Document:

avt_Ex_10-1

		

			Table of Contents

		

		
			Exhibit 10.1
		

		
			 
		

		
			AVNET
		

		
			EXECUTIVE
		

		
			SEVERANCE PLAN
		

		
			 
		

		
			Effective August 10th, 2017
		

		
			 
		

		
			 
		

		
			

		 

		

			4839-3257-0694.4

		

 

		

			Table of Contents

		

		

		
			Table of Contents
		

			
					
						 

					
					
						Page

				
	
					
						1.

					
					
						Introduction

					
					
						1

				
	
					
						2.

					
					
						Plan Eligibility

					
					
						1

				
	
					
						3.

					
					
						Severance Definitions

					
					
						1

				
	
					
						4.

					
					
						Eligibility for Severance Benefit

					
					
						2

				
	
					
						5.

					
					
						Amount of Severance Benefit

					
					
						4

				
	
					
						6.

					
					
						Section 409A and Cash in Lieu of Benefits

					
					
						4

				
	
					
						7.

					
					
						Governing Law

					
					
						6

				
	
					
						8.

					
					
						Miscellaneous Provisions

					
					
						6

				
	
					
						9.

					
					
						Restrictive Covenants and Release

					
					
						8

				
	
					
						10.

					
					
						Rehire After Receiving Severance Benefits

					
					
						8

				
	
					
						11.

					
					
						Claim and Appeal Procedures and Lawsuits

					
					
						8

				
	
					
						APPENDIX A 

					
					
						A-1

				
	
					
						APPENDIX B 

					
					
						B-1

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			Avnet Executive Severance Plan
		

			
	
			
				 1.
			

			
	
			
			Introduction

		
			The purpose of the Avnet Executive Severance Plan (the “Plan”) is to provide for the payment of severance benefits to designated executives resident in the United States upon a qualifying termination.  Non-U.S. executive severance (if any) will be per the terms of the executive’s employment agreement in the country in which they reside.  References to “Avnet” or the “Company” in this Plan refer to Avnet, Inc. 
		

		
			This plan description describes the features of the Plan and also serves as the official Plan document.  This Plan applies to employees designated as eligible (as described in the Plan Eligibility Section) on or after August 10th, 2017.  
		

		
			This Plan takes the place of any oral or written communication on the subject of severance pay, other than an individual employment agreement, separation agreement or change of control agreement.  If any oral or written representations made by any Avnet representative, other than an individual employment agreement, separation agreement or change of control agreement, conflict or are inconsistent with this Plan, the Plan will control.  
		

		
			This Plan is not intended to create a separate contractual right to employment by Avnet or any affiliate.  Unless you have a written, executed employment agreement with Avnet, your employment is “at will,” which means that your employer may terminate your employment at any time, for any reason or for no reason. 
		

		
			The Avnet Board of Directors has adopted the Plan and delegates the authority to amend, modify, suspend or terminate the Plan to the Company’s Compensation Committee.  The Compensation Committee may amend, modify, suspend or terminate the Plan or the Severance Benefits described in this Plan at any time, with or without notice, and with or without the consent of any active or former employee.
		

		
			If you have questions about the benefits described in this Plan, please contact the Vice President, Global Compensation & Benefits. 
		

			
	
			
				 2.
			

			
	
			
			Plan Eligibility

		
			Plan eligibility is limited to “Executives” of Avnet, Inc. 
		

			
	
			
				 3.
			

			
	
			
			Severance Definitions

		
			“Base Salary Amount” means the Executive’s base salary as determined on a monthly basis at the time of the termination multiplied by twelve (12).
		

		
			“Executive” means an employee elected to the office of Chief Executive Officer or Senior Vice President of Avnet, Inc. by the Company’s Board of Directors (the “Board”) who is not entitled to severance payments under any other employment, severance or similar plan or agreement. 
		

		
			“Health Care Severance Benefit” means medical, dental and vision coverage under the Company’s health care plans as the Executive had elected prior to the Executive’s termination of employment.  

		 

		

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To be eligible for the Health Care Severance Benefit, Executive must timely and properly elect continuation coverage under the applicable health plans pursuant to Section 4980B (“COBRA”) of the Internal Revenue Code of 1986, as amended (the “Code”).  The Health Care Severance Benefit shall be for a period of 2 years for the Chief Executive Officer and 1 year for a Senior Vice President.  The Heath Care Severance Benefit period shall run concurrently with the applicable COBRA continuation period and shall not extend the maximum period under which Executive may receive continued group health insurance benefits pursuant to COBRA.    Executive may not elect to receive cash or any other allowance in lieu of any medical, dental or vision coverage provided by the Plan.  
		

		
			“Incentive Payment”  means any annual incentive payments for the performance period in which the Executive’s employment is terminated.  Any Incentive Payment due shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, or if no time is prescribed, within 90 days following the end of the performance period.  The Incentive Payment will be based on (and subject to) actual achievement of the applicable performance goals and pro-rated if Executive’s employment terminates before the end of the performance period.
		

		
			“Severance Benefit” means the Severance Benefit provided in Section 5 of the Plan.
		

			
	
			
				 4.
			

			
	
			
			Eligibility for Severance Benefit

			
	
			
				 A.
			

			
	
			
			Eligibility for Severance Benefits.  An Executive is eligible for a Severance Benefit if any of the following occur:

			
	
			
				 a.
			

			
	
			
			Executive Termination For Good Reason.  The Executive is eligible to receive a Severance Benefit in the event that the Executive terminates employment with the Company as the result of an “Adverse Action” without the Executive’s consent.  “Adverse Action” means:

			
	
			
				 (i)
			

			
	
			
			a material diminution of the Executive’s authorities, duties or responsibilities, including, without limitation, title and reporting relationship;

			
	
			
				 (ii)
			

			
	
			
			a material change in the geographic location at which the Executive is primarily required to perform services for the Company; 

			
	
			
				 (iii)
			

			
	
			
			a material reduction in the Executive’s base compensation; or

			
	
			
				 (iv)
			

			
	
			
			any other action or inaction that constitutes a material breach by the Company under its letter agreement setting forth the terms of employment with the Executive;

		
			provided, however, that the Executive shall notify the Company in writing within 90 days of the initial occurrence of the Adverse Action of his/her desire to terminate employment on account of such Adverse Action, and the Company shall have 30 days to remedy the Adverse Action.  If the Company fails to remedy the Adverse Action within 30 days, the Executive shall terminate employment and shall receive a Severance Benefit.
		

		
			

		 

		

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				 b.
			

			
	
			
			Company Termination Without Cause.  If the Executive’s employment is terminated by the Company for a reason other than “Cause,” “Death” or “Disability” (as each term is defined below), the Company shall provide to Executive written notice of the termination and shall provide  a Severance Benefit.

			
	
			
				 A.
			

			
	
			
			Circumstances Resulting in Ineligibility for a Severance Benefit.  The Executive is not eligible for a Severance Benefit under the Plan if any of the following occur: 

			
	
			
				 a.
			

			
	
			
			Executive Voluntary Termination.  An Executive’s voluntary termination shall not be deemed a qualifying termination under this Plan, and does not qualify for a Severance Benefit.  The Company shall pay to Executive any accrued and unpaid base salary due, for service through the date of termination, within the time prescribed by applicable law and no later than thirty (30) days thereafter.  Executive also shall receive a pro-rated Incentive Payment for the performance period in which the Executive’s employment is terminated, unless the applicable Incentive Plan provides to the contrary.  Any Incentive Payment due shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, or if no time is prescribed, within 90 days following the end of the performance period.  The Incentive Payment will be based on (and subject to) actual achievement of the applicable performance goals and pro-rated if Executive’s employment terminates before the end of the performance period.

			
	
			
				 b.
			

			
	
			
			Death of Executive.  In the event of the death of Executive, the Executive shall not qualify for a Severance Benefit.  If the Executive dies while employed, the Company shall pay to Executive’s legal representative as soon as practicable all accrued and unpaid base salary due, for service through the date of death and a pro-rated portion of the Incentive Payment for the performance period in which Executive’s death occurs.  Such amounts shall be paid within thirty (30) days after Executive’s death, on a date determined by the Company; provided, however, that any pro-rated Incentive Payment shall be paid at the end of the performance period, at the time prescribed by the applicable incentive plan, based on (and subject to) actual achievement of the applicable performance goals. 

			
	
			
				 c.
			

			
	
			
			Disability of Executive.  If the Executive becomes Disabled (as defined below) and the Executive’s employment terminates, the Executive shall not qualify for a Severance Benefit.  In the alternative to a Severance Benefit, Executive shall be entitled to any disability benefits payable under Company-sponsored disability benefit plans made available to Company employees generally, subject to the terms of those plans.  Executive shall be entitled to a pro-rated Incentive Payment for the performance period in which his/her employment terminates; such Incentive Payment shall be paid at the end of the performance period, at the time prescribed by the relevant incentive plan, based on (and subject to) actual achievement of the applicable performance goals.    “Disabled” and “Disability” shall mean that Executive has been totally disabled by injury or illness, mental or physical, as a result of which Executive is prevented from 

		 

		

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	further performance of his or her duties, and that such disability is likely to be permanent and continuous during the remainder of Executive’s life.  In the event of a dispute over whether Executive has become Disabled, such dispute shall be resolved through arbitration under American Arbitration Association rules, in Phoenix, Arizona.

			
	
			
				 d.
			

			
	
			
			Company Termination With Cause.  If the Executive’s employment is terminated by the Company for “Cause,” the Executive shall not qualify for a Severance Benefit.  The Company shall pay to Executive any salary due, for service through the date of termination, within the time prescribed by applicable law and no later than thirty (30) days thereafter, and Executive shall forfeit any right to receive Incentive Payment or a bonus.  For purposes of this Plan, “Cause” means, but is not limited to, Executive’s gross misconduct, habitual neglect or wanton disregard of his or her duties, or conviction of any criminal act as determined by the Company’s Chief Executive Officer or, in the case of the Chief Executive Officer, the Company’s Board of Directors.

			
	
			
				 e.
			

			
	
			
			Retirement.  Executive’s termination of employment under this Plan by reason of retirement shall be treated as a voluntary termination by Executive pursuant to, and subject to the requirements of, Section 4(B)(a) above.

			
	
			
				 5.
			

			
	
			
			Amount of Severance Benefit

		
			The Severance Benefit is the amount described in the chart below based on the Executive’s position with the Company at the time of the Executive’s termination of employment.  The Base Salary Amount shall be paid in a lump sum within sixty (60) days following the Executive’s termination of employment.  The Severance Benefit is contingent on the Executive executing and not revoking the Release called by for Section 9.
		

			
					
						 

					
					
						 

				
	
					
						Position

					
					
						Severance Benefit

				
	
					
						Chief Executive Officer

					
					
						2.0 times Base Salary Amount, plus the Health Care Severance Benefit, plus the Incentive Payment.

				
	
					
						Senior Vice President

					
					
						1.0 times Base Salary Amount, plus the Health Care Severance Benefit, plus the Incentive Payment.

				

		
			 
		

			
	
			
				 6.
			

			
	
			
			Section 409A and Cash in Lieu of Benefits

			
	
			
				 A.
			

			
	
			
			Intent to Comply With Section 409A.    This Plan shall be administered in accordance with Section 409A of the Code, or an exception thereto, and each provision of the Plan shall be interpreted, to the extent possible, to comply with Section 409A of the Code or an exception thereto.  

			
	
			
				 B.
			

			
	
			
			Separation From Service.  Except as otherwise expressly provided, references in this Plan to Executive’s termination of employment, termination date, and similar terms 

		 

		

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	related to Executive’s termination of employment or separation from service shall refer to the date of Executive’s “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code, as determined by the Company.  

			
	
			
				 C.
			

			
	
			
			Six-Month Delay Rule.  If, as of Executive’s termination date, Executive is a “specified employee” (as determined by the Company in accordance with its guidelines established pursuant to Treas. Reg. § 1.409A-1(i)), any amount payable to Executive upon or by reason of his/her termination of employment (including expense reimbursements and in-kind benefits that are includible in income) shall be subject to the six (6) month delay required by Section 409A(a)(2)(B)(i) of the Code; provided, however, that such six (6) month delay shall not be required with respect to any payment that the Company determines is not subject to Section 409A by reason of the “short-term deferral” rule described in Treas. Reg. § 1.409A-1(b)(4), the “two-year, two-time” rule described in Treas. Reg. § 1.409A-1(b)(9)(iii), or any other exemption.  If payment of any amount is delayed by reason of this six (6) month delay, such amount shall be paid with interest on the Company’s first pay date for the seventh (7th) month that starts after Executive’s termination date (or, if earlier, within 90 days after Executive’s death).  Except as otherwise provided in a governing document for an applicable benefit plan, program, or other arrangement, interest shall be calculated using the prime rate of interest in effect at Bank of America, N.A. (or another bank designated by the Company that is one of its principal banks) on Executive’s termination date.

			
	
			
				 D.
			

			
	
			
			Installments Treated as Separate Payments.  For purposes of Section 409A of the Code, except as otherwise expressly provided, each installment of payments and benefits due under this Plan shall be treated as a separate payment.

			
	
			
				 E.
			

			
	
			
			Payment Date.  To the extent that any payment under this Plan may be made during a payment window, the date of payment shall be determined by the Company, in its sole discretion, and not by Executive or any other individual entitled to receive the payment.  If the Release consideration period plus any applicable revocation period spans two calendar years, any Severance Benefits that are subject to Section 409A shall be paid in the second calendar year.  No Executive has any right to make any election regarding the time or form of any payment due under this Plan.

			
	
			
				 F.
			

			
	
			
			Expense Reimbursements and In-Kind Benefits.  To the extent that any expense reimbursement or in-kind benefit is subject to Section 409A (e.g., the expense reimbursement is includible in income and is not required to be paid by the end of the “applicable 21⁄2-month period” described in Treas. Reg. § 1.409A-1(b)(4)(i)(A)), such reimbursement or benefit shall be subject to the conditions set forth in Treas. Reg. § 1.409A-3(i)(1)(iv).  Accordingly:

			
	
			
				 a.
			

			
	
			
			The amount of such expenses eligible for reimbursement, or in-kind benefits provided, during a taxable year of Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; 

		
			

		 

		

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				 b.
			

			
	
			
			The reimbursement of each such expense shall be paid no later than the last day of Executive’s taxable year next following the taxable year in which the expense was incurred; and

			
	
			
				 c.
			

			
	
			
			The right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

			
	
			
				 G.
			

			
	
			
			Limited Indemnity for Company Error.  If (and only if) Executive becomes subject to adverse tax consequences under Section 409A of the Code as a result of (a) the Company’s failure to administer this Plan in accordance with its terms; (b) the Company’s failure to administer any “nonqualified deferred compensation plan” (within the meaning of Section 409A of the Code) other than this Plan in accordance with its terms or the requirements of Section 409A; or (c) the Company’s failure to satisfy the Section 409A document requirements for any nonqualified deferred compensation plan other than this Plan, the Company shall pay to Executive an amount such that after all required income and employment tax withholding, the net amount paid to Executive is equal to the tax imposed under Section 409A of the Code as a result of the applicable error.  Such amount shall be calculated by a certified public accounting firm selected and paid by the Company (the “Accounting Firm”), and shall be paid no later than the last day of Executive’s taxable year next following the taxable year in which Executive remits the applicable taxes to the U.S. Treasury.  Any determination by the Accounting Firm shall be binding upon the Company and Executive.

			
	
			
				 7.
			

			
	
			
			Governing Law

		
			This Plan shall be construed, interpreted and governed by the law of the State of Arizona, without giving effect to Arizona principles regarding conflict of laws.  Reference to any provision of the Code or other law shall include all regulations and other guidance of general applicability issued thereunder, and shall be deemed to include any successor provision.
		

			
	
			
				 8.
			

			
	
			
			Miscellaneous Provisions

			
	
			
				 A.
			

			
	
			
			Tax Withholding.  All amounts payable under this Plan are subject to withholding for all federal, state, and local taxes, and all other amounts relating to tax or other payroll deductions, as the Company may reasonably determine should be withheld.  Regardless of the amount withheld, Executive shall be solely responsible for paying all required taxes (other than the Company’s share of employment taxes) on all payments and other compensation (including imputed compensation) and benefits provided under this Plan.

			
	
			
				 B.
			

			
	
			
			Succession.  This Plan shall extend to and be binding upon Executive, the Executive’s legal representatives, heirs, and distributees, and upon the Company, its successors and assigns.

			
	
			
				 C.
			

			
	
			
			Waiver of Breach.  The waiver of breach of any term or condition of this Plan shall not be deemed to constitute a waiver of any other term or condition of this Plan.

		
			

		 

		

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				 D.
			

			
	
			
			Severability.  If any provision of this Plan is held to be invalid, illegal, or unenforceable, such provision shall be reformed to resolve the applicable issue while still achieving the intent of the provision to the maximum extent possible, and no other provision of the Plan shall be affected or impaired in any way.  With respect to any restrictive covenant, it is understood and agreed that if a court of competent jurisdiction or a duly constituted arbitration panel refuses to enforce any part of such restrictive covenant because it is unreasonable (whether as to geographic scope, duration, activity, subject, or otherwise), the unenforceable provision shall not be void but rather shall be deemed reduced or limited to the minimum extent necessary to permit enforcement of the covenant.  For this purpose, the geographic scope, duration, activity, and subject are divisible.

			
	
			
				 E.
			

			
	
			
			Forfeiture of Certain Parachute Payments.

			
	
			
				 a.
			

			
	
			
			Notwithstanding any other provision of this Plan, if paragraph b, below, applies, Executive shall forfeit amounts payable to Executive under this Plan to the extent that  the Accounting Firm determines is necessary to ensure that Executive is not reasonably likely to receive a “parachute payment” within the meaning of Section 280G(b)(2) of the Code.  The Accounting Firm’s determination shall be conclusive and binding upon the Company and Executive.

			
	
			
				 b.
			

			
	
			
			This paragraph b shall apply if (and only if) (i) any payment to be made under this Plan is reasonably likely to result in Executive receiving a “parachute payment” (as defined in Section 280G(b)(2) of the Code), and  (ii) Executive’s forfeiture of payments due under this Plan would result in the aggregate after-tax amount that Executive would receive being greater than the aggregate after-tax amount that Executive would receive if there were no such forfeiture. 

			
	
			
				 c.
			

			
	
			
			Neither the Company nor Executive shall have any discretion to determine which payments are forfeited.  The forfeiture shall apply in reverse chronological order—e.g., the last payment in any series of payments shall be forfeited before any part of an earlier payment is forfeited.

			
	
			
				 F.
			

			
	
			
			Recoupment Policy.  Any payment made to Executive pursuant to this Plan shall be subject to the terms and conditions of the Company’s recoupment or clawback policy, as in effect and amended from time to time, including disgorgement or repayment to the extent required by such policy.

			
	
			
				 G.
			

			
	
			
			Headings.  The headings of the sections and subsections are inserted for convenience only and shall not be deemed to constitute a part hereof or to affect the meaning thereof.

			
	
			
				 H.
			

			
	
			
			No Duplication of Benefits.  The right to receive any benefits under this Plan by any Executive is specifically conditioned upon such Executive either waiving or being ineligible for any and all severance benefits under any other employment, change in control, severance, retention or other plan or agreement otherwise available to the Executive.   The Company does not intend to provide any Executive with benefits 

		 

		

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	under both this Plan and benefits under any other employment, severance, retention, change in control or other plan or agreement sponsored by the Company or any affiliate.  The Company may override this provision by expressly stating in the other employment, change in control, severance, retention or other plan or agreement that some or all of the benefits provided by the other employment, change in control, severance retention or other plan or agreement are intended to supplement the benefits provided by this Plan.

			
	
			
				 9.
			

			
	
			
			Restrictive Covenants and Release

		
			Your right to a Severance Benefit under the Plan is conditioned on your executing a Release that is acceptable to Avnet by the deadline that Avnet establishes, and not revoking the Release. A sample Release appears at the end of this document, beginning on page A-1.  Avnet may require you to sign a Release that is different from the sample. 
		

		
			Your Severance Benefit also is conditioned on you agreeing to certain restrictive covenants that are acceptable to Avnet by the deadline that Avnet establishes.  A sample of the restrictive covenants appear at the end of this Plan, beginning on page B-1.  Avnet may require you to sign this document that is different from the sample.  
		

		
			If you do not sign a Release that is satisfactory to Avnet by the deadline that Avnet establishes, or if you revoke the Release or breach an obligation under the Release or restrictive covenant, your right to a Severance Benefit will be forfeited.  If your Severance Benefit is forfeited after you have received a severance payment, you will be required to repay the amount to Avnet.
		

			
	
			
				 10.
			

			
	
			
			Rehire After Receiving Severance Benefits

		
			If you receive a Severance Benefit under the Plan and are rehired before the end of your Severance Period, you must return a prorated portion of your Severance Benefit.  For the Chief Executive Officer, the Severance Period is two years.  For all other Executives, the Severance Period is one year.
		

			
	
			
				 11.
			

			
	
			
			Claim and Appeal Procedures and Lawsuits

			
	
			
				 A.
			

			
	
			
			Filing a Claim.  If you disagree with the amount of your Severance Benefit or how your Severance Benefit was calculated, or you otherwise believe you are entitled to additional benefits under the Plan, you may file a claim in accordance with the procedures below.  Before filing a lawsuit, you must file a claim and appeal by the deadlines set forth in these procedures.

		
			You may authorize someone else to represent you in pursuing your claim and/or appeal; references to “you” and “your” in this section should be read to include any person authorized to represent you.  The Compensation Committee may request reasonable proof of your representative’s authority to act on your behalf.
		

		
			Your claim must be in writing, identify the specific benefit that you seek, and be filed with the Compensation Committee at the following address:
		

		
			Compensation Committee
		

		
			

		 

		

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			Avnet Executive Severance Plan
		

		
			2211 S. 47th Street
		

		
			Phoenix, Arizona  85034
		

		
			In general, the Compensation Committee will notify you of its decision within 90 days after your claim is received.  If necessary, however, the Compensation Committee may extend the initial 90-day period for up to an additional 90 days.  If the Compensation Committee needs an extension, you will be notified in writing before the end of the initial 90-day period.  Any notice of an extension will explain the reason(s) for the extension and the date by which the Compensation Committee expects to notify you of its decision.
		

		
			The period for deciding any claim begins when the Compensation Committee receives your claim, even if all of the information needed to resolve the claim is not submitted with that first filing.    However, if the Compensation Committee needs more information to decide your claim, you and the Compensation Committee may agree to extend the time period for making a decision, so that you can provide the additional information.
		

		
			The Compensation Committee will notify you of its decision in writing or by electronic means. Unless your claim is completely granted, the notice will explain the specific reason(s) that your claim (or part of the claim) was denied and include:
		

			
	
			
				 ·
			

			
	
			
			References to the Plan provisions on which the decision is based;

			
	
			
				 ·
			

			
	
			
			A  description of any additional material or information that you should provide to complete the claim and the reasons this additional material or information is needed;

			
	
			
				 ·
			

			
	
			
			An explanation of the Plan’s claim review procedures, including the relevant time limits; and

			
	
			
				 ·
			

			
	
			
			A  statement that you have a right to bring a lawsuit under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if the claim is denied after it is reviewed on appeal (subject to the restrictions described under “Time Limit for Filing  a Lawsuit,” below).

		
			If the Compensation Committee does not resolve your claim within the time periods described above (including any extensions), you may contact the Compensation Committee to check on the status of your claim, file an appeal in accordance with the procedures that apply if your claim is denied, or bring a lawsuit under ERISA.
		

			
	
			
				 B.
			

			
	
			
			Appealing a Denied Claim.  If you wish to appeal a denial of your claim, you must file your request in writing within 60 days after the earlier of (a) the date you receive written notice denying all or part of your claim, or (b) the expiration of the period within which the Compensation Committee is required to render its decision.  You should file your appeal with the Compensation Committee at the address above.

		
			

		 

		

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			You have the right to review relevant documents regarding the claim and the denial of the claim, and you may submit additional documents or written arguments in support of the appeal.
		

		
			In general, the Compensation Committee will notify you of its decision on your appeal within 60 days after the request for review is received.  If necessary, however, the Compensation Committee may extend the initial 60-day period for up to an additional 60 days.  If the Compensation Committee needs an extension, the Compensation Committee will notify you in writing before the end of the initial 60-day period.    Any notice of an extension will explain the reason(s) for the extension and the date by which the Compensation Committee expects to notify you of the decision.
		

		
			The period for deciding an appeal begins when the Compensation Committee receives your claim, even if all of the information needed to review the appeal is not included in that initial filing.    However, if the Compensation Committee cannot decide your appeal because you have not submitted necessary information, the period for the Compensation Committee to decide the appeal will be automatically extended by the amount of time between when the Compensation Committee notifies you that more information is needed and the date when you provide the information (or, if you fail to respond, the date on which the information was due).
		

		
			The Compensation Committee will notify you of its decision in writing or by electronic means.    Unless your appeal is completely granted, the notice will explain the specific reason(s) that the claim (or part of the claim) was denied and include:
		

			
	
			
				 ·
			

			
	
			
			References to the Plan provisions on which the decision is based;

			
	
			
				 ·
			

			
	
			
			A  statement of your right to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to your claim for benefits; and

			
	
			
				 ·
			

			
	
			
			A  statement that you have a right to bring a lawsuit under ERISA (subject to the restrictions described under “Time Limit for Filing a Lawsuit, below”).  You may not bring a lawsuit unless your appeal has been denied or your claim or appeal is not resolved in a timely fashion.

		
			Except as otherwise required by law, the decision of the Compensation Committee on review of the claim denial is binding on all parties.
		

			
	
			
				 C.
			

			
	
			
			Time Limit for Filing a Lawsuit.    Any lawsuit or other action related to the Plan—such as an action to recover additional benefits or to enforce or clarify your rights under the Plan or applicable law—must be filed in a court with jurisdiction by the earlier of (a) 180 days after the Compensation Committee makes its final decision on appeal or (b) two years after the following date:

			
	
			
				 ·
			

			
	
			
			If you seek to recover benefits from the Plan or to clarify your right to benefits under the Plan, the two-year period starts on the earliest of (a) the date when the 

		 

		

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	first benefit payment was actually made, (b) the date the first benefit payment was allegedly due, or (c) the date when Avnet, the Compensation Committee, or the Plan first repudiated its alleged obligation to provide the benefit.  For purposes of this rule, “repudiation” means a communication (which could be oral or in writing) indicating that you are not entitled to the particular benefit.  A  repudiation can be made in the form of a direct communication to you (such as  a response to a claim or other inquiry, or a separation agreement) or a more general communication about the benefits payable under the Plan—for example,  a summary of material modifications.

			
	
			
				 ·
			

			
	
			
			In any other case, the two-year period starts on the earliest date as of which you knew or should have known of the material facts on which your lawsuit or other action is based (without regard to whether you understood the legal theory on which your claim is based).  If this provision applies, you may not file a lawsuit or other action more than six years after (a) the last action on which the action is based, or (b) in the case of an omission, the latest date when the omission could have been cured—even if this six-year period ends before you knew or should have known the facts on which the action is based.

		
			If the two-year period ends while your claim or appeal is still pending with the Compensation Committee, the time limit will be extended until 180 days after the Compensation Committee makes its final decision on appeal.
		

		
			Dated this 10th day of August, 2017.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						AVNET, INC.

				
	
					
						 

				
	
					
						 

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Its:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			Table of Contents

		

		

		
			APPENDIX A
		

		
			Sample Release
		

		
			(See attached)
		

		
			
		

		
			

		 

		

			A-1

		

 

		

			Table of Contents

		

		

		
			AVNET EXECUTIVE SEVERANCE PLAN
		

		
			GENERAL RELEASE
		

			
					
						RELEASE AND WAIVER

				

		
			In consideration for the benefits that I will receive under the Avnet Executive Severance Plan (effective August 10th, 2017) (the “Plan”), I and any person acting by, through, under or on behalf of me, release, waive, and forever discharge Avnet, Inc., its subsidiaries and affiliates and all of their respective agents, employees, officers, directors, shareholders, successors, and assigns (the “Company”) from any and all actions, demands, obligations, agreements, or proceedings of any kind, individually or as part of a group action, whether known or unknown, arising out of, or connected with, claims of unlawful discrimination, harassment, or failure to accommodate; the terms and conditions of my employment; my compensation and benefits; and/or my termination of my employment from the Company, including, but not limited to all matters in law, in equity, in contract, or in tort, or pursuant to statute, including damages, attorney’s fees, costs and expenses and, without limiting the generality of the foregoing, to all claims arising under the Age Discrimination in Employment Act (ADEA), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the National Labor Relations Act (NLRA), the Family and Medical Leave Act (FMLA) or any other federal, state, or local law, statute, or ordinance affecting my employment with or separation from the Company.  
		

			
					
						VOLUNTARY AGREEMENT; ADVICE OF COUNSEL; 21-DAY PERIOD

				

		
			I acknowledge that:
		

		
			(a)I have read this document, and I understand its legal and binding effect.  I am acting voluntarily and of my own free will in executing this release.
		

		
			(b)The consideration for this release is in addition to anything of value to which I already am entitled.
		

		
			(c)I have had the opportunity to seek, and I am advised in writing to seek, legal counsel prior to signing this release.
		

		
			(d)I have been given at least 21 days from the date I received this General Release and any attached information to consider the terms of this release before signing it.  I knowingly and voluntarily waive the remainder of the 21-day consideration period, if any, following the date I signed this release below.  I have not been asked by the Company to shorten my time-period for consideration of whether to sign this release.  The Company has not threatened to withdraw or alter the benefits due me prior to the expiration of the 21-day period nor has the Company provided different terms to me because I have decided to sign this release prior to the expiration of the 21-day consideration period.  I understand that having waived some portion of the 21-day consideration period, the Company may expedite the processing of benefits provided to me in exchange for signing this release.  
		

		
			(e)I agree with the Company that changes, whether material or immaterial, do not restart the running of the 21-day consideration period.
		

		
			(f)I  (i) will have received all compensation due to me as a result of services performed for the Company upon the receipt of the Severance Benefit (as such term is defined in the Plan); (ii) have reported to the Company any and all work-related injuries incurred by me during my employment by the Company; (iii) have been properly provided any leave of absence because of my or a family member’s health condition or military deployment, and have not been subjected to any improper treatment, conduct or actions due to a request for or taking such leave; (iv) have provided the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company or any released person or entity; and (v) have not filed any complaints, claims, or actions against the Company or any released person or entity.
		

			
					
						REVOCATION

				

		
			I understand that if I sign this release, I can change my mind and revoke it within seven days after signing it by returning it with written revocation notice to Darrel Jackson, Associate General Counsel, Avnet, Inc., 2211 S. 47th Street, Phoenix, Arizona, 85034.  I understand that the release and waiver set forth in the first paragraph above will not be effective until after this seven-day period has expired, and I will receive no benefits until after the release is effective.  If the revocation day expires on a weekend or holiday, I understand I have until the end of the next business day to revoke.
		

			
					
						BINDING AGREEMENT AND PROMISE NOT TO SUE

				

		
			I understand that following the seven-day revocation period, this release will be final and binding. I promise that I will not pursue any claim that I have settled by this release. If I break this promise, I agree to pay all of the Company’s costs and expenses (including reasonable attorneys’ fees) related to the defense of any claims except this promise not to sue does not apply to claims that I may have under the Older 

		 

		

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			Table of Contents

		

Worker Benefit Protection Act (OWBPA) and the ADEA.  Although I am releasing claims that I may have under the OWBPA and the ADEA, I understand that I may challenge the knowing and voluntary nature of this release under the OWBPA and the ADEA before a court, the Equal Employment Opportunity Commission (EEOC), or any other federal, state or local agency charged with the enforcement of any employment laws. I understand, however, that if I pursue a claim against the Company under the OWBPA and/or the ADEA, a court has the discretion to determine whether the Company is entitled to restitution, recoupment, or set off (hereinafter “reduction”) against a monetary award obtained by me in the court proceeding.  A reduction never can exceed the amount I recover, or the consideration I received for signing this release, whichever is less.  I also recognize that the Company may be entitled to recover costs and attorneys fees incurred by the Company as specifically authorized under applicable law.    
		

			
					
						COMPANY PROPERTY; CONFIDENTIALITY; GENERAL PROVISIONS

				

		
			I agree to return all confidential information, computer hardware or software, files, papers, memoranda, correspondence, customer lists, financial data, credit cards, keys, tape recordings, pictures, and security access cards, and any other items of any nature which were or are the property of the Company.  I further agree not to retain any copies of any such property in my possession or under my control.  I also agree to retain in confidence any confidential information known to me concerning the Company until such information is publicly available.  I  further agree to maintain the confidentiality of this release and will not disclose in any fashion this release, the reasons for my departure from the Company, events that occurred during my employment, the amount of the benefits I receive, and/or the substance or content of discussions involved in this release to any person other than my attorneys, accountants, and tax advisors as required by appropriate taxing authorities, or otherwise as required by law.  
		

		
			The validity of this release shall be construed under the law of the state in which I last worked for the Company.  The Plan and this release constitute the complete and total agreement between the Company and me with respect to issues addressed in this release, except this release shall not in any way affect, modify, or nullify any prior agreement I have entered into with the Company regarding confidentiality, trade secrets, inventions, or unfair competition.  I represent that I am not relying on any other agreements or oral representations not fully expressed in this document. I agree that this release shall not be modified, altered, or discharged except by written instrument signed by an authorized Company representative and me.  The headings in this document are for reference only, and shall not in any way affect the meaning or interpretation of this release. I further agree that this document may be used as evidence in a subsequent proceeding in which the Company or I allege a breach of this release or as a complete defense to any lawsuit. Other than this exception, I agree that this release will not be introduced as evidence in any administrative proceeding or in any lawsuit. I agree that should any part of this release be found to be void or unenforceable by a court of competent jurisdiction, that determination will not affect the remainder of this release. 
		

			
					
						EXCEPTIONS AND NO INTERFERENCE WITH RIGHTS

				

		
			This release does not apply to (i) any claims that may arise after I sign this release, (ii) vested rights under the Company’s ERISA-covered employee benefit plans, and (iii) any claims that may not be released by private agreement.  Moreover, nothing in this release (including my release of claims, promise not to sue, confidentiality obligation, and return of property obligation) prevents me from filing a charge or complaint with, or from participating in an investigation or proceeding conducted by, the Equal Employment Opportunity Commission,  the National Labor Relations Board, the US Securities and Exchange Commission, or any other federal, state or local agency that enforces laws applicable to the Company.  Further,  this release does not prevent me from exercising my rights under Section 7 of the NLRA to engage in joint activity with other employees.  However, by signing this release, I am waiving my right to individual relief, including relief sought on my behalf by any third party, except where such a waiver is prohibited.
		

			
					
						I have read and understand the General Release set forth above.  I accept the consideration stated above and agree to be bound by the terms of this General Release.

				
	
					
						Dated:

					
					
						 

					
					
						Signature:

					
					
						 

					
					
						Name Printed:_________________________

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Employee

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Employee ID:__________________________

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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			Table of Contents

		

		

		
			APPENDIX B
		

		
			Sample Restrictive Covenants
		

		
			The Executive acknowledges and recognizes (i) his possession of Confidential Information (as defined in Section (b), below), (ii) the highly competitive nature of the business of the Company and its affiliates and subsidiaries, which is worldwide in scope, and (iii) that reasonable restrictions on the Executive’s future business endeavors and the Executive’s ability to disclose Confidential Information are necessary to protect valuable client and customer relationships of the Company.  Accordingly, in consideration for the benefits received under the Executive Severance Plan (effective August 10th, 2017) (the “Plan”), the Executive agrees to the restrictions set forth herein.  Any terms used but not defined herein shall have the meanings ascribed to them in the Plan.
		

			
	
			
				 a.
			Non-Competition.  The Executive agrees that for the duration of the Severance Period, he shall not, either individually or as an officer, director, stockholder, member, partner, agent, employee, consultant, principal, or committee-member of another business firm or sole proprietorship, (i) engage in, or be connected in any manner with, any business operating anywhere in the world that is in direct or indirect competition with any active business of the Company or any of its affiliates or subsidiaries, or any planned business of the Company or any of its affiliates or subsidiaries of which the Executive is aware (each a “Competitive Business”); (ii) be employed by an entity or person that controls a Competitive Business; or (iii) directly or indirectly solicit any customer or client of the Company or any of its affiliates or subsidiaries; provided, however, that the restrictions set forth in this Section (a) shall not prohibit the Executive from being a passive shareholder of a public company if the Executive owns less than one percent (1%) of such company.

			
	
			
				 b.
			Confidential Information.  The Executive agrees that he shall not, at any time, disclose to another, or use for any purpose, any Confidential Information.  For purposes of this agreement, Confidential Information includes all trade secrets and confidential information of the Company and its affiliates and subsidiaries including, but not limited to, the Company’s unique business methods, processes, operating techniques and “know-how” (all of which have been developed by the Company or its affiliates and subsidiaries through substantial effort and investment), profit and loss results, market and supplier strategies, customer identity and needs, information pertaining to employee effectiveness and compensation, inventory strategy, product costs, gross margins, and other information relating to the affairs of the Company and its affiliates and subsidiaries that the Executive shall have acquired during his employment with the Company.

			
	
			
				 c.
			Non-Solicitation of Employees.  The Executive agrees that he shall not, for three (3) years from the date hereof, directly or indirectly solicit or induce any of the employees of the Company or any of its affiliates or subsidiaries to terminate employment with their employer.

		
			 
		

		 

		

			B-1Exhibit 4.5

 

WARRANT AGREEMENT

 

This Warrant Agreement (“Warrant
Agreement”) is made as of October 25, 2017, by and between CM Seven Star Acquisition Corporation, a Cayman Islands exempted
company (the “Company”) and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant
Agent”).

 

WHEREAS, the Company
is engaged in a public offering (the “Public Offering”) of 20,700,000 units (the “Units”)
of the Company (including up to 2,700,000 additional Units, if the underwriters’ over-allotment option is exercised in full),
each Unit consisting of one ordinary share of the Company, par value $0.0001 per share (the “Ordinary Shares”),
one right to receive one-tenth (1/10) of an Ordinary Share, and one-half of a redeemable warrant (the “Public Warrant”
or “Public Warrants”), each whole redeemable Warrant entitling the holder thereof to purchase one Ordinary Share
(the “Warrant Shares”);

 

WHEREAS, the Company
has received a binding commitment from Shareholder Value Fund, a Cayman Islands exempted company, its sponsor, to purchase up to
an aggregate of 475,000 Units (or 529,000 Units if the underwriters’ over-allotment option is exercised in full) pursuant
to a Subscription Agreement dated October 25, 2017 (the “Subscription Agreement”), and, in connection therewith,
will issue and deliver up to an aggregate of 475,000 warrants (or 529,000 warrants if the underwriters’ over-allotment option
is exercised in full) underlying such Units (the “Private Warrants”);

 

WHEREAS, the Company
has granted to EarlyBirdCapital, Inc. or its designees an option to purchase up to a total of 900,000 Units at $10.00 per Unit,
and may issue and deliver up to an aggregate of 900,000 warrants underlying such Units (the “Unit Purchase Option Warrants”,
and together with the Public Warrants and the Private Warrants, the “Warrants”);

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) Registration Statements on Form S-1, Nos.
333-220510 and 333-221125 (“Registration Statement”), for the registration, under the Securities Act of 1933,
as amended (the “Act”) of, among other securities, the Public Warrants;

 

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

 

WHEREAS, the Company
desires to provide for the form, terms and provisions of the Warrants, including 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 legally valid and binding obligations of the Company, and to authorize
the execution and delivery of this Warrant 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
Warrant Agreement.

 

     

     

    

 

2.            Warrants.

 

2.1           Form
of Warrant. Each Warrant shall be: (a) issued in registered form only, (b) in substantially the form of Exhibit A
hereto, the provisions of which are incorporated herein and (c) signed by, or bear the facsimile signature of, the Chairman
of the Board, the Chief Executive Officer or the Chief Financial 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         
Uncertificated Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued
as part of, and be represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant
Agent and/or the facilities of The Depository Trust Company (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 Warrant 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 the original
issuance and transfers 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 shall be registered upon the Warrant Register (“Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.4          Detachability
of Warrants. Each of the Ordinary Shares, Rights and the Warrants comprising the Units will begin to trade separately on (i)
the first trading day following the 90th day after the effectiveness of the Registration Statement, or (ii) such earlier date as
EarlyBirdCapital, Inc., as representative of the underwriters (the “Representative”), shall determine is acceptable
(such date, the “Detachment Date”). In no event will separate trading of the securities comprising the Units
commence until the Company (i) files a Current Report on Form 8-K with the SEC including audited balance sheet reflecting the Company’s
receipt of the gross proceeds of the Public Offering and (ii) issues a press release announcing when such separate trading will
begin.

 

2.5          Private
Warrants. The Private Warrants will be issued in the same form as the Public Warrants except that (i) they will be exercisable
either for cash or on a cashless basis pursuant to Section 3.3 but at the holder’s option and (ii) they will not be redeemable
by the Company, in either case as long as the Private Warrants are held by the initial purchasers or any of their permitted transferees
(as prescribed in the Subscription Agreement). Once a Private Warrant is transferred to a holder other than a permitted transferee,
it shall be treated as a Public Warrant hereunder for all purposes.

 

2.6           Unit
Purchase Option Warrants. The Unit Purchase Option Warrants, when issued, shall have the same terms and be in the same form
as the Public Warrants. The provisions of this Section 2.6 may not be modified, amended or deleted without the prior consent of
the Representative.

 

    2 

     

    

 

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 Ordinary Shares stated therein, at $11.50
per share, subject to the adjustments provided in Section 4 hereof. The term “Warrant Price” as used in
this Warrant Agreement refers to the price per whole share at which the Ordinary Shares may be purchased at the time such 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 (“Exercise Period”) commencing on the later
to occur of (i) the completion of the Company’s initial merger, share exchange, asset acquisition, share purchase, recapitalization,
reorganization or similar business combination with one or more businesses or entities (“Business Combination”) and
(ii) 12 months following the closing of the Public Offering, and terminating at 5:00 p.m., New York City time, on the earlier to
occur of (i) the fifth anniversary of the completion of the Company’s initial Business Combination, and (ii) the
Redemption Date as provided in Section 6 of this Warrant Agreement (“Expiration Date”). Except with respect
to the right to receive the Redemption Price (as set forth in Section 6 hereunder), 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 Warrant Agreement
shall cease at the close of business on the Expiration Date. The Company may extend the duration of the Warrants by delaying the
Expiration Date; provided, however, that the Company will provide notice of not less than 10 days to Registered Holders of such
extension and that such extension shall be identical in duration among all of the then outstanding Warrants.

 

3.3           Exercise
of Warrants.

 

3.3.1           Cash
Exercise. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Company,
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, currently being:

 

Continental Stock Transfer & Trust Company

One State Street Plaza, 30th Floor

New York, New York 10004

 

with the subscription form, as set forth
in the Warrant, duly executed, and by paying in full, in lawful money of the United States, by certified or bank cashier’s
check payable to the order of the Warrant Agent or by wire transfer to the Warrant Agent’s JPMorgan bank account, the Warrant
Price for each whole Warrant Share as to which the Warrant is exercised and any and all applicable taxes due in connection with
the exercise of the Warrant, the exchange of the Warrant for the Warrant Shares, and the issuance of the Warrant Shares (such exercise,
a “Cash Exercise”). A Cash Exercise in accordance with this Section 3.3.1 is available to the Registered Holder
only during such times that there is an effective registration statement registering the Warrant Shares, with the prospectus contained
therein being available for the resale of the Warrant Shares.

 

    3 

     

    

  

3.3.2           Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if there is no effective registration statement registering
the Warrant Shares on the 90th day after the completion of the Company’s initial Business Combination, and during
any other period when the Company shall fail to have maintained an effective registration statement covering the Ordinary Shares
issuable upon exercise of the Warrants, if the Registered Holder desires to exercise the Warrants, the Registered Holder may exercise
the Warrants in whole or in part in lieu of making a cash payment, by providing notice to the Chief Financial Officer of the Company
in a subscription form of its election to utilize cashless exercise, in which event the Company shall issue to the Holder the number
of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares
to be issued to the Holder.

 

Y = the number of Warrant Shares
with respect to which this Warrant is being exercised.

 

A = the fair market value of
one Ordinary Share.

 

B = the Warrant Price.

 

For purposes of this Section 3.3.2
and Section 4.1, the fair market value of one Ordinary Share is defined as follows:

 

(i) if the Company’s Ordinary
Shares are listed and traded on the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market,
the NASDAQ Capital Market or the OTC Bulletin Board (each, a “Trading Market”), the fair market value shall
be deemed the average of the closing price on such Trading Market for the 10 trading day ending on the third trading day immediately
prior to the date the subscription form is submitted to the Company in connection with the exercise of the Warrant; or

 

(ii) if the Company’s Ordinary
Shares are not listed on a Trading Market, but are traded in the over-the-counter market, the fair market value shall be deemed
to be the average of the bid price on such Trading Market for the 10 trading day ending on the third trading day immediately prior
to the date the subscription form is submitted in connection with the exercise of the Warrant; or

 

(iii) if there is no active public
market for the Company’s Ordinary Shares, the fair market value of the Ordinary Shares shall be determined in good faith
by the Company’s board of directors.

 

The provisions of this Section 3.3.2 may
not be modified, amended or deleted without the prior consent of the Representative.

 

3.3.3           Fractional
Shares. Notwithstanding any provision to the contrary contained in this Warrant Agreement, the Company shall not be required
to issue any fraction of a Warrant Share in connection with the exercise of Warrants, and in any case where the Registered Holder
would be entitled under the terms of the Warrants to receive a fraction of a Warrant Share upon the exercise of such Registered
Holder’s Warrants, issue or cause to be issued only the largest whole number of Warrant Shares issuable on such exercise
(and such fraction of a Warrant Share will be disregarded); provided, that if more than one Warrant certificate is presented for
exercise at the same time by the same Registered Holder, the number of whole Warrant Shares which shall be issuable upon the exercise
thereof shall be computed on the basis of the aggregate number of Warrant Shares issuable on exercise of all such Warrants.

 

    4 

     

    

  

3.3.4           Issuance
of Certificates. No later than two (2) business days following the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price pursuant to Section 3.3.1 or cashless exercise pursuant to Section 3.3.2, the Company shall make,
or cause to be made, entries in its Register of Members and shall issue, or cause to be issued, to the Registered Holder of such
Warrant, a certificate or certificates representing (or at the option of the Registered Holder, deliver electronically through
the facilities of the Depository Trust Corporation) the number of full 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 or surrendered in
full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised or surrendered.
Notwithstanding the foregoing, the Company shall not deliver, or cause to be delivered, any securities without applicable restrictive
legend pursuant to the exercise of a Warrant unless (a) a registration statement under the Act with respect to the Ordinary
Shares issuable upon exercise of such Warrants is effective and a current prospectus relating to the Ordinary Shares issuable upon
exercise of the Warrants is available for delivery to the Registered Holder of the Warrant or (b) in the opinion of counsel
to the Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified
for sale or exempt from qualification under applicable securities laws of the states or other jurisdictions in which the Registered
Holder resides. Warrants may not be exercised by, or securities issued to, any Registered Holder in any state in which such exercise
or issuance would be unlawful. In addition, in no event will the Company be obligated to pay such Registered Holder any cash consideration
upon exercise or otherwise “net cash settle” the Warrant.

 

3.3.5           Valid
Issuance. All Ordinary Shares issued upon the proper exercise or surrender of a Warrant in conformity with this Warrant Agreement
shall be validly issued, fully paid and non-assessable.

 

3.3.6           Date
of Issuance. Each person or entity in whose name any such certificate for 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 person or entity’s name is entered
on the Register of Members of the Company, which shall be 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.

 

3.3.7       
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 3.3.7; however, no holder of a Warrant shall be subject to this subsection 3.3.7 unless
he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 9.8% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after
giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned
by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect
to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise
of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company 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 Warrant, in determining the number of outstanding Ordinary Shares, the holder
may rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent annual report on Form
10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Securities and Exchange Commission
as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or Continental
Stock Transfer & Trust Company setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the
written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to
such holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined
after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the
date as of which such number of outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant
may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in
such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice
is delivered to the Company.

 

4.             Adjustments.

 

4.1           Share
Capitalizations, Splits. If, after the date hereof, and subject to the provisions of Section 4.5 below, the number of
issued and outstanding Ordinary Shares is increased by a share capitalization payable in Ordinary Shares, or by a consolidation
of Ordinary Shares, or other similar event, then, on the effective date of such share capitalization, split or similar event, the
number of Ordinary Shares issuable on exercise of each Warrant shall be increased or decreased in proportion to such increase or
decrease in issued and outstanding Ordinary Shares. A rights offering to all holders of the Ordinary Shares entitling holders to
purchase Ordinary Shares at a price less than the fair market value shall be deemed a share capitalization of a number of Ordinary
Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other
equity securities sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by
(ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the fair market
value. For purposes of this subsection 4.1, if the rights offering is for securities convertible into or exercisable for Ordinary
Shares, in determining the price payable for the Ordinary Shares, there shall be taken into account any consideration received
for such rights, as well as any additional amount payable upon exercise or conversion.

 

    5 

     

    

 

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

 

4.3           Extraordinary
Dividends. If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding and unexpired,
shall pay a dividend or make a distribution in cash, securities or other assets to the holders of Ordinary Shares on account of
such Ordinary Shares (or other shares of the Company’s capital stock into which the Warrants are convertible), other than
(a) as described in subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion rights
of the holders of Ordinary Shares in connection with a proposed initial Business Combination, (d) as a result of the repurchase
of Ordinary Shares by the Company in connection with an initial Business Combination or as otherwise permitted by the Investment
Management Trust Agreement between the Company and the Warrant Agent dated of even date herewith or (e) in connection with the
Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination (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 the fair market
value (as determined by the Company’s board of directors, in good faith) of any securities or other assets paid on each Ordinary
Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per share basis with the per share amounts of all other
cash dividends and cash distributions paid on the Ordinary Shares 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 Ordinary Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in
the Offering).

 

4.4           Adjustments
in Exercise Price. Whenever the number 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, (a) the numerator of which shall be the number of Ordinary Shares purchasable upon
the exercise of the Warrants immediately prior to such adjustment, and (b) the denominator of which shall be the number of
Ordinary Shares so purchasable immediately thereafter.

 

    6 

     

    

  

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 Sections 4.1 or 4.2 hereof or one that solely affects the par value of such Ordinary Shares),
or, in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger
in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the issued
and outstanding Ordinary Shares), or, in the case of any sale or conveyance to another corporation or entity of the assets or other
property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved, the
Registered Holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the Warrants and in lieu of the 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 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 Registered Holder would have received if such Registered Holder had exercised his, her or its Warrant(s) immediately prior
to such event; and if any reclassification also results in a change in Ordinary Shares covered by Sections 4.1 or 4.2, then such
adjustment shall be made pursuant to Sections 4.1, 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.

 

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

 

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

 

    7 

     

    

 

4.8           Notice
of Certain Transactions. In the event that the Company shall (a) offer to holders of all its Ordinary Shares rights to
subscribe for or to purchase any securities convertible into Ordinary Shares or shares of any class or any other securities, rights
or options, (b) issue any rights, options or warrants entitling all the holders of Ordinary Shares to subscribe for Ordinary
Shares, or (c) make a tender offer, redemption offer or exchange offer with respect to the Ordinary Shares, the Company shall
send to the Registered Holders a notice of such action or offer. Such notice shall be mailed to the Registered Holders at their
addresses as they appear in the Warrant Register, which shall specify the record date for the purposes of such dividend, distribution
or rights, or the date such issuance or event is to take place and the date of participation therein by the holders of Ordinary
Shares, if any such date is to be fixed, and shall briefly indicate the effect of such action on the Ordinary Shares and on the
number and kind of any other shares and on other property, if any, and the number of Ordinary Shares and other property, if any,
issuable upon exercise of each Warrant and the Warrant Price after giving effect to any adjustment pursuant to this Section 4
which would be required as a result of such action. Such notice shall be given as promptly as practicable after the Company has
taken any such action.

 

4.9          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           Transfer
of Warrants. Prior to the Detachment Date, the 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.
From and after the Detachment Date, this Section 5.1 will have no further force and effect.

 

5.2           Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant into 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 the Company’s request.

 

5.3           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
a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and shall issue
new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such
transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.4           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 for a fraction of a warrant.

 

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

 

    8 

     

    

 

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

 

6.            Redemption.

 

6.1           Redemption.
Subject to the second sentence of this Section 6.1, all (and not less than all) of the outstanding Warrants may be redeemed,
in whole and not in part, at the option of the Company, at any time from and after the Warrants become exercisable, and prior to
their expiration, 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 has been equal to or
greater than $18.00 per share (subject to adjustment for splits, dividends, recapitalizations and other similar events), for any
twenty (20) trading days within a thirty (30) trading day period ending on the third business day prior to the date on
which notice of redemption is given, and provided further that (i) there is a current registration statement in effect with respect
to the Ordinary Shares underlying the Warrants for each day in the 30-Day trading period and continuing each day thereafter until
the Redemption Date (defined below) or (ii) the cashless exercise is exempt from the registration requirements under the Act. For
avoidance of doubt, if and when the warrants become redeemable by the Company under this Section, the Company may exercise its
redemption right, even if it is unable to register or qualify the Warrant Shares for sale under all applicable state securities
laws.

 

6.2           Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants, 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 30 days prior to the date fixed for redemption to the Registered Holders of the Warrants
to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the Registered Holder received such notice.

 

6.3           Exercise
After Notice of Redemption. The Warrants may be exercised in accordance with Section 3 of this Warrant 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; provided that the Company may require the Registered Holder who desires to exercise the Warrant, to elect cashless exercise
pursuant to Section 3.3.2, and such Registered Holder must exercise the Warrants on a cashless basis if the Company so requires.
On and after the Redemption Date, the Registered Holder of the Warrants shall have no further rights except to receive, upon surrender
of the Warrants, the Redemption Price.

 

6.4           No
Other Rights to Cash Payment. Except for a redemption in accordance with this Section 6, no Registered Holder of any Warrant
shall be entitled to any cash payment whatsoever from the Company in connection with the ownership, exercise or surrender of any
Warrant under this Warrant Agreement.

 

6.5       Exclusion
of Certain Warrants. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption.
However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the
criteria for redemption is met. Additionally, the Company agrees that the redemption rights provided in this Section 6 shall not
apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by
the initial purchaser or its permitted transferees. However, once such Private Placement Warrants are transferred (other than to
permitted transferees), the Company may redeem the Private Placement Warrants in the same manner as the Public Warrants. The provisions
of this Section 6.5 may not be modified, amended or deleted without the prior written consent of Representative.

 

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

 

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

 

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

 

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

 

7.4           Registration
of Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than fifteen (15) business days after
the closing of a Business Combination, it shall use its best efforts to file with the SEC a registration statement for the registration
under the Act of the Ordinary Shares issuable upon exercise of the Warrants, and 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 the Ordinary
Shares issuable upon exercise of the Warrants under state blue sky laws, to the extent an exemption is not available.

 

8.            Concerning
the Warrant Agent and Other Matters.

 

8.1           Payment
of Taxes. The Company 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 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 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the Registered Holder
of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the Registered
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. 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 be authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authorities. 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.

 

    10 

     

    

  

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

 

8.2.3           Merger
or Consolidation of Warrant Agent. Any 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 Warrant Agreement without any further act on the part of the Company or the Warrant Agent.

 

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 Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

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

 

8.4          Liability
of Warrant Agent.

 

8.4.1           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 Chief Executive Officer, Chief Financial Officer 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 Warrant Agreement.

 

    11 

     

    

  

8.4.2           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 hold 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 Warrant Agreement, except as a result
of the Warrant Agent’s 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 Warrant 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 Warrant 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 Ordinary Shares to be issued pursuant to this
Warrant Agreement or any Warrant or as to whether any Ordinary Shares will when issued be valid and fully paid and non-assessable.

 

8.5           Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Warrant 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 moneys received by the Warrant Agent for the purchase of Ordinary
Shares of the Company through the exercise of Warrants.

 

8.6           Waiver.
The Warrant Agent hereby waives any 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.

 

9.            Miscellaneous
Provisions.

 

9.1           Successors.
All the covenants and provisions of this Warrant 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 Registered
Holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier
service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

    12 

     

    

         

CM Seven Star Acquisition Corporation

Suite 1003-1004, 10/F, ICBC Tower

Three Garden Road, Central, Hong
Kong

Attn: Bing Lin, Chief Executive
Officer

 

with a copy (which shall not constitute
notice) to:

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso, Esq.

 

with copies to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, NY 10174

Attn: David Alan Miller, Esq.

 

and

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th
Floor

New York, NY 10017

Attn: Steven Levine

 

Any notice, statement or demand authorized
by this Warrant Agreement to be given or made by the Registered Holder of any Warrant or by the Company to or on the Warrant Agent
shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address
is filed in writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

 

Any notice, sent pursuant to this Warrant
Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight
courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day
after registration or certification thereof.

 

9.3           Applicable
Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflict of laws. The Company and the Warrant Agent hereby agree
that any action, proceeding or claim against either of them arising out of or relating in any way to this Warrant 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 and the Warrant Agent
hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process
or summons to be served upon the Company or the Warrant Agent 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 party receiving such service in any action, proceeding
or claim.

 

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9.4           Persons
Having Rights under this Warrant Agreement. Nothing in this Warrant 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 9.2 hereof, the Representative
and the underwriters, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. The Representative, and each of the underwriters, shall be deemed to be a third party beneficiary
of this Warrant Agreement with respect to Sections 2.6, 3.3.2, 6.1, 6.4, 9.2 and 9.8 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 the Representative and underwriters with respect to the Sections 2.6, 3.3.2, 6.1, 6.4, 9.2 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 Warrant 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 Registered Holder to submit his, her or its Warrant for inspection.

 

9.6           Counterparts;
Facsimile Signatures. This Warrant Agreement may be executed in any number of counterparts, and each of such counterparts shall,
for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and the same instrument.
Facsimile signatures shall constitute original signatures for all purposes of this Warrant Agreement.

 

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

 

9.8           Amendments.
This Warrant Agreement and any Warrant certificate may be amended by the parties hereto by executing a supplemental warrant agreement
(a “Supplemental Agreement”), without the consent of any of the Warrant Holders, for the purpose of (i) curing
any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or making any other provisions
with respect to matters or questions arising under this Warrant Agreement that is not inconsistent with the provisions of this
Warrant Agreement or the Warrant certificates, (ii) evidencing the succession of another corporation to the Company and the
assumption by any such successor of the covenants of the Company contained in this Warrant Agreement and the Warrants, (iii) evidencing
and providing for the acceptance of appointment by a successor Warrant Agent with respect to the Warrants, (iv) adding to
the covenants of the Company for the benefit of the Registered Holders or surrendering any right or power conferred upon the Company
under this Warrant Agreement, or (viii) amending this Warrant Agreement and the Warrants in any manner that the Company may
deem to be necessary or desirable and that will not adversely affect the interests of the Registered Holders in any material respect.
All other modifications or amendments to this Warrant Agreement, including any amendment to increase the Warrant Price or shorten
the Exercise Period, shall require the written consent of the Registered Holders of a majority of the then outstanding Warrants.
Notwithstanding the foregoing, the Company may extend the duration of the Exercise Period in accordance with Section 3.2 without
such consent.

 

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.

 

[SIGNATURE PAGE FOLLOWS]

 

    14 

     

    

 

[SIGNATURE PAGE TO THE WARRANT AGREEMENT]

 

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

 

	 	CM SEVEN STAR ACQUISITION CORPORATION
	 	 
	 	By:	 	 
	 	 	Name:  Bing Lin
	 	 	Title:    Director, Chairman and Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY 
	 	 	 
	 	By:	 	 
	 	 	Name:  Kevin Jennings
	 	 	Title:    Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}]]