Document:

Exhibit 4.3

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

WARRANTS

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED

FOR IN THE WARRANT AGREEMENT DESCRIBED BELOW

TRANSLATIONAL DEVELOPMENT ACQUISITION CORP.

Incorporated Under the Laws of the Cayman Islands

 

CUSIP G9008W113

 

Warrant Certificate

 

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

 

Each Warrant
is initially exercisable for one fully paid and non-assessable Class A ordinary share. No fractional shares will be issued upon exercise
of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a Class A ordinary
share, the Company will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued
to the Warrant holder. The number of Class A ordinary shares issuable upon exercise of the Warrants is subject to adjustment upon
the occurrence of certain events as set forth in the Warrant Agreement.

 

The initial Exercise
Price per one Class A ordinary share for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon
the occurrence of certain events as set forth in the Warrant Agreement. Subject to the conditions set forth in the Warrant Agreement,
the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such
Warrants shall become void.

 

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

 

This Warrant
Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant
Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

     

     

    

 

	 	TRANSLATIONAL DEVELOPMENT ACQUISITION CORP.
	 	 	 
	 	By:	                     
	 	Name:
	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT
	 	 
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Class A
ordinary shares and are issued or to be issued pursuant to a Warrant Agreement dated as of [●], 2022 (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York
corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference
in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by
the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event
that the Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company
has required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of Class A ordinary shares
that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3
of the Warrant Agreement.

 

In the event
that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of
the Warrant Agreement, the number of Class A ordinary shares that this Warrant is exercisable for shall be determined in accordance
with subsection 3.3.1(c) of the Warrant Agreement. In the event that the Warrant is to be exercised on a “cashless”
basis pursuant to Section 7.4 of the Warrant Agreement, the number of Class A ordinary shares that this Warrant is exercisable
for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

 

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

 

[Signature Page Follows]

 

     

     

    

 

Date: [●], 2022

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	(Tax Identification Number)
	
    Signature Guaranteed:
	 
	 	 
	 	 
	 	 	 

THE SIGNATURE(S) MUST
BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE
ACT OF 1934, AS AMENDED).Exhibit 4.4

 

WARRANT AGREEMENT

 

This
agreement is made as of ____________, 2022 between Translational Development Acquisition Corp., a Cayman Islands exempted company, with
offices at c/o 1270 Avenue of the Americas, 24th Floor, New York, New York 10020 (“Company”), and Continental
Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street, New York, New York 10004 (“Warrant
Agent”).

 

WHEREAS,
the Company is engaged in an initial public offering (“Public Offering”) of up to 17,250,000 units, each such unit
(a “Public Unit”) comprised of one share of ordinary share of the Company, par value $0.0001 per share (“Ordinary
Share”), and one-half of one warrant, where each whole warrant entitles the holder to purchase one share of Ordinary Share at
a price of $11.50 per share, subject to adjustment as described herein, and, in connection therewith, will issue and deliver up to 8,625,000
warrants (the “Public Warrants”) to the public investors in connection with the Public Offering; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
No. 333-[            ] (“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”)
of, among other securities, the Public Warrants; and

 

WHEREAS,
the Company has received a binding commitment (the “Subscription Agreement”) from Stone Capital Partners LLC to purchase
up to an aggregate of 3,000,000 Warrants (the “Private Placement Warrants”) upon consummation of the Public Offering;
and

 

WHEREAS,
the Company may issue or sell up to an additional 1,500,000 Warrants (“Working Capital Warrants”) for consideration
of funds paid or in satisfaction of certain working capital loans made by the Company’s officers, directors, initial stockholders
and affiliates; and

 

WHEREAS,
following consummation of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and,
together with the Public Warrants, Private Placement Warrants, and Working Capital Warrants, the
 “Warrants”) in connection with, or following the consummation by the Company of, a Business Combination (defined below);
and

 

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

 

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

 

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

 

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

 

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

 

    1

     

    

 

2. Warrants.

 

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

 

2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, (a) any Warrant, or portion thereof, may be issued as part of, and
be represented by, bundled security consisting of one or more full or partial shares of Ordinary Shares and one or more full or partial
Warrants (a “Unit”), and (b) any Warrant may be issued in uncertificated or book-entry form through the Warrant
Agent and/or the facilities of The Depository Trust Company (the “Depositary”) or other book-entry depositary system,
in each case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall
have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance with
the terms of this Agreement.

 

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

 

2.4. Registration.

 

2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such
ownership shall be effected through, records maintained by institutions that have accounts with the Depositary (such institution, with
respect to a Warrant in its account, a “Participant”). If the Depositary subsequently ceases to make its book-entry settlement
system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry
settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available
in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation
each book- entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates
in physical form evidencing such Warrants, which shall be in the form annexed hereto as Exhibit A.

 

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

 

2.4.3. Detachability
of Warrants. The securities comprising the Public Units will not be separately transferable until the 52nd day following
the date of the prospectus or, if such 52nd day is not on a day, other than Saturday, Sunday or federal holiday, on which
banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding
Business Day following such date, or earlier with the consent of  ThinkEquity LLC (the “Representative”), but
in no event will the securities comprising the Public Units be separately traded until (i) the Company has filed a Current Report
on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering
including the proceeds received by the Company from the exercise of the underwriters’ over-allotment option in the Public Offering,
if the over-allotment option is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press release
announcing when such separate trading shall begin (the “Detachment Date”).

 

    2

     

    

 

2.4.4. No
Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of Units,
each of which is comprised of one or more full or partial shares of Ordinary Shares and one or more full or partial Warrants. If, upon
the detachment of Warrants from Units or otherwise, a holder of Warrants would be entitled to receive, in respect of all such Units of
such Holder, a number of Warrants that includes a fractional Warrant, the Company shall round down, to the nearest whole number, the aggregate
number of Warrants to be issued to such holder in respect of all such Units.

 

2.5. Private
Placement Warrant Attributes. The Private Placement Warrants and Working Capital Warrants will
be issued in the same form as the Public Warrants but they (i) will not be redeemable by the Company and (ii) may be exercised
for cash or on a cashless basis at the holder’s option.

 

2.6. Other
Post IPO Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants
except as may be agreed upon by the Company.

 

3. Terms and
Exercise of Warrants.

 

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

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing 30 days after the consummation by the Company of a merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or
more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement), and terminating
at 5:00 p.m., New York City time on the earlier to occur of (i) five years from the consummation of a Business Combination, (ii) the
Redemption Date as provided in Section 6.2 of this Agreement and (iii) the liquidation of the Company (“Expiration
Date”). The period of time from the date the Warrants will first become exercisable until the expiration of the Warrants shall
hereafter be referred to as the “Exercise Period.” Except with respect to the right to receive the Redemption Price
(as set forth in Section 6 hereunder), as applicable, each Warrant not exercised on or before the Expiration Date shall become void,
and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration
Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that
the Company will provide at least twenty (20) days’ prior written notice of any such extension to registered holders and, provided
further that any such extension shall be applied consistently to all of the Warrants.

 

3.3. Exercise
of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the registered holder thereof by (i) (A) when
the certificate representing such Warrant has been countersigned by the Warrant Agent, surrendering such Warrant certificate, 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 certificate, duly executed, or (B) when the Warrant is represented by book entry,
delivering the Warrant to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent
to the Depositary from time to time, with the subscription form properly delivered by the Participant in accordance with the Depositary’s
procedures, and (ii) paying in full the Warrant Price for each share of Ordinary Shares as to which such Warrants are exercised and
any and all applicable taxes due in connection with the exercise of the Warrants, as follows:

 

(a) by
good certified check or good bank draft payable to the order of the Warrant Agent or wire transfer; or

 

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

 

(c) with
respect to any Private Placement Warrants or Working Capital Warrants, by surrendering such
Private Placement Warrants or Working Capital Warrants for that number of shares of Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of shares of Ordinary Shares underlying the Warrants,
multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market
Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise
price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale
price of the Ordinary Shares for the ten (10) trading days ending on the third trading day prior to the date of exercise; or

 

(d) in
the event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the
closing of a Business Combination, by surrendering such Warrants for that number of shares of Ordinary Shares equal to the quotient obtained
by dividing (x) the product of the number of shares of Ordinary Shares underlying the Warrants, multiplied by the difference between
the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that
no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes
of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last sale price of the Ordinary Shares
for the ten (10) trading days ending on the trading day prior to the date of exercise.

 

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

 

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

 

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

 

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3.3.5. Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrants, and such holder shall
not have the right to exercise such Warrants, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
Percentage”) of the shares of Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of
the foregoing sentence, the aggregate number of shares of Ordinary Shares beneficially owned by such person and its affiliates shall include
the number of shares of Ordinary Shares issuable upon exercise of the Warrants with respect to which the determination of such sentence
is being made, but shall exclude shares of Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised
portion of the Warrants beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation,
any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
For purposes of the Warrants, in determining the number of outstanding shares of Ordinary Shares, the holder may rely on the number of
outstanding shares of Ordinary Shares as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly
report on Form 10-Q, current report on Form 8-K or other public filing with the SEC as the case may be, (2) a more recent
public announcement by the Company or (3) any other notice by the Company or the Warrant Agent setting forth the number of shares
of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall,
within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Ordinary Shares then outstanding.
In any case, the number of outstanding shares of Ordinary Shares shall be determined after giving effect to the conversion or exercise
of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Ordinary
Shares was reported. By written notice to the Company, the holder of Warrants may from time to time increase or decrease the Maximum Percentage
applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

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

 

4.2. Aggregation
of Shares. If after the date hereof, the number of outstanding shares of Ordinary Shares is decreased by a consolidation, combination,
reverse stock split or reclassification of shares of Ordinary Shares 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 Ordinary Shares issuable on exercise of each
Warrant shall be decreased in proportion to such decrease in outstanding shares of Ordinary Shares.

 

    5

     

    

 

4.3. 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 the shares of Ordinary Shares or other shares of the Company’s capital stock
into which the Warrants are convertible (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 the fair market value (as determined by
the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend
divided by all outstanding shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend);
provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment
described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all
other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of
such dividend or distribution does not exceed $0.50 per share (taking into account all of the outstanding shares of the Company at such
time (whether or not any shareholders waived their right to receive such dividend) and 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 Ordinary Shares issuable on exercise of each Warrant) but only with respect
to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy the conversion
rights of the holders of the shares of Ordinary Shares in connection with a proposed initial Business Combination or certain amendments
to the Company’s Amended and Restated Memorandum and Articles of Association (as described in the Registration Statement) or (d) any
payment in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business
Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash
dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Ordinary Shares during the
365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately
after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of
all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater of
(x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior
to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s initial
Business Combination, there were total shares outstanding of 100,000,000 and the Company paid a $1.00 dividend to 17,500,000 of such shares
(with the remaining 82,500,000 shares waiving their right to receive such dividend), then no adjustment to the Warrant Price would occur
as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than $0.50 per share.

 

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

 

4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding Ordinary
Shares (other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par
value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another entity in which any
 “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act) acquires
more than 50% of the voting power of the Company’s securities, 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, the holders of the Warrants shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu
of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of shares or stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received
if such holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification or reorganization
also results in a change in Ordinary Shares covered by Section 4.1, Section 4.2 or Section 4.4 hereof,
then such adjustment shall be made pursuant to Section 4.1, Section 4.2, Section 4.4 hereof and this Section 4.5.
The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of
the Warrant.

 

4.6. Issuance
in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional shares
of Ordinary Shares or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue
price or effective issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance
to Stone Capital Partners LLC, the initial stockholders, or their affiliates, without taking into account any founders’ shares held
by them prior to such issuance) (such price, the “Newly Issued Price”), (b) the aggregate gross proceeds from
such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Business Combination
on the date of the consummation of such Business Combination (net of redemptions), and (c) the Fair Market Value (as defined below)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater
of (i) the Fair Market Value or (ii) the price at which the Company issues the Ordinary Shares or equity-linked securities and
the Redemption Trigger Price (as defined below) shall be adjusted to equal to 180% of the greater of the Fair Market Value and the Newly
Issued Price. Solely for purposes of this Section 4.6, the “Fair Market Value” shall mean the volume weighted
average reported trading price of the Ordinary Shares for the twenty (20) trading days starting on the trading day prior to the date of
the consummation of the Business Combination.

 

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4.7. Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the
Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment
and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth
in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified
in Sections 4.1, 4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the Company shall give written notice to each Warrant holder, at
the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to
give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

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

 

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

 

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

 

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 Warrants upon the Warrant Register,
upon surrender of such Warrants for transfer (including, in the case of certificated Warrants, the Warrant certificate, properly endorsed
with signatures properly guaranteed) and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant certificate
representing an equal aggregate number of Warrants shall be issued and the old Warrant certificate shall be cancelled by the Warrant Agent.
In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time
upon request.

 

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

 

5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
of a Warrant certificate or book-entry position for only 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 Warrant certificates required to be issued pursuant to the provisions of this Section 5, and the Company,
whenever required by the Warrant Agent, will supply the Warrant Agent with Warrant certificates duly executed on behalf of the Company
for such purpose.

 

5.6. Private
Placement Warrants and Working Capital Warrants. The Warrant Agent shall not register
any transfer of Private Placement Warrants or Working Capital Warrants until thirty (30)
days after the consummation by the Company of an initial Business Combination, except for the following transfers (the transferee of any
of the following constituting a “permitted transferee”):

 

5.6.1.
A transfer by any registered holder to (a) any Related Person of such registered holder, (b) Stone Capital Partners LLC or any
person or entity that at the time of the applicable transfer is, or immediately prior to the closing of a Business Combination was, an
officer, manager, or member of Stone Capital Partners LLC, (c) any person that at the time of the applicable transfer is, or immediately
prior to the closing of a Business Combination was, an officer or director of the Company, (d) any Related Person of any of the foregoing,
or (e) any entity that is controlled by any combination of any of the foregoing; in each case on the condition that prior to such
registration for transfer, the Warrant Agent shall be presented with written documentation confirming the transferee’s status as
a permitted transferee and pursuant to which such transferee (or the trustee or legal guardian for such transferee) agrees to be bound,
solely with respect to the Warrants so transferred, by the transfer restrictions contained in this section and any other applicable agreement
by which the transferor is bound with respect to such Warrants;

 

5.6.2.
In the case of a registered holder that is a natural person, a transfer by virtue of laws of descent and distribution upon death of such
registered holder, and a transfer pursuant to a qualified domestic relations order; in each case on the condition that prior to such registration
for transfer, the Warrant Agent shall be presented with written documentation confirming the transferee’s status as a permitted
transferee and pursuant to which such transferee (or the trustee or legal guardian for such transferee) agrees to be bound, solely with
respect to the Warrants so transferred, by the transfer restrictions contained in this section and any other applicable agreement by which
the transferor is bound with respect to such Warrants;

 

5.6.3.
In the case of a registered holder that is an entity, a transfers by virtue of the laws of the jurisdiction of an entity’s organization
and the entity’s organizational documents upon dissolution of the entity; in each case on the condition that prior to such registration
for transfer, the Warrant Agent shall be presented with written documentation confirming the transferee’s status as a permitted
transferee and pursuant to which such transferee (or the trustee or legal guardian for such transferee) agrees to be bound, solely with
respect to the Warrants so transferred, by the transfer restrictions contained in this section and any other applicable agreement by which
the transferor is bound with respect to such Warrants;

 

5.6.4.
Following the closing of a Business Combination, any transfer as a result of enforcement of rights and remedies under any bona fide hypothecation
or pledge of or other grant of a security interest in any such Warrant as security for indebtedness; in each case on the condition that
prior to such registration for transfer, the Warrant Agent shall be presented with written documentation either (a) confirming that
the transferee is not a person or entity to which such Warrants may be transferred pursuant to Section 5.6.1, or (b) pursuant
to which such transferee (or the trustee or legal guardian for such transferee) agrees to be bound, solely with respect to the Warrants
so transferred, by the transfer restrictions contained in this section and any other applicable agreement by which the transferor is bound
with respect to such Warrants;

 

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5.6.5.
Any transfer to or exchange with the Company (or successor issuer of such Warrants) to effectuate any stock split, reverse stock split,
reorganization, recapitalization, reclassification, combination, exchange of shares or other like change; provided, however, that
any such Warrants shall be subject to the restrictions of this Section 5.6 to the same extent as the Warrants so transferred or exchanged.

 

As used in this Section 5.6,
 “Related Person” means (a) in the case of a registered holder that is an entity, any securityholder, partner,
member or affiliate (as defined below) of such registered holder; and (b) in the case of a registered holder that is a natural person,
(i) any member of such registered holder’s immediate family (as defined below), (ii) any trust, the beneficiaries of which
are such registered holder, any Related Person of such registered holder, and/or any charitable organization, or the assets of which are
deemed for federal income tax purposes to be owned by such registered holder and/or one or more Related Persons of such registered holder,
or (iii) any entity that is directly or indirectly controlled by such registered holder and/or any combination of any of the foregoing.
For purposes of the foregoing, (A) “immediate family” of a specified person means his or her spouse or domestic
partner, any parent of such specified person or of his or her spouse or domestic partner, or any lineal descendant of any of the foregoing
(including by adoption), (B) “affiliate” of a specified person or entity means any other person or entity that
directly, or indirectly through one or more other affiliates, controls or is controlled by, or is under common control with, the specified
person or entity, and (C) “control” means the possession, directly or indirectly, or as trustee or executor, of
the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities,
as trustee or executor, by contract or otherwise, and, in the case of a fund, includes the power to direct or cause the direction of the
investment decisions of such fund, whether through authority as the manager, investment manager, general partner, or otherwise.

 

5.6.6. Transfers
of Units; Transfers prior to Detachment. Each transfer of a Unit on the register relating to such Units shall operate also to transfer
the Warrants included in such Unit. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with
the Public Unit in which such Public Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or
exchange of such Public Unit.

 

6. Redemption.

 

6.1. Redemption.
Subject to Section 6.4 hereof, all, and not less than all, of the outstanding Warrants may be redeemed, at the option of the Company,
at any time during the Exercise Period, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price
of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Ordinary Shares equals or exceeds
$18.00 per share (subject to adjustment in accordance with Section 4 hereof) (the “Redemption Trigger Price”),
on each of twenty (20) trading days within any thirty (30) trading day period commencing after the Warrants become exercisable and ending
on the third trading day prior to the date on which notice of redemption is given and provided that there is an effective registration
statement covering the shares of Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available
throughout the 30-day redemption or the Company has elected to require the exercise of the Warrants on a “cashless basis”
pursuant to subsection 3.3.1(b); provided, however, that if and when the Public Warrants become redeemable by the Company, the Company
may not exercise such redemption right if the issuance of shares of Ordinary Shares upon exercise of the Public Warrants is not exempt
from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification.

 

6.2. Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to redemption,
the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders of the
Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein
provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

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

 

6.4. Exclusion
of Certain Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to (i) the
Private Placement Warrants and Working Capital Warrants or (ii) Post IPO Warrants if
such warrants provide that they are non-redeemable by the Company.

 

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

 

7.1. 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.

 

7.2. Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant certificate 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 certificate, include the surrender thereof), issue a new Warrant certificate of like denomination, tenor, and date as the Warrant
certificate so lost, stolen, mutilated, or destroyed. Any such new Warrant certificate shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant certificate shall be at any time enforceable
by anyone.

 

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

 

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

 

7.4.1. Registration
of Ordinary Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination, but in no
event later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its best efforts to file
with the Securities and Exchange Commission a registration statement for the registration, under the Act, of the shares of Ordinary Shares
issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to register or qualify for
sale, in those states in which the Warrants were initially offered by the Company and in those states where holders of Warrants then reside,
the shares of Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption is not available. The Company will use
its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement until the expiration
of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective
by the 60th day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning
on the 61st day after the closing of the Business Combination and ending upon such registration statement being declared effective by
the Securities and Exchange Commission, and during any other period when the Company shall fail to have maintained an effective registration
statement covering the shares of Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless
basis” as determined in accordance with Section 3.3.1(d). The Company shall provide the Warrant Agent with an opinion of counsel
for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants
on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the shares of
Ordinary Shares issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend.
For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis or have expired, the Company
shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4.

 

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

 

8. Concerning
the Warrant Agent and Other Matters.

 

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

 

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

 

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

 

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

 

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

 

8.3. Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4. Liability
of Warrant Agent.

 

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

 

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

 

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

 

8.4.4. 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 Ordinary Shares through the
exercise of Warrants.

 

9. Miscellaneous
Provisions.

 

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

 

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

 

Translational
Development Acquisition Corp.

c/o
Venable LLP

1270
Avenue of the Americas, 24th Floor

New
York, New York 10020

Attn:
William N. Haddad, Esq.; Arif Soto, Esq.

 

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

 

Continental
Stock Transfer & Trust Company

1 State Street

New York, New
York 10004

Attn: Compliance
Department

 

with a copy in each case
to:

 

Venable LLP

1270 Avenue of the Americas, 24th Floor

New York, NY 10020

		Attn:	William N. Haddad, Esq;

Arif Soto, Esq.

		E-mail:	wnhaddad@venable.com;

                                            asoto@venable.com

 

and

 

Loeb & Loeb LLP

345 Park Avenue,

New York, NY 10154

		Attn:	Mitchell S. Nussbaum, Esq.; 

David J. Levine, Esq.

		Email:	mnussbaum@loeb.com;
                                            

                                            dlevine@loeb.com

 

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. The Company hereby waives any objection that such courts
represent an inconvenient forum. Any such 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 9.2
hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.
The foregoing shall not relate to any claims brought under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934,
as amended.

 

9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
registered holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representatives, any right, remedy,
or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representatives
shall be deemed to be third party beneficiaries of this Agreement with respect to Sections 7.4, 9.4 and 9.8. 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 the Representatives with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered
holders of the Warrants.

 

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

 

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

 

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

 

9.8. Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein, conforming the provisions hereof to the description
of the terms of the Warrants and this Agreement set forth in the Registration Statement 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, shall require the written consent or vote of the registered holders of (i) a majority
of the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation
of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken
after the consummation of a Business Combination. 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. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representatives.

 

9.9. Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event that the
Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the Company
and not against the property held in the Trust Account.

 

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

 

[Signature Page Follows]

 

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

 

	 	TRANSLATIONAL DEVELOPMENT ACQUISITION CORP.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: Michael B. Hoffman
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Warrant Agreement]

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