Document:

Exhibit 4.6

  

   

    

  

    THRYV HOLDINGS, INC.

    

    

    2021 EMPLOYEE STOCK PURCHASE PLAN

    

    

    Adopted by the Board of Directors:  September 10, 2020

    Approved by the Stockholders:  September 11, 2020

    

    

    Effective Date: September 23, 2020

    

    

    1.          General; Purpose.

    

    

    (a)          This Thryv Holdings, Inc. 2021 Employee Stock Purchase Plan (the “Plan”) is intended to enable Eligible Employees to use payroll deductions to
      purchase shares of Stock in Offerings under the Plan, and thereby acquire an interest in the Company.

    

    

    (b)          This Plan is an omnibus plan and includes two components:  (i) a component intended to qualify as an “employee stock purchase plan” under Section 423 of the Code (the “423 Component”), the provisions of which shall be construed in a manner that is consistent with the requirements of Section 423 of the Code, including without limitation, to extend and limit Plan participation in a
      uniform and non-discriminatory basis, and (ii) a component that does not qualify as an “employee stock purchase plan” under Section 423 of the Code (the “Non-423 Component”), under which options shall be
      granted pursuant to rules, procedures or sub-plans adopted by the Administrator designed to comply with applicable laws or achieve tax and other objectives.  Except as otherwise provided in the Plan or determined by the Administrator, the Non-423
      Component will operate and be administered in the same manner as the 423 Component.

    

    

    2.          Definitions.  The following terms, when used in the Plan, will have meanings and be subject to the provisions set forth below:

    

    

    (a)          “423 Component” means the component of the Plan intended to qualify as an “employee stock purchase plan” under Section 423 of the Code, as described
      in Section 1(b) of the Plan.

    

    

    (b)          “Account” means a payroll deduction account maintained in the Participant’s name on the books of the Company.

    

    

    (c)          “Administrator” means the Compensation Committee of the Board, except that the Compensation Committee may delegate (i) to one or more of its members
      (or one or more other members of the Board, including the full Board) such of its duties, powers and responsibilities as it may determine, and (ii) to such Employees or other persons as it determines such ministerial tasks as it deems appropriate. 
      In the event of any delegation described in the preceding sentence, the term “Administrator” will include the person or persons so delegated to the extent of such delegation.

    

    

    (d)          “Affiliate” means an entity, other than a Subsidiary, in which the Company has an equity or other ownership interest.

    

    

    (e)          “Board” means the Board of Directors of the Company.

    
      
        

    

    

    

    (f)          “Business Day” means any day on which the established national exchange or trading system (including the
      Nasdaq Stock Market) on which the Stock is traded is available and open for trading.

    

    

    (g)          “Code” means the U.S. Internal Revenue Code of 1986, as may be amended from time to time and the rules and regulations promulgated thereunder, or any
      successor statute, rules or regulations as from time to time in effect.

    

    

    (h)          “Company” means Thryv Holdings, Inc. f/k/a Dex Media Holdings, Inc., a Delaware corporation, including any successor thereto.

    

    

    (i)          “Effective Date” means the date that the Form 8-A in connection with the Company’s direct listing becomes
      effective.

    

    

    (j)          “Eligible Compensation” means  base salary, wages, annual bonuses and commissions paid to Eligible Employees
      by a Participating Company as compensation for services to the Participating Company (prior to deduction for any pre-tax salary deferral contributions made by the Eligible Employee to any tax-qualified deferred compensation plans, any Code Section
      125 cafeteria plans, or any Code Section 132(f) qualified transportation fringe benefit plans), including overtime, vacation pay, holiday pay, jury duty pay and funeral leave pay, but excluding education or tuition reimbursements,
      imputed income arising under any group insurance or benefit program, travel expenses, business and relocation expenses, spot bonuses, Over Performance Plan (OPP) incentives or other discretionary awards, income received in connection with stock
      options or other equity-based awards, and similar items.  The Administrator may, in its discretion, on a uniform and nondiscriminatory basis, establish a different definition of Eligible Compensation for a subsequent Offering Periods.  The
      Administrator shall have the discretion to determine the application of this definition to any Participants outside of the United States.

    

    

    (k)          “Eligible Employee” means any Employee of a Participating Company who meets the eligibility requirements set
      forth in Section 4 of the Plan.

    

    

    (l)          “Employee” means any individual who is treated as an employee in the records of a Participating Company.  For the avoidance of doubt, (i) independent
      contractors and consultants are not “Employees”, regardless of any subsequent reclassification as an employee of a Participating Company by any governmental agency or court, and (ii) service solely as a director of a Participating Company, or payment
      of a fee for such services, will not cause a director to be considered an “Employee” for purposes of the Plan.

    

    

    (m)          “Exchange Act” means the U.S. Securities Exchange Act of 1934, as may be amended from time to time and the
      rules and regulations promulgated thereunder.

    

    

    (n)          “Exercise Date” means the date set forth in Section 5 of the Plan or otherwise designated by the
      Administrator with respect to a particular Offering Period on which a Participant will be deemed to have exercised the Option granted to him or her for such Offering Period.

    

    

    (o)          “Fair Market Value” means as of a particular date, (i) the closing price for a share of Stock as reported on the Nasdaq Stock Market (or any other
      national securities exchange on which the shares are then listed) for that date or, if no closing price is reported for that date, the closing price on the immediately preceding date on which a closing price was reported, or (ii) in the event that
      the Stock is not traded on a national securities exchange, the fair market value of a share of Stock determined by the Administrator consistent with the rules of Section 422 of the Code and Section 409A of the Code to the extent applicable.

    
      
        

    

    

    

    (p)          “Maximum Share Limit” has the meaning set forth in Section 10 of the Plan.

    

    

    (q)          “Non-423 Component” means the component of the Plan that does not qualify as an “employee stock purchase plan” under Section 423 of the Code, as
      described in Section 1(b) of the Plan.

    

    

    (r)          “Offering” means an offer under the Plan of an Option that may be exercised during an Offering Period as further described in Section 5 of
      the Plan.  For purposes of the Plan, the Administrator may designate separate Offerings under the Plan (the terms of which need not be identical) in which Eligible Employees of one or more Participating Company will participate, even if the dates of
      the applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering.  To the extent permitted by U.S. Treasury Regulation 1.423-2(a)(1), the terms of each Offering need not be
      identical provided that the terms of the Plan and an Offering together satisfy U.S. Treasury Regulation 1.423-2(a)(2) and (a)(3).

    

    

    (s)          “Offering Period” means an offering period established in accordance with Section 5 of the Plan.

    

    

    (t)          “Option” means an option granted pursuant to the Plan entitling the holder to acquire shares of Stock upon payment of the Purchase Price per share of
      Stock.

    

    

    (u)          “Parent” means a “parent corporation” as defined in Section 424(e) of the Code.

    

    

    (v)          “Participant” means an Eligible Employee who elects to enroll in the Plan.

    

    

    (w)          “Participating Company” means the Company and any Subsidiary or Affiliate that has been designated by the Administrator from time to time as eligible
      to participate in the Plan.  For purposes of the 423 Component, only the Company and its Subsidiaries may be Participating Companies; provided, however that at any given time, a Subsidiary that is a Participating Company under the 423
      Component will not be a Participating Company under the Non-423 Component.  The current list of Participating Companies is attached hereto as Exhibit A.

    

    

    (x)          “Plan” means this Thryv Holdings, Inc. 2021 Employee Stock Purchase Plan, as from time to time amended and in effect.

    

    

    (y)          “Purchase Price” means the price per share of Stock with respect to an Offering Period determined in
      accordance with Section 9 of the Plan.

    

    

    (z)          “Securities Act” means the U.S. Securities Act of 1933, as may be amended from time to time and the rules and regulations promulgated thereunder.

    

    

    (aa)          “Stock” means the common stock of the Company, par value $0.01 per share.

    

    

    (bb)          “Subsidiary” means a “subsidiary corporation” as defined in Section 424(f) of the Code.

    
      
        

    

    

    

    3.          Options to Purchase.  Subject to adjustment pursuant to Section 16 of the Plan, the maximum aggregate number of shares of Stock available for
      purchase under the Plan to Eligible Employees will be 2,000,000 shares.  The shares of Stock to be delivered upon exercise of Options under the Plan may be either shares of authorized but unissued Stock, treasury Stock or previously issued Stock
      acquired by the Company.  If any Option granted under the Plan expires or terminates for any reason without having been exercised in full or ceases for any reason to be exercisable in whole or in part, the unpurchased shares of Stock subject to such
      Option will again be available for purchase under the Plan.  If, on an Exercise Date, the total number of shares of Stock that would otherwise be subject to Options granted under the Plan exceeds the number of shares then available under the Plan
      (after deduction of all shares for which Options have been exercised or are then outstanding), the Administrator shall make a pro-rata allocation of the shares remaining for purchase under the Plan in as uniform a manner as shall be practicable and
      as it shall determine to be equitable.  In such event, the Administrator shall notify each Participant of such reduction and of the effect on the Participant’s Options and may reduce the rate of payroll deductions, if necessary.

    

    

    4.          Eligibility.

    

    

    (a)          Eligibility Requirements.  Subject to Section 13 of the Plan, and with the exceptions and limitations set forth in Sections 4(b), 4(c),
        4(d) and 6 of the Plan, or as may be provided elsewhere in the Plan, each Employee (i) who has been continuously employed by the Participating Company for a period of at least thirty (30) days as of the first day of an Offering Period, (ii)
      whose customary Employment with the Participating Company is for more than five (5) months per calendar year, (iii) who customarily works more than twenty (20) hours per week, and (iv) who satisfies the requirements set forth in the Plan, will be an
      Eligible Employee.

    

    

    (b)          Five Percent Shareholders.  No Employee may be granted an Option under the Plan if, immediately after the Option is granted, the Employee would own
      (or pursuant to Section 424(d) of the Code would be deemed to own) stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of its Parent or Subsidiaries, if any.

    

    

    (c)          Additional of Different Requirements.  The Administrator may, for Offering Periods that have not yet commenced, establish additional or different
      requirements; provided, that in the case of the 423 Component, such requirements are not inconsistent with Section 423 of the Code.

    

    

    (d)          Non-U.S. Employees.  Eligible Employees who are citizens or residents of a non-U.S. jurisdiction (without regard to whether they also are citizens
      or residents of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A) of the Code)) may be excluded from participation in the Plan or an Offering if the participation of such Eligible Employees is prohibited under the laws
      of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan or an Offering to violate Section 423 of the Code.  In the case of the Non-423 Component, Eligible Employees may be excluded from
      participation in the Plan or the Offering, if the Administrator determine that participation of such Eligible Employees is not advisable or practical.

    

    

    5.          Offering Periods.  The Plan will be implemented by a series of separate Offerings referred to as “Offering Periods”.  Unless otherwise determined by the Administrator in its discretion, the Offering Periods will be successive periods of approximately six (6) months commencing on or about January 1 and July 1 of each
      year.  The last Business Day of each Offering Period will be an “Exercise Date”. The Administrator shall have the authority to change the Exercise Date and the duration,
      frequency, start and end dates of the Offering Periods to the extent permitted by Section 423 of the Code (provided, that no Option may be exercised after 27 months from its grant date).

    
      
        

    

    

    

    6.          Option Grant.  Subject to the limitations set forth in Sections 4 and 10 of the Plan and the Maximum Share Limit, on the first day of an
      Offering Period, each Participant automatically will be granted an Option to purchase shares of Stock on the Exercise Date; provided, however, that no Participant will be granted an Option under the Plan that permits the Participant’s right
      to purchase shares of Stock under the Plan and under all other employee stock purchase plans of the Company and its Parent and Subsidiaries, if any, to accrue at a rate that exceeds $25,000 in Fair Market Value (or such other maximum as may be
      prescribed in the Code) for each calendar year during which any Option granted to such Participant is outstanding at any time, as determined in accordance with Section 423(b)(8) of the Code.

    

    

    7.          Method of Participation.

    

    

    (a)          Payroll Deduction and Participation Authorization.  To participate in an Offering Period, an Eligible Employee must execute and deliver to the
      Administrator a payroll deduction and participation authorization form in accordance with the procedures prescribed by, and in a form acceptable to, the Administrator and, in so doing, the Eligible Employee will thereby become a Participant as of the
      first day of such Offering Period.  Such Eligible Employee will remain a Participant with respect to subsequent Offering Periods until his or her participation in the Plan is terminated as provided herein.  Such payroll deduction and participation
      authorization must be delivered not later than five (5) Business Days prior to the first day of an Offering Period, or such other time as specified by the Administrator.

    

    

    (b)          Changes to Payroll Deduction Authorization for Subsequent Offering Periods.  A Participant’s payroll deduction authorization will remain in effect
      for subsequent Offering Periods unless the Participant files a new authorization not later than five (5) Business Days prior to the first day of the subsequent Offering Period) or such other time as specified by the Administrator) or the
      Participant’s Option is cancelled pursuant to Sections 13 or 14 of the Plan.

    

    

    (c)          Changes to Payroll Deduction Authorization for Current Offering Period.  During an Offering Period, a Participant may decrease his or her payroll
      deduction authorization once, but may not increase his or her payroll deduction authorization.  Any election to decrease a Participant’s payroll deduction authorization intended to be effective for the Offering Period during which the election to
      decrease is made must be delivered to the Administrator in accordance with the procedures prescribed by, and in a form acceptable to, the Administrator and will be effective as soon as administratively practicable.  If a Participant’s payroll
      deduction authorization is reduced to zero percent (0%) during an Offering Period, payroll deductions previously accumulated during such Offering Period will be applied to purchase shares of Stock on the Exercise Date for that Offering Period and the
      Participant’s participation in the Plan will thereupon terminate, unless the Participant has delivered a new payroll deduction authorization for the subsequent Offering Period in accordance with the rules of Section 7(b) above.  A Participant
      may also terminate his or her payroll deduction authorization during an Offering Period by canceling his or her Option in accordance with Section 13 of the Plan.

    
      
        

    

    

    

    (d)          Payroll Deduction Percentage.  Each payroll deduction authorization will authorize payroll deductions as a whole percentage from one percent (1%) to
      fifteen percent (15%) of the Participant’s Eligible Compensation per payroll period.

    

    

    (e)          Payroll Deduction Account.  All payroll deductions made pursuant to this Section 7 will be credited to the Participant’s Account.  Amounts
      credited to a Participant’s Account will not be required to be set aside in trust or otherwise segregated from the Company’s general assets.

    

    

    8.          Method of Payment.  A Participant must pay for shares of Stock purchased under the Plan with accumulated payroll deductions credited to the
      Participant’s Account, unless otherwise provided by the Administrator under a sub-plan or separate Offering, including the Non-423 Component, for a non-U.S. Participating Company.

    

    

    9.          Purchase Price.  The Purchase Price of shares of Stock issued pursuant to the exercise of an Option on each Exercise Date will be eighty-five percent
      (85%) (or such greater percentage specified by the Administrator (with respect to the 423 Component, to the extent permitted under Section 423 of the Code)) of the lesser of: (a) the Fair Market Value of a share of Stock on the date on which the
      Option was granted pursuant to Section 6 of the Plan (i.e., the first day of the Offering Period), and (b) the Fair Market Value of a share of Stock on the date on which the Option is deemed exercised pursuant to Section 10 of the
      Plan (i.e., the Exercise Date).

    

    

    10.          Exercise of Options; Delivery of Shares.

    

    

    (a)          Purchase of Shares.  Subject to the limitations set forth in Section 6 of the Plan and this Section 10, with respect to each Offering
      Period, on the applicable Exercise Date, each Participant will be deemed to have exercised his or her Option and the accumulated payroll deductions in the Participant’s Account will be applied to purchase the greatest number of shares of Stock
      (rounded down to the nearest whole share) that can be purchased with such Account balance at the applicable Purchase Price; provided, however, that no more than 200,000 shares of Stock may be purchased by a Participant on any Exercise Date,
      or such lesser number as the Administrator may prescribe in accordance with Section 423 of the Code (the “Maximum Share Limit”).  No fractional shares will be purchased pursuant to the
      exercise of an Option under the Plan; any accumulated payroll deductions in a Participant’s Account that are not sufficient to purchase a whole share will be retained in the Participant’s Account for the subsequent Offering Period, subject to earlier
      withdrawal by the Participant as provided in Section 13 of the Plan.

    

    

    (b)          Return of Account Balance.  Except as provided in Section 10(a) above with respect to fractional shares, any amount of payroll deductions in
      a Participant’s Account that are not used for the purchase of shares of Stock, whether because of the Participant’s withdrawal from participation in an Offering Period or for any other reason, will be returned to the Participant (or his or her estate
      or designated beneficiary, as applicable), without interest, as soon as administratively practicable after such withdrawal or other event, as applicable.  If the Participant’s accumulated payroll deductions on the Exercise Date of an Offering Period
      would otherwise enable the Participant to purchase shares of Stock in excess of the Maximum Share Limit or the maximum number of shares of Stock that may be purchased by a Participant pursuant to Section 6 of the Plan, the excess of the
      amount of the accumulated payroll deductions over the aggregate Purchase Price of the shares of Stock actually purchased will be returned to the Participant, without interest, as soon as administratively practicable after such Exercise Date.

    
      
        

    

    

    

    (c)          Delivery.  As soon as practicable after each Exercise Date on which a purchase of shares of Stock occurs, the Company will arrange the delivery to
      each Participant of the shares purchased upon exercise of his or her Option in a manner determined by the Administrator (in its sole discretion) and pursuant to rules established by the Administrator.  The Company may permit or require that shares be
      deposited directly with a broker designated by the Company or to a designated agent of the Company, and the Company may utilize electronic or automated methods of share transfer.  The Company may require that shares be retained with such broker or
      agent for a designated period of time and/or may establish other procedures to permit tracking disqualifying dispositions of such shares.  No Participant will have any voting, dividend or other stockholder rights with respect to share of Stock
      subject to any Option granted under the Plan until such shares have been purchased and delivered to the Participant as provide in this Section 10(c).

    

    

    11.          Interest.  No interest will be payable on any amount held in the Account of any Participant, except as may otherwise be required by applicable law
      (as determined by the Administrator).

    

    

    12.          Taxes.  Payroll deductions will be made on an after-tax basis.  The Administrator will have the right to make such provision as it deems necessary
      for, and may condition the exercise of an Option on, the satisfaction of its obligations to withhold federal, state, local, or foreign income or other taxes incurred by reason of the purchase or disposition of shares of Stock under the Plan.  In the
      Administrator’s discretion and subject to applicable law, such tax obligations may be paid in whole or in part by delivery of shares of Stock to the Company, including shares of Stock purchased under the Plan, valued at Fair Market Value.

    

    

    13.          Cancellation and Withdrawal.  A Participant who holds an Option under the Plan may cancel all (but not less than all) of his or her Option and
      terminate his or her payroll deduction authorization by notice delivered to the Administrator in accordance with the procedures prescribed by, and in a form acceptable to, the Administrator.  To be effective with respect to an upcoming Exercise Date,
      such cancellation notice must be delivered not later than ten (10) Business Days) prior to such Exercise Date (or such other time as specified by the Administrator).  Upon such termination and cancellation, the balance in the Participant’s Account
      will be returned to the Participant, without interest, as soon as administratively practicable thereafter.  For the avoidance of doubt, a Participant who reduces his or her withholding rate for a future Offering Period or future payroll periods
      within an ongoing Offering Period to 0% pursuant to Section 7 of the Plan, will be deemed to have terminated his or her payroll deduction authorization and cancelled his or her participation in future Offering Periods, unless the Participant
      delivers a new payroll deduction authorization for a subsequent Offering Period in accordance with the rules of Section 7(b) of the Plan.

    

    

    14.          Termination of Employment; Death of Participant; Designation of Beneficiary.

    

    

    (a)          Termination of Employment; Death of Participant.  Upon the termination of a Participant’s employment with a Participating Company, for any reason or
      in the event the Participant ceases to qualify as an Eligible Employee, the Participant will cease to be a Participant, any Option held by the Participant under the Plan will be canceled, the balance in the Participant’s Account will be returned to
      the Participant (or his or her estate or designated beneficiary in the event of the Participant’s death), without interest, as soon as administratively practicable thereafter, and the Participant will have no further rights under the Plan.  A
      Participant will be deemed to have terminated employment, for this purpose, if the entity that employs him or her, having been a Participating Company, ceases to be a Subsidiary or Affiliate, or if the employee is transferred to any entity other than
      a Participating Company.  Unless otherwise determined by the Administrator, a Participant whose employment transfers between, or whose employment terminates with an immediate rehire (with no break in service) by, Participating Companies, will not be
      treated as having terminated employment for purposes of participating in the Plan or an Offering; provided, however, that if a Participant transfers from an Offering under the 423 Component to an Offering under the Non-423 Component,
      the exercise of the Participant’s Option will be qualified under the 423 Component only to the extent that such exercise complies with Section 423 of the Code.  If a Participant transfers from an Offering under the Non-423 Component to an Offering
      under the 423 Component, the exercise of the Participant’s Option will remain non-qualified under the Non-423 Component.  In addition, for purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is
      on sick leave or other leave of absence approved by the Participating Company.  However, unless otherwise determined by the Administrator, where the period of leave exceeds three (3) months and the Employee’s right to reemployment is not guaranteed
      either by statute or by contract, the employment relationship will be deemed to have terminated on the 1st day following the expiration of such three (3)-month period.

    
      
        

    

    

    

    (b)          Designation of Beneficiary.  The Administrator may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will
      receive any shares of Stock or contributions from a Participant’s Account under the Plan if the Participant dies before such shares or contributions are delivered to the Participant.  Any such designation must be on a form approved by the Company. 
      If a Participant dies, in absence of a valid beneficiary designation, the Company will deliver any shares of Stock or contributions from a Participant’s Account, to the executor or administrator of the estate of the Participant.  If no executor or
      administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Stock and contributions (without interest), to the Participant’s spouse, dependents or relatives, or if no spouse,
      dependents or relative is known to the Company, then to such other person as the Company may designate.

    

    

    15.          Equal Rights and Privileges; Participant’s Rights Not Transferable.  Notwithstanding anything in the Plan to the contrary, all Participants granted
      Options in an Offering under the 423 Component will have the same rights and privileges, consistent with the requirements set forth in Section 423 of the Code.  Any Option granted under the Plan will be exercisable during the Participant’s lifetime
      only by him or her and may not be sold, pledged, assigned or transferred in any manner.  In the event any Participant violates or attempts to violate the terms of this Section 15, as determined by the Administrator in its sole discretion, any
      Options held by the Participant under the Plan may be terminated by the Company and, upon the return to the Participant of the balance of his or her Account, without interest, all of the Participant’s rights in the Plan will terminate.

    

    

    16.          Change in Capitalization; Corporate Transaction.

    

    

    (a)          Change in Capitalization.  In the event of any change in the outstanding Stock by reason of a stock dividend, stock split, reverse stock split,
      split-up, recapitalization, merger, consolidation, reorganization, or other capital change, the aggregate number and type of shares of Stock available under the Plan, the number and type of shares of Stock granted under any outstanding Options, the
      Maximum Share Limit and the purchase price per share of Stock under any outstanding Option will be appropriately adjusted; provided, that any such adjustment shall be made in a manner that complies with Section 423 of the Code.

    

    

    (b)          Dissolution or Liquidation.  In the event of a proposed dissolution or liquidation of the Company, the Administrator may, in its discretion: (i)
      cancel each outstanding Option and return the balances in the Participants’ Accounts to the Participants, without interest, and/or (ii) pursuant to Section 18 of the Plan, terminate the Offering Period on or before the date of the
      consummation of the proposed dissolution or liquidation of the Company.

    
      
        

    

    

    

    (c)          Corporate Transaction.  In the event of a sale of all or substantially all of the Stock or a sale of all or substantially all of the assets of the
      Company, or a merger or similar transaction in which the Company is not the surviving corporation or that results in the acquisition of the Company by another person, the Administrator may, in its discretion: (i) if the Company is merged with or
      acquired by another corporation, provide that each outstanding Option will be assumed or exchanged for a substitute Option granted by the acquirer or successor corporation or by a parent or subsidiary of the acquirer or successor corporation, (ii)
      cancel each outstanding Option and return the balances in the Participants’ Accounts to the Participants, without interest, and/or (iii) pursuant to Section 18 of the Plan, terminate the Offering Period on or before the date of the proposed
      sale, merger or similar transaction.

    

    

    17.          Administration of the Plan.  The Plan will be administered by the Administrator, which will have full and exclusive discretionary authority to
      construe, interpret and apply the terms of the Plan, determine eligibility under the Plan, prescribe forms, rules and procedures relating to the Plan, decide all disputes arising in connection with the Plan, and otherwise do all things necessary or
      appropriate to carry out the purposes of the Plan.  All determinations and decisions by the Administrator regarding the interpretation or application of the Plan will be final and binding on all Participants and all persons.  The Administrator may
      specify the manner in which the Company and/or Employees are to provide notices and forms under the Plan, and may require that such notices and forms be submitted electronically.

    

    

    18.          Amendment and Termination of Plan.

    

    

    (a)          Amendment.  The Board reserves the right at any time or times to amend the Plan to any extent and in any manner it may deem advisable; provided,
      however, that any amendment that would be treated as the adoption of a new plan for purposes of Section 423 of the Code will have no force or effect unless approved by the shareholders of the Company within 12 months before or after its
      adoption.

    

    

    (b)          Termination.  The Board reserves the right at any time or times to suspend or terminate the Plan.  In connection therewith, the Board may provide, in
      its sole discretion, either that outstanding Options will be exercisable either on the Exercise Date for the applicable Offering Period or on such earlier date as the Board may specify (in which case such earlier date will be treated as the Exercise
      Date for the applicable Offering Period), or that the balance of each Participant’s Account will be returned to the Participant without interest.

    

    

    19.          Special Rules and Sub-Plans.  Notwithstanding anything herein to the contrary, the Administrator may adopt special rules or sub-plans applicable to
      the Employees of a particular Participating Company, whenever the Administrator determines that such rules are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Participating Company has employees, regarding,
      without limitation, eligibility to participate in the Plan, handling and making of payroll deductions or contributions by other means, establishment of bank or trust accounts to hold payroll deductions, payment of interest, conversion of local
      currency, obligation to pay payroll tax, withholding procedures and handling of share issuances, any of which may vary according to applicable requirements; provided that if such special rules or sub-plans are inconsistent with the
      requirements of Section 423 of the Code, the Employees subject to such special rules or sub-plans will participate in the Non-423 Component.

    
      
        

    

    

    

    20.          Section 409A of the Code; Tax Qualification.

    

    

    (a)          Section 409.  Options granted under the 423 Component are intended to be exempt from the application of Section 409A of the Code under U.S. Treasury
      Regulation Section 1.409A-1(b)(5)(ii).  Options granted under the Non-423 Component to U.S. taxpayers are intended to be exempt from the application of Section 409A of the Code under the short-term deferral exception and any ambiguities will be
      construed and interpreted in accordance with such intent.  Subject to Section 20(b) below, Options granted to U.S. taxpayers under the Non-423 Component will be subject to such terms and conditions that will permit such Option to satisfy the
      requirements of the short-term deferral exception available under Section 409A of the Code, including the requirement that the shares subject to an Option be delivered within the short-term deferral period.  Subject to Section 20(b) below, in
      the case of a Participant who would otherwise be subject to Section 409A of the Code, the Option will be granted, exercised, paid, settled or deferred in a manner that will comply with Section 409A of the Code, including U.S. Department of Treasury
      regulations and other interpretive guidance issued thereunder, including without limitation, any such regulations or other guidance that may be issued after the adoption of the Plan.  Notwithstanding the forgoing, the Company will have no liability
      to a Participant or any other party if the Option that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or compliant or for any action taken by the Administrator with respect thereto.

    

    

    (b)          Tax Qualification.  Although the Company may endeavor to (i) qualify an Option for special tax treatment under the laws of the United States or any
      jurisdiction outside of the United States, or (ii) avoid adverse tax treatment, the Company makes no representations to that effect and expressly disavows any covenant to maintain special or to avoid unfavorable tax treatment, notwithstanding
      anything to the contrary in this Plan, including Section 20(a) above.

    

    

    21.          Approvals; Compliance with Law.  Shareholder approval of the Plan will be obtained prior to the date that is twelve (12) months after the date of
      Board approval.  In the event that the Plan has not been approved by the shareholders of the Company prior to the first anniversary of the Effective Date, all Options to purchase shares of Stock under the Plan will be cancelled and become null and
      void.  Notwithstanding anything herein to the contrary, the obligation of the Company to issue and deliver shares of Stock under the Plan will be subject to the approval required of any governmental authority in connection with the authorization,
      issuance, sale or transfer of such shares of Stock and to any requirements of any national securities exchange applicable thereto, and to compliance by the Company with any and all other applicable legal requirements in effect from time to time,
      including without limitation, any legal requirements under the Securities Act and the Exchange Act.

    

    

    22.          Participants’ Rights as Shareholders and Employees.  A Participant will have no rights or privileges as a shareholder of the Company and will not
      receive any dividends in respect of any shares of Stock covered by an Option granted hereunder until such Option has been exercised, full payment has been made for such shares, and the shares have been issued to the Participant.  Nothing contained in
      the provisions of the Plan will be construed as giving to any Employee the right to be retained in the employ of any Participating Company or as interfering with the right of any Participating Company to discharge, promote, demote or otherwise
      re-assign any Employee from one position to another within any Participating Company at any time.

    
      
        

    

    

    

    23.          Limitation on Dispositions; Information Regarding Disqualifying Dispositions.  Shares of Stock purchased under the Plan may, as determined by the
      Administrator in its sole discretion, be subject to a holding period during which such shares may not be sold, transferred, withdrawn or moved.  By electing to participate in the Plan, each Participant agrees to provide such information about any
      transfer of Stock acquired under the Plan that occurs within two years after the first day of the Offering Period in which such Stock was acquired and within one year after the day such Stock was purchased, as may be requested by the Company or any
      other Participating Company in order to assist it in complying with applicable tax laws.

    

    

    24.          Severability.  If any provisions of the Plan is or becomes or is deemed to be invalid, illegal or unenforceable for any reason in any jurisdiction
      or as to any Participant, such invalidity, illegality or unenforceability will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as to such jurisdiction or Participant as if the invalid, illegal or unenforceable
      provision had not been included.

    

    

    25.          Successors and Assigns.  The Plan shall be binding on the Company and its successors and assigns.

    

    

    26.          Headings.  The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the Plan.

    

    

    27.          Governing Law.  The Plan will be governed by and administered in accordance with the laws of the State of Delaware, without regard to conflict of
      law principles.

    

    

    28.          Effective Date and Term.  The Plan will become effective on the Effective Date.  No Options will be exercised unless and until the Plan has been
      approved by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or, if required under Section 18(a) of the Plan, amended) by the Board.  No rights will be granted hereunder
      after the earliest to occur of:  (a) the Plan’s termination by the Company, (b) the issuance of all shares of Stock available for issuance under the Plan, or (c) the day before the 10-year anniversary of the Effective Date.

    

    

    

    

    

    

    *  *  *  *  *  *  *  *  *  *

    

    

    

    

    
      
        

    

    Exhibit A

    

    

    List of Participating Companies

    

    

    The following is a list of Participating Companies as of the Effective Date of the Plan:

    

    

    	

          	•	
            Thryv Holdings, Inc.Exhibit 4.4

    

    

    Execution Version

    

    

    NORTH MOUNTAIN MERGER CORP.

    

    

    and

    

    

    CONTINENTAL STOCK TRANSFER & TRUST COMPANY

    

    

    WARRANT AGREEMENT

    

    

    Dated as of September 17, 2020

    

    

    THIS WARRANT AGREEMENT (this “Agreement”), dated as of September 17, 2020 is by and
      between North Mountain Merger Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust
      Company, a New York corporation, as warrant agent (the “Warrant Agent”).

    

    

    WHEREAS, on September 17, 2020, the Company entered into that certain Private Placement Warrants Purchase Agreement, with North Mountain LLC, a Delaware limited liability company (“Sponsor”), pursuant to which Sponsor will purchase an aggregate of up to 4,145,000 warrants (including up to 345,000 warrants subject to the Over-allotment Option (as defined below)) simultaneously with the closing
      of the Offering (and the closing of the Over-allotment Option) (as defined below), if applicable), bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of
      $1.00 per Private Placement Warrant; and

    

    

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

    

    

    WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units
      of the Company’s equity securities, each such unit comprised of one share of Common Stock (as defined below) and one-half of one redeemable Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 6,612,500 warrants (including up to 862,500 warrants subject to the
      Over-allotment Option (as defined below)) to public investors in the Offering (the “Public Warrants” and, together with
      the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one share
      of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), for $11.50 per whole share,
      subject to adjustment as described herein. Only whole warrants are exercisable. A holder of the Public Warrants will not be able to exercise any fraction of a Warrant;

    

    

    WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”)
      a registration statement on Form S-1, File No. 333- 246328 and prospectus (the “Prospectus”), for the registration,
      under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the shares
      of Common Stock included in the Units;

    

    

    
      
        

    

    
    

    

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

    

    

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

    

    

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

    

    

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

    

    

    1.

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

    

    

    2.

    Warrants.

    

    

    2.1

    Form of Warrant. Each Warrant shall initially be issued in registered form only. Warrants may be represented by one or more physical
      definitive certificates or by book entry.

    

    

    2.2

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

    

    

    2.3

    Registration.

    

    

    2.3.1

    Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, 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 deposited with the Depository and registered in the name of a nominee of the Depositary (as defined below). 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 certificate or (ii) institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”).

    

    

    
      2

      
        

    

    

    

    If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement.
      In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent
      for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A.

    

    

    The physical definitive certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, the President or the Secretary or
      other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be
      issued with the same effect as if he or she had not ceased to be such at the date of issuance.

    

    

    2.3.2

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

    

    

    2.4

    Detachability of Warrants. The shares of Common Stock and Public Warrants comprising the Units shall begin separate trading on the
      52nd day following the date of the Prospectus or, if such 52nd day is not on a day other than a Saturday, Sunday or federal holiday on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Citigroup Global Markets Inc. but in no event shall the shares of 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 containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by
      the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and a second or amended current report on Form 8-K to provide updated financial information to reflect the exercise of the Underwriters’
      Over-allotment option, if the Over-allotment option is exercised following the initial filing of such current report on Form 8-K and (B) the Company issues a press release and files with the Commission a Current Report on Form 8-K announcing when
      such separate trading shall begin.

    

    

    
      3

      
        

    

    

    

    2.5

    Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of
      one share of Common Stock and one-half of one Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest
      whole number the number of Warrants to be issued to such holder.

    

    

    2.6

    Private Placement Warrants. The Private Placement 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 Private Placement Warrants: (i) may be exercised 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 Private Placement Warrants and any shares of Common Stock issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof:

    

    

    (a)

    to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
      any members of the Sponsor, or any affiliates of the Sponsor;

    

    

    (b)

    in the case of an individual, transfers by gift to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family or an
      affiliate of such person, or to a charitable organization;

    

    

    (c)

    in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual;

    

    

    (d)

    in the case of an individual, transfers pursuant to a qualified domestic relations order;

    

    

    (e)

    transfers by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the securities were originally purchased;

    

    

    (f)

    transfers in the event of the Company’s liquidation prior to the completion of an initial Business Combination;

    

    

    (g)

    transfers by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor;

    

    

    (h)

    in the event of the Company’s completion of a liquidation, merger, stock exchange, reorganization or other similar transaction which results in all of the Company’s public stockholders having the
      right to exchange their shares of Common Stock for cash, securities or other property subsequent to the completion of the initial Business Combination; and

    

    

    
      4

      
        

    

    

    

    (i)

    to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a) through (h) above; provided, however, that in the case of clauses
      (a) through (e) and (i), these permitted transferees (the “Permitted Transferees”) must enter into a written agreement
      with the Company agreeing to be bound by the transfer restrictions in this Agreement.

    

    

    3.

    Terms and Exercise of Warrants.

    

    

    3.1

    Warrant Price. Each 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 described in the prior sentence at which shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the
      Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided
      further that any such reduction shall be identical among all of the Warrants.

    

    

    3.2

    Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, share
      exchange, asset acquisition, share purchase, reorganization or similar transaction, involving the Company and one or more businesses (a “Business Combination”), and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and (B) terminating at 5:00 p.m., New York City time on the earlier to occur of: (w) the date that is five (5) years after
      the date on which the Company completes its initial Business Combination, (x) the liquidation of the Company in accordance with the Company’s certificate of incorporation, as amended from time to time, if the
      Company fails to consummate a Business Combination, and (y) other than with respect to the Private Placement Warrants, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”); provided, however,
      that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement. Except with
      respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant) in the event of a redemption (as set forth in Section 6 hereof), each
      Warrant (other than a Sponsor Warrant in the event of a redemption) not exercised on or before the Expiration Date shall become null and 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.

    

    

    
      5

      
        

    

    

    

    3.3

    Exercise of Warrants.

    

    

    3.3.1

    Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof
      by surrendering it at the office of the Warrant Agent or at the office of its successor as Warrant Agent, together with (i) an election to purchase form, duly executed, electing to exercise such Warrant; and (ii) 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)

    in lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent or by wire;

    

    

    (b)

    in the event of 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 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 excess of the “Fair Market Value” (as defined in this subsection 3.3.1(b)) over the Warrant Price by (y) the Fair Market
      Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is
      sent to the holders of the Warrants, pursuant to Section 6 hereof;

    

    

    (c)

    with respect to any Private Placement Warrant, so long as such Sponsor Warrant is held by the Sponsor or a Permitted Transferee, 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 excess of the “Fair Market Value”,
      as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of
      exercise of the Warrant is sent to the Warrant Agent; or

    

    

    (d)

    as provided in Section 7.4 hereof.

    

    

    The Warrant Agent shall forward funds received for warrant exercises in a given month by the 5th business day of the following month by wire transfer to an account designated by the Company.

    

    

    
      6

      
        

    

    

    

    3.3.2

    Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the
      funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a 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 are exercised, a notation shall be made to the
      records maintained by the Depositary, its nominee to each book-entry Warrant, 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 (a) registration statement under the Securities Act covering the issuance of the Common Stock underlying
      the Public Warrants is then effective and (b) 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 shares of Common Stock issuable upon such Warrant exercise have 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. Subject to Section 4.6 of this Agreement, a Registered Holder of Public Warrants may exercise its Public Warrants only for a whole
      number of shares of Common Stock. 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 Subsection 3.3.1(b) and 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.

    

    

    3.3.3

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

    

    

    
      7

      
        

    

    

    

    3.3.4

    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 at the close of business on the next succeeding date on which the share transfer books or book entry system are open.

    

    

    3.3.5

    Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
      provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5
      unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not affect 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 4.9% or 9.8% (or
      such other amount as a holder may specify) (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 issued and outstanding Common Stock, the holder may rely on the number of issued and outstanding 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 Common Stock issued and 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.

    

    

    
      8

      
        

    

    

    

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

    

    

    4.1.2

    Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or
      make a distribution in cash, securities or other assets to all or substantially all of 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 shares of Common Stock included in the Units sold in the
      Offering 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 with respect to any other material provisions
      relating to stockholders’ rights or pre-Business Combination activity, or (e) in connection with the redemption of shares of Common Stock included in the Units sold in the Offering 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).

    

    

    
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    4.2

    Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6
      hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of 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 Warrant Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is
      adjusted, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the
      exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

    

    

    4.4

    Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of
      Common Stock (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case
      of any merger or consolidation of the Company with or into another 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 shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety
      in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common
      Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
      reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to
      such event (the “Alternative Issuance” ); provided, however, that (i) if the holders of the shares of Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the
      kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the
      shares of Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the shares of Common Stock (other than a tender,
      exchange or redemption offer made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of incorporation or as a
      result of the repurchase of shares 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 (or any successor rule)) 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 (or any successor rule)) 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 (or any successor
      rule)) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been
      entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the shares of Common Stock held by such holder had been purchased pursuant to such
      tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further, that if less than 70% of the consideration receivable by the holders of the shares of 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, if positive, of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as
      defined below) (which amount determined under this clause (ii) shall not be less than zero). 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 shares of Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average price of the Common Stock as
      reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in 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.

    

    

    
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    4.5

    Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock 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 of Common Stock
      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; provided, however, that no adjustment to the number of shares
      of Common Stock issuable upon exercise of a Warrant shall be required until cumulative adjustments amount to 1% or more of the number of shares of Common Stock issuable upon exercise of a Warrant as last adjusted; provided, further,
      that any such adjustments that are not made are carried forward and taken into account in any subsequent adjustment. Notwithstanding the foregoing, all such carried forward adjustments shall be made (i) in connection with any subsequent adjustment
      that (taken together with such carried forward adjustments) would result in a change of at least 1% in the number of shares of Common Stock issuable upon exercise of a Warrant and (ii) on the exercise date of any Warrant. Upon the occurrence of any
      event specified in Sections 4.1, 4.2, 4.3 or 4.4 in connection with which an adjustment is made to the Warrant Price or the number of shares of Common Stock issuable upon exercise of a Warrant, 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 of Common Stock upon the 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 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 of Common Stock 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 the preceding subsections of
      this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose
      of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
      its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is
      necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.8(ii) as a result of any issuance of securities in connection with a Business
      Combination or (ii) 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.

    

    

    
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    5.

    Transfer and Exchange of Warrants.

    

    

    5.1

    Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
      Warrant Register, upon surrender of such Warrant for transfer, 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. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange
      or transfer and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement 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 position for a fraction of a Warrant, except as part of the Units.

    

    

    5.4

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

    

    

    5.5

    Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
      terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, 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 of Warrants. 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 the price of $0.01 per Warrant (the “Redemption Price”),
      provided that the closing price of the Common Stock 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 trading day prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering the shares of 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 such cashless exercise is exempt from registration under the
      Securities Act.

    

    

    
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    6.2

    Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to 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

    Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless
      basis” in accordance with subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. In the event that 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) hereof) 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 Private Placement Warrants. The Company agrees that the redemption rights provided in Section

          6.1 shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees. However,
      once such Private Placement Warrants are transferred (other than to Permitted Transferees under subsection 2.6), the Company may redeem the Private Placement Warrants, provided that the criteria for
      redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.1. Private Placement
      Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants under this Agreement.

    

    

    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, and countersigned by the Warrant Agent. 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. Warrant Agent may, at its option, countersign replacement Warrants for mutilated certificates upon presentation thereof without such indemnity.

    

    

    7.3

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

    

    

    
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    7.4

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

    

    

    7.4.1

    Registration of Shares of Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15)
      Business Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration statement for the registration, under the Securities Act of the shares of Common Stock issuable upon
      exercise of the Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants
      in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during
      the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have
      maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by
      exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) 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 Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the average closing price of
      the Common Stock for the ten (10) trading days ending on the third trading day prior to the date that notice of exercise is sent to the Warrant Agent from the holder of such 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 the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required to be registered
      under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not (and has not been during the preceding three months) an affiliate (as
      such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2,
      for the avoidance of doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

    

    

    7.4.2

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

    

    

    
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    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 shares of Common Stock upon the exercise of the Warrants, but the Company and the Warrant Agent shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of
      Common Stock.

    

    

    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 ninety (90) 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 authorized under applicable
      laws to exercise the powers of a transfer agent 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 Company’s transfer agent for the shares of Common Stock not later than the effective date of any such appointment.

    

    

    8.2.3

    Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be
      consolidated or any entity 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.

    

    

    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.

    

    

    
      15

      
        

    

    

    

    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 Chairman of the Board, Chief Executive Officer, Chief Financial Officer, the President or the Secretary or other principal officer 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, or its representatives’, gross negligence, willful
      misconduct, bad faith or material breach of this Agreement.  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, or its representatives’, gross negligence, willful misconduct, bad faith or material breach of this Agreement.

    

    

    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 shares of Common Stock to be issued pursuant to this Agreement or any
      Warrant or as to whether any shares of Common Stock shall, when issued, be valid and fully paid and 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 shares of 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.

    

    

    
      16

      
        

    

    

    

    9.2

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

    

    

    North Mountain Merger Corp.

    767 Fifth Avenue, 9th  Floor

    New York, New York 10153

    Attention: Charles B. Bernicker

    

    

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

    

    

    Paul, Weiss, Rifkind, Wharton & Garrison LLP

    1285 Avenue of the Americas

    New York, NY 10019

    Attention: Raphael M. Russo

    

    

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

    

    

    Continental Stock Transfer & Trust Company

    1 State Street, 30th Floor

    New York, NY 10004

    Attention: Compliance Department

    

    

    in each case, with copy to:

    

    

    Kirkland & Ellis LLP

    601 Lexington Avenue

    New York, NY 10022

    Attention: Christian O. Nagler

    

    

    9.3

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

    

    

    9.4

    Compliance and Confidentiality. The Warrant Agent shall perform its duties under this Agreement in compliance with all applicable laws and keep confidential all
      information relating to this Agreement and, except as required by applicable law, shall not use such information for any purpose other than the performance of the Warrant Agent’s obligations under this Agreement.

    

    

    
      17

      
        

    

    

    

    9.5

    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.

    

    

    9.6

    Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
      Warrant Agent for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

    

    

    9.7

    Counterparts; Electronic Signatures. 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. A signature to this Agreement transmitted electronically shall have the same authority, effect,
      and enforceability as an original signature.

    

    

    9.8

    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.

    

    

    9.9

    Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of
      curing any mistake, including to confirm this Agreement to the description of this Agreement in the Prospectus, or 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 modification or amendment to increase the Warrant Price or shorten the Exercise Period shall require the vote or written consent of the Registered Holders of 50% of the number of the then outstanding Public Warrants and, solely with
      respect to any amendment to the terms of the Private Placement Warrants, 50% of the number of then outstanding Private Placement 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.

    

    

    9.10

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

    

    

    	Exhibit A	
            Form of Warrant Certificate

          

    

    

    	Exhibit B	
            Legend — Private Placement Warrants

          

    

    

    
      18

      
        

    

    

    

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

    

    

    	 	
            NORTH MOUNTAIN MERGER CORP.

          
	 	 	 
	 	
            By:

          	
            /s/ Charles Bernicker

          
	 	 	
            Name: Charles Bernicker

          
	 	 	
            Title: Chief Executive Officer

          
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY  

          
	 	 	 
	 	
            By:

          	
            /s/ Stacy Aqui

          
	 	 	
            Name: Stacy Aqui

          
	 	 	
            Title:   Vice President

          

    

    

    

    

    

    

    [SIGNATURE PAGE TO WARRANT AGREEMENT]

    
      
        

    

    

    

    EXHIBIT A

    

    

    Form of Warrant Certificate

    

    

    [FACE]

    

    

    Number

    

    

    Warrants

    

    

    THIS WARRANT SHALL BE NULL AND VOID IF NOT EXERCISED PRIOR TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE WARRANT AGREEMENT DESCRIBED BELOW

    

    

    North Mountain Merger Corp.

    

    

    Incorporated Under the Laws of the State of Delaware

    

    

    CUSIP [•]

    

    

    Warrant Certificate

    

    

    This Warrant Certificate certifies that          , or registered assigns, is the registered holder of          warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”)
      to purchase shares of Class A common stock, $0.0001 par value per share (“Common Stock”), of North Mountain Merger
      Corp., a Delaware corporation (the “Company”). Each whole 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 as set forth below, at the exercise price (the “Warrant 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 Warrant Price at the office or agency of the Warrant Agent referred to below,
      subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

    

    

    Each whole Warrant is initially exercisable for one fully paid and non-assessable 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 of the number of shares of Common Stock to be issued to the holder. The number of shares of Common Stock issuable upon exercise of
      the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

    

    

    

    

    [Form of Warrant]

    
      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    	 	
            NORTH MOUNTAIN MERGER CORP.

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    [Form of Warrant]

    

    

    
      
        

    

    

    

    [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          , 2020 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer
      & Trust Company, a New York corporation, as warrant agent (or successor warrant agent) (collectively, the “Warrant Agent”),

      which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the
      Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to
      the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

    

    

    Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election
      to purchase set forth hereon properly completed and executed, together with payment of the Warrant Price as specified in the Warrant Agreement (or through “cashless exercise”
      as provided for in the Warrant Agreement) at the designated 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” as provided for in the Warrant
      Agreement.

    

    

    The Warrant Agreement provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise
      of a Warrant, the holder thereof would be entitled to receive a fractional interest in a 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 designated 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 third-party charges imposed in connection therewith.

    

    

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

    

    

    
      
        

    

    

    

    Election to Purchase

    

    

    (To Be Executed Upon Exercise of Warrant)

    

    

    The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive shares of Common Stock and herewith tenders payment for such shares of Common Stock to the order of North Mountain Merger Corp.
      (the “Company”) in the amount of $__________ in accordance with the terms hereof. The undersigned requests that a
      certificate for such shares of Common Stock be registered in the name of _________, whose address is _______________________ and that such shares of Common Stock be delivered to _________ whose address is _______________________. If said number of
      shares of Common Stock 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 of Common Stock 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 6.1 of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b)
      and Section 6.3 of the Warrant Agreement.

    

    

    In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c)
      of the Warrant Agreement, the number of shares of Common Stock 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 of Common Stock 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 of Common Stock that this Warrant is exercisable for would be determined in accordance with the
      relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate,
      through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If said number of shares of Common Stock 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 of Common Stock be registered in the name of ________________, whose address is ___________, and that such Warrant Certificate be
      delivered to ____________, whose address is ______________.

    

    

    	
            Date:

          	 	
            (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 SEC RULE 17Ad-15 (OR
      ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE ACT, OF 1934, AS AMENDED).

    
      
        

    

    

    

    EXHIBIT B

    

    

    LEGEND

    

    

    THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG NORTH MOUNTAIN
      MERGER CORP. (THE “COMPANY”), NORTH MOUNTAIN LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE
      THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT
      AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

    

    

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

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