Document:

Exhibit 10.1

 

Execution Version

 

ASSET PURCHASE AGREEMENT

 

This Asset Purchase Agreement (this “Agreement”),
dated as of December 17, 2021, is entered into between Allarity Therapeutics A/S, an Aktieselskab organized under the laws of Denmark
(“Seller”), and Allarity Therapeutics, Inc., a Delaware corporation (“Parent”), and Allarity Acquisition Subsidiary,
Inc., a Delaware corporation to be organized under the laws of Delaware and a wholly-owned Subsidiary of Parent (“Acquisition Sub”
or “Buyer”). Capitalized terms used in this Agreement have the meanings given to such terms herein, as such definitions are
identified by the cross-references set forth in Exhibit A attached hereto.

 

RECITALS

 

WHEREAS, Seller is engaged in the business
of oncology drug discovery and development with companion diagnostics using Seller’s proprietary DRP® companion diagnostic
platform (the “Business”);

 

WHEREAS, Seller wishes to sell and assign
to Buyer, and Buyer wishes to purchase and assume from Seller, substantially all the assets, and certain specified liabilities, of the
Business, subject to the terms and conditions set forth herein;

 

WHEREAS, Seller and Buyer have entered into
that certain Amended and Restated Plan of Reorganization and Asset Purchase Agreement, as amended on September 23, 2021, (the “Reorganization
Agreement”) in which this Agreement was included in form and substance as Exhibit A thereto; and

 

WHEREAS, the shareholders of Seller have
approved the Reorganization Agreement and the transactions contemplated thereby at an Extraordinary General Meeting held on November 22,
2021.

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE IX

Purchase and Sale

 

Section 9.01 Purchase
and Sale of Assets. Subject to the terms and conditions set forth herein, at the Closing, Seller shall sell, convey, assign, transfer,
and deliver to Buyer, and Buyer shall purchase from Seller, all of Seller’s right, title, and interest in, to, and under all of
the tangible and intangible assets, properties, and rights of every kind and nature and wherever located (other than the Excluded Assets),
which relate to, or are used or held for use in connection with, the Business (collectively, the “Purchased Assets”),
including, but not limited to, the following:

 

(a)  all
cash and cash equivalents;

 

(b) all
accounts receivable held by Seller (“Accounts Receivable”);

 

(c) all
inventory, finished goods, raw materials, work in progress, packaging, supplies, parts, and other inventories (“Inventory”);

 

(d) all
Contracts (the “Assigned Contracts”) set forth on Section 1.01(d) of the disclosure schedules attached hereto (the
“Disclosure Schedules”). The term “Contracts” means all contracts, leases, licenses, instruments,
notes, commitments, undertakings, indentures, joint ventures, and all other agreements, commitments, and legally binding arrangements,
whether written or oral;

 

(e) all
furniture, fixtures, equipment, machinery, tools, vehicles, office equipment, supplies, computers, telephones, and other tangible personal
property (the “Tangible Personal Property”);

 

(f)  all
prepaid expenses, credits, advance payments, claims, security, refunds, rights of recovery, rights of set-off, rights of recoupment, deposits,
charges, sums, and fees (including any such item relating to the payment of Taxes);

 

(g) all
of Seller’s rights under warranties, indemnities, and all similar rights against third parties to the extent related to any Purchased
Assets;

 

     

     

    

 

(h) all
insurance benefits, including rights and proceeds, arising from or relating to the Business, the Purchased Assets, or the Assumed Liabilities;

 

(i)  originals
or, where not available, copies, of all books and records, including books of account, ledgers, and general, financial, and accounting
records, machinery and equipment maintenance files, customer lists, customer purchasing histories, price lists, distribution lists, supplier
lists, production data, quality control records and procedures, customer complaints and inquiry files, research and development files,
records, and data (including all correspondence with any federal, state, local, or foreign government or political subdivision thereof,
or any agency or instrumentality of such government or political subdivision, or any arbitrator, court, or tribunal of competent jurisdiction
(collectively, “Governmental Authority”)), sales material and records, strategic plans and marketing, and promotional
surveys, material, and research (“Books and Records”);

 

(j)  all
rights, title and interests in and to any subsidiary or other corporate entity owned by the Seller;

 

(k) any
and all other tangible or intangible property or choses in actions, intellectual property (both owned and licensed from third parties),
pending applications or other filings with any Governmental Authority; and

 

(l)  all
goodwill and the going concern value of the Purchased Assets and the Business.

 

Section 9.02 Excluded
Assets. Notwithstanding the foregoing, the Purchased Assets shall not include the assets, properties, and rights specifically set
forth on Section 1.02 of the Disclosure Schedules (collectively, the “Excluded Assets”).

 

Section 9.03 Assumed
Liabilities.

 

(a) Subject
to the terms and conditions set forth herein, Buyer shall assume and agree to pay, perform, and discharge only the following Liabilities
of Seller (collectively, the “Assumed Liabilities”), and no other Liabilities:

 

(i)  all
trade accounts payable of Seller to third parties in connection with the Business that remain unpaid and are not delinquent as of the
Closing Date;

 

(ii) all
Liabilities in respect of the Assigned Contracts and any pending applications with any Governmental Authority; and

 

(iii) those
Liabilities of Seller set forth on Section 1.03(a)(iii) of the Disclosure Schedules.

 

For purposes of this Agreement, “Liabilities”
means liabilities, obligations, or commitments of any nature whatsoever, whether asserted or unasserted, known or unknown, absolute or
contingent, accrued or unaccrued, matured or unmatured, or otherwise.

 

(b) Notwithstanding
any provision in this Agreement to the contrary, Buyer shall not assume and shall not be responsible to pay, perform, or discharge any
Liabilities of Seller or any of its Affiliates of any kind or nature whatsoever other than the Assumed Liabilities (the “Excluded
Liabilities”). For the sake of clarity, Buyer is not assuming any equity-based compensation awards or bonuses based upon the
sale or disposition of the Seller’s, or Seller’s Affiliate”, drug candidates. For purposes of this Agreement: (i) “Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person; and (ii) the term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise. For the sake
of clarity, Parent is not assuming any liabilities of the Seller as a consequence of this Agreement.

 

Section 9.04 Purchase
Price. The aggregate purchase price for the Purchased Assets shall be Eight Million Seventy Five Thousand Eight Hundred Twenty Four
(8,075,824) shares of the Parent’s Common Stock (the “Purchase Price”), plus the assumption of the Assumed Liabilities.
Buyer shall transfer the Purchase Price to the Seller at the Closing.

 

    2

     

    

 

Section 9.05 Allocation
of Purchase Price. The Purchase Price and the Assumed Liabilities shall be allocated among the Purchased Assets for all purposes (including
Tax and financial accounting) as shown on the allocation schedule set forth on Section 1.05 of the Disclosure Schedules (the “Allocation
Schedule”). The Allocation Schedule shall be prepared in accordance with Section 1060 of the Internal Revenue Code of 1986,
as amended. Buyer and Seller shall file all returns, declarations, reports, information returns and statements, and other documents relating
to Taxes (including amended returns and claims for refund) (“Tax Returns”) in a manner consistent with the Allocation
Schedule.

 

Section 9.06 Withholding
Tax. Buyer shall be entitled to deduct and withhold from the Purchase Price all Taxes that Buyer may be required to deduct and withhold
under any provision of Tax Law. All such withheld amounts shall be treated as delivered to Seller hereunder.

 

Section 9.07 Third-party
Consents. To the extent that Seller’s rights under any Purchased Asset may not be assigned to Buyer without the consent of another
Person which has not been obtained, this Agreement shall not constitute an agreement to assign the same if an attempted assignment would
constitute a breach thereof or be unlawful, and Seller, at its expense, shall use its reasonable best efforts to obtain any such required
consent(s) as promptly as possible. If any such consent shall not be obtained or if any attempted assignment would be ineffective or would
impair Buyer’s rights under the Purchased Asset in question so that Buyer would not in effect acquire the benefit of all such rights,
Seller, to the maximum extent permitted by Law and the Purchased Asset, shall act after the Closing as Buyer’s agent in order to
obtain for it the benefits thereunder and shall cooperate, to the maximum extent permitted by Law and the Purchased Asset, with Buyer
in any other reasonable arrangement designed to provide such benefits to Buyer.

 

Section 9.08 Option
to Purchase up to 8,000,000 Ordinary Shares of Seller. Simultaneously with the Closing, Buyer shall have an option to purchase up
to 8,000,000 ordinary shares, at an exercise price of DKK 0.05, (the “Ordinary Shares”) and upon exercise of Buyer’s
option Seller shall sell to Buyer the Ordinary Shares for a subscription price of DKK O.05 or the equivalent amount in U.S. Dollars.

 

ARTICLE X

Closing

 

Section 10.01   Closing.
Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this Agreement (the “Closing”)
shall take place concurrently with the Closing for the Amended and Restated Plan of Reorganization and Asset Purchase Agreement, dated
September 23, 2021, entered into by the parties to this Agreement (the “Plan of Reorganization”) at the place specified in
the Plan of Reorganization, or remotely by exchange of documents and signatures (or their electronic counterparts), or at such other time
or place or in such other manner as Seller, Parent and Buyer may mutually agree upon in writing. The date on which the Closing is to occur
is herein referred to as the “Closing Date.”

 

Section 10.02   Closing
Deliverables.

 

(a) At
the Closing, Seller shall deliver to Buyer the following:

 

(i)  a
bill of sale in form and substance satisfactory to Buyer (the “Bill of Sale”) and duly executed by Seller, transferring
the Tangible Personal Property included in the Purchased Assets to Buyer;

 

(ii) an
assignment and assumption agreement in form and substance satisfactory to Buyer (the “Assignment and Assumption Agreement”)
and duly executed by Seller, effecting the assignment to and assumption by Buyer of the Purchased Assets and the Assumed Liabilities;

 

(iii) a
certificate of the Secretary (or equivalent officer) of Seller certifying as to (A) the resolutions of the board of directors and the
shareholders of Seller, which authorize the execution, delivery, and performance of this Agreement, the Bill of Sale, the Assignment and
Assumption Agreement, and the other agreements, instruments, and documents required to be delivered in connection with this Agreement
or at the Closing (collectively, the “Transaction Documents”) and the consummation of the transactions contemplated
hereby and thereby, and (B) the names and signatures of the officers of Seller authorized to sign this Agreement and the other Transaction
Documents;

 

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(iv) such
other customary instruments of transfer or assumption, filings, or documents, in form and substance reasonably satisfactory to Buyer,
as may be required to give effect to the transactions contemplated by this Agreement; and

 

(b)  At
the Closing, Buyer shall deliver to Seller the following:

 

(i)  the
Purchase Price (less any amounts which may be withheld for outstanding Tax Liabilities);

 

(ii) the
Assignment and Assumption Agreement duly executed by Buyer; and

 

(iii) a
certificate of the Secretary (or equivalent officer) of Buyer certifying as to (A) the resolutions of the board of directors of Buyer,
which authorize the execution, delivery, and performance of this Agreement and the Transaction Documents and the consummation of the transactions
contemplated hereby and thereby, and (B) the names and signatures of the officers of Buyer authorized to sign this Agreement and the other
Transaction Documents; and

 

ARTICLE XI

Representations and warranties of seller

 

Seller represents and warrants to Buyer that the
statements contained in this Article III are true and correct as of the date hereof.

 

Section 11.01   Organization
and Authority of Seller. Seller is an Aktieselskab organized under the laws of Denmark. Seller has full corporate power and
authority to enter into this Agreement and the other Transaction Documents to which Seller is a party, to carry out its obligations hereunder
and thereunder, and to consummate the transactions contemplated hereby and thereby. The execution and delivery by Seller of this Agreement
and any other Transaction Document to which Seller is a party, the performance by Seller of its obligations hereunder and thereunder,
and the consummation by Seller of the transactions contemplated hereby and thereby have been duly authorized by all requisite corporate,
board, and shareholder action on the part of Seller. This Agreement and the Transaction Documents constitute legal, valid, and binding
obligations of Seller enforceable against Seller in accordance with their respective terms.

 

ARTICLE XII

Representations and warranties of buyer

 

Buyer represents and warrants to Seller that the
statements contained in this Article IV are true and correct as of the date hereof.

 

Section 12.01   Organization
and Authority of Buyer. Buyer is a corporation duly organized, validly existing, and in good standing under the Laws of the State
of Delaware. Buyer has full corporate power and authority to enter into this Agreement and the other Transaction Documents to which Buyer
is a party, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby and thereby.
The execution and delivery by Buyer of this Agreement and any other Transaction Document to which Buyer is a party, the performance by
Buyer of its obligations hereunder and thereunder, and the consummation by Buyer of the transactions contemplated hereby and thereby have
been duly authorized by all requisite corporate action on the part of Buyer. This Agreement and the Transaction Documents constitute legal,
valid, and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms.

 

ARTICLE XIII

Covenants

 

Section 13.01   Receivables.
From and after the Closing, if Seller or any of its Affiliates receives or collects any funds relating to any Accounts Receivable or any
other Purchased Asset, Seller or its Affiliate shall remit such funds to Buyer within five (5) business days after its receipt thereof.
From and after the Closing, if Buyer or its Affiliate receives or collects any funds relating to any Excluded Asset, Buyer or its Affiliate
shall remit any such funds to Seller within five (5) business days after its receipt thereof.

 

    4

     

    

 

Section 13.02   Transfer
Taxes. All sales, use, registration, and other such Taxes and fees (including any penalties and interest) incurred in connection with
this Agreement and the other Transaction Documents, if any, shall be borne and paid by Buyer when due. Seller shall, at its own expense,
timely file any Tax Return or other document with respect to such Taxes or fees (and Buyer shall cooperate with respect thereto as necessary).

 

Section 13.03   Further
Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver
such additional documents, instruments, conveyances, and assurances and take such further actions as may be reasonably required to carry
out the provisions hereof and give effect to the transactions contemplated by this Agreement and the other Transaction Documents.

 

ARTICLE XIV

Indemnification

 

Section 14.01   Survival.
All representations, warranties, covenants, and agreements contained herein and all related rights to indemnification shall survive the
Closing.

 

Section 14.02   Indemnification
by Seller. Subject to the other terms and conditions of this Article VI, Seller shall indemnify and defend each of Buyer and its Affiliates
and their respective Representatives (collectively, the “Buyer Indemnitees”) against, and shall hold each of them harmless
from and against, any and all losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs,
or expenses of whatever kind, including reasonable attorneys’ fees (collectively, “Losses”), incurred or sustained
by, or imposed upon, the Buyer Indemnitees based upon, arising out of, or with respect to:

 

(a) any
inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement, any other Transaction Document,
or any schedule, certificate, or exhibit related thereto, as of the date such representation or warranty was made or as if such representation
or warranty was made on and as of the Closing Date (except for representations and warranties that expressly relate to a specified date,
the inaccuracy in or breach of which will be determined with reference to such specified date);

 

(b) any
breach or non-fulfillment of any covenant, agreement, or obligation to be performed by Seller pursuant to this Agreement, any other Transaction
Document, or any schedule, certificate, or exhibit related thereto;

 

(c) any
Excluded Asset or any Excluded Liability; or

 

(d) any
Third-party Claim based upon, resulting from, or arising out of the business, operations, properties, assets, or obligations of Seller
or any of its Affiliates (other than the Purchased Assets or Assumed Liabilities) conducted, existing, or arising on or prior to the Closing
Date. For purposes of this Agreement, “Third-party Claim” means notice of the assertion or commencement of any Action
made or brought by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of
the foregoing.

 

Section 14.03   Indemnification
by Buyer. Subject to the other terms and conditions of this Article VI, Buyer shall indemnify and defend each of Seller and its Affiliates
and their respective Representatives (collectively, the “Seller Indemnitees”) against, and shall hold each of them
harmless from and against any and all Losses incurred or sustained by, or imposed upon, the Seller Indemnitees based upon, arising out
of, or with respect to:

 

(a) any
inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement, any other Transaction Document,
or any schedule, certificate, or exhibit related thereto, as of the date such representation or warranty was made or as if such representation
or warranty was made on and as of the Closing Date (except for representations and warranties that expressly relate to a specified date,
the inaccuracy in or breach of which will be determined with reference to such specified date);

 

(b) any
breach or non-fulfillment of any covenant, agreement, or obligation to be performed by Buyer pursuant to this Agreement; or

 

(c) any
Assumed Liability.

 

    5

     

    

 

Section 14.04   Indemnification
Procedures. Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the “Indemnified
Party”) shall promptly provide written notice of such claim to the other party (the “Indemnifying Party”).
In connection with any claim giving rise to indemnity hereunder resulting from or arising out of any Action by a Person who is not a party
to this Agreement, the Indemnifying Party, at its sole cost and expense and upon written notice to the Indemnified Party, may assume the
defense of any such Action with counsel reasonably satisfactory to the Indemnified Party. The Indemnified Party shall be entitled to participate
in the defense of any such Action, with its counsel and at its own cost and expense. If the Indemnifying Party does not assume the defense
of any such Action, the Indemnified Party may, but shall not be obligated to, defend against such Action in such manner as it may deem
appropriate, including settling such Action, after giving notice of it to the Indemnifying Party, on such terms as the Indemnified Party
may deem appropriate and no action taken by the Indemnified Party in accordance with such defense and settlement shall relieve the Indemnifying
Party of its indemnification obligations herein provided with respect to any damages resulting therefrom. The Indemnifying Party shall
not settle any Action without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld or
delayed).

 

Section 14.05   Cumulative
Remedies. The rights and remedies provided in this Article VI are cumulative and are in addition to and not in substitution for any
other rights and remedies available at law or in equity or otherwise.

 

ARTICLE XV

Miscellaneous

 

Section 15.01   Notices.
All notices, claims, demands, and other communications hereunder shall be shall be given or made in accordance with the notice provisions
in the Plan of Reorganization.

 

Section 15.02   Interpretation;
Headings. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against
the party drafting an instrument or causing any instrument to be drafted. The headings in this Agreement are for reference only and shall
not affect the interpretation of this Agreement.

 

Section 15.03   Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or
unenforceability shall not affect any other term or provision of this Agreement.

 

Section 15.04   Entire
Agreement. This Agreement and the other Transaction Documents constitute the sole and entire agreement of the parties to this Agreement
with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and agreements,
both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this
Agreement and those in the other Transaction Documents, the Exhibits, and the Disclosure Schedules (other than an exception expressly
set forth as such in the Disclosure Schedules), the statements in the body of this Agreement will control.

 

Section 15.05   Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party,
which consent shall not be unreasonably withheld or delayed. Any purported assignment in violation of this Section shall be null and void.
No assignment shall relieve the assigning party of any of its obligations hereunder.

 

Section 15.06   Amendment
and Modification; Waiver. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each
party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed
by the party so waiving. No failure to exercise, or delay in exercising, any right or remedy arising from this Agreement shall operate
or be construed as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further
exercise thereof or the exercise of any other right or remedy.

 

Section 15.07   Governing
Law. This Agreement and all Legal Actions (whether based on contract, tort, or statute) arising out of, relating to, or in connection
with this Agreement or the actions of any of the parties hereto in the negotiation, administration, performance, or enforcement hereof,
shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or
conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of Laws
of any jurisdiction other than those of the State of Delaware.

 

Section 15.08   Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to
be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email, or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	 	ALLARITY
    THERAPEUTICS A/S
	 	 
	 	By	/s/
    Steve Carchedi
	 	 	Steve
    Carchedi
	 	 	CEO
	 	 	 
	 	ALLARITY
    THERAPEUTICS, INC and ALLARITY ACQUISITION SUBSIDIARY, INC. 
	 	 
	 	By	/s/
    Steve Carchedi
	 	 	Steve
    Carchedi
	 	 	CEO

 

    7

     

    

 

EXHIBIT
A

 

DEFINITIONS CROSS-REFERENCE TABLE

 

The following terms have the meanings set forth in the location in
this Agreement referenced below:

 

	Term	 	Section
	Accounts Receivable	 	Section 1.01(b)
	Actions	 	Section 3.12(a)
	Affiliate	 	Section 1.03(b)
	Agreement	 	Preamble
	Allocation Schedule	 	Section 1.05
	Assigned Contracts	 	Section 1.01(d)
	Assignment and Assumption Agreement	 	Section 2.02(a)(ii)
	Assumed Liabilities	 	Section 1.03(a)
	Balance Sheet	 	Section 3.03
	Balance Sheet Date	 	Section 3.03
	Bill of Sale	 	Section 2.02(a)(i)
	Books and Records	 	Section 1.01(i)
	Business	 	Recitals
	Buyer	 	Preamble
	Buyer Indemnitees	 	Section 6.02
	Closing	 	Section 2.01
	Closing Date	 	Section 2.01
	Contracts	 	Section 1.01(d)
	Control	 	Section 1.03(b)
	Disclosure Schedules	 	Section 1.01(d)
	Encumbrance	 	Section 3.02
	Excluded Assets	 	Section 1.02
	Excluded Liabilities	 	Section 1.03(b)
	Financial Statements	 	Section 3.03
	Governmental Authority	 	Section 1.01(i)
	Governmental Order	 	Section 3.02
	Indemnified Party	 	Section 6.04
	Indemnifying Party	 	Section 6.04
	Inventory	 	Section 1.01(c)
	Law	 	Section 3.02
	Liabilities	 	Section 1.03(a)
	Losses	 	Section 6.02
	[Material Customers]	 	[Section 3.11(a)]
	[Material Suppliers]	 	[Section 3.11(b)]
	Person	 	Section 3.02
	Purchased Assets	 	Section 1.01
	Purchase Price	 	Section 1.04
	Representatives	 	Section 5.01
	Restricted Business	 	Section 5.02(a)
	Restricted Period	 	Section 5.02(a)
	Seller	 	Preamble
	Seller Indemnitees	 	Section 6.03

    8

     

    

 

	Term	 	Section
	Tangible Personal Property	 	Section 1.01(e)
	Taxes	 	Section 3.14
	Tax Returns	 	Section 1.05
	Territory	 	Section 5.02(a)
	Third-party Claim	 	Section 6.02(d)
	Transaction Documents	 	Section 2.02(a)(v)
	[Transition Services Agreement]	 	[Section 2.02(a)(iii)]

 

 

9Exhibit 4.1

 

WARRANT AGREEMENT

 

This agreement
(“Agreement”) is made as of December 16, 2021 between AP Acquisition Corp, a Cayman Islands exempted company, with
offices at Unit 2710, 27/F The Center, 99 Queen's Road Central, Hong Kong (“Company”), and Continental Stock Transfer
 & Trust Company, a limited purpose trust company, with offices at 1 State Street, 30th Floor, New York, New York 10004, as warrant
agent (“Warrant Agent”, also referred to herein as “Transfer Agent”).

 

WHEREAS, the
Company is engaged in an initial public offering (“Offering”) of units of the Company’s equity securities, each
such unit comprised of one Class A ordinary share of the Company and one-half of one Public Warrant (as defined below) (“Units”)
and, in connection therewith, has determined to issue and deliver up to 8,625,000 warrants (including up to 1,125,000 warrants subject
to the Over-allotment Option) to public investors in the Offering (“Public Warrants” and, together with the Private
Placement Warrants (as defined below), “Warrants”). Each whole Warrant entitles the holder thereof to purchase one
Class A ordinary share of the Company, par value $0.0001 per share (“Class A Ordinary Shares”), for $11.50 per share,
subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able to exercise
any fraction of a Warrant;

 

WHEREAS, the
Company has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-1, No. 333-261440
(“Registration Statement”) and prospectus (“Prospectus”), for the registration, under the Securities
Act of 1933, as amended (“Securities Act”), of the Units, the Public Warrants and the Class A Ordinary Shares included
in the Units;

 

WHEREAS, on December
16, 2021 the Company entered into that certain Private Placement Warrants Purchase Agreement with AP Sponsor LLC, a Cayman Islands limited
liability company (“Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 9,500,000 warrants (plus
up to 1,125,000 additional redeemable warrants if the underwriter in the Company’s initial public offering exercises its Over-allotment
Option 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 (“Private Placement Warrants”) at a purchase price of $1.00 per Private Placement
Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one Class A Ordinary Share at a price of $11.50 per share,
subject to adjustment as described herein;

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

2.            Warrants.

 

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

 

2.2       Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be
represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities
of The Depository Trust Company or other book-entry depositary system, in each case as determined by the Board of Directors.

 

2.3       Effect
of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant
Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4       Registration.

 

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

 

2.4.2       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 then registered in the Warrant Register (“registered holder”) as the absolute
owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant
certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5       Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd day following the date of the
Prospectus or, if such 52nd day is not on a day, other than 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 with the consent of Credit Suisse Securities (USA) LLC (“Representative”), but in no event will the Representative
allow separate trading of the securities comprising the Units until (i) the Company has filed a Current Report on Form 8-K which includes
an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received
by the Company from the exercise of the underwriters’ over-allotment option in the Public Offering (“Over-allotment Option”),
if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press release announcing
when such separate trading shall begin (“Detachment Date”); provided that no fractional Warrants will be issued upon
separation of the Units and only whole Warrants will trade.

 

2.6       Private
Placement Warrant Attributes. The Private Placement Warrants will be issued in the same form as the Public Warrants; provided that
the Private Placement Warrants may be exercised on a cashless basis in accordance with Section 3.3.1(d) and the Private Placement Warrants
are not redeemable pursuant to Section 6.1.

 

     

     

    

 

3.            Terms
and Exercise of Warrants.

 

3.1       Warrant
Price. Each whole Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle
the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number
of Class A Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and
in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share
at which the Class A Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower
the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days;
provided, that the Company shall provide at least twenty (20) days’ prior written notice of such reduction to registered holders
of the Warrants and, provided further that any such reduction shall be applied consistently to all of the Warrants.

 

3.2       Duration
of Warrants. A Warrant may be exercised only during the period commencing on the later of 30 days after the consummation by the Company
of a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination
with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement),
and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years from the consummation of a Business Combination,
(ii) the Redemption Date as provided in Section 6.2 of this Agreement and (iii) the liquidation of the Company (“Expiration Date”).
The period of time from the date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred
to as the “Exercise Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder),
as applicable, each Warrant 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, however, that the Company will provide at
least twenty (20) days’ prior written notice of any such extension to registered holders and, provided further that any such extension
shall be applied consistently to all of the Warrants.

 

3.3       Exercise
of Warrants.

 

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

 

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

 

(b)       in
the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to force all holders of Warrants
to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Class A Ordinary Shares equal
to the quotient obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied by the
difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely for
purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of the Class A
Ordinary Shares for the ten (10) trading days immediately following the date on which the notice of redemption is sent to holders of the
Warrants pursuant to Section 6 hereof;

 

(c)       in
the event the registration statement required by Section 7.4 hereof is not effective and current within sixty (60) Business Days
after the closing of a Business Combination, by surrendering such Warrants for that number of shares of Class A ordinary share equal
to the quotient obtained by dividing (x) the product of the number of shares of Class A ordinary share underlying the Warrants,
multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair
Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher
than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean the average
reported last sale price of the Class A ordinary share for the ten (10) trading days ending on the third (3rd) trading day prior to
the date on which the notice of exercise of the Warrant is sent to the Warrant Agent; or

 

     

     

    

 

(d)       with
respect to any Private Placement Warrant, by surrendering the Warrants for that number of Class A Ordinary Shares equal to the quotient
obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied by the excess of the
 “Sponsor Exercise Fair Market Value” (as defined in this Section 3.3.1(d)) less the Warrant Price by (y) the Sponsor Exercise
Fair Market Value. Solely for purposes of this Section 3.3.1(d), the “Sponsor Exercise Fair Market Value” shall mean
the average last reported sale price of the Class A Ordinary Shares for the ten (10) trading days ending on the third (3rd) trading day
prior to the date on which notice of exercise of the Private Placement Warrant is sent to the Warrant Agent.

 

3.3.2       Issuance
of Class A Ordinary Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of
the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book entry
position, for the number of Class A Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed
by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant, or book entry position, for
the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company
be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall not be obligated to
issue Class A Ordinary Shares upon exercise of a Warrant unless the Class A Ordinary Shares issuable upon such Warrant exercise have been
registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Warrants.
In the event that the condition in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant
shall not be entitled to exercise such Warrant for cash and such Warrant may have no value and expire worthless, in which case the purchaser
of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the Class A Ordinary Shares
underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise
would be unlawful.

 

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

 

3.3.4       Date
of Issuance. Each person in whose name any book entry position or certificate for Class A Ordinary Shares is issued shall for all
purposes be deemed to have become the holder of record of such 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, except
that, if the date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Warrant
Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding
date on which the share transfer books or book entry system are open.

 

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% (“Maximum Percentage”) of the Class A Ordinary Shares outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of Class A Ordinary Shares beneficially owned by such
person and its affiliates shall include the number of Class A Ordinary Shares issuable upon exercise of the Warrant with respect to
which the determination of such sentence is being made, but shall exclude Class A Ordinary Shares that would be issuable upon (x)
exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and
its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a
limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (“Exchange Act”). For purposes of the Warrant, in determining the number of outstanding
Class A Ordinary Shares, the holder may rely on the number of outstanding Class A Ordinary Shares as reflected in (1) the
Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public
filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company
or the Transfer Agent setting forth the number of Class A Ordinary Shares outstanding. For any reason at any time, upon the written
request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder
the number of Class A Ordinary Shares then outstanding. In any case, the number of outstanding Class A Ordinary Shares shall be
determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates
since the date as of which such number of outstanding Class A Ordinary Shares was reported. By written notice to the Company, the
holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other
percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st)
day after such notice is delivered to the Company.

 

     

     

    

 

4.             Adjustments.

 

4.1       Share
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding Class
A Ordinary Shares is increased by a share dividend payable in Class A Ordinary Shares, or by a split up of Class A Ordinary Shares, or
other similar event, then, on the effective date of such share dividend, split up or similar event, the number of Class A Ordinary Shares
issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding Class A Ordinary Shares.

 

4.2       Aggregation
of Shares. If after the date hereof, the number of outstanding Class A Ordinary Shares is decreased by a consolidation, combination,
reverse share division or reclassification of Class A Ordinary Shares or other similar event, then, on the effective date of such consolidation,
combination, reverse share division, reclassification or similar event, the number of Class A Ordinary Shares issuable on exercise of
each Warrant shall be decreased in proportion to such decrease in outstanding Class A Ordinary Shares.

 

4.3       Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays to all or substantially all of the
holders of the Class A Ordinary Shares a dividend or make a distribution in cash, securities or other assets of such Class A
Ordinary Shares (or other shares into which the Warrants are convertible), other than (a) as described in Section 4.1 above, (b)
Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Class A Ordinary Shares in
connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of Class A Ordinary
Shares in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of
association (i) to modify the substance or timing of the Company’s obligation to provide holders of Class A 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 Class A Ordinary Shares, (e) as a result of the repurchase of Class A
Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for
approval or (f) in connection with the redemption of public shares upon the failure of the Company to complete its initial Business
Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein
as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the
effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the
Company’s board of directors, in good faith) of any securities or other assets paid on each Class A Ordinary Share in respect
of such Extraordinary Dividend. For purposes of this Section 4.3, “Ordinary Cash Dividends” means any cash
dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and
cash distributions paid on the Class A Ordinary Shares during the 365-day period ending on the date of declaration of such dividend
or distribution to the extent it does not exceed $0.50 (which amount shall be adjusted to appropriately reflect any of the events
referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment
to the Warrant Price or to the number of Class A Ordinary Shares issuable on exercise of each Warrant).

 

     

     

    

 

4.4       Adjustments
in Exercise Price. Whenever the number of Class A Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided
in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of Class A Ordinary Shares purchasable upon the
exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Class A Ordinary
Shares so purchasable immediately thereafter.

 

4.5       Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Class A Ordinary Shares
(other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Class A Ordinary Shares), or
in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which
the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Class
A Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company
as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the
Class A Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have
received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification also
results in a change in the Class A Ordinary Shares covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to
Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par
value per share issuable upon exercise of the Warrant.

 

4.6       Issuance
in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional Class
A Ordinary Shares or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue
price or effective issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance
to the Sponsor, the initial shareholders or their affiliates, without taking into account any of the Company’s Class B ordinary
shares, par value $0.0001 per share (“Class B Ordinary Shares”), issued prior to the Public Offering and held by the
initial shareholders or their affiliates, as applicable, prior to such issuance) (“Newly Issued Price”), (b) 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 Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c) the Market Value
(as defined below) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal
to 115% of the greater of (i) the Market Value or (ii) Newly Issued Price, and the Redemption Trigger Price (as defined below) will be
adjusted (to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price. Solely for purposes
of this Section 4.6, the “Market Value” shall mean the volume weighted average trading price of the Class A Ordinary Shares
during the twenty (20) trading day period starting on the trading day prior to the date of the consummation of the Business Combination.

 

4.7       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, 4.5, or 4.6, then, in any such event, the Company shall give written notice to each Warrant holder, 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.

 

     

     

    

 

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

 

4.9       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. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company
may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange
or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

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

 

4.11       No
Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment
to the conversion ratio of the Class B Ordinary Shares into Class A Ordinary Shares or the conversion of the Class B Ordinary Shares into
Class A Ordinary Shares, in each case, pursuant to the Company’s amended and restated memorandum and articles of association, as
further amended from time to time.

 

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, in the case of certificated Warrants, 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, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more
new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant
Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3       Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will 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, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6       Transfers
prior to Detachment. 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 or after the
Detachment Date.

 

6.             Redemption.

 

6.1       Redemption.
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 the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”),
provided that the last sales price of the Class A ordinary share equals or exceeds $18.00 per share (subject to adjustment in accordance
with Section 4 hereof) (“Redemption Trigger Price”), on each of twenty (20) trading days within any thirty (30) trading
day period commencing after the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption
is given and provided that there is an effective registration statement covering the Class A Ordinary Shares issuable upon exercise of
the Warrants, and a current prospectus relating thereto, available throughout the 30-day redemption or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the
Public Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of Class A Ordinary
Shares upon exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the
Company is unable to effect such registration or qualification.

 

6.2       Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to redemption,
the Company shall fix a date for the redemption (“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 to the registered holders of the
Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein
provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

6.3       Exercise
After Notice of Redemption. The Public Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof
and prior to the Redemption Date. In the event the Company determines to require all holders of Public Warrants to exercise their Warrants
on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate
the number of Class A Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market Value” in such
case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender
of the Warrants, the Redemption Price.

 

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

 

7.1       No
Rights as Shareholders. 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 appointment of directors of the Company or any
other matter.

 

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

 

     

     

    

 

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

 

7.4       Registration
of Class A Ordinary Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination,
but in no event later than fifteen (15) Business Days after the closing of its Initial Business Combination, it shall use its best efforts
to file with the SEC a post-effective amendment to the Registration Statement or a new registration statement for the registration, under
the Act, of the Class A Ordinary Shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action
as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those
states where holders of Warrants then reside, the Class A Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption
is not available. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such
registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration
statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants
shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon
such registration statement being declared effective by the SEC, and during any other period when the Company shall fail to have maintained
an effective registration statement covering the Class A Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants
on a “cashless basis” as determined in accordance with Section 3.3.1(c). The Company shall 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 Section 7.4 is not required to be registered under the Act and (ii) the Class
A Ordinary Shares issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend.
For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue
to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4. The provisions of this
Section 7.4 may not be modified, amended, or deleted without the prior written consent of Credit Suisse Securities (USA) LLC.

 

8.             Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2           Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

     

     

    

 

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

 

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

 

8.3           Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4           Liability
of Warrant Agent.

 

8.4.1       Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact
or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a statement signed by the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, President, Secretary or Chairman
of the Board of Directors 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 fraud, gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s
fraud, gross negligence, willful misconduct, or bad faith.

 

8.4.3       Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section
4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Class A Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Class A Ordinary
Shares will, 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 Class A
Ordinary Shares through the exercise of Warrants.

 

     

     

    

 

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:

 

AP Acquisition Corp

Unit 2710, 27/F The Center

99 Queen's Road Central

Hong Kong

Attn: Yotaro Tokuo

 

with a copy to:

 

Kirkland & Ellis LLP

c/o 26th Floor, Gloucester Tower,

The Landmark

15 Queen’s Road Central

Hong Kong

Attn: Jacqueline Wenchen Tang, Steve Lin

 

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 days after
deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company),
as follows:

 

Continental Stock Transfer & Trust Company 1 State
Street, 30th Floor New York, New York 10004 Attn: Compliance Department

 

9.3       Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. 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, including under the Act, 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 expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
registered holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for
the sole and exclusive benefit of the parties hereto (and AP Sponsor LLC with respect to Sections 7.4, 9.4, 9.8 hereof) and their successors
and assigns and of the registered holders of the Warrants.

 

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

 

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

 

9.7       Effect
of Headings. The section headings herein are for convenience only and are not part of this 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 curing, correcting or supplementing any defective provision contained herein, or (ii) adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including
any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered
holders of at least a majority of the then outstanding Public Warrants. Notwithstanding the foregoing, (a) any amendment to the terms
of the Private Placement Warrants shall only require the consent of the Company and the holders of a majority of the Private Placement
Warrants and (b) 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       Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event that the
Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the Company
and not against the property held in the Trust Account.

 

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

 

     

     

    

 

EXHIBIT A

 

[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

 

AP Acquisition Corp

Incorporated Under the Laws of the Cayman Islands

 

CUSIP G04058 114

 

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,
par value $0.0001 per share (the “Ordinary Shares”), of AP 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 non-assessable 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.

 

	 	AP Acquisition Corp
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT

 

     

     

    

 

[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 , 2021 (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.

 

     

     

    

 

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 AP 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(b) 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(b) 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(b)
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).

 

    16 

     

    

 

EXHIBIT B

 

LEGEND

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED
OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION
IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG AP
Acquisition Corp (THE “COMPANY”), AP Sponsor LLC AND THE
OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY
(30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT
AGREEMENT REFERRED TO HEREIN).

 

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

 

NO. [##########] WARRANT

 

     17

     

    

 

IN WITNESS WHEREOF, this Agreement has been duly executed
by the parties hereto as of the day and year first above written.

 

	 	AP Acquisition Corp
	 	 
	 	By:	/s/ Keiichi Suzuki
	 	 
	 	Name:	Keiichi Suzuki
	 	 
	 	Title:	Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	 
	 	TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	/s/ Erika Young
	 	 
	 	Name:	Erika Young
	 	 
	 	Title:	Vice President 12/15/21

 

    18

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