Document:

Exhibit 10.6

 

Medicus Sciences Acquisition Corp.

152 West 57th Street, Floor 20

New York,
New York 10019

 

December 6,
2020

 

Medicus Sciences Holdings LLC

152 West 57th Street, Floor 20 

New York, New York 10019

 

	 	RE:	Securities Subscription Agreement

 

Ladies and Gentlemen:

 

Medicus Sciences Acquisition Corp., a Cayman
Islands exempted company (the “Company”), is pleased to accept the offer of Medicus Sciences Holdings LLC, a
Delaware limited liability company (the “Subscriber” or “you”), has made to subscribe for
and purchase 2,323,000 Class B ordinary shares, $0.0001 par value per share (the “Shares”, and together
with the Company’s Class A ordinary shares, $0.0001 par value per share, the “Ordinary Shares”),
up to 303,000 of which are subject to complete or partial forfeiture by you if the underwriters of the Company’s initial
public offering (“IPO”) of units (“Units”) do not fully exercise their over-allotment option
(the “Over-allotment Option”).  The terms (this “Agreement”) on which the Company is
willing to sell the Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Shares, are
as follows:

 

1. Subscription and Purchase
of Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges as having previously
been received by it, in cash, the Company hereby sells and issues the Shares to the Subscriber, and the Subscriber hereby subscribes
for and purchases the Shares from the Company, subject to forfeiture, on the terms and subject to the conditions set forth in this
Agreement.  All references in this Agreement to shares of the Company being forfeited shall take effect as surrenders for
no consideration of such shares as a matter of Cayman Islands law. On the issuance of the Shares, the Subscriber hereby surrenders
for no consideration the one Class B ordinary share, $0.0001 par value that the Subscriber holds in the Company.

 

2. Representations, Warranties
and Agreements.

 

2.1 Subscriber’s Representations,
Warranties and Agreements.  To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby represents
and warrants to the Company and agrees with the Company as follows:

 

2.1.1 No Government Recommendation
or Approval.  The Subscriber understands that no federal or state agency has passed upon or made any recommendation or
endorsement of the offering of the Shares.

 

2.1.2 No Conflicts.  The
execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) the formation and governing documents of the Subscriber, (ii) any
agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation to
which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3 Organization and Authority. 
The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of the State of Delaware
and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.  Upon
execution and delivery by you, this Agreement is a legal, valid and binding agreement of the Subscriber, enforceable against the
Subscriber in

accordance with its terms, except as such enforceability may
be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law
or in equity).

 

     

     

    

 

2.1.4 Experience, Financial Capability
and Suitability.  The Subscriber is:  (i) sophisticated in financial matters and is able to evaluate the risks
and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an
indefinite period of time because the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration
is available.  Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity
to protect its own interests.  The Subscriber must bear the economic risk of this investment until the Shares are sold pursuant
to:  (i) an effective registration statement under the Securities Act or (ii) an exemption from registration available
with respect to such sale.  The Subscriber is able to bear the economic risks of an investment in the Shares and to afford
a complete loss of the Subscriber’s investment in the Shares.

 

2.1.5 Access to Information; Independent
Investigation.  Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask questions of and
receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations,
business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all information
so obtained.  In determining whether to make this investment, the Subscriber has relied solely on the Subscriber’s own
knowledge and understanding of the Company and its business based upon the Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph.  The Subscriber understands that no person has been authorized to give
any information or to make any representations which were not furnished pursuant to this Section 2 and the Subscriber has
not relied on any other representations or information in making its investment decision, whether written or oral, relating to
the Company, its operations and/or its prospects.

 

2.1.6 Private Offering. 
The Subscriber represents that it is (a) an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act or (b) not a “U.S. Person” as defined in Rule 902 of Regulation S (“Regulation
S”) under the Securities Act. The Subscriber acknowledges the sale contemplated hereby is being made in reliance on a private
placement exemption to “Accredited Investors” within the meaning of Section 501(a) of Regulation D under
the Securities Act or similar exemptions under state law or to a non-U.S. Person under Regulation S. Accordingly, the Shares will
be “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, and therefore may
not be offered, pledged or sold by the Subscriber, directly or indirectly, in the United States without registration under United
States federal and state securities laws or an exemption therefrom and the Subscriber understands the certificates representing
the Shares (if any) will contain a legend in respect of such restrictions.

 

2.1.7 Investment Purposes. 
The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the
account or benefit of any other person, and not with a view towards the distribution or dissemination thereof.  The Subscriber
did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of
Rule 502 under the Securities Act.

 

2.1.8 Restrictions on Transfer; Shell
Company.  The Subscriber understands the Shares are being offered in a transaction not involving a public offering within
the meaning of the Securities Act. The Shares have not been registered under the Securities Act, and, if in the future the Subscriber
decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred
only (A) in accordance with the provisions of Regulation S (Rule 901 through 905), (B) pursuant to a registration
under the Securities Act, or (C) pursuant to an available exemption from registration. The Subscriber agrees that if any transfer
of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, the Subscriber may
be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the
Subscriber agrees not to resell the Shares. The Subscriber further acknowledges that because the Company is a shell company, Rule 144
may not be available to the Subscriber for the resale of the Shares until one year following the consummation of a business combination
of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual
transfer restrictions.

 

2.1.9 No Governmental Consents. 
No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part of
the Subscriber in connection with the transactions contemplated by this Agreement.

 

     

     

    

 

2.2 Company’s Representations,
Warranties and Agreements.  To induce the Subscriber to purchase the Shares, the Company hereby represents and warrants
to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1 Incorporation and Corporate
Power.  The Company is a Cayman Islands exempted company and is qualified to do business in every jurisdiction in which
the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company.  The Company possesses all requisite corporate power and authority necessary to carry out
the transactions contemplated by this Agreement.

 

2.2.2 No Conflicts.  The
execution, delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby
do not violate, conflict with or constitute a default under (i) the Memorandum and Articles of Association of the Company,
(ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation
to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3 Title to Shares.  Upon
issuance in accordance with, and payment pursuant to, the terms hereof, and registration on the register of members of the Company,
the Shares will be duly and validly issued, fully paid and nonassessable.  Upon issuance in accordance with, and payment pursuant
to, the terms hereof the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances
of any kind, other than (a) transfer restrictions hereunder and under the other agreements to which the Shares may be subject,
(b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due
to the actions of the Subscriber.

 

2.2.4 No Adverse Actions. 
There are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which:  (i) seek
to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii) question
the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any transactions.

 

3. Forfeiture of Shares.

 

3.1 Partial or No Exercise of the
Over-allotment Option.  In the event the Over-allotment Option granted to the underwriters of the IPO is not exercised
in full, the Subscriber acknowledges and agrees that it (and, if applicable, any transferee of Shares) shall forfeit any and all
rights to such number of Shares (up to an aggregate of 303,000 Shares and pro rata based upon the percentage of the Over-allotment
Option exercised) such that immediately following such forfeiture, the Subscriber (and any such transferees, if any) will own an
aggregate number of Shares (not including Ordinary Shares issuable upon exercise of any warrants or any securities purchased by
the Subscriber in the IPO or in the aftermarket) equal to 20% of the issued and outstanding Ordinary Shares immediately following
the IPO.

 

3.2 Termination of Rights as Shareholder. 
If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber (or successor in
interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate
to cancel such forfeited Shares.

 

4. Waiver of Liquidation
Distributions; Redemption Rights.

 

In connection with the Shares
purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in
or to any distributions by the Company from the trust account which will be established for the benefit of the
Company’s public shareholders and into which substantially all of the proceeds of the IPO will be deposited (the
 “Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely
complete an initial business combination.  For purposes of clarity, in the event the Subscriber purchases securities in
the IPO or in the aftermarket, any Class A Ordinary Shares so purchased shall be eligible to receive any liquidating
distributions by the Company.  However, in no event will the Subscriber have the right to redeem any Ordinary Shares
held by it into funds held in the Trust Account upon the successful completion of an initial business combination.

 

     
 

     

    

 

5. Restrictions on Transfer.

 

5.1 Securities Law Restrictions. 
In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider Letter”)
dated on or prior to the closing of the IPO by and between the Subscriber and the Company, the Subscriber agrees not to sell, transfer,
pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration statement
on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be
transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the
Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and
the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2 Lock-up.  Subscriber
acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained in the Insider
Letter.

 

5.3 Restrictive Legends. 
All certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THESE SECURITIES (i) HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THESE SECURITIES
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
FILED UNDER THE SECURITIES ACT, (B) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904
OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE RESALE LIMITATIONS SET FORTH IN RULE 905 OF REGULATION S UNDER
THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE)
OR (E) PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

5.4 Additional Shares or Substituted
Securities.  In the event of the declaration of a share capitalization, the declaration of an extraordinary dividend payable
in a form other than Shares, a spin-off, a share sub-division, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new, substituted or
additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5
and Section 3.  Appropriate adjustments to reflect the distribution of such securities or property shall be made to the
number and/or class of Ordinary Shares subject to this Section 5 and Section 3.

 

5.5 Registration
Rights.  The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the
registration requirements of the Securities Act and will become freely tradable only after certain conditions are met or they
are registered pursuant to a registration rights agreement to be entered into with the Company prior to the closing of the
IPO (the “Registration Rights Agreement”).

 

     

     

    

 

6. Other Agreements.

 

6.1 Further Assurances. 
The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry
out the intent of this Agreement.

 

6.2 Notices.  All notices,
statements or other documents which are required or contemplated by this Agreement shall be:  (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most
recently provided to such party or such other electronic mail address as may be designated in writing by such party.  Any
notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally,
on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business
day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3 Entire Agreement. 
This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the form to be filed
as an exhibit to the Registration Statement, embodies the entire agreement and understanding between the Subscriber and the Company
with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the
subject matter hereof.

 

6.4 Modifications and Amendments. 
The terms and provisions of this Agreement may be modified or amended only by written agreement executed by all parties hereto.

 

6.5 Waivers and Consents. 
The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document
executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to
be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. 
Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall
not constitute a continuing waiver or consent.

 

6.6 Assignment.  The rights
and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other
party.

 

6.7 Benefit.  All statements,
representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and shall inure
to the benefit of the respective successors and permitted assigns of each party hereto.  Nothing in this Agreement shall be
construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party
beneficiary of this Agreement.

 

6.8 Governing Law. This
Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws
of the State of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

6.9 Severability.  In the
event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this Agreement
shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court
deems it reasonable and enforceable, and as so limited shall remain in full force and effect.  In the event that such court
shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless
remain in full force and effect.

 

6.10 No Waiver of Rights, Powers
and Remedies.  No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and
no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. 
No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder.  The election of any remedy by a party hereto shall not constitute
a waiver of the right of such party to pursue other available remedies.  No notice to or demand on a party not expressly required
under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action
in any circumstances without such notice or demand.

 

     

     

    

 

6.11 Survival of Representations
and Warranties.  All representations and warranties made by the parties hereto in this Agreement or in any other agreement,
certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations
made by or on behalf of the parties.

 

6.12 No Broker or Finder. 
Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted
on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability
on the other.  Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission
or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf
of such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.13 Headings and Captions. 
The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way
modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14 Counterparts.  This
Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15 Construction.  The
parties hereto have participated jointly in the negotiation and drafting of this Agreement.  If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. 
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.”  Pronouns in masculine, feminine, and neuter genders will be construed
to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires.  The words “this Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited.  The parties hereto intend that each representation, warranty,
and covenant contained herein will have independent significance.  If any party hereto has breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to
the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

6.16 Mutual Drafting. 
This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual
consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Voting and Tender
of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that the Company
negotiates and submits for approval to the Company’s shareholders and shall not seek redemption or repurchase with
respect to any of the Shares.  Additionally, the Subscriber agrees not to tender any Shares in connection with a tender
offer presented to the Company’s shareholders in connection with an initial business combination negotiated by the
Company.

 

8. Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

     

     

    

  

If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of the Agreement and return it to us.

 

	Very truly yours,	 
	 	 
	MEDICUS SCIENCES ACQUISITION CORP.	 
	 	 	 
	By:	/s/ Michael Castor	 
	 	Name: Michael Castor	 
	 	Title: Chief Executive Officer	 

 

Accepted and agreed as of the date first
written above.

 

	MEDICUS SCIENCES HOLDINGS LLC	 
	 	 	 
	By:	/s/ Michael Castor	 
	 	Name: Michael Castor	 
	 	Title: Managing Member	 
	 	 	 
	By:	/s/ Mark Gottlieb	 
	 	Name: Mark Gottlieb	 
	 	Title: Managing Member	 

 

[Signature page to Subscription
Agreement]Exhibit
4.1

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of December 17, 2020, is by and between INSU Acquisition
Corp. III, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company,
a New York limited purpose trust company, as warrant agent (the “Warrant Agent”; also referred to as
the “Transfer Agent”).

 

WHEREAS,
the Company has entered into that certain Unit Subscription Agreement, dated December 17, 2020, with Insurance Acquisition Sponsor
III, LLC, a Delaware limited liability company (together with Dioptra Advisors III, LLC, the “Sponsor”),
pursuant to which the Sponsor will purchase 575,000 Units (as defined below) for a purchase price of $5,750,000 (“Placement
Units”), each Unit consisting of one share of Common Stock (as defined below) (“Placement Shares”)
and one third of one warrant to purchase one Placement Share (the “Placement Warrants”) of the Company,
and, in connection therewith, has determined to issue and deliver up to 191,667 Placement Warrants bearing the legend set forth
in Exhibit B hereto, to be sold simultaneously with the closing of the Offering (as defined below);

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
below), the Sponsor or an affiliate of the Sponsor may loan to the Company funds as the Company may require, of which up to $1,500,000
of such loans may be convertible into Units at a price of $10.00 per Unit, each Unit consisting of one share of Common Stock and
one third of one warrant to purchase one share of Common Stock (the “Working Capital Warrants”);

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s
equity securities, each such unit comprised of one share of Common Stock and one third of one Public Warrant (as defined below)
(the “Public Units”, and together with the Placement Units, the “Units”) and,
in connection therewith, has determined to issue and deliver up to 8,356,667 Warrants (including up to 1,090,000 warrants that
may be issuable upon the exercise of a forty-five (45) day over-allotment option granted to the underwriters (the “Over-allotment
Option”)) to investors in the Offering (the “Public Warrants” and, together with the Placement
Warrants and Working Capital Warrants, the “Warrants”), each whole Warrant evidencing the right of the
holder thereof to purchase one share of Class A common stock of the Company, $0.0001 par value per share (the “Common
Stock”), for $11.50 per share, subject to adjustment as described herein;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, No. 333-250050 (the “Registration Statement”) and prospectus (the “Prospectus”)
under the Securities Act of 1933, as amended (the “Securities Act”), with respect to the Public Units
and the Public Warrants and Common Stock included in the Public Units;

 

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

 

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

 

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

 

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

  

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

 

     

     

    

 

2.
Warrants.

 

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

 

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

 

2.3
Registration.

 

2.3.1
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of original issuance and the registration of transfer of the Warrants. Except for fractional Warrants that are included in a Unit
that has not been separated into its constituent securities, no fractional Warrants may be transferred unless accompanied by other
fractional Warrants to be transferred that, in the aggregate allow for the purchase of one full placement share or an integral
multiple thereof (collectively “Whole Warrants” or individually a “Whole Warrant”).
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.
All of the Public Warrants shall initially be represented by one or more book-entry certificates (each, a “Book-Entry
Warrant Certificate”) deposited with The Depository Trust Company (the “Depositary”) and
registered in the name of Cede & Co., a nominee of the Depositary. Ownership of beneficial interests in the Public Warrants
shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its
nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution,
with respect to a Warrant in its account, a “Participant”).

 

If
the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may
instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants
are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent
shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Book-Entry Warrant
Certificate, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical
form evidencing such Warrants (“Definitive Warrant Certificate”). Such Definitive Warrant Certificate
shall be in the form annexed hereto as Exhibit A, with appropriate insertions, modifications and omissions, as provided
above.

 

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

  

2.4
Detachability of Warrants. The Common Stock and Public Warrants comprising the Public Units shall begin separate trading
on the 52nd day following the date of the Prospectus, or, if such 52nd day is not on a Business Day (as defined below), then on
the immediately succeeding Business Day following such date (the “Detachment Date”), unless Cantor Fitzgerald
& Co. or Wells Fargo Securities, LLC, as the representatives of the Underwriters, informs the Company of its decision to allow
earlier separate trading, but in no event shall the Common Stock and the Public Warrants comprising the Units be separately traded
until (a) the Company has filed a Current Report on Form 8-K with the Commission that includes an audited balance sheet reflecting
receipt by the Company of the gross proceeds of the Offering and (b) the Company issues a press release announcing when such separate
trading shall begin; provided, however, that, if the Over-allotment Option is exercised following the filing of the initial Current
Report on Form 8-K, a second or amended Current Report on Form 8-K shall be filed by the Company to provide updated financial
information to reflect the exercise of the Over-allotment Option. As used herein, “Business Day” shall
mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City. Notwithstanding the foregoing, no fractional Warrants will be issued
upon the separation of the Units. If, upon the separation of Public Warrants from Units or otherwise, a holder of Public Warrants
would be entitled to receive a fractional Public Warrant, the Company shall round down to the nearest whole number the number
of Public Warrants to be issued to such holder.

 

    2

     

    

 

2.5
Warrant Attributes.

 

2.5.1
Placement Warrants and Working Capital Warrants. The Placement Warrants and Working Capital Warrants shall be identical
to the Public Warrants, except that so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below),
the Placement Warrants and the Working Capital Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection
3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an
initial Business Combination (as defined below), and (iii) shall not be redeemable by the Company; provided, however, that in
the case of (ii), the Placement Warrants and the Working Capital Warrants and any shares of Common Stock held by the Sponsor or
any Permitted Transferees, and issued upon exercise of the Placement Warrants and the Working Capital Warrants, may be transferred
by the holders thereof to a Permitted Transferee. A “Permitted Transferee” is hereby defined as any transferee receiving
securities in the following transactions:

 

(a)
to the Sponsor (the “Initial Stockholders”) and the Company’s officers or directors;

 

(b)
to an affiliate or immediate family member of any of the Company’s officers, directors, and Initial Stockholders;

 

(c)
to any member, officer or director of the Sponsor, or any immediate family member, partner, affiliate or employee of a member
of the Sponsor;

 

(d)
by gift to any Permitted Transferee under any of the immediately preceding subsections (a) through (c), to a trust, the beneficiaries
of which consist entirely of one or more Permitted Transferees under any of the immediately preceding subsections (a) through
(c), or to a charitable organization;

 

(e)
by virtue of laws of descent and distribution upon the death of any officer or director of the Company, Initial Stockholder, or
member of the Sponsor;

 

(f)
pursuant to a qualified domestic relations order;

 

(g)
upon the Company’s liquidation prior to consummation of the Company’s initial business combination;

 

(h)
by virtue of the laws of Delaware, pursuant to the limited liability company agreement of the Sponsor upon dissolution of the
Sponsor;

 

(i)
upon and in connection with the liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of common stock for cash, securities or other property subsequent to the
Company’s consummation of its initial business combination; or

 

(j)
subsequent to the consummation of the Company’s initial business combination, in the event of a consolidation, merger, stock
exchange or other similar transaction in which the Company is the surviving entity that results in a change in a majority of the
Company’s board of directors or management team;

 

provided,
however, that in the case of clauses (a) through (f) and (h) these Permitted Transferees must enter into a written agreement agreeing
to be bound by the restrictions on transfer in this Agreement.

 

    3

     

    

 

3.
Terms and Exercise of Warrants.

 

3.1
Warrant Price. Each Whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant
and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50
per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement shall mean the price per share at which a share of Common Stock may be purchased
pursuant to the Whole Warrant at the time such Whole Warrant is exercised. The Company in its sole discretion may reduce 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, by
providing at least twenty (20) days prior written notice of such reduction to each Registered Holder. Any such reduction shall
be identical among all of the Warrants.

 

3.2
Duration of Warrants. A Whole Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the later of: (a) thirty (30) days after the first date on which the Company consummates an acquisition, through
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or
more businesses (a “Business Combination”), or (b) 12 months from the date of the completion of the
Offering (excluding any exercise of the underwriters’ over-allotment option), and terminating at 5:00 p.m., New York City
time, on the earlier of (x) five years after the date on which the Company consummates its initial Business Combination, (y) the
liquidation of the Company or, if the Company fails to consummate a Business Combination, 24 months from the date of completion
of the Offering (excluding any exercise of the underwriters’ over-allotment option), or (z) with respect to all the Warrants
except the Placement Warrants and the Working Capital Warrants, the Redemption Date (as defined below) (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable
conditions, as set forth in subsection 3.3.3 below with respect to an effective registration statement. Except with respect to
the right to receive the Redemption Price (as defined below) (other than with respect to a Placement Warrant or a Working Capital
Warrant to the extent then held by the original purchasers thereof or their Permitted Transferees) in the event of a redemption
(as set forth in Section 6 hereof), each outstanding Warrant (other than a Placement Warrant or a Working Capital Warrant
in the event of a redemption to the extent then held by the original purchasers thereof or their Permitted Transferees) not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written
notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical
in duration among all the Warrants.

 

3.3
Exercise of Warrants.

 

3.3.1
Payment. Subject to the provisions of the Warrant and this Agreement, a Whole Warrant may be exercised by the Registered
Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing
the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised on the records
of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant
Agent to the Depositary from time to time, (ii) an election to purchase shares of Common Stock pursuant to the exercise of a Warrant,
properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case
of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depositary’s procedures,
and (iii) payment in full of the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any
and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common
Stock and the issuance of such shares of Common Stock, as follows:

 

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

 

(b)
upon a redemption pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering
the Warrant for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrant, multiplied by the difference between the Warrant Price and the “Fair Market
Value” (as defined in this subsection 3.3.1(b)) by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b)
and Section 6.3, “Fair Market Value” shall mean the average last sale price per share of the Common Stock for the
ten (10) trading day period ending on the third trading day prior to the date on which the notice of redemption is sent to the
holders of the Warrants;

 

    4

     

    

 

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

 

(d)
as provided in Section 7.4 hereof.

 

3.3.2
Exercise of Fractional Warrants Not Permitted. No fractional Warrant shall be exercisable or redeemable in any manner unless
accompanied by other fractional Warrants to be exercised or redeemed that, in the aggregate for all such fractional Warrants,
constitute a Whole Warrant or Whole Warrants.

 

3.3.3
Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Whole Warrant and the
clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall
issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares
of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and
if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for
the number of shares of Common Stock as to which such Warrant shall not have been exercised. If fewer than all the Warrants evidenced
by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by the Depositary, its nominee
for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after
such exercise. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant
to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under
the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective and a prospectus
relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall
be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common
Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification
under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be
entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit
containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying
such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require holders of
Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise
of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant,
to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the number
of shares of Common Stock to be issued to such holder.

 

3.3.4
Valid Issuance. All Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and non-assessable.

 

3.3.5
Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Common
Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date
on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such
surrender and payment is a date when the share transfer books of the Company or book-entry system of the Warrant Agent are closed,
such person shall be deemed to have become the holder of such shares of Common Stock at the close of business on the next succeeding
date on which the share transfer books or book-entry system are open.

 

    5

     

    

 

3.3.6
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 3.3.6; however, no holder of a Warrant shall be subject to this subsection 3.3.6 unless
he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 9.8% (or such other amount as specified by the holder) (the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of
shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being
made, but shall exclude shares of Common Stock 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 shares of Common Stock, the holder
may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report
on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case
may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of
the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of
which such number of outstanding shares of Common Stock 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
Stock Dividends.

 

4.1.1
Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in Common Stock, or by a split-up of the Common Stock or other similar
event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights
offering to holders of the Common Stock entitling holders to purchase Common Stock at a price less than the “Fair Market
Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of
(i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the
quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes
of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in the
determination of the price payable for Common Stock shall take into account any consideration received for such rights, as well
as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means, for purposes of this
subsection 4.1.1 only, the volume weighted average price of the Common Stock as reported during the ten (10) trading day period
ending on the trading day prior to the first date on which the Common Stock trades on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.

 

    6

     

    

 

4.1.2
Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend
or make a distribution in cash, securities or other assets to the holders of the shares of Common Stock on account of such shares
of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a)
as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of
the holders of the shares of Common Stock in connection with a proposed initial Business Combination, (d) to satisfy the redemption
rights of the holders of the shares of Common Stock in connection with a stockholder vote to amend the Company’s amended
and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of
the public shares of Common Stock if the Company does not complete the Business Combination within the period set forth in the
Company’s amended and restated certificate of incorporation, or (e) in connection with the redemption of public shares upon
the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its
liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then
the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each
share of Common Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the
per share amounts of all other cash dividends and cash distributions paid on the shares of Common Stock during the 365-day period
ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred
to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to
the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being
5% of the offering price of the Units in the Offering).

 

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

 

4.3
Adjustments in Exercise Price.

 

4.3.1
Whenever the number of shares of Common Stock issuable upon the exercise of the Warrants is adjusted, as provided in subsection
4.1.1 or 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior
to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock issuable upon the exercise
of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common
Stock so issuable immediately thereafter.

 

4.3.2
If (i) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for
shares of Common Stock for capital raising purposes in connection with the closing of its initial Business Combination at an issue
price or effective issue price of less than $9.20 per share of Common Stock, with such issue price or effective issue price to
be determined in good faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates, without taking
into account any founder shares held by such holder or affiliates, as applicable, prior to such issuance) (the “New
Issuance Price”), (ii) the aggregate gross proceeds from such issuances represent more than 50% of the total equity
proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation
thereof (net of redemptions) and (iii) the volume weighted average trading price of the Common Stock during the 20 trading day
period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price,
the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent)
to be equal to 115% of the higher of the Market Value and the New Issuance Price and the Redemption Trigger Price (as defined
below) shall be adjusted to equal to 180% of the higher of the Market Value and the New Issuance Price.

 

    7

     

    

 

4.4
Replacement of Securities upon Reorganization, etc. In the event of (a) any reclassification or reorganization of the outstanding
Common Stock (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value
of the Common Stock), (b) any merger or consolidation of the Company with or into another entity or conversion of the Company
into another type of entity (other than a consolidation or merger in which the Company is the continuing corporation and that
does not result in any reclassification or reorganization of the outstanding Common Stock) or (c) the sale or conveyance of all
or substantially all of the Company’s assets in one transaction or a series of related transactions, the holders of Whole
Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in
the Warrants and in lieu of the Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the holder of the Warrants would have received if such holder had exercised his, her or its Whole Warrant(s) immediately
prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders of the
Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable
upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance
for which each Whole Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received
per share by the holders of the Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if
a tender, exchange or redemption offer shall have been made to, and accepted by, the holders of the Common Stock (other than a
tender, exchange or redemption offer made by the Company in connection with redemption rights held by stockholders of the Company
as provided for in the Company’s amended and restated certificate of incorporation or as a result of the repurchase of Common
Stock by the Company if a proposed initial Business Combination is presented to the stockholders of the Company for approval)
under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any
group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate
or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which
any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than
50% of the outstanding Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest
amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant
holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the
Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and
after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this
Section 4; provided further, however, that if less than 70% of the consideration receivable by the holders of the Common Stock
in the applicable event is payable in the form of common stock in the successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately
following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public
disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the
Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect
prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B)
the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value
of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped
American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount,
(1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted
average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective
date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg
determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the assumed
risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per
Share Consideration” means (i) if the consideration paid to holders of the Common Stock consists exclusively of
cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average price of the
Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable
event. If any reclassification or reorganization also results in a change in shares of Common Stock covered by subsection 4.1.1,
then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other
transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

    8

     

    

 

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

  

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

 

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

 

4.8
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i)
avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case,
the Company shall appoint a firm of independent public accountants, or an 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; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section
4.8 (a) as a result of any issuance of securities in connection with a Business Combination or (b) solely as a result of an adjustment
to the conversion ratio of the Company’s Class B common stock, $0.0001 par value per share, into Common Stock. The Company
shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5.
Transfer and Exchange of Warrants.

 

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

 

5.2
Procedure for Surrender of Warrants. Whole may be surrendered to the Warrant Agent, together with a written request for
exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by
the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that
except as otherwise provided herein or in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry
Warrant Certificate and Definitive Warrant Certificate may be transferred only in whole and only to the Depositary, to another
nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however, that
in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Placement Warrants and
the Working Capital Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until
the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend.

 

5.3
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall
result in the issuance of a warrant certificate or book-entry certificate for a fraction of a warrant, except as part of the Units.

 

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

 

    9

     

    

 

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

 

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

 

6. Redemption.

 

6.1
Redemption. Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed at the option
of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon
notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at a price of $0.01 per Warrant (the “Redemption
Price”); provided, that the last sales price of the Common Stock (or the closing bid price of the Common Stock if
shares of the Common Stock are not traded on any specific trading day) reported has been at least $18.00 per share (subject to
adjustment in compliance with Section 4 hereof), on each of twenty (20) trading days within the thirty (30) trading-day period
ending on the third Business Day prior to the date on which notice of the redemption is given; and, provided further that there
is an effective registration statement covering the Common Stock issuable upon exercise of the Warrants, and a current prospectus
relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below) or the Company has elected
to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1.; and provided further
that, after aggregating all of the fractional Warrants held by a Registered Holder, there remains a fractional Warrant held by
such Registered Holder, such fractional Warrant shall not be redeemed and will terminate on the Redemption Date (as defined in
Section 6.2).

 

6.2
Date Fixed for, and Notice of, Redemption. If the Company elects to redeem the Warrants in accordance with Section 6.1,
the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall
be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (such
30-day period, the “Redemption Period”) to the Registered Holders of the Warrants to be redeemed at
their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the Registered Holder received such notice.

 

6.3
Exercises After Notice of Redemption. The Warrants may be exercised for cash (or on a “cashless basis” in accordance
with subsection 3.3.1(b)) 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. If the Company determines to require all holders of Warrants to exercise their Warrants
on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain the information necessary
to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market
Value” (as such term is defined in subsection 3.3.1(b)) in such case. On and after the Redemption Date, the record holder
of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4
Exclusion of Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided in
this Section 6 shall not apply to the Placement Warrants or the Working Capital Warrants if at the time of the redemption such
Placement Warrants or Working Capital Warrants continue to be held by the Sponsor or any Permitted Transferees, as applicable.
However, once such Placement Warrants or Working Capital Warrants are transferred (other than to Permitted Transferees under Section
2.5), the Company may redeem the Placement Warrants and the Working Capital Warrants, provided that the criteria for redemption
are met, including the opportunity of the holder of such Placement Warrants or Working Capital Warrants to exercise the Placement
Warrants and the Working Capital Warrants prior to redemption pursuant to Section 6.3. Placement Warrants and Working Capital
Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Placement Warrants
or Working Capital Warrants and shall become Public Warrants under this Agreement.

 

    10

     

    

 

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

 

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

 

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

 

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

 

7.4
Registration of Common Stock; Cashless Exercise at Company’s Option.

 

7.4.1
Registration of Common Stock. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business
Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a post-effective
amendment to the Registration Statement, or a new registration statement, for the registration, under the Securities Act, of the
Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to
register or qualify for sale, in those states in which the Warrants were initially offered by the Company, the Common Stock issuable
upon exercise of the Warrants, to the extent an exemption is not available. The Company shall use its best efforts to cause the
same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto,
until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such post-effective amendment
or registration statement has not been declared effective by the sixtieth (60th) Business Day following the closing of the Business
Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) Business Day
after the closing of the Business Combination and ending upon such post-effective amendment or registration statement being declared
effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration
statement covering the Common Stock issuable upon exercise of the Warrants, to exercise Whole Warrants on a “cashless basis,”
by exchanging Whole Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of
shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the Whole Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (as defined
below) by (y) the Fair Market Value. Solely for purposes of this Section 7.4, “Fair Market Value” shall mean
the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Whole Warrants or its securities
broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined
by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request,
provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of Whole Warrants on a cashless basis in accordance with this Section 7.4 is not required to be
registered under the Securities Act and (ii) the Common Stock issued upon such exercise shall be freely tradable under United
States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act)
of the Company and, accordingly, shall not be required to bear a restrictive legend. For the avoidance of any doubt, unless and
until all Whole Warrants have been exercised, the Company shall continue to be obligated to comply with its registration obligations
under the first three sentences of this Section 7.4.1.

 

    11

     

    

 

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

 

8.
Concerning the Warrant Agent and Other Matters.

 

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

 

8.2
Resignation, Consolidation, or Merger of Warrant Agent.

 

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

 

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 Common Stock not later than the effective date of any
such appointment.

 

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

 

8.3
Fees and Expenses of Warrant Agent.

 

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

 

    12

     

    

 

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

 

8.4
Liability of Warrant Agent.

 

8.4.1
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any
action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the President, Chief Executive 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 Agreement.

 

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 save it harmless against any and all liabilities, including judgments, costs
and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a
result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.

 

8.4.3
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible
for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall
not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method,
or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common
Stock to be issued pursuant to this Agreement or any Warrant or as to whether any Common Stock shall, 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 Agreement and agrees to perform the
same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect
to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase
of the Common Stock through the exercise of the Warrants.

 

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

 

9.
Miscellaneous Provisions.

 

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

 

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

 

    13

     

    

 

If
to the Company:

 

INSU
Acquisition Corp. III

2929
Arch Street, Suite 1703

Philadelphia,
PA 19104-2870

Attention:
Joseph W. Pooler, Jr.

 

If
to the Warrant Agent:

 

Continental
Stock Transfer & Trust Company

17
Battery Place

New
York, New York 10004

Fax:
212-616-7615

Attention:
Compliance Department

 

with
a copy in each case (which shall not constitute service) to:

 

Ledgewood

2001
Market Street, Suite 3400

Philadelphia
PA 19103

Fax:
215-735-2513

Attention:
Mark Rosenstein, Esq.

 

9.3
Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York and without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction.

 

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

 

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

 

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

 

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

 

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

 

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

 

[Remainder
of page intentionally left blank. Signature page follows.]

 

    14

     

    

 

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

 

	 	INSU ACQUISITION CORP. III
	 	 
	 	By: 	/s/
    John M. Butler
	 	 	Name:  	John M. Butler
	 	 	Title:	President and Chief Executive Officer

 

	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, 
	 	as Warrant Agent 
	 	 
	 	By: 	/s/
    James F. Kiszka
	 	 	Name: 
    	James
    F. Kiszka
	 	 	Title:	Vice President

 

[INSU
SPAC III – Warrant Agreement]

 

     

     

    

 

EXHIBIT
A

 

[Form
of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE
EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN
THE WARRANT AGREEMENT DESCRIBED BELOW

 

INSU
ACQUISITION CORP. III

A
Delaware corporation

 

CUSIP
457817112

 

Warrant
Certificate

 

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

 

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

 

The
initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to
adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

Subject
to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the
extent not exercised by the end of such Exercise Period, such Warrants shall become void.

 

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

 

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

 

    A-1

     

    

 

This
Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York, without
regard to conflicts of laws principles thereof.

 

	 	INSU ACQUISITION CORP. III
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

 

 

	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY,
	 	as Warrant Agent 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-2

     

    

 

[Form
of Warrant Certificate]

 

[REVERSE]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise
to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of December 17, 2020
(the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer&
Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement
is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders” or “holder” meaning the Registered Holders or Registered Holder)
of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined
terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities
Act and (ii) a prospectus thereunder relating to the shares of Common Stock is current, except through “cashless exercise”
if permitted by the Warrant Agreement. Additionally, if the Company fails to enter into a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses
by December 22, 2022 (unless extended), the Warrants evidenced by this Warrant Certificate shall expire worthless.

 

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

 

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

 

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

 

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

 

    A-3

     

    

  

Election
to Purchase

 

(To
Be Executed Upon Exercise of Warrant)

 

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

  

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

 

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

 

In
the event that the Warrant is to be exercised on a “cashless basis” pursuant to Section 7.4 of the Warrant
Agreement, the number of shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the
Warrant Agreement.

 

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

 

Date:
                     , 20

 

	 	(Signature)
	 	 
	 	(Address)
	 	 
	 	(Tax Identification Number)

 

Signature
Guaranteed:

 

THE
SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

    A-4

     

    

 

LEGEND

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR
OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO A LETTER AGREEMENT BETWEEN INSU
ACQUISITION CORP. III, INSURANCE ACQUISITION SPONSOR III, LLC, DIOPTRA ADVISORS III, LLC AND THE DIRECTORS, OFFICERS AND CERTAIN
STOCKHOLDERS OF INSU ACQUISITION CORP. III AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF PURSUANT
TO THE TERMS SET FORTH THEREIN.

 

 

	No.
    	 	 Warrants

 

 

 

A-5

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