts, which may be by electronic signature or transmission, each of which will be deemed an original and all of which,
taken together, will constitute one and the same instrument, and will be given the effect of an original signature upon receipt
by the other Party of the electronic signature or transmission.

 

In Witness
Whereof, the parties have caused this Agreement to be executed as of the Effective Date:

 

	The UAB Research Foundation	 	Texas Biomedical Research Institute
	 	 	 
	By	/s/ Karthik Gopalakrishnan, Ph.D.	 	By	/s/ Larry Schlesinger, MD
	Name  	Karthik Gopalakrishnan, Ph.D.	 	Name  	Larry Schlesinger, MD
	Title	Director of Licensing & New Ventures	 	Title	President and CEO
	 	 	 	 	 
	Date	11th sept 2020	 	Date	09/11/2020

 

    Page 9

     

    

 

Exhibit A

 

License Agreement Requirements

 

All License Agreements will contain terms covering the following:

 

		1.	Reservation
of rights to all parties to the Inter-Institutional Agreement (“IIA”) and, where possible, the right to license such
rights to other non-profit research institutions, to use the Patent Rights in future for research and educational purposes without
any payment to the Licensee;

 

		2.	Reservation
of rights to government entities and to private sponsors (to the extent such rights are required under sponsored research agreements
and disclosed in the IIA)

 

		3.	Payment
of earned royalties on net sales by Licensee, its Affiliates and any sublicensee;

 

		4.	Reimbursement
of all patent prosecution expenses if the license to Patent Rights is exclusive;

 

		5.	Product
development and commercialization diligence if the license to Patent Rights is exclusive;

 

		6.	Periodic
reports (at least annually) covering development and commercialization efforts and sale of products, including date of first commercial
sale for each product;

 

		7.	Standard
audit rights exercisable by the Lead Institution or Other Institution or its representatives;

 

		8.	Indemnification
of all Parties (and applicable Affiliates) to the IIA;

 

		9.	Disclaimer
on behalf of all Parties (and applicable Affiliates) to the IIA of all warranties, including validity, enforceability and non-infringement
of the Patent Rights;

 

		10.	Limitation
of damages for all Parties (and applicable Affiliates) to the IIA to direct damages only;

 

		11.	Prohibition
on the use of the names, logos and trademarks of the Parties (and applicable Affiliates) to the IIA;

 

		12.	Unfettered
right on part of all Parties (and applicable Affiliates) to the IIA to publish in connection with the Patent Rights (with reasonable
delays for review for confidentiality and filing for intellectual property protection);

 

		13.	Maintenance
of general liability insurance as is standard for the business of the Licensee at its various stages of development and commercialization,
naming all of the Parties (and applicable Affiliates) to the IIA as additional insureds, or appropriate self-insurance provisions.

 

		14.	For
start-up companies, annual reporting of business information and annual reports on progress of development of technology encompassed
by Patent Rights.

 

		15.	Compliance
with all applicable laws, including export control laws.

 

    Page 10EX-4.1

 Exhibit 4.1 

WARRANT AGREEMENT 

INVESTINDUSTRIAL ACQUISITION CORP. 

and 
 CONTINENTAL STOCK
TRANSFER & TRUST COMPANY 
 Dated November 23, 2020 

THIS WARRANT AGREEMENT (this “Agreement”), dated November 23, 2020, is by and between Investindustrial Acquisition
Corp., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such capacity, the “Warrant Agent”). 

WHEREAS, it is proposed that the Company enter into that certain Sponsor Warrants Purchase Agreement, with Investindustrial Acquisition Corp.
L.P., a limited partnership incorporated in England and Wales (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 6,000,000 warrants (or up to 6,700,000 warrants if the underwriters in the Public
Offering (defined below) exercise their Over-allotment Option (as defined below) 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”) at a purchase price of $1.50 per Private Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one Ordinary Share (as defined
below) at a price of $11.50 per share, subject to adjustment as described herein; and 
 WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business
Combination”), 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 1,000,000 Private Placement Warrants at a price of $1.50 per Private Placement 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 Ordinary Share and one-third of one Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and
deliver up to 13,416,667 redeemable warrants (including up to 1,750,000 redeemable warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and, together with the Private
Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”), for
$11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able to exercise any fraction of a Warrant; and 

 WHEREAS, the Company has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-1, File No. 333-249462 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 Ordinary Shares included in the Units; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 
 WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and 

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

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

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

2. Warrants. 
 2.1. Form
of Warrant. Each Warrant shall initially be issued in registered form only. 
 2.2. Effect of Countersignature. If a physical
certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a 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 Company. Ownership
of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the
“Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”). 

  
 2 

 If the Depositary subsequently ceases to make its book-entry settlement system available for
the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants
available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the
Depositary definitive certificates in physical form evidencing such Warrants (“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,
President, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the
capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

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

2.4. Detachability of Warrants. The 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 Deutsche Bank Securities Inc., but in no event shall the Ordinary Shares and the Public Warrants
comprising the Units be separately traded until (A) the Company has filed a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the
gross proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment Option”), if the
Over-allotment Option is exercised prior to the filing of the Current Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading shall begin. 

2.5. Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of
one Ordinary Share and one-third 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. 

  
 3 

 2.6. Private Placement Warrants. The Private Placement Warrants shall be identical to
the Public Warrants, except that so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised for cash or on a “cashless basis,” pursuant to
subsection 3.3.1(c) hereof, (ii) including the Ordinary Shares issuable upon exercise of the Private Placement Warrants, may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an
initial Business Combination, (iii) shall not be redeemable by the Company pursuant to Section 6.1 hereof and (iv) shall only be redeemable by the Company pursuant to Section 6.2 if the
Reference Value (as defined below) is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof); provided, however, that in the case of (ii), the Private Placement Warrants and any
Ordinary Shares issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof: 
 (a) to the
Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such
affiliates; 
 (b) in the case of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the
beneficiary of which is a member 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 the individual; 

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

(e) by private sales or transfers made in connection with the consummation of the Company’s Business Combination at prices no greater
than the price at which the Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased; 
 (f) by virtue of the
Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; 
 (g) to the Company for no value for cancellation
in connection with the consummation of our initial Business Combination; 
 (h) in the event of the Company’s liquidation prior to the
completion of its 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 public shareholders having the right to exchange their 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 Company agreeing to be bound by the transfer restrictions in this Agreement. 

  
 4 

 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, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent
permitted hereunder) described in the prior sentence at which 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 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
days’ prior written notice of such reduction to Registered Holders of the Warrants; and provided further, that any such reduction shall be identical among all of the Warrants. 

3.2. Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A)
commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a Business Combination, and (ii) the date that is twelve (12) months from the date of the closing of the
Offering, and (B) 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 Company completes its initial Business Combination, (y) the liquidation of the
Company in accordance with the Company’s amended and restated memorandum and articles of association, as amended from time to time, if the Company fails to complete a Business Combination, and (z) other than with respect to the Private
Placement 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. 

  
 5 

 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 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 of the Warrant Price for each Ordinary Share as to which the Warrant is exercised and any and
all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, 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 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 and (ii) in all other scenarios the quotient
obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Sponsor Exercise Fair Market Value” (as defined in this subsection 3.3.1(c)) less the
Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Sponsor Fair Market Value” shall mean the average last reported sale price of the 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. 

3.3.2. Issuance of 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 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 

  
 6 

 
applicable, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any 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 Ordinary Shares underlying the Public Warrants is then effective and a
prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is available. No Warrant shall be exercisable and the Company shall
not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the 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 Ordinary Shares. The Company
may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant
would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to such holder. 

3.3.3. Valid Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable. 
 3.3.4. Date of Issuance. Each person in whose name any book-entry position or
certificate, as applicable, for 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 Ordinary Shares on the date on which the Warrant,
or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender
and payment is a date when the register of members of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on
which the share transfer books or book-entry system are open. 
 3.3.5. Maximum Percentage. A holder of a Warrant may notify the
Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If
the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person
(together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as the holder may specify) (the “Maximum Percentage”) of the Ordinary
Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares
issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude 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 

  
 7 

 
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 Ordinary Shares, the holder may rely on the number of outstanding 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 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 Ordinary Shares then outstanding. In any case, the number of issued and outstanding 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 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 Ordinary Shares is increased by a capitalization or share dividend of Ordinary Shares, or by a
sub-division of Ordinary Shares or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Ordinary
Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering made to all or substantially all holders of Ordinary Shares entitling holders to purchase
Ordinary Shares at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a capitalization of a number of Ordinary Shares equal to the product of (i) the number of 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 Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per 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 Ordinary Shares, in determining the
price payable for 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 Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such rights. No Ordinary Shares shall be issued at less than their par value. 

  
 8 

 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 Ordinary Shares a dividend or makes a distribution in cash, securities or other assets on account of such 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 Ordinary Shares in connection with a proposed initial
Business Combination, (d) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) that would
modify the substance or timing of the Company’s obligation to provide holders of Ordinary Shares the right to have their shares redeemed in connection with the Company’s 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, or (ii) with respect to any
other provision relating to the rights of holders of Ordinary Shares or (e) in connection with the redemption of public shares upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its
assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after
the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s board of directors (the “Board”), in good faith) of any securities or other assets
paid on each 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 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 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 Ordinary Shares is decreased by a consolidation, combination, reverse share
split or reclassification of 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 Ordinary Shares issuable on exercise of each
Warrant shall be decreased in proportion to such decrease in issued and outstanding Ordinary Shares. 
 4.3. Adjustments in Exercise
Price. Whenever the number of 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 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 Ordinary Shares so purchasable immediately thereafter. 

  
 9 

 4.4. Raising of the Capital in Connection with the Initial Business Combination. If
(x) the Company issues additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per
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 B ordinary shares, par
value $0.0001 per share, of the Company 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 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. 

4.5. Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding
Ordinary Shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such 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 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 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 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 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 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 

  
 10 

 
memorandum and articles of association or as a result of the repurchase of 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 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 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 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 Ordinary Share shall be the volume weighted average price of the 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 Ordinary Shares
consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average price of the 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 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. 

  
 11 

 4.6. Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number
of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1,
4.2, 4.3, 4.4 or 4.5, 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. 

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

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

  
 12 

 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 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). 
 6.2. Redemption of Warrants for 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 Ordinary Shares determined by reference to the
table below, based on the Redemption Date 

  
 13 

 
(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 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 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	 	  	3	 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 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. 
 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 

  
 14 

 
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 Ordinary Shares per Warrant (subject to adjustment) 
 6.3. Date Fixed for, and Notice
of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants pursuant to Sections 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 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, if in connection with a redemption pursuant to Section 6.2 of this Agreement, on a “cashless basis” in accordance with such
Section 6.2) 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. 
 6.5.
Exclusion of Private Placement Warrants. 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 pursuant to
Section 6.1 or 6.2 hereof, 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. 

  
 15 

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

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

7.4.1. Registration of the 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 registration statement for the registration, under the Securities Act, of the Ordinary
Shares issuable upon exercise of the Warrants. If the Warrants are exercisable for a security other than the Ordinary Shares pursuant to this Agreement, the Warrants may be exercised for such security. At such time as the Warrants become exercisable
for a security other than the Ordinary Shares, the Company (or any successor company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants within (20) twenty
business days of the closing of an initial Business Combination. 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 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 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 issuance of the 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 

  
 16 

 
Securities Act or another exemption) for that number of Ordinary Shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Ordinary Shares
underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) less the Warrant Price by (y) the Fair Market Value and (B) 0.361 Ordinary Shares per Warrant. Solely for purposes of this subsection
7.4.1, “Fair Market Value” shall mean the volume-weighted average price of the Ordinary Shares 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 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 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 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 Ordinary Shares issuable upon exercise of the Public Warrant under 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 Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares. 

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

  
 17 

 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 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. 

8.4. Liability of Warrant Agent. 

  
 18 

 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, the President, the Chief Financial Officer, Chief Operating Officer, the General Counsel, the Secretary
or the 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 Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any
Ordinary Shares shall, when issued, be valid and fully paid and nonassessable. 
 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 Ordinary Shares through the exercise of the Warrants. 

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

  
 19 

 9. Miscellaneous Provisions. 

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

Investindustrial Acquisition Corp. 

Suite 1, 3rd Floor, 11-12 St James’s Square 

London SW1Y 4LB 
 United Kingdom

 Attention: Chief Executive Officer 

with a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Attention: Christian O. Nagler 

and 
 Kirkland & Ellis
International LLP 
 30 St Mary Axe 

London EC3A 8AF 
 United Kingdom

 Attention: Cedric Van den Borren 
 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, NY 10004 
 Attention: Compliance Department 

  
 20 

 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 submits to such jurisdiction, which jurisdiction shall be
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. 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. 

9.7. Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof. 
 9.8. Amendments. This Agreement may be amended by the parties hereto without the consent of any
Registered Holder for the purpose of(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 

  
 21 

 
with the second sentence of subsection 4.1.2 or (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 under this Agreement. 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, 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 

  
 22 

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

			
	INVESTINDUSTRIAL ACQUISITION CORP.

 
			
		
	By:	 	 /s/ Roberto Ardagna

			
	Name: Roberto Ardagna
	Title: Chief Executive Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

 
			
		
	By:	 	 /s/ Steven Vacante

			
	Name:  Steven Vacante
	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 

Investindustrial Acquisition Corp. 

Incorporated Under the Laws of the Cayman Islands 

CUSIP [●] 
 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 Investindustrial Acquisition Corp. , 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. 

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. 
  

			
	INVESTINDUSTRIAL ACQUISITION CORP.

 
			
		
	By:	 	  

 
			
	Name:
	Title: Authorized Signatory
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT

 
			
		
	By:	 	  

 
			
	Name:
	Title:

  
 25 

 [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 [             ], 2020 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock
Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to
for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the
Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein
shall have the meanings given to them in the Warrant Agreement. 
 Warrants may be exercised at any time during the Exercise Period set
forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of Election to Purchase set forth hereon properly completed and executed, together
with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon
any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing
the number of Warrants not exercised. 
 Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may
be exercised unless at the time of exercise (i) a registration statement covering the 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. 

  
 27 

 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 Investindustrial Acquisition Corp. (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] 

 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). 

 EXHIBIT B 

LEGEND 
 THE SECURITIES
REPRESENTED HEREBY 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 INVESTINDUSTRIAL ACQUISITION CORP. (THE
“COMPANY”), INVESTINDUSTRIAL ACQUISITION CORP. L.P. 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 THE RECITALS OF THE WARRANT AGREEMENT DATED [        ], 2020, BETWEEN INVESTINDUSTRIAL ACQUISITION CORP. AND CONTINENTAL STOCK
TRANSFER & TRUST COMPANY (THE “WARRANT AGREEMENT”) REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH
TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED HEREBY 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. 
 NO. [    ]
WARRANT

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