Document:

WARRANT AGREEMENT

 

AQUASITION CORP.

 

and

 

AMERICAN STOCK TRANSFER & TRUST COMPANY,
as Warrant Agent

 

WARRANT AGREEMENT

 

Dated as of [____________], 2012

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

		2.	Warrants.

 

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

 

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

 

		2.3	Registration.

 

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

 

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

 

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

 

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		2.5	Warrant Attributes.

 

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

 

		3.	Terms and Exercise of Warrants.

 

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

 

		3.2	Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise
                                                                                                   Period”) commencing on the later of: (i) the date on which the Company completes a merger, capital stock
                                                                                                   exchange, asset acquisition, stock purchase, reorganization or similar acquisition transaction, involving the Company and
                                                                                                   one                                                                                                    or more businesses (a
                                                                                                   “Acquisition Transaction”), or (ii) the date that is twelve
                                                                                                   (12) months from the date of effectiveness, and terminating at 5:00 p.m., New York City time on the earlier to occur
                                                                                                   of: (x) with respect to the Underwriter Warrants only, the date that is five (5) years after the date of effectiveness, and, with respect to the Offering Warrants and Placement Warrants only, the date that is five (5) years
after the Company completes its initial Acquisition Transaction,                                                                                                    (y) the
                                                                                                   liquidation of the Company,
                                                                                                   or (z) other than with respect to the Placement Warrants and the Underwriter Warrants, the Redemption Date (as defined
                                                                                                   below) as provided
                                                                                                   in  Section 8  hereof (the “Expiration Date”); provided,  however,
                                                                                                   that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in
                                                                                                   subsection 3.3.2 below with respect to an effective registration statement. Except with respect to the right to receive the
                                                                                                   Redemption Price (other than with respect to a Placement Warrant or Underwriter Warrant) in the event of a redemption
                                                                                                   (as set forth in
                                                                                                   Section 8 hereof), each Warrant (other than a Placement Warrant or Underwriter Warrant in the event of a
                                                                                                   redemption) not exercised on or
                                                                                                   before                                                                                                    the Expiration
                                                                                                   Date                                                                                                    shall become void,
                                                                                                   and all rights thereunder and all rights in respect thereof under this Agreement shall
                                                                                                   cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of
                                                                                                   the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior
                                                                                                   written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension
                                                                                                   shall be identical in duration among all the Warrants.

 

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		3.3	Exercise of Warrants.

 

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

 

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

 

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

 

		3.3.2	Issuance of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of
the funds in payment of the Warrant Price (if payment is pursuant to  subsection 3.3.1(a)), the Company shall issue to
the Registered Holder of such Warrant a certificate or certificates for the number of full Shares of Common Stock to which he,
she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have
been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise
of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities
Act with respect to the Common Stock underlying the Offering Warrants is then effective and a prospectus relating thereto is current,
subject to the Company’s satisfying its obligations under  Section 6.4. No Warrant shall be exercisable and
the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the shares of Common Stock
issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt under the securities laws of the state
of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences
are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such
Warrant may have no value and expire worthless. In no event shall the Company be required to net cash settle any Warrant. In the
event that a registration statement is not effective for the exercised Offering Warrants, the purchaser of a Unit containing such
Offering Warrant shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit.

 

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

 

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

 

		4.	Adjustments.

 

		4.1	Stock Dividends.

 

		4.1.1	Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in Common Stock, or by a split-up of Common Stock or other similar
event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights
offering to holders of Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair Market
Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of
(i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for shares of Common Stock) multiplied by (ii) the quotient
of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes
of this  subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common
Stock, in determining the price payable for the Common Stock, there shall be taken into account any consideration received for
such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means
the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the first date on which the Common Stock trades on the applicable exchange or in the applicable market, regular way,
without the right to receive such rights.

 

		4.1.2	Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend
or make a distribution in cash, securities or other assets to the holders of shares of Common Stock on account of such Common Stock
(or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described
in  subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights
of the holders of the shares of Common Stock in connection with a proposed initial Acquisition Transaction, (d) as a result
of the repurchase of Common Stock by the Company if a proposed initial Acquisition Transaction is presented to the stockholders
of the Company for approval or (e) in connection with the Company’s liquidation and the distribution of its assets upon
its failure to consummate an Acquisition Transaction (any such non- excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary
Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other
assets paid on each share of Common Stock in respect of such Extraordinary Dividend. For purposes of this  subsection
4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on
a per share of Common Stock basis, with the per share amounts of all other cash dividends and cash distributions paid on the Common
Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4   and excluding cash dividends or cash
distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise
of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Company’s Offering).

 

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

 

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

 

		4.4	Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock (other than a change under  subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely
affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into
another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not
result in any reclassification or reorganization of the outstanding shares of the Common Stock), or in the case of any sale or
conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an
entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of the Common
Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have
received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative
Issuance”);  provided, however, that (i) if the holders of the shares of Common Stock were entitled
to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation
or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant
shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of
Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption
offer shall have been made to and accepted by the holders of Common Stock (other than a tender, exchange or redemption offer made
by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company’s amended
and restated memorandum and articles of association or as a result of the repurchase of Common Stock by the Company if
a proposed initial Acquisition Transaction is presented to the stockholders of the Company for approval) under circumstances in
which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning
of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of
such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate
or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding
shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of
cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder
had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the shares of
Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and
after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this  Section 4  ;  provided
further, however , that if more than 30% of the consideration receivable by the holders of Common Stock in the applicable
event is payable in the form of capital stock in the successor entity that is not listed for trading on a national securities exchange
or on the OTC Bulletin Board, or is not to be so listed for trading immediately following such event, then the Warrant Price shall
be reduced by an amount (in dollars) equal to the quotient of (x) $17.50 (subject to adjustment in accordance with  Section 8.1  hereof)
minus the Per Share Consideration (as defined below) (but in no event, less than zero), and (y): if the applicable event is announced
on or prior to the third anniversary of the closing date of the initial Acquisition Transaction, 2; if the applicable event is
announced after the third anniversary of the closing date of the initial Acquisition Transaction and on or prior to the fourth
anniversary of the closing date of the initial Acquisition Transaction, 2.5; if the applicable event is announced after the fourth
anniversary of the closing date of the initial Acquisition Transaction and on or prior to the Expiration Date, 3. “Per
Share Consideration” means (i) if the consideration paid to holders of Common Stock consists exclusively of
cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average price of
the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date
of the applicable event. If any reclassification or reorganization also results in a change in the Common Stock covered by subsection
4.1.1, then such adjustment shall be made pursuant to  subsection 4.1.1 or Sections 4.2,  4.3 and this
Section 4.4. The provisions of this  Section 4.4 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers.

 

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

 

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

 

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

 

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

 

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		5.	Transfer and Exchange of Warrants.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	8

    	 

    

 

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

 

		6.4	Registration of Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business
Days after the closing of its initial Acquisition Transaction, it shall use its best efforts to file with the Commission a post-effective
amendment to the Registration Statement, or a new registration statement, for the registration, under the Securities Act, of the
shares of Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary
to qualify for sale, in those states in which the Warrants were initially offered by the Company, the shares of Common Stock issuable
upon exercise of the Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in
accordance with the provisions of this Agreement.  In addition, the Company agrees to use its best efforts to register
such securities under the blue sky laws of the states of residence of the exercising warrant holders to the extent an exemption
is not available, subject to the proviso above.  

 

		7.	Concerning the Warrant Agent and Other Matters.

 

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

 

		7.2	Resignation, Consolidation, or Merger of Warrant Agent.

 

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

 

    	9

    	 

    

 

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

 

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

 

		7.3	Fees and Expenses of Warrant Agent.

 

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

 

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

 

		7.4	Liability of Warrant Agent.

 

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

 

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

 

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

 

    	10

    	 

    

 

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

 

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

 

		8.	Redemption.

 

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

 

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

 

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

 

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

 

    	11

    	 

    

 

		9.	Miscellaneous Provisions.

 

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

 

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

 

Aquasition Corp.

c/o Seacrest Shipping Co. Ltd.

8 – 10 Paul Street

London EC2A 4JH, England

 

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

 

American Stock Transfer & Trust Company

6201 15th Avenue

Brooklyn, NY 11219

New York, New York 10038

 

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

 

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

 

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

 

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

 

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

 

    	12

    	 

    

 

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

 

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

 

Exhibit A - Form of Public Warrant Certificate

 

Exhibit B – Form of Placement Warrant and
Underwriter Warrant Certificate

 

    	13

    	 

    

 

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

 

	AQUASITION CORP.
	 
	By:	 
	 
	AMERICAN STOCK TRANSFER & TRUST 

COMPANY, as Warrant Agent
	 
	By:	 
	Name:	 
	Title:	 

 

    	14

    	 

    

 

EXHIBIT A

 

[FORM OF PUBLIC WARRANT CERTIFICATE]

 

    	15

    	 

    

 

EXHIBIT B

 

[FORM OF PLACEMENT WARRANT AND
UNDERWRITER WARRANT CERTIFICATE]

 

    	16Underwriter’s Option Agreement

 

THE REGISTERED HOLDER OF THIS PURCHASE
OPTION BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED
AND THE REGISTERED HOLDER OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
OPTION FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) LAZARD CAPITAL
MARKETS LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF LAZARD
CAPITAL MARKETS LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE OPTION IS NOT EXERCISABLE
PRIOR TO THE LATER OF (1) THE CONSUMMATION BY AQUASITION CORP. (THE “COMPANY”) OF A MERGER, SHARE CAPITAL EXCHANGE,
ASSET OR STOCK ACQUISITION, CONTROL THROUGH CONTRACTUAL ARRANGEMENTS OR OTHER SIMILAR BUSINESS COMBINATION (“ACQUISITION
TRANSACTION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN) AND ________________
[DATE THAT IS ONE YEAR FROM DATE OF PROSPECTUS]. VOID AFTER 5:00 P.M. EASTERN TIME, ___________________ [DATE THAT IS FIVE YEARS
THE FROM EFFECTIVE DATE OF THE REGISTRATION STATEMENT].

 

UNIT PURCHASE OPTION

 

For the Purchase of Units

 

Of

 

AQUASITION CORP.

 

1.          Purchase
Option. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Lazard Capital Markets LLC (“Holder”),
as registered owner of this Purchase Option, to Aquasition Corp. (the “Company”), Holder is entitled, at any time or
from time to time from the later of (i) the consummation of an Acquisition Transaction and (ii) ________________ [DATE THAT IS
ONE YEAR FROM THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT] (the “Commencement Date”), and at or before 5:00 p.m.,
Eastern Time, ___________________ [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE REGISTRATION STATEMENT] (the “Expiration
Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to 250,000 units (the “Units”)
of the Company, each Unit consisting of one share of the Company, par value $0.0001 per share (collectively, the “Common
Stock”), and one warrant (collectively, the “Warrants”) to purchase one share of Common Stock expiring five years
from the effective date (the “Effective Date”) of the registration statement (the “Registration Statement”)
pursuant to which Units are offered for sale to the public (the “Offering”). Each Warrant is on the same terms and
conditions as the warrants underlying the Units being registered for sale to the public by way of the Registration Statement except
that the Warrants expire on the five year anniversary of the Effective Date, may be exercised cashlessly and cannot be redeemed
by the Company. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase
Option may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period
ending on the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Option. This Purchase
Option is initially exercisable at $12.50 per Unit (125% of the price of the Units sold in the Offering); provided, however, that
upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Option, including the
exercise price per Unit and the number of shares of Common Stock to be received upon such exercise, shall be adjusted as therein
specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending
on the context.

 

    	 

    	 

    

 

		2.	Exercise.

 

2.1           Exercise
Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable
in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official
bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration
Date, this Purchase Option shall become and be void without further force or effect, and all rights represented hereby shall cease
and expire.

 

    	- 2 -

    	 

    

 

2.2           Cashless
Exercise. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is
exercisable (and in lieu of being entitled to receive shares of Common Stock and Warrants) in the manner required by Section 2.1,
the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option
into Units (the “Cashless Exercise Right”) as follows: upon exercise of the Cashless Exercise Right, the Company shall
deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock
and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the Value (as defined below) of the
portion of the Purchase Option being converted by (y) the Current Market Value (as defined below) of the portion of the Purchase
Option being converted. The “Value” of the portion of the Purchase Option being converted shall equal the remainder
derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase
Option being converted from (b) the Current Market Value (as defined below) of a Unit multiplied by the number of Units underlying
the portion of the Purchase Option being converted. As used herein, the term “Current Market Value” per Unit at any
date means: (A) in the event that neither the Units nor Warrants are still trading or if (B) or (C) below do not apply, the remainder
derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon
exercise of the Warrants underlying one Unit from (y) (i) the Current Market Price of the shares of Common Stock multiplied by
(ii) the number of shares of Common Stock underlying one Unit, which shall include the shares of Common Stock underlying the Warrants
included in such Unit less the Exercise Price for the Unit plus the current Market Price of the shares of Common Stock underlying
the Unit; (B) in the event that the Units, shares of Common Stock and Warrants are still trading, (i) if the Units are listed on
a national securities exchange or quoted on the OTC Bulletin Board (or a successor market) and the Units have traded on such market
in at least fifteen out of the last twenty trading days, the average of the last sale price of the Units in the principal trading
market for the Units as reported by the exchange or the OTC Bulletin Board, as the case may be, for the ten trading days ending
on the third business day prior to exercise; or (ii) if the Units are not listed on a national securities exchange or quoted on
the OTC Bulletin Board (or successor market), but are traded in the residual over-the-counter market and the Units have traded
on such market in at least fifteen out of the last twenty trading days, the average of the closing bid price for Units for the
ten trading days ending on the third business day prior to exercise for which such quotations are reported by the Pink Sheets,
LLC or similar publisher of such quotations; and (C) in the event that the Units are not still trading but the shares of Common
Stock and Warrants underlying the Units are still trading and the Warrants have traded on such market in at least fifteen out of
the last twenty trading days, the Current Market Price of the shares of Common Stock plus the product of (x) the Current Market
Price of the Warrants and (y) the number of shares of Common Stock underlying the Warrants included in one Unit. The “Current
Market Price” shall mean (i) if the shares of Common Stock (or Warrants, as the case may be) are listed on a national securities
exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market or OTC Bulletin Board (or successor market), the average
of the sale price of the shares of Common Stock (or Warrants) in the principal trading market for the shares of Common Stock as
reported by the exchange, Nasdaq or OTC Bulletin Board, as the case may be, for the ten trading days ending on the third business
day prior to exercise; (ii) if the shares of Common Stock (or Warrants, as the case may be) are not listed on a national securities
exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market or OTC Bulletin Board (or successor market), but is traded
in the residual over-the-counter market, the closing bid price for the shares of Common Stock (or Warrants) on the last trading
day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such
quotations; and (iii) if the fair market value of the shares of Common Stock cannot be determined pursuant to clause (i) or (ii)
above, such price as the Board of Directors of the Company shall determine, in good faith.

  

2.3           Mechanics
of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement
Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto
with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number
of Units the Holder will purchase pursuant to such Cashless Exercise Right.

 

2.4           Legend.
Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”) or
applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except
pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and
applicable state law which, in the opinion of counsel to the Company, is available.”

 

    	- 3 -

    	 

    

 

2.5           No
Net Cash Settlement. A holder of the Purchase Options or underlying securities are not entitled to net cash settlement and
such securities may only be settled by delivery of the underlying securities and not cash.

 

		3.	Transfer.

 

3.1           General
Restrictions. The registered Holder of this Purchase Option agrees by his, her or its acceptance hereof, that such Holder will
not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Option for a period of one hundred eighty (180) days following
the Effective Date to anyone other than: (i) Lazard Capital Markets LLC (“LCM”) or an underwriter or a selected dealer
participating in the Offering, or (ii) a bona fide officer or partner of LCM or of any such underwriter or selected dealer, in
each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Option or the securities issuable hereunder
to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Purchase Option or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). On and after 180 days from
the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In
order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed
and completed, together with the Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The
Company shall within five business days transfer this Purchase Option on the books of the Company and shall execute and deliver
a new Purchase Option or Purchase Options of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase
the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2           Restrictions
Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until: (i) the Company
has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration
under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of
the Company (the Company hereby agreeing that the opinion of Loeb & Loeb LLP shall be deemed satisfactory evidence of the availability
of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to the
offer and sale of such securities has been filed by the Company and declared effective by the Securities and Exchange Commission
(the “Commission”) and compliance with applicable state securities law has been established.

 

    	- 4 -

    	 

    

 

		4.	Registration Rights.

 

		4.1	Demand Registration.

 

4.1.1           Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% (the “Majority
Holders”) of the Purchase Options and/or the underlying Units and/or the underlying Securities, agrees to register, on one
occasion, all or any portion of the Purchase Option and the underlying Securities (collectively, the “Registrable Securities”)
as requested by the Majority Holders. The Company will file a registration statement or a post-effective amendment to the Registration
Statement covering the Registrable Securities within sixty (60) days after receipt of the Initial Demand Notice and use its reasonable
best efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter.
The demand for registration may be made at any time during a period of five (5) years beginning on the Effective Date. The Company
covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s) to all other registered Holders
of the Purchase Options and/or the Registrable Securities within ten (10) days from the date of the receipt of any such Demand
Notice. Each holder of Registrable Securities who wishes to include all or a portion of such holder’s Registrable Securities
in the Demand Registration (each such holder including shares of Registrable Securities in such registration, a “Demanding
Holder”) shall so notify the Company within fifteen (15) days after the receipt by the holder of the notice from the Company.
Upon any such request, the Demanding Holders shall be entitled to have their Registrable Securities included in the Demand Registration.

 

4.1.2           Effective
Registration. A registration will not count as a Demand Registration until the registration statement filed with the Commission
with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under
this Purchase Option with respect thereto; provided, however, that if, after such registration statement has been declared effective,
the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of
the Commission or any other governmental agency or court, the registration statement with respect to such Demand Registration will
be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise
terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering.

 

4.1.3           Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts
to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities in such
States as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required to register
the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license
to do business in such State or submit to general service of process in such State, or (ii) the principal shareholders of the Company
to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement filed
pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least twelve consecutive months
from the date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity
to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell the shares covered
by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises
the Holder that such prospectus may no longer be used due to a material misstatement or omission.

 

    	- 5 -

    	 

    

 

		4.2	“Piggy-Back” Registration.

 

4.2.1           Grant
of Right. In addition to the demand right of registration, described in Section 4.1 hereof the Holder shall have the right,
for a period of seven (7) years commencing on the Effective Date, to include the Registrable Securities as part of any other registration
of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145 (a) promulgated under
the Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection with any primary underwritten
public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose
a limitation on the number of shares of Common Stock which may be included in the Registration Statement because, in such underwriter(s)’
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall
be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to
which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities
shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities
sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless
the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities
in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

4.2.2           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen (15) days written notice prior
to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of
the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice, within
ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement.

 

		4.3	General Terms.

 

4.3.1           Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a) of the Securities
Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any
claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriters contained in Section 7(c) of the Underwriting Agreement between the Underwriters and the Company, dated as of
[_________________]. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their
successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending
against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information
furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration
statement to the same extent and with the same effect as the provisions contained in Section 7(a) of the Underwriting Agreement
pursuant to which the Underwriters have agreed to indemnify the Company.

 

    	- 6 -

    	 

    

 

4.3.2           Exercise
of Purchase Options. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3           Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each
underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of (i) an opinion of counsel
to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public
offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort”
letter dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
a letter dated the date of the closing under the underwriting agreement) signed by the independent public accountants who have
issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company
shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described
below and to the managing underwriter, if any, copies of all correspondence between the SEC and the Company, its counsel or auditors
and all memoranda relating to discussions with the SEC or its staff with respect to the registration statement and permit each
Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted
from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such
investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with
its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably
request.

 

4.3.4           Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder
and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other
terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to
any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that
any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be
made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or
agreements with the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution.

 

    	- 7 -

    	 

    

 

4.3.5           Damages.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened
breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the
necessity of posting bond or other security.

 

		5.	New Purchase Options to be Issued.

 

5.1           Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Option of like tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number
of Units purchasable hereunder as to which this Purchase Option has not been exercised or assigned.

 

5.2           Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

		6.	Adjustments.

 

6.1           Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1           Share
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split up of shares of Common
Stock or other similar event, then, on the effective day thereof, the number of Units purchasable hereunder shall be increased
in proportion to such increase in outstanding shares, and the Exercise Price shall be proportionately decreased.

 

6.1.2           Aggregation
of Common Stock. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding shares of
Common Stock is decreased by a consolidation, combination or reclassification of shares of Common Stock or other similar event,
then, on the effective date thereof, the number of Units purchasable hereunder shall be decreased in proportion to such decrease
in outstanding shares of Common Stock and the Exercise Price shall be proportionately increased.

 

    	- 8 -

    	 

    

 

6.1.3           Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such shares of Common
Stock, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another corporation
(other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that
does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale
or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in
connection with which the Company is dissolved, the Holder of this Purchase Option shall have the right thereafter (until the expiration
of the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise Price payable
hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash)
receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution
following any such sale or transfer, by a Holder of the number of Units of the Company obtainable upon exercise of this Purchase
Option and the underlying Warrants immediately prior to such event; and if any reclassification also results in a change in Shares
covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3.
The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions
or amalgamations, or consolidations, sales or other transfers.

 

6.1.4           Changes
in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section
6, and the Purchase Options issued after such change may state the same Exercise Price and the same number of Units as are stated
in the Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Options reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

 

6.2           Substitute
Purchase Option. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with
or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding shares of Common Stock), the corporation formed by such consolidation or share reconstruction or amalgamation
shall execute and deliver to the Holder a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise
of such Purchase Option, the kind and amount of shares of stock and other securities and property receivable upon such consolidation
or share reconstruction or amalgamation, by a holder of the number of shares of Common Stock of the Company for which such Purchase
Option might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer.
Such supplemental Purchase Option shall provide for adjustments which shall be identical to the adjustments provided for in this
Section 6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

    	- 9 -

    	 

    

 

6.3           Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common
Stock or Warrants upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any
fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction
up or down, as the case may be, to the nearest whole number of Warrants, Common Stock or other securities, properties or rights.

 

7.          Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized shares of Common Stock, solely
for the purpose of issuance upon exercise of the Purchase Options, such number of shares of Common Stock or other securities, properties
or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase
Options and payment of the Exercise Price therefore, in accordance with the terms hereby, all shares of Common Stock and other
securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive
rights of any shareholder. The Company further covenants and agrees that upon exercise of the Purchase Options and payment of the
exercise price therefore, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as the Purchase Options
shall be outstanding, the Company shall use its commercially reasonable efforts to cause all (i) Units and shares of Common Stock
issuable upon exercise of the Purchase Options, (ii) Warrants issuable upon exercise of the Purchase Options and (iii) shares of
Common Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of the Purchase Option to be listed
(subject to official notice of issuance) on all securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor
trading market) on which the Units, the shares of Common Stock or the Warrants may then be listed and/or quoted.

 

		8.	Certain Notice Requirements.

 

8.1           Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Purchase Options and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

    	- 10 -

    	 

    

 

8.2           Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to
receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out
of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii)
the Company shall offer to all the holders of its shares of Common Stock any additional shares of capital stock of the Company
or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe
therefore, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share
reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3           Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to
Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

8.4           Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to
following address or to such other address as the Company may designate by notice to the Holders:

 

Aquasition Corp.

_________________________________

_________________________________

Attn: ___________________

 

With a copy (which copy shall not be deemed to give
notice) to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum

 

		9.	Miscellaneous.

 

9.1           Amendments.
The Company and LCM may from time to time supplement or amend this Purchase Option without the approval of any of the Holders in
order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and LCM may deem necessary or desirable and that the Company and LCM deem shall not adversely affect the interest of the Holders.
All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

    	- 11 -

    	 

    

 

 

9.2           Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3.          Entire
Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4           Binding
Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions
herein contained.

 

9.5           Governing
Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any
action, proceeding or claim against it arising out of, or relating in any way to this Purchase Option shall be brought and enforced
in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal
and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies)
in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses
relating to such action or proceeding and/or incurred in connection with the preparation therefore.

 

9.6           Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall not
be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Option.
No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective
unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought;
and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or
subsequent breach, non-compliance or non-fulfillment.

 

    	- 12 -

    	 

    

9.7           Execution
in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.8           Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that, at any
time prior to the complete exercise of this Purchase Option by Holder, if the Company and LCM enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Options will be exchanged for securities or cash or
a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Remainder of page deliberately left blank.]

 

    	- 13 -

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Purchase Option to be signed by its duly authorized officer as of the ____ day of _______, 20___.

 

	AQUASITION CORP.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 

    	 

    

 

[Form to be used to
exercise Purchase Option:

 

Date:     ,     20___

 

The undersigned hereby
elects irrevocably to exercise the Purchase Option for [___] Units of Aquasition Corp. and hereby makes payment of $12.50 (at the
rate of $[___________] per Unit) in payment of the Exercise Price pursuant thereto. Please issue the shares of Common Stock and
Warrants as to which this Purchase Option is exercised in accordance with the instructions given below and, if applicable, a new
Purchase Option representing the number of Units for which this Purchase Option has not been exercised.

 

or

 

The undersigned hereby
elects irrevocably to convert its right to purchase _________ Units purchasable under the within Purchase Option by surrender of
the unexercised portion of the attached Purchase Option (with a “Value” based of $_______ based on a “Market
Price” of $_______). Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance
with the instructions given below.

 

The undersigned agrees
and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect
to the calculation shall be resolved by the Company in its sole discretion.

 

Signature

 

Signature Guaranteed]

 

    	 

    	 

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name:

 

(Print in Block Letters)

 

Address:

 

NOTICE: The signature to this form must
correspond with the name as written upon the face of the Purchase Option without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered
national securities exchange.

 

    	 

    	 

    

 

Form to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Option):

 

FOR VALUE RECEIVED, does hereby sell, assign
and transfer unto the right to purchase Units of Aquasition Corp. (“Company”) evidenced by the Purchase Option and
does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:

 

, 20__

 

Signature

 

Signature Guaranteed

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the within Purchase Option without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having
membership on a registered national securities exchange.

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