Document:

CONFIDENTIAL
TREATMENT REQUESTED. Confidential portions of this document have been redacted and have been separately filed with the Commission.

 

Exhibit
                                         10.5

 

 

CLINICAL
TRIAL COLLABORATION AND SUPPLY AGREEMENT 

 

by
and among 

 

Merck
Sharp & Dohme B.V. 

 

and

 

OncoSec
Medical Incorporated 

 

Dated:
May 7, 2018

 

    	 

    	 

    

 

CONFIDENTIAL

 

TABLE
OF CONTENTS

	 	Page
	1.   Definitions.	1
	2.   Scope
    of the Agreement.	8
	2.1.   Generally	8
	2.2.   Manufacturing
    Delay	8
	2.3.   Compound
    Commitments.	8
	2.4.   Delegation
    of Obligations	9
	2.5.   Compounds	9
	3.   Conduct
    of the Study.	9
	3.1.   Sponsor	9
	3.2.   Performance	9
	3.3.   Debarred
    Personnel; Exclusions Lists	9
	3.4.   Regulatory
    Matters	10
	3.5.   Documentation	10
	3.6.   Copies	10
	3.7.   Sample
    Testing.	10
	3.8.   Ownership
    and Use of Clinical Data.	11
	3.9.   Regulatory
    Submission	11
	3.10.   Joint
    Development Committee; Alliance Managers.	11
	3.11.   Certain
    Memoranda and Reports	12
	3.12.   Relationship	13
	3.13.   Licensing	13
	3.14.   Subsequent
    Study.	13
	4.   Protocol
    and Informed Consent; Certain Covenants.	14
	4.1.   Protocol	14
	4.2.   Informed
    Consent	14
	4.3.   Financial
    Disclosure	15
	4.4.   Transparency
    Reporting.	15
	5.   Adverse
    Event Reporting.	16
	5.1.   Pharmacovigilance
    Agreement	16
	5.2.   Transmission
    of SAEs	16
	6.   Term
    and Termination.	16
	6.1.   Term	16
	6.2.   Merck
    Termination for Safety	16

 

    	i

    	 

    

 

CONFIDENTIAL

 

	6.3.   Termination
    for Material Breach	17
	6.4.   Termination
    for Patient Safety	17
	6.5.   Termination
    for Regulatory Action; Other Reasons	17
	6.6.   Termination
    related to Anti-Corruption Obligations.	17
	6.7.   Return
    of Merck Compound	17
	6.8.   Survival	18
	6.9.   No
    Prejudice	18
	6.10.   Confidential
    Information	18
	6.11.   Manufacturing
    Costs	18
	7.   Costs
    of Study.	18
	8.   Supply
    and Use of the Compounds.	19
	8.1.   Supply
    of the Compounds	19
	8.2.   Clinical
    Quality Agreement	19
	8.3.   Minimum
    Shelf Life Requirements	19
	8.4.   Provision
    of Compounds.	19
	8.5.   Labeling
    and Packaging; Use, Handling and Storage.	20
	8.6.   Product
    Specifications	20
	8.7.   Changes
    to Manufacturing	20
	8.8.   Product
    Testing; Noncompliance.	20
	8.9.   Investigations	22
	8.10.   Shortage;
    Allocation	22
	8.11.   Records;
    Audit Rights	22
	8.12.   Quality	22
	8.13.   Quality
    Control	22
	8.14.   Audits
    and Inspections	22
	8.15.   Recalls	22
	8.16.   VAT.	23
	9.   Confidentiality.	23
	9.1.   Confidential
    Information	23
	9.2.   Inventions	24
	9.3.   Personal
    Identifiable Data	24
	10.   Intellectual
    Property.	24
	10.1.   Joint
    Ownership and Prosecution.	24
	10.2.   Inventions
    Owned by Company	26
	10.3.   Inventions
    Owned by Merck	26
	10.4.   Mutual
    Freedom to Operate for Combination Inventions.	26
	10.5.   Ownership
    of Other Inventions	27

 

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CONFIDENTIAL

 

	11.   Reprints;
    Rights of Cross-Reference.	27
	12.   Publications;
    Press Releases.	27
	12.1.   Clinical
    Trial Registry	27
	12.2.   Publication	27
	12.3.   Press
    Releases	28
	13.   Representations
    and Warranties; Disclaimers.	28
	13.1.   Due
    Authorization	28
	13.2.   Compounds.	28
	13.3.   Results	28
	13.4.   Anti-Corruption.	28
	13.5.   Disclaimer	30
	14.   Insurance;
    Indemnification; Limitation of Liability.	31
	14.1.   Insurance	31
	14.2.   Indemnification.	31
	14.3.   Limitation
    of Liability	32
	15.   Use
    of Name.	32
	16.   Force
    Majeure.	32
	17.   Entire
    Agreement; Amendment; Waiver.	32
	18.   Assignment
    and Affiliates.	33
	19.   Invalid
    Provision.	33
	20.   No
    Additional Obligations.	33
	21.   Governing
    Law; Dispute Resolution.	33
	22.   Notices.	34
	23.   Relationship
    of the Parties.	34
	24.   Counterparts
    and Due Execution.	35
	25.   Construction.	35

 

Appendices

Appendix
A – Protocol Synopsis

Appendix
B – Supply of Compound

Appendix
C – Company Press Release

 

Schedules

Schedule
I – Data Sharing and Sample Testing Schedule

 

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CONFIDENTIAL

 

CLINICAL
TRIAL COLLABORATION AND SUPPLY AGREEMENT

 

This
CLINICAL TRIAL COLLABORATION AND SUPPLY AGREEMENT (this “Agreement”), is entered into as of May 7, 2018 (the
“Effective Date”), by and among Merck Sharp & Dohme B.V., having a place of business at Waarderweg 39,
2031 BN Haarlem, Netherlands (“Merck”), and OncoSec Medical Incorporated, having a place of business at 5820
Nancy Ridge Drive, San Diego, California 92121 USA (“Company”). Merck and Company are each referred to herein
individually as “Party” and collectively as “Parties”.

 

RECITALS

 

A.
Merck holds intellectual property rights with respect to the Merck Compound (as defined below).

 

B.
Company is developing the Company Compound (as defined below) for the treatment of certain tumor types.

 

C.
Merck is developing the Merck Compound for the treatment of certain tumor types.

 

D.
Company desires to sponsor a clinical trial in which the Company Compound and the Merck Compound would be dosed concurrently or
in combination.

 

E.
Merck and Company, consistent with the terms of this Agreement, desire to collaborate as more fully described herein, including
by providing the Merck Compound and the Company Compound for the Study (as defined below).

 

NOW,
THEREFORE, in consideration of the premises and of the following mutual promises, covenants and conditions, the Parties, intending
to be legally bound, mutually agree as follows:

 

1.
Definitions.

 

For
all purposes of this Agreement, the capitalized terms defined in this Article 1 and throughout this Agreement shall have
the meanings herein specified.

 

1.1
“Affiliate” means, with respect to either Party, a firm, corporation or other entity that, now or hereafter,
directly or indirectly owns or controls said Party, or, now or hereafter, is owned or controlled by said Party, or is under common
ownership or control with said Party. The word “control” as used in this definition means (a) the direct or
indirect ownership of fifty percent (50%) or more of the outstanding voting securities of a legal entity or (b) possession, directly
or indirectly, of the power to direct the management or policies of a legal entity, whether through the ownership of voting securities,
contract rights, voting rights, corporate governance or otherwise.

 

1.2
“Agreement” means this agreement, as amended by the Parties from time to time, and as set forth in the preamble.

 

1.3
“Alliance Manager” has the meaning set forth in Section 3.10.3.

 

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CONFIDENTIAL

 

1.4
“Applicable Law” means all federal, state, local, national and regional statutes, laws, rules, regulations
and directives applicable to a particular activity hereunder, including performance of clinical trials, medical treatment and
the processing and protection of personal and medical data, that may be in effect from time to time, including those promulgated
by the United States Food and Drug Administration (“FDA”), national regulatory authorities, the European Medicines
Agency (“EMA”) and any successor agency to the FDA or EMA or any agency or authority performing some or all
of the functions of the FDA or EMA in any jurisdiction outside the United States or the European Union (each a “Regulatory
Authority” and collectively, “Regulatory Authorities”), and including cGMP and GCP (each as defined
below); all data protection requirements such as those specified in the EU Data Protection Directive and the regulations issued
under the United States Health Insurance Portability and Accountability Act of 1996 (“HIPAA”); export control
and economic sanctions regulations which prohibit the shipment of United States-origin products and technology to certain restricted
countries, entities and individuals; anti-bribery and anti-corruption laws pertaining to interactions with government agents,
officials and representatives; laws and regulations governing payments to healthcare providers; and any United States or other
country’s or jurisdiction’s successor or replacement statutes, laws, rules, regulations and directives relating to
the foregoing.

 

1.5
“Business Day” means any day other than a Saturday, Sunday, or a day on which commercial banks located in the
country where the applicable obligations are to be performed are authorized or required by law to be closed.

 

1.6
“cGMP” means the current Good Manufacturing Practices officially published and interpreted by EMA, FDA and
other applicable Regulatory Authorities that may be in effect from time to time and are applicable to the Manufacture of the Compounds.

 

1.7
“Clinical Data” means all data (including raw data) and results generated by or on behalf of either Party or
at either Party’s direction, or by or on behalf of the Parties together or at their direction, in the course of each such
Party’s performance of the Study; provided however, that Clinical Data does not include Sample Testing Results.

 

1.8
“Clinical Quality Agreement” has the meaning set forth in Section 8.2.

 

1.9
“CMC” means “Chemistry Manufacturing and Controls” as such term of art is used in the pharmaceutical
industry.

 

1.10
“Combination” means the use or method of using the Company Compound and the Merck Compound in concomitant or
sequential administration.

 

1.11
“Company” has the meaning set forth in the preamble.

 

1.12
“Company Background Patents” has the meaning set forth in Section 10.4.1.

 

1.13
“Company Class Compound” means any intratumorally-delivered plasmid containing a DNA sequence that encodes
interleukin 12 (IL-12).

 

1.14
“Company Compound” means intratumoral plasmid interleukin 12 (pIL-12) with electroporation (IT-pIL-12-EP),
excluding, however, any biosimilar version of intratumoral plasmid interleukin 12 (pIL-12) with electroporation (IT-pIL 12-EP)
other than a biosimilar version Controlled by Company or its Affiliate.

 

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CONFIDENTIAL

 

1.15
“Company Inventions” has the meaning set forth in Section 10.2.

 

1.16
“Compounds” means the Company Compound and the Merck Compound. A “Compound” means either
the Company Compound or the Merck Compound, as applicable.

 

1.17
“Confidential Information” means any information, Know-How or other proprietary information or materials furnished
to one Party (“Receiving Party”) by or on behalf of the other Party (“Disclosing Party”)
in connection with this Agreement, except to the extent that such information or materials: (a) was already known to the Receiving
Party, other than under an obligation of confidentiality, at the time of disclosure by the Disclosing Party, as demonstrated by
competent evidence; (b) was generally available to the public or otherwise part of the public domain at the time of its disclosure
to the Receiving Party; (c) became generally available to the public or otherwise part of the public domain after its disclosure
and other than through any act or omission of the Receiving Party in breach of this Agreement; (d) was disclosed to the Receiving
Party by a Third Party who had no obligation to the Disclosing Party not to disclose such information to others; or (e) was subsequently
developed by the Receiving Party without use of the Disclosing Party Confidential Information, as demonstrated by competent evidence.

 

1.18
“Continuing Party” has the meaning set forth in Section 10.1.3.

 

1.19
“Control” or “Controlled” means, with respect to particular information or intellectual
property, that the applicable Party owns or has a license to such information or intellectual property and has the ability to
grant a right, license or sublicense to the other Party as provided for herein without violating the terms of any agreement or
other arrangement with any Third Party.

 

1.20
“CTA” means an application to a Regulatory Authority for purposes of requesting the ability to start or continue
a clinical trial.

 

1.21
“Data Sharing and Sample Testing Schedule” means the schedule attached hereto as Schedule I.

 

1.22
“Defending Party” has the meaning set forth in Section 14.2.3.

 

1.23
“Delivery” with respect to the Merck Compound has the meaning set forth in Section 8.4.1, and with respect
to the Company Compound, the meaning set forth in Section 8.4.2.

 

1.24
“Direct Manufacturing Costs” has the meaning set forth in Section 6.11.

 

1.25
“Disclosing Party” has the meaning set forth in the definition of Confidential Information in Section 1.17.

 

1.26
“Disposition Package” has the meaning set forth in Section 8.8.1.

 

1.27
“Effective Date” has the meaning set forth in the preamble.

 

    	 	3	 

    	 

    

 

CONFIDENTIAL

 

1.28
“EMA” has the meaning set forth in the definition of Applicable Law in Section 1.4.

 

1.29
“Exclusions List” has the meaning set forth in the definition of Violation in Section 1.86.

 

1.30
“FDA” has the meaning set forth in the definition of Applicable Law in Section 1.4.

 

1.31
“Filing Party” has the meaning set forth in Section 10.1.3.

 

1.32
“Final Study Report” has the meaning set forth in Section 3.11.

 

1.33
“Force Majeure” has the meaning set forth Article 16.

 

1.34
“GAAP” has the meaning set forth in Section 6.11.

 

1.35
“GCP” means the Good Clinical Practices officially published by EMA, FDA and the International Conference on
Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH) that may be in effect from time
to time and are applicable to the testing of the Compounds.

 

1.36
“Government Official” means: (a) any officer or employee of a government or any department, agency or instrument
of a government; (b) any Person acting in an official capacity for or on behalf of a government or any department, agency, or
instrument of a government; (c) any officer or employee of a company or business owned in whole or part by a government; (d) any
officer or employee of a public international organization such as the World Bank or United Nations; (e) any officer or employee
of a political party or any Person acting in an official capacity on behalf of a political party; and/or (f) any candidate for
political office; who, when such Government Official is acting in an official capacity, or in an official decision-making role,
has responsibility for performing regulatory inspections, government authorizations or licenses, or otherwise has the capacity
to make decisions with the potential to affect the business of either of the Parties.

 

1.37
“HIPAA” has the meaning set forth in the definition of Applicable Law in Section 1.4.

 

1.38
“IND” means any Investigational New Drug Application filed or to be filed with the FDA as described in Title
21 of the U.S. Code of Federal Regulations, Part 312, and the equivalent application in the jurisdictions outside the United States,
including an “Investigational Medicinal Product Dossier” filed or to be filed with Regulatory Authorities in the European
Union.

 

1.39
“Indirect Manufacturing Costs” has the meaning set forth in Section 6.11.

 

1.40
“Inventions” means all inventions and discoveries, whether or not patentable, that are made, conceived, or
first actually reduced to practice by or on behalf of a Party, or by or on behalf of the Parties together, (a) in the design or
performance of the Study or in the design or performance of any Subsequent Study performed pursuant to Section 3.14, or
(b) through use of unpublished Clinical Data, or (c) through use of Sample Testing Results that are shared between the Parties
pursuant to the Data Sharing and Sample Testing Schedule.

 

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CONFIDENTIAL

 

1.41
“Joint Development Committee” or “JDC” has the meaning set forth in Section 3.10.1.

 

1.42
“Joint Patent Application” has the meaning set forth in Section 10.1.3.

 

1.43
“Joint Patent” means a patent that issues from a Joint Patent Application.

 

1.44
“Jointly Owned Invention” has the meaning set forth in Section 10.1.3.

 

1.45
“Know-How” means any proprietary invention, innovation, improvement, development, discovery, computer program,
device, trade secret, method, know-how, process, technique or the like, including manufacturing, use, process, structural, operational
and other data and information, whether or not written or otherwise fixed in any form or medium, regardless of the media on which
contained and whether or not patentable or copyrightable, that is not generally known or otherwise in the public domain.

 

1.46
“Liability” has the meaning set forth in Section 14.2.1.

 

1.47
“Manufacture,” “Manufactured,” or “Manufacturing” means all activities
related to the manufacture of a Compound, including planning, purchasing, manufacture, processing, compounding, storage, filling,
packaging, waste disposal, labeling, leafleting, testing, quality assurance, sample retention, stability testing, release, dispatch
and supply, as applicable.

 

1.48
“Manufacturer’s Release” or “Release” has the meaning ascribed to such term in the
Clinical Quality Agreement.

 

1.49
“Manufacturing Site” means the facilities where a Compound is Manufactured by or on behalf of a Party, as such
Manufacturing Site may change from time to time in accordance with Section 8.7.

 

1.50
“Merck” has the meaning set forth in the preamble.

 

1.51
“Merck Background Patents” has the meaning set forth in Section 10.4.2.

 

1.52
“Merck Compound” means pembrolizumab, a humanized anti-human PD-1 monoclonal antibody, *.

 

1.53
“Merck Inventions” has the meaning set forth in Section 10.3.

 

1.54
“NDA” means a New Drug Application, Biologics License Application, Marketing Authorization Application, filing
pursuant to Section 510(k) of the United States Federal Food, Drug and Cosmetic Act, or similar application or submission for
a marketing authorization of a product filed with a Regulatory Authority to obtain marketing approval for a biological, pharmaceutical
or diagnostic product in that country or in that group of countries.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	5	 

    	 

    

 

CONFIDENTIAL

 

1.55
“Non-Conformance” means, with respect to a given unit of Compound, (a) an event that deviates from an approved
cGMP requirement with respect to the applicable Compound, such as a procedure, Specification, or operating parameter, or that
requires an investigation to assess impact to the quality of the applicable Compound or (b) that such Compound failed to meet
the applicable representations and warranties set forth in Section 2.3. Classification of the Non-Conformance is detailed
in the Clinical Quality Agreement.

 

1.56
“Non-Filing Party” has the meaning set forth in Section 10.1.3. 

 

1.57
“Other Party” has the meaning set forth in Section 14.2.3. 

 

1.58
“Opting-out Party” has the meaning set forth in Section 10.1.3. 

 

1.59
“Party” has the meaning set forth in the preamble.

 

1.60
“Patent” means a patent, extension, registration, supplementary protection certificate or the like that issues
from a given Patent Application.

 

1.61
“Patent Application” means a patent application (including any provisional, substitution, divisional, continuation,
continuation in part, reissue, renewal, reexamination, extension, supplementary protection certificate and the like) in respect
of a given invention.

 

1.62
“PD-1 Antagonist” means any small or large molecule that *.

 

1.63
“Person” means any individual, sole proprietorship, partnership, corporation, business trust, joint stock company,
trust, unincorporated organization, association, limited liability company, institution, public benefit corporation, joint venture,
entity or governmental entity.

 

1.64
“Pharmacovigilance Agreement” has the meaning set forth in Section 5.1.

 

1.65
“Project Manager” has the meaning set forth in Section 3.10.1.

 

1.66
“Protocol” means the written documentation that describes the Study and sets forth specific activities to be
performed as part of the conduct of the Study.

 

1.67
“Receiving Party” has the meaning set forth in the definition of Confidential Information.

 

1.68
“Regulatory Approvals” means, with respect to a Compound, any and all permissions (other than the Manufacturing
approvals) required to be obtained from Regulatory Authorities and any other competent authority for the development, registration,
importation and distribution of such Compound in the United States, Europe or other applicable jurisdictions for use in the Study.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	6	 

    	 

    

 

CONFIDENTIAL

 

1.69
“Regulatory Authorities” has the meaning set forth in the definition of Applicable Law in Section 1.4.

 

1.70
“Regulatory Documentation” means, with respect to the Compounds, all submissions to Regulatory Authorities
in connection with the development of such Compounds, including all INDs and amendments thereto, NDAs and amendments thereto,
drug master files, correspondence with regulatory agencies, periodic safety update reports, adverse event files, complaint files,
inspection reports and manufacturing records, in each case together with all supporting documents (including documents that include
Clinical Data).

 

1.71
“Related Agreements” means the Pharmacovigilance Agreement and the Clinical Quality Agreement.

 

1.72
“Right of Reference” means the “right of reference” defined in 21 CFR 314.3(b), including with
regard to a Party, allowing the applicable Regulatory Authority in a country to have access to relevant information (by cross-reference,
incorporation by reference or otherwise) contained in Regulatory Documentation (and any data contained therein) filed with such
Regulatory Authority with respect to a Party’s Compound, only to the extent necessary for the conduct of the Study in such
country or as otherwise expressly permitted or required under this Agreement to enable a Party to exercise its rights or perform
its obligations hereunder.

 

1.73
“SAEs” has the meaning set forth in Section 5.2.

 

1.74
“Samples” means biological specimens collected from subjects participating in the Study, including urine, blood
and tissue samples.

 

1.75
“Sample Testing” means the analyses to be performed by each Party using the applicable Samples, as described
in the Data Sharing and Sample Testing Schedule.

 

1.76
“Sample Testing Results” means those data and results arising from the Sample Testing performed by a Party.

 

1.77
“Specifications” means, with respect to a given Compound, the set of requirements for such Compound as set
forth in the Clinical Quality Agreement.

 

1.78
“Study” means the Phase I/II clinical trial described in the Protocol to evaluate the safety, pharmacokinetics,
pharmacodynamics, and preliminary efficacy of the concomitant and/or sequenced administration of the combination of the Merck
Compound and the Company Compound in patients with triple negative breast cancer.

 

1.79
“Study Completion” has the meaning set forth in Section 3.11. 

 

1.80
“Subcontractors” has the meaning set forth in Section 2.4.

 

1.81
“Subsequent Study” has the meaning set forth in Section 3.14.1. 

 

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CONFIDENTIAL

 

1.82
“Term” has the meaning set forth in Section 6.1.

 

1.83
“Third Party” means any Person or entity other than Company, Merck or their respective Affiliates.

 

1.84
“Toxicity & Safety Data” means all clinical adverse event information and/or patient-related safety data
included in the Clinical Data, as more fully described in the Pharmacovigilance Agreement.

 

1.85
“VAT” has the meaning set forth in Section 8.16.

 

1.86
“Violation” means that a Party or any of its officers or directors or any other personnel (or other permitted
agents of a Party performing activities hereunder) has been: (a) convicted of any of the felonies identified among the exclusion
authorities listed on the U.S. Department of Health and Human Services, Office of Inspector General (OIG) website, including 42
U.S.C. 1320a-7(a) (http://oig.hhs.gov/exclusions/authorities.asp); (b) identified in the OIG List of Excluded Individuals/Entities
(LEIE) database (http://exclusions.oig.hhs.gov/) or listed as having an active exclusion in the System for Award Management
(http://www.sam.gov); or (c) listed by any US Federal agency as being suspended, proposed for debarment, debarred, excluded
or otherwise ineligible to participate in Federal procurement or non-procurement programs, including under 21 U.S.C. 335a (http://www.fda.gov/ora/compliance_ref/debar/)
((a), (b) and (c) collectively the “Exclusions Lists”).

 

2.
Scope of the Agreement.

 

2.1.
Generally. Each Party
shall: (a) contribute to the Study such resources as are necessary to fulfill its obligations set forth in this Agreement; and
(b) act in good faith in performing its obligations under this Agreement and each Related Agreement to which it is a Party.

 

2.2.
Manufacturing Delay.
Each Party shall notify the other Party as promptly as possible in the event of any Manufacturing delay that is likely to adversely
affect supply of its Compound as contemplated by this Agreement.

 

2.3.
Compound Commitments.

 

2.3.1
Company agrees to Manufacture and supply the Company Compound for purposes of the Study in accordance with Article 8, and
Company hereby represents and warrants to Merck that, at the time of Delivery of the Company Compound, such Company Compound shall
have been Manufactured and supplied in compliance with: (a) the Specifications for the Company Compound; (b) the Clinical Quality
Agreement; and (c) all Applicable Law, including cGMP and health, safety and environmental protections.

 

2.3.2
Merck agrees to Manufacture and supply the Merck Compound for purposes of the Study in accordance with Article 8, and Merck
hereby represents and warrants to Company that, at the time of Delivery of the Merck Compound, such Merck Compound shall have
been Manufactured and supplied in compliance with: (a) the Specifications for the Merck Compound; (b) the Clinical Quality Agreement;
and (c) all Applicable Law, including cGMP and health, safety and environmental protections.

 

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CONFIDENTIAL

 

2.3.3
Without limiting the foregoing, each Party is responsible for obtaining all regulatory approvals (including facility licenses)
that are required to Manufacture its Compound in accordance with Applicable Law (provided that, for clarity, Company shall
be responsible for obtaining Regulatory Approvals for the Study as set forth in Section 3.4).

 

2.4.
Delegation of Obligations. Each
Party shall have the right to delegate any portion of its obligations hereunder as follows: (a) to such Party’s Affiliates;
(b) to Third Parties that are set forth in the Protocol as performing Study activities or as conducting Sample Testing for such
Party; (c) to the extent related to the Manufacture of such Party’s Compound; and (d) upon the other Party’s prior
written consent. Any and all Third Parties to whom a Party delegates any of its obligations hereunder are referred to as “Subcontractors”.
Notwithstanding any delegation of its obligations hereunder, each Party shall remain solely and fully liable for the performance
of its Affiliates and Subcontractors to which such Party delegates the performance of its obligations under this Agreement. Each
Party shall ensure that each of its Affiliates and Subcontractors performs such Party’s obligations pursuant to the terms
of this Agreement, including the Appendices and Schedules attached hereto. Each Party shall use reasonable efforts to obtain and
maintain copies of documents relating to the obligations performed by such Affiliates and Subcontractors that are required to
be provided to the other Party under this Agreement.

 

2.5.
Compounds. This Agreement
does not create any obligation on the part of Merck to provide the Merck Compound for any activities other than the Study, nor
does it create any obligation on the part of Company to provide the Company Compound for any activities other than the Study.

 

3.
Conduct of the Study.

 

3.1.
Sponsor. Company
shall act as the sponsor of the Study under its existing IND for the Company Compound with a Right of Reference to the IND of
the Merck Compound, as necessary, as further described in Section 3.4; provided, however, that in no event shall Company
file an additional IND for the Study unless required by Regulatory Authorities to do so. If a Regulatory Authority requests an
additional IND for the Study the Parties shall meet and mutually agree on an approach to address such requirement.

 

3.2.
Performance. Company
shall ensure that the Study is performed in accordance with this Agreement, the Protocol and all Applicable Law, including GCP.

 

3.3.
Debarred Personnel; Exclusions Lists. Notwithstanding
anything to the contrary contained herein, Company shall not employ or subcontract with any Person that is excluded, debarred,
suspended, proposed for suspension or debarment, in Violation or otherwise ineligible for government programs for the performance
of the Study or any other activities under this Agreement or the Related Agreements. Company hereby certifies that it has not
employed or otherwise used in any capacity and will not employ or otherwise use in any capacity, the services of any Person suspended,
proposed for debarment, or debarred under United States law, including 21 USC 335a, or any foreign equivalent thereof, in performing
any portion of the Study or other activities under this Agreement or the Related Agreements and that Company has, as of the Effective
Date, screened itself, and its officers and directors, against the Exclusions Lists and that it has informed Merck whether it
or any of its officers or directors has been in Violation. Company shall notify Merck in writing immediately if any such suspension,
proposed debarment, debarment or Violation occurs or comes to its attention, and shall, with respect to any Person so suspended,
proposed for debarment, debarred or in Violation, promptly remove such Person from performing in any capacity related to the Study
or otherwise related to activities under this Agreement or the Related Agreements.

 

    	 	9	 

    	 

    

 

CONFIDENTIAL

 

3.4.
Regulatory Matters. Company
shall: (a) obtain, prior to initiating the Study, all Regulatory Approvals from all Regulatory Authorities, ethics committees
and/or institutional review boards with jurisdiction over the Study prior to initiating the Study; and (b) follow all directions
from any such Regulatory Authorities, ethics committees and/or institutional review boards. Merck shall have the right (but not
the obligation) to participate in any discussions (including meetings) with a Regulatory Authority regarding matters related to
the Study and the Merck Compound and to collaborate on questions posed to Regulatory Authorities regarding design and conduct
of the Study. If a Right of Reference is necessary, each Party shall provide to the other a cross-reference letter or similar
communication to the applicable Regulatory Authority if needed to effectuate the Right of Reference. Notwithstanding anything
to the contrary in this Agreement, neither Party shall have any right to access the other Party’s CMC data with respect
to such other Party’s Compound. Merck shall authorize FDA and other applicable Regulatory Authorities to cross-reference
the appropriate Merck Compound INDs and CTAs to provide data access to Company sufficient to support conduct of the Study. If
Merck’s CTA is not available in a given country, Merck will file its CMC data with the Regulatory Authority for such country,
referencing Company’s CTA as appropriate (*).

 

3.5.
Documentation. Company
shall maintain reports and all related documentation in good scientific manner and in compliance with Applicable Law. Company
shall provide to Merck all Study information and documentation reasonably requested by Merck to enable Merck to (a) comply with
any of its legal, regulatory and/or contractual obligations, or any request by any Regulatory Authority, related to the Merck
Compound and (b) determine whether the Study has been performed in accordance with this Agreement.

 

3.6. Copies.
Company shall provide to Merck copies of all Clinical Data, in electronic form or other mutually agreeable alternate form and
on the timelines specified in the Data Sharing and Sample Testing Schedule (if applicable) or upon mutually agreeable timelines;
provided, however, that a complete copy of the Clinical Data shall be provided to Merck no later than * (*) days following
Study Completion. Company shall ensure that all patient authorizations and consents required under HIPAA, the EU Data Protection
Directive or any other similar Applicable Law in connection with the Study permit such sharing of Clinical Data with Merck.

 

3.7.
Sample Testing.

 

3.7.1
Company shall provide Samples to Merck as specified in the Protocol or as agreed to by the Joint Development Committee. Each Party
shall (a) use the Samples only for the Sample Testing and (b) conduct the Sample Testing solely in accordance with the Data Sharing
and Sample Testing Schedule and the Protocol.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	10	 

    	 

    

 

CONFIDENTIAL

 

3.7.2 Merck shall *
by or on behalf of Merck. Solely to the extent specified on the Data Sharing and Sample Testing Schedule as being shared, Merck
shall provide to Company the Sample Testing Results for the Sample Testing conducted by or on behalf of Merck, in electronic form
or other mutually agreeable alternate form, on the timelines specified in the Data Sharing and Sample Testing Schedule or as otherwise
mutually agreed.

 

3.7.3 Company shall *
by or on behalf of Company. Solely to the extent specified on the Data Sharing and Sample Testing Schedule as being shared,
Company shall provide to Merck the Sample Testing Results for the Sample Testing conducted by or on behalf of Company, in electronic
form or other mutually agreeable alternate form, on the timelines specified in the Data Sharing and Sample Testing Schedule or
as otherwise mutually agreed.

 

3.7.4
Except to the extent otherwise agreed in a writing signed by authorized representatives of each Party, each Party may use and
disclose the Sample Testing Results owned by the other Party and shared by such other Party in accordance with the Data Sharing
and Sample Testing Schedule solely for the purposes of *.

 

3.8.
Ownership and Use of Clinical Data.

 

3.8.1
* Company shall maintain the Clinical Data in its internal database; provided, however, that at all times during the Term,
Company shall grant Merck access to all Clinical Data.

 

3.8.2
Notwithstanding the foregoing, before publication of the Clinical Data in accordance with Article 12, *; provided,
however, that the foregoing shall not limit or restrict either Party’s ability to (i) use or disclose the Clinical
Data as may be necessary to comply with Applicable Law or with such Party’s internal policies and procedures with respect
to pharmacovigilance and adverse event reporting or (ii) share with Third Parties or Affiliates Toxicity and Safety Data where
because of severity, frequency or lack of reversibility either Party needs to use such Toxicity and Safety Data with respect to
its own Compound or the Combination to ensure patient safety.

 

3.9.
Regulatory Submission. It
is understood and acknowledged by the Parties that positive Clinical Data could be used to obtain label changes for the Compounds,
and each Party may propose a Subsequent Study (as defined below) in connection therewith in accordance with Section 3.14.

 

3.10.
Joint Development Committee; Alliance Managers.

 

3.10.1
The Parties shall form a joint development committee (the “Joint Development Committee” or “JDC”)
made up of an equal number of representatives of Merck and Company, which shall have responsibility for coordinating all regulatory
and other activities under, and pursuant to, this Agreement. The JDC will review and finalize the Protocol in accordance with
Section 4.1. Each Party shall designate a project manager (the “Project Manager”) who shall be responsible
for implementing and coordinating activities and facilitating the exchange of information between the Parties with respect to
the Study and shall be a member of the JDC. Other JDC members will be agreed by both Parties.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	11	 

    	 

    

 

CONFIDENTIAL

 

3.10.2
The JDC shall meet as soon as practicable after the Effective Date and then no less than twice yearly, and more often as reasonably
considered necessary at the request of either Party, to provide an update on the progress of the Study. The JDC may meet in person
or by means of teleconference, Internet conference, videoconference or other similar communications equipment. Prior to any such
meeting, Company’s Project Manager shall provide an update in writing to Merck’s Project Manager, which update shall
contain information about the overall progress of the Study, recruitment status, interim analysis (if results available), final
analysis and other information relevant to the conduct of the Study.

 

3.10.3
In addition to a Project Manager, each Party shall designate an alliance manager (the “Alliance Manager”),
who shall endeavor to ensure clear and responsive communication between the Parties and the effective exchange of information
and shall serve as the primary point of contact for any issues arising under this Agreement. The Alliance Managers shall have
the right to attend all JDC meetings and may bring to the attention of the JDC any matters or issues either of them reasonably
believes should be discussed and shall have such other responsibilities as the Parties may mutually agree in writing. In the event
that an issue arises and the Alliance Managers cannot or do not, after good faith efforts, reach agreement on such issue, or if
there is a decision to be made by the JDC on which the members of the JDC cannot unanimously agree, the issue shall be elevated
to the Vice President of Clinical Oncology for Merck and the Chief Clinical and Regulatory Officer for Company. In the event such
escalation does not result in resolution or consensus: (a) Merck shall have final decision-making authority with respect to issues
related to Merck Compound; and (b) Company shall have final decision-making authority with respect to issues related to Company
Compound.

 

3.11.
Certain Memoranda and Reports. Without
limiting any other provision of this Agreement requiring Company to provide to Merck documentation related to the Study, Company
shall provide to Merck drafts and final versions of the top-line results memorandum and final study report for the Study as described
below.

 

3.11.1
Top-Line Results Memo. Promptly following Study Completion, Company shall provide to Merck an electronic draft of
the top-line results memorandum for the Study, and Merck shall have * (*) days after receipt of such draft to provide comments
thereon. Company shall consider in good faith any comments provided by Merck on such draft top-line results memorandum and shall
not include any statements therein relating to the Merck Compound that have not been approved by Merck. Company shall deliver
to Merck a final version of the top-line results memorandum promptly following finalization thereof (the “Top-Line Results
Memo”).

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	12	 

    	 

    

 

CONFIDENTIAL

 

3.11.2
Final Study Report. Company shall provide Merck with an electronic draft of the final study report promptly following
Study Completion, and Merck shall have * (*) days after receipt of such draft to provide comments thereon. Company shall consider
in good faith any comments provided by Merck on the draft final study report and shall not include any statements relating to
the Merck Compound that have not been approved by Merck. Company shall deliver to Merck a final version of the final study report
promptly following finalization thereof (the “Final Study Report”). “Study Completion” shall
occur upon database lock of the Study results.

 

3.12.
Relationship. Except as
expressly set forth in this Agreement, nothing in this Agreement shall: (a) prohibit either Party from performing clinical studies
other than the Study relating to its own Compound, either individually or in combination with any other compound or product, in
any therapeutic area; or (b) create an exclusive relationship between the Parties with respect to any Compound. Each Party acknowledges
and agrees that nothing in this Agreement shall be construed as a representation or inference that the other Party will not develop
for itself, or enter into business relationships with other Third Parties regarding, any products, programs, studies (including
combination studies), technologies or processes that are similar to or that may compete with the Combination or any other product,
program, technology or process, including Company Class Compound or PD-1 Antagonists, provided that the Clinical Data, Confidential
Information, Jointly Owned Inventions and Sample Testing Results are not used or disclosed in connection therewith in violation
of this Agreement.

 

3.13.
Licensing. Nothing
in this Agreement shall prohibit or restrict a Party from licensing, assigning or otherwise transferring to an Affiliate or Third
Party such Party’s Compound or any Inventions, Confidential Information or Sample Testing Results owned solely by such Party.
A Party may license, assign or transfer to an Affiliate or Third Party such Party’s interest in the Clinical Data, Confidential
Information owned jointly by the Parties and/or Jointly Owned Inventions, and in connection therewith share the shared Sample
Testing Results owned by the other Party, solely to the extent such licensee, assignee or transferee agrees in writing to be bound
by the terms of this Agreement with respect to such Clinical Data, Confidential Information, Jointly Owned Inventions, and shared
Sample Testing Results. For purposes of clarity, any assignment or transfer of this Agreement must comply with Article 18
of this Agreement.

 

3.14.
Subsequent Study.

 

3.14.1 During the Term and
for a period of * (*) months thereafter, either Party shall have the option to propose amending this Agreement and the Related
Agreements or negotiating a new agreement (a “Subsequent Study Agreement”), as appropriate, for the purpose
of conducting a registration study for the Combination in * as the Study (each a “Subsequent Study”)
by sending a written proposal to the other Party. Company * prior to entering into *.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	13	 

    	 

    

 

CONFIDENTIAL

 

3.14.2
If the receiving Party desires to engage in discussions around the proposed Subsequent Study, such Party shall notify the other
Party, in writing, no later than *(*) days after receipt of the written proposal. *

 

4.
Protocol and Informed Consent; Certain Covenants.

 

4.1.
Protocol. A synopsis
of the initial Protocol and the draft statistical analysis plan for the Study have been agreed to by the Parties as of the Effective
Date and are attached hereto as Appendix A. Through the JDC, Company shall (a) provide a draft of the Protocol (and any subsequent
revisions thereof) to Merck for Merck’s review and comment, (b) consider in good faith any changes to the draft of the Protocol
requested by Merck, and (c) incorporate any changes requested by Merck with respect to Merck Compound. Company shall submit the
draft Protocol to the JDC for final approval, and the JDC shall promptly review the Protocol and vote on approval thereof. To
the extent the JDC cannot agree unanimously regarding the contents of the Protocol for final approval within * (*) days of receipt
of the Protocol: (i) Company shall have final decision-making authority with respect to matters in the Protocol related to the
Company Compound; (ii) Merck shall have final decision-making authority with respect to matters in the Protocol related to *;
and (iii) all other matters in respect of the Protocol on which the JDC cannot agree shall be resolved in accordance with Section
3.10.3. Once the final Protocol has been approved in accordance with this Section 4.1, any material changes to such approved final
Protocol (other than material changes relating solely to the Company Compound) and any changes to the final Protocol (whether
or not material) relating to the Merck Compound shall require Merck’s prior written consent. Any such proposed changes will
be sent in writing to Merck’s Project Manager and Merck’s Alliance Manager. Merck shall review promptly any such proposed
changes to the Protocol.

 

4.1.1
Notwithstanding anything to the contrary contained herein, Merck, in its sole discretion, shall have the sole right to determine
the dose and dosing regimen for the Merck Compound and shall have the final decision on all matters relating to the Merck Compound
(including quantities of Merck Compound to be supplied pursuant to Article 8) and any information regarding the Merck Compound
included in the Protocol.

 

4.1.2
Notwithstanding anything to the contrary contained herein, Company, in its sole discretion, shall have the sole right to determine
the dose and dosing regimen for the Company Compound and shall have the final decision on all matters relating to the Company
Compound (including quantities of Company Compound to be supplied pursuant to Article 8) and any information regarding
the Company Compound included in the Protocol.

 

4.2.
Informed Consent.
Company shall prepare the patient informed consent form for
the Study (which shall include provisions regarding the use of Samples in Sample Testing) in consultation with Merck (it being
understood and agreed that the portion of the informed consent form relating to the Sample Testing of the Merck Compound shall
be provided to Company by Merck). Any proposed changes to such form that relate to the Merck Compound, including Sample Testing
of the Merck Compound, shall be subject to Merck’s prior written consent. Any such proposed changes will be sent in writing
to Merck’s Project Manager and Merck’s Alliance Manager. Merck will provide such consent, or a written explanation
for why such consent is being withheld, within *(*) Business Days after Merck receives a copy of Company’s requested changes.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	14	 

    	 

    

 

CONFIDENTIAL

 

4.3.
Financial Disclosure. Company
shall (a) track and collect financial disclosure information from all “clinical investigators” involved in the Study
and (b) prepare and submit the certification and/or disclosure of the same in accordance with all Applicable Law, including, but
not limited to, Part 54 of Title 21 of the United States Code of Federal Regulations (Financial Disclosure by Clinical Investigators)
and related FDA Guidance Documents. Prior to the initiation of clinical activities under the Study, but in any event within *
(*) days after the Effective Date, the Parties shall determine whether Company shall track and collect from all “clinical
investigators” involved in the Study separate certification and/or disclosure forms for each of Merck and Company or one
(1) “combined” certification and/or disclosure form for both Merck and Company. For purposes of this Section 4.3,
the term “clinical investigators” shall have the meaning set forth in Part 54.2(d) of Title 21 of the United States
Code of Federal Regulations.

 

4.4.
Transparency Reporting.

 

4.4.1
With respect to any annual reporting period in which Company is not an entity that is required to make a Transparency Report under
Applicable Law, Company will: (a) notify Merck, in writing, within * (*) days after the commencement of such reporting period
that Company is not so required; and (b) during such reporting period Company will track and provide to Merck data regarding “indirect”
payments or other transfers of value by Company to such health care professionals to the extent such payments or other transfers
of value were required, instructed, directed or otherwise caused by Merck pursuant to this Agreement in the format requested by
Merck and provided on a basis to be agreed upon by both Parties. Company represents and warrants that any data provided by Company
to Merck pursuant to Section 4.4.1(b) above will be complete and accurate to the best of Company’s knowledge.

 

4.4.2
With respect to any annual reporting period in which Company is required to make a Transparency Report under Applicable Law, Company
will provide to Merck, in writing, Company’s point of contact for purposes of receiving information from Merck pursuant
to this Section 4.4, along with such contact’s full name, email address, and telephone number. Company may update such contact
from time to time by notifying Merck in writing pursuant to Section 22 (Notices). Where applicable, Merck will provide to such
Company contact all information regarding the value of the Merck Compound provided for use in the Study required for such reporting.
In the event that the value of the Merck Compound provided pursuant to this Section 4.4.2 changes, Merck shall notify Company
of such revised value and the effective date thereof.

 

4.4.3
For purposes of this Section 4.4, “Transparency Report” means a transparency report in connection with reporting
payments and other transfers of value made to health care professionals, including, without limitation, investigators, steering
committee members, data monitoring committee members, and consultants in connection with the Study in accordance with reporting
requirements under Applicable Law, including, without limitation, the Physician Payment Sunshine Act and state gift laws, and
the European Federation of Pharmaceutical Industries and Associations Disclosure Code, or a Party’s applicable policies.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	15	 

    	 

    

 

CONFIDENTIAL

 

5.
Adverse Event Reporting.

 

5.1.
Pharmacovigilance Agreement. Company
will be solely responsible for compliance with all Applicable Laws pertaining to safety reporting for the Study and related activities.
The Parties (or their respective Affiliates) will execute a pharmacovigilance agreement (the “Pharmacovigilance Agreement”)
prior to the initiation of clinical activities under the Study, but in any event within * (*) days after the Effective Date, to
ensure the exchange of relevant safety data within appropriate timeframes and in an appropriate format to enable the Parties to
fulfill local and international regulatory reporting obligations and to facilitate appropriate safety reviews. In the event of
any inconsistency between the terms of this Agreement and the Pharmacovigilance Agreement, the terms of this Agreement shall control.
The Pharmacovigilance Agreement will include safety data exchange procedures governing the coordination of collection, investigation,
reporting, and exchange of information concerning any adverse experiences, pregnancy reports, and any other safety information
arising from or related to the use of the Merck Compound and Company Compound in the Study, consistent with Applicable Law. Such
guidelines and procedures shall be in accordance with, and enable the Parties and their Affiliates to fulfill, local and international
regulatory reporting obligations to Regulatory Authorities.

 

5.2.
Transmission of SAEs. Company will transmit to Merck all serious adverse events (“SAEs”) as follows:

 

5.2.1
For drug-related fatal and life-threatening SAEs, Company will send a processed case (on a CIOMS-1 form in English) within * (*)
calendar days after receipt by Company of such SAEs.

 

5.2.2
For all other SAEs, including non-drug-related fatal and life-threatening SAEs, Company will send a processed case (on a CIOMS-1
form in English) within * (*) calendar days after receipt by Company of such SAEs.

 

6.
Term and Termination.

 

6.1.
Term. The term of this Agreement shall commence on the Effective Date and shall continue in full force and effect until
delivery of the Final Study Report, unless terminated earlier by either Party pursuant to this Article 6 (the “Term”).

 

6.2.
Merck Termination for Safety. In the event that Merck in good faith believes that the Merck Compound is being used
in the Study in an unsafe manner and notifies Company in writing of the grounds for such belief, and Company fails to promptly
incorporate changes into the Protocol requested by Merck to address such issue or to otherwise address such issue reasonably and
in good faith, Merck may terminate this Agreement and the supply of the Merck Compound immediately upon written notice to Company.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	16	 

    	 

    

 

CONFIDENTIAL

 

6.3.
Termination for Material Breach. Either Party may terminate this Agreement if the other Party commits a material breach
of this Agreement, and such material breach continues for * (*) days after receipt of written notice thereof from the non-breaching
Party; provided that if such material breach cannot reasonably be cured within * (*) days, the breaching Party shall be given
a reasonable period of time to cure such breach; provided further, that if such material breach is incapable of cure, then the
notifying Party may terminate this Agreement effective after the expiration of such * (*) day period.

 

6.4.
Termination for Patient Safety.
If either Party determines in good faith, based on a review of the Clinical Data, Sample Testing
Results or other Study-related Know-How or other information, that the Study may unreasonably affect patient safety, such Party
shall promptly notify the other Party of such determination. The Party receiving such notice may propose modifications to the
Study to address the safety issue identified by the other Party and, if the notifying Party agrees, shall act to implement immediately
such modifications; provided, however, that if the notifying Party, in its sole discretion, believes that there is imminent danger
to patients, such Party need not wait for the other Party to propose modifications and may instead terminate this Agreement immediately
upon written notice to such other Party. Furthermore, if the notifying Party, in its sole discretion, believes that any modifications
proposed by the other Party will not resolve the patient safety issue, such Party may terminate this Agreement effective upon
written notice to such other Party.

 

6.5.
Termination for Regulatory Action; Other Reasons. Either Party may terminate this Agreement immediately upon written
notice to the other Party in the event that any Regulatory Authority takes any action, or raises any objection, that prevents
the terminating Party from supplying its Compound for purposes of the Study. Additionally, either Party shall have the right to
terminate this Agreement immediately upon written notice to the other Party in the event that it determines in its sole discretion
to withdraw any applicable Regulatory Approval for its Compound or to discontinue development of its Compound, for medical, scientific
or legal reasons.

 

6.6.
Termination related to Anti-Corruption Obligations. Either Party shall have the right to terminate this Agreement immediately
upon written notice to the other Party, if such other Party fails to perform any of its obligations under Section 13.4
or breaches any representation or warranty contained in Section 13.4. Except as set forth in Section 6.11, the non-terminating
Party shall have no claim against the terminating Party for compensation for any loss of whatever nature by virtue of the termination
of this Agreement in accordance with this Section 6.6.

 

6.7.
Return of Merck Compound. In the event that this Agreement is terminated, or in the event Company remains in possession
(including through any Affiliate or Subcontractor) of Merck Compound at the time this Agreement expires, Company shall, at Merck’s
sole discretion, promptly either return or destroy all unused Merck Compound pursuant to Merck’s instructions. If Merck
requests that Company destroy the unused Merck Compound, Company shall provide written certification of such destruction.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	17	 

    	 

    

 

CONFIDENTIAL

 

6.8.
Survival. The provisions of Sections 3.4 through 3.9 (inclusive), 3.14, 5, 6.7 through
6.11 (inclusive), 8.5.2, 8.11, 8.14 through 8.16 (inclusive), 12.2, 13.4.6, 14.2, and 14.3,
and Articles 1, 5, 9 through 12 (inclusive), 17, and 20 through 25 (inclusive) shall survive
the expiration or termination of this Agreement.

 

6.9.
No Prejudice. Termination of this Agreement shall be without prejudice to any claim or right of action of either
Party against the other Party for any prior breach of this Agreement.

 

6.10.
Confidential Information. Upon termination of this Agreement, each Party and its Affiliates shall promptly return to
the Disclosing Party or destroy any Confidential Information of the Disclosing Party (other than Clinical Data, Sample Testing
Results and Inventions) furnished to the Receiving Party by the Disclosing Party; provided, however that the Receiving Party may
retain one copy of such Confidential Information in its confidential files, solely for purposes of exercising the Receiving Party’s
rights hereunder, satisfying its obligations hereunder or complying with any legal proceeding or requirement with respect thereto,
and provided further that the Receiving Party shall not be required to erase electronic files created in the ordinary course of
business during automatic system back-up procedures pursuant to its electronic record retention and destruction practices that
apply to its own general electronic files and information so long as such electronic files are (a) maintained only on centralized
storage servers (and not on personal computers or devices), (b) not accessible by any of its personnel (other than its information
technology specialists), and (c) are not otherwise accessed subsequently except with the written consent of the Disclosing Party
or as required by law or legal process. Such retained copies of Confidential Information shall remain subject to the confidentiality
and non-use obligations herein.

 

6.11.
Manufacturing Costs. In the event of termination by Merck pursuant to *, Merck shall be entitled to * (as
defined herein) incurred by Merck for its Compound Delivered for the Study. *

 

7.
Costs of Study.

 

The
Parties agree that: (a) Merck shall provide the Merck Compound for use in the Study, as described in Article 8 below; (b)
each Party will be responsible for its own internal costs and expenses to support the Study and the costs of any Sample Testing
conducted by such Party in connection with the Study; and (c) Company shall bear all other costs associated with the conduct of
the Study, including that Company shall provide the Company Compound for use in the Study, as described in Article 8 below.
For the avoidance of doubt, Company will not be required to reimburse Merck for any costs or expenses incurred by Merck or its
Affiliates in connection with the Study (except as provided in Section 6.11) and Merck will not be required to reimburse
Company for any costs or expenses incurred by Company or its Affiliates in connection with the Study.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	18	 

    	 

    

 

CONFIDENTIAL

 

8.
Supply and Use of the Compounds.

 

8.1.
Supply of the Compounds. Subject
to the terms and conditions of this Agreement, each of Company and Merck will use commercially reasonable efforts to supply, or
cause to be supplied, the quantities of its respective Compound as are set forth in Appendix B, on the timelines set forth
in Appendix B, in each case for use in the Study. If the Protocol is changed in accordance with Article 4 in such
a manner that may affect the quantities of Compound to be provided or the timing for providing such quantities, the Parties shall
amend Appendix B to reflect any changes required to be consistent with the Protocol. Each Party shall also provide to the
other Party a contact person for the supply of its Compound under this Agreement. Notwithstanding the foregoing, or anything to
the contrary herein, in the event that a Party is: (a) not supplying its Compound in accordance with the terms of this Agreement,
then the other Party shall have no obligation to supply its Compound; or (b) allocating under Section 8.10 then the other
Party may allocate proportionally.

 

8.2.
Clinical Quality Agreement. Within * (*) days after the Effective Date of this Agreement, but in any event before
any supply of Merck Compound hereunder, the Parties (or their respective Affiliates) shall enter into a quality agreement that
shall address and govern issues related to the quality of clinical drug supply to be supplied by the Parties for use in the Study
(the “Clinical Quality Agreement”). In the event of any inconsistency between the terms of this Agreement and
the Clinical Quality Agreement, the terms of this Agreement shall control. The Clinical Quality Agreement shall, among other things:
(a) detail classification of any Compound found to have a Non-Conformance; (b) include criteria for Manufacturer’s Release
and related certificates and documentation; (c) include criteria and timeframes for acceptance of Merck Compound; (d) include
procedures for the resolution of disputes regarding any Compounds found to have a Non-Conformance; and (e) include provisions
governing the recall of Compounds.

 

8.3.
Minimum Shelf Life Requirements. Each Party shall use commercially reasonable efforts to supply its Compound hereunder
with reasonable remaining shelf life at the time of Delivery to meet the Study requirements.

 

8.4.
Provision of Compounds.

 

8.4.1
Merck will deliver the Merck Compound * to Company’s, or its designee’s, location as specified by Company (“Delivery”
with respect to such Merck Compound). Title and risk of loss for the Merck Compound shall transfer from Merck to Company at Delivery.
All costs associated with the subsequent transportation, warehousing and distribution of Merck Compound shall be borne by Company.
Company will, or will cause its designee to: (a) take delivery of the Merck Compound supplied hereunder; (b) perform the acceptance
(including testing) procedures allocated to it under the Clinical Quality Agreement; (c) subsequently label and pack the Merck
Compound (in accordance with Section 8.5); and promptly ship the Merck Compound to the Study sites for use in the Study,
in compliance with cGMP, GCP and other Applicable Law and the Clinical Quality Agreement; and (d) provide, from time to time at
the reasonable request of Merck, the following information: any applicable chain of custody forms, in-transport temperature recorder(s),
records and receipt verification documentation, such other transport or storage documentation as may be reasonably requested by
Merck, and usage and inventory reconciliation documentation related to the Merck Compound.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	19	 

    	 

    

 

CONFIDENTIAL

 

8.4.2
Company is solely responsible, at its own cost, for supplying (including all Manufacturing, acceptance and release testing) the
Company Compound for the Study, and the subsequent handling, storage, transportation, warehousing and distribution of the Company
Compound supplied hereunder. Company shall ensure that all such activities are conducted in compliance with cGMP, GCP and other
Applicable Law and the Clinical Quality Agreement. For purposes of this Agreement, the “Delivery” of a given
quantity of the Company Compound shall be deemed to occur when such quantity is packaged for shipment to a Study site.

 

8.5.
Labeling and Packaging; Use, Handling and Storage.

 

8.5.1
The Parties’ obligations with respect to the labeling and packaging of the Compounds are as set forth in the Clinical Quality
Agreement. Notwithstanding the foregoing or anything to the contrary contained herein, Merck shall provide the Merck Compound
to Company in the form of unlabeled vials, and Company shall be responsible for labeling, packaging and leafleting such Merck
Compound in accordance with the terms and conditions of the Clinical Quality Agreement and otherwise in accordance with all Applicable
Law, including cGMP, GCP, and health, safety and environmental protections.

 

8.5.2
Company shall: (a) use the Merck Compound solely for purposes of performing the Study; (b) not use the Merck Compound in any manner
that is inconsistent with this Agreement or for any commercial purpose; and (c) label, use, store, transport, handle and dispose
of the Merck Compound in compliance with Applicable Law and the Clinical Quality Agreement, as well as all written instructions
of Merck pertaining to the Merck Compound. Company shall not reverse engineer, reverse compile, disassemble or otherwise attempt
to derive the composition or underlying information, structure or ideas of the Merck Compound, and in particular shall not analyze
the Merck Compound by physical, chemical or biochemical means except as necessary to perform its obligations under the Clinical
Quality Agreement.

 

8.6.
Product Specifications. A certificate of analysis, Material Safety Data Sheet, and all storage and handling information
shall accompany each shipment of the Merck Compound to Company. Upon request, Company shall provide Merck with a certificate of
analysis covering each shipment of Company Compound used in the Study.

 

8.7.
Changes to Manufacturing. Each Party may make changes from time to time to its Compound or the Manufacturing Site,
provided that such changes shall be in accordance with the Clinical Quality Agreement.

 

8.8.
Product Testing; Noncompliance.

 

8.8.1
After Manufacturer’s Release. After Manufacturer’s Release of the Merck Compound and concurrently with Delivery
of the Compound to Company, Merck shall provide Company with such certificates and documentation as are described in the Clinical
Quality Agreement (“Disposition Package”). Company shall, within the time defined in the Clinical Quality Agreement,
perform, with respect to the Merck Compound, the acceptance (including testing) procedures allocated to it under the Clinical
Quality Agreement. Company shall be solely responsible for taking all steps necessary to determine that Merck Compound or Company
Compound, as applicable, is suitable for release before making such Merck Compound or Company Compound, as applicable, available
for human use, and Merck shall provide cooperation or assistance as reasonably requested by Company in connection with such determination
with respect to the Merck Compound. Company shall be responsible for storage and maintenance of the Merck Compound until it is
tested and/or released, which storage and maintenance shall be in compliance with (a) the Specifications for the Merck Compound,
the Clinical Quality Agreement and Applicable Law and (b) any specific storage and maintenance requirements as may be provided
by Merck from time to time. Company shall be responsible for any failure of the Merck Compound to meet the Specifications to the
extent caused by shipping, storage or handling conditions after Delivery to Company hereunder.

 

    	 	20	 

    	 

    

 

CONFIDENTIAL

 

8.8.2
Non-Conformance.

 

(a)
In the event that either Party becomes aware that any Compound may have a Non-Conformance, despite testing and quality assurance
activities (including any activities conducted by the Parties under Section 8.8.1), such Party shall immediately notify
the other Party in accordance with the procedures of the Clinical Quality Agreement. The Parties shall investigate any Non-Conformance
in accordance with Section 8.9 (Investigations) and any discrepancy between them shall be resolved in accordance with Section
8.8.3.

 

(b)
In the event that any proposed or actual shipment of the Merck Compound (or portion thereof) shall be agreed to have a Non-Conformance
at the time of Delivery to Company, then unless otherwise agreed to by the Parties, Merck shall replace such Merck Compound as
is found to have a Non-Conformance (with respect to Merck Compound that has not yet been administered in the course of performing
the Study). Unless otherwise agreed to by the Parties in writing, the sole and exclusive remedies of Company with respect to any
Merck Compound that is found to have a Non-Conformance at the time of Delivery shall be (i) *, (ii) *, and (iii) *; provided
that, for clarity, Company shall not be deemed to be waiving any rights under Section 8.15. In the event Merck Compound
is lost or damaged by Company after Delivery, Merck shall provide additional Merck Compound (if available for the Study) to Company;
provided that Company shall *. Except as set forth in the foregoing sentence, Merck shall have no obligation to provide
replacement Merck Compound for any Merck Compound supplied hereunder other than such Merck Compound as has been agreed or determined
to have a Non-Conformance at the time of Delivery to Company.

 

(c)
Company shall be responsible for, and Merck shall have no obligation or liability with respect to, any Company Compound supplied
hereunder that is found to have a Non-Conformance. Company shall replace any Company Compound as is found to have a Non-Conformance
(with respect to Company Compound that has not yet been administered in the course of performing the Study). Unless otherwise
agreed to by the Parties in writing, the sole and exclusive remedies of Merck with respect to any Company Compound that is found
to have a Non-Conformance at the time of Delivery shall be (i) *, (ii) *, and (iii) *; provided that, for clarity, Merck
shall not be deemed to be waiving any rights under Section 8.15.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	21	 

    	 

    

 

CONFIDENTIAL

 

8.8.3
Resolution of Discrepancies. Disagreements regarding any determination of Non-Conformance by Company shall be resolved
in accordance with the provisions of the Clinical Quality Agreement.

 

8.9.
Investigations. The process for investigations of any Non-Conformance shall be handled in accordance with the Clinical
Quality Agreement.

 

8.10.
Shortage; Allocation. In the event that a Party’s Compound is in short supply such that a Party reasonably
believes in good faith that it will not be able to fulfill its supply obligations hereunder with respect to its Compound, such
Party will provide prompt written notice to the other Party thereof (including the shipments of Compound hereunder expected to
be impacted and the quantity of its Compound that such Party reasonably determines it will be able to supply) and the Parties
will promptly discuss such situation (including how the quantity of Compound that such Party is able to supply hereunder will
be allocated within the Study). In such event, the Party experiencing such shortage shall (i) use its commercially reasonable
efforts to remedy the situation giving rise to such shortage and to take action to minimize the impact of the shortage on the
Study, and (ii) *.[2]

 

8.11.
Records; Audit Rights. Company shall keep complete and accurate records pertaining to its use and disposition of Merck
Compound (including its storage, shipping (cold chain) and chain of custody activities) and, upon request of Merck, shall make
such records open to review by Merck for the purpose of conducting investigations for the determination of Merck Compound safety
and/or efficacy and Company’s compliance with this Agreement with respect to the Merck Compound.

 

8.12.
Quality. Quality matters related to the Manufacture of the Compounds shall be governed by the terms of the Clinical
Quality Agreement in addition to the relevant quality provisions of this Agreement.

 

8.13.
Quality Control. Each Party shall implement and perform operating procedures and controls for sampling, stability and
other testing of its Compound, and for validation, documentation and release of its Compound and such other quality assurance
and quality control procedures as are required by the Specifications, cGMPs and the Clinical Quality Agreement.

 

8.14.
Audits and Inspections. The Parties’ audit and inspection rights related to this Agreement shall be governed
by the terms of the Clinical Quality Agreement.

 

8.15.
Recalls. Recalls of the Compounds shall be governed by the terms of the Clinical Quality Agreement.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	22	 

    	 

    

 

CONFIDENTIAL

 

8.16.
VAT.

 

(a)
It is understood and agreed between the Parties that any payments made and any other consideration given under this Agreement
are each exclusive of any value added or similar tax (“VAT”), which shall be added thereon as applicable and
at the relevant rate. Subject to Section 8.16(b), where VAT is properly charged by the supplying Party and added to a payment
made or other consideration provided (as applicable) under this Agreement, the Party making the payment or providing the other
consideration (as applicable) will pay the amount of VAT properly chargeable only on receipt of a valid tax invoice from the supplying
Party issued in accordance with the laws and regulations of the country in which the VAT is chargeable. Each Party agrees that
it shall provide to the other Party any information and copies of any documents within its Control to the extent reasonably requested
by the other Party for the purposes of (i) determining the amount of VAT chargeable on any supply made under this Agreement, (ii)
establishing the place of supply for VAT purposes, or (iii) complying with its VAT reporting or accounting obligations.

 

(b)
Where one Party or its Affiliate (the “First Party”) is treated as making supply of goods or services in a
particular jurisdiction (for VAT purposes) for no consideration, and the other Party or its Affiliate (the “Second Party”)
is treated as receiving such supply in the same jurisdiction, thus resulting in an amount of VAT being properly chargeable on
such supply, the Second Party shall only be obliged to pay to the First Party the amount of VAT properly chargeable on such supply
(and no other amount). The Second Party shall pay such VAT to the First Party on receipt of a valid VAT invoice from the First
Party (issued in accordance with the laws and regulations of the jurisdiction in which the VAT is properly chargeable). Each Party
agrees to (i) use its reasonable efforts to determine and agree the value of the supply that has been made and, as a result, the
corresponding amount of VAT that is properly chargeable and (ii) provide to the other Party any information or copies of documents
in its Control as are reasonably necessary to evidence that such supply will take, or has taken, place in the same jurisdiction
(for VAT purposes).

 

9.
Confidentiality.

 

9.1.
Confidential Information. Subject to Section 13.4.8, Company and Merck agree to hold in confidence any Confidential
Information provided by or on behalf of the other Party, and neither Party shall use Confidential Information of the other Party
except to fulfill such Party’s obligations under this Agreement or exercising its rights. Without limiting the foregoing,
the Receiving Party may not, without the prior written permission of the Disclosing Party, disclose any Confidential Information
of the Disclosing Party to any Third Party except to the extent disclosure (i) is required by Applicable Law; (ii) is pursuant
to the terms of this Agreement; or (iii) is necessary for the conduct of the Study, and in each case ((i) through (iii)) provided
that the Receiving Party shall provide reasonable advance notice to the Disclosing Party before making such disclosure. For
the avoidance of doubt, Company may, without Merck’s consent, disclose Confidential Information to clinical trial sites
and clinical trial investigators performing the Study, the data safety monitoring and advisory board relating to the Study, and
Regulatory Authorities working with Company on the Study, in each case to the extent necessary for the performance of the Study
and provided that such Persons (other than governmental entities) are bound by an obligation of confidentiality at least
as stringent as the obligations contained herein.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	23	 

    	 

    

 

CONFIDENTIAL

 

9.2.
Inventions. Notwithstanding the foregoing: (i) Inventions that constitute Confidential Information and are jointly
owned by the Parties, shall constitute the Confidential Information of both Parties and each Party shall have the right to use
and disclose such Confidential Information consistent with Articles 10, 11 and 12; and (ii) Inventions that constitute
Confidential Information and are solely owned by one Party shall constitute the Confidential Information of that Party and each
Party shall have the right to use and disclose such Confidential Information consistent with Articles 10, 11 and 12.

 

9.3.
Personal Identifiable Data. All Confidential Information containing personal identifiable data shall be handled in
accordance with all data protection and privacy laws, rules and regulations applicable to such data.

 

10.
Intellectual Property.

 

10.1.
Joint Ownership and Prosecution.

 

10.1.1
All rights to all Inventions relating to, or covering, * (each a “Jointly Owned Invention”) shall be owned
jointly by Company and Merck. Merck hereby assigns to Company an undivided one-half interest in, to and under the Jointly Owned
Inventions that are invented or created solely by Merck or by Persons having an obligation to assign such rights to Merck. Company
hereby assigns to Merck an undivided one-half interest in, to and under any Jointly Owned Inventions that are invented or created
solely by Company or by Persons having an obligation to assign such rights to Company. For those countries where a specific license
is required for a joint owner of a Jointly Owned Invention to practice such Jointly Owned Invention in such countries: (a) Merck
hereby grants to Company a perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully paid-up license, transferable
and sublicensable, under Merck’s right, title and interest in and to all Jointly Owned Inventions to use such Inventions
in accordance with the terms of this Agreement; and (b) Company hereby grants to Merck a perpetual, irrevocable, non-exclusive,
worldwide, royalty-free, fully paid-up license, transferable and sublicensable, under Company’s right, title and interest
in and to all Jointly Owned Inventions to use such Inventions in accordance with the terms of this Agreement. For clarity, the
terms of this Agreement do not provide Company or Merck with any rights, title or interest or any license to the other Party’s
intellectual property except as necessary to conduct the Study and as expressly provided under this Agreement, including as set
forth in Section 10.4.

 

10.1.2
Each Party shall have the right to *.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	24	 

    	 

    

 

CONFIDENTIAL

 

10.1.3
Promptly following the Effective Date, but in any event as soon as practicable after the discovery of a Jointly Owned Invention,
patent representatives of each of the Parties shall meet (in person or by telephone) to discuss the patenting strategy for any
Jointly Owned Inventions that may arise. In particular, the Parties shall discuss which Party will file and prosecute a Patent
Application in respect of any Jointly Owned Invention (each, a “Joint Patent Application”) and whether the
Parties wish to appoint counsel that is mutually acceptable to the Parties. In any event, the Parties shall consult and reasonably
cooperate with one another in the preparation, filing, prosecution (including prosecution strategy) and maintenance of each Joint
Patent Application and shall equally share the expenses associated with the Joint Patent Applications and any Joint Patents. In
the event that one Party (the “Filing Party”) wishes to file a Joint Patent Application in respect of a Jointly
Owned Invention and the other Party (the “Non-Filing Party”) does not want to file such Joint Patent Application
or does not want to file in a particular country, the Non-Filing Party shall execute in a timely manner and at the Filing Party’s
reasonable expense an assignment of such Jointly Owned Invention to the Filing Party (in such country or all countries, as applicable)
and any additional documents as may be reasonably necessary to allow the Filing Party to file and prosecute such Joint Patent
Application. If a Party (the “Opting-out Party”) wishes to discontinue the prosecution and maintenance (or
sharing in the costs with respect thereto) of a Joint Patent Application or Joint Patent (in one or more countries), the other
Party, at its sole option (the “Continuing Party”), may continue such prosecution and maintenance. In such
event, the Opting-out Party shall execute in a timely manner and at the Continuing Party’s reasonable expense an assignment
of such Joint Patent Application or Joint Patent to the Continuing Party (in such country or all countries, as applicable) and
any additional documents as may be necessary to allow the Continuing Party to prosecute and maintain such Joint Patent Application
or Joint Patent. Any Jointly Owned Invention, Joint Patent Application or Joint Patent so assigned shall thereafter be owned solely
by the Continuing Party or Filing Party (as applicable), shall no longer be considered jointly owned, and the Non-Filing Party
or Opting-out Party (as applicable) shall have no right to practice under such Joint Patent Application or Joint Patent in the
applicable country or countries.

 

10.1.4
Except as expressly provided in Section 10.1.3 and in furtherance and not in limitation of Section 9.1, each Party
agrees to make no Patent Application based on the other Party’s Confidential Information, and to give no assistance to any
Third Party for such application, without the other Party’s prior written authorization.

 

10.1.5
Company shall have the first right to initiate legal action to enforce all Joint Patents against infringement and to protect all
Jointly Owned Inventions from misappropriation by any Third Party, where * or to defend any declaratory judgment action
relating thereto, at its sole expense. In the event that Company fails to initiate or defend such action within * (*) days
after being first notified of such infringement, Merck shall have the right to do so at its sole expense. Merck shall have the
first right to initiate legal action to enforce all Joint Patents against infringement and to protect all Jointly Owned Inventions
from misappropriation by any Third Party, * to defend any declaratory judgment action relating thereto, at its sole expense. In
the event that Merck fails to initiate or defend such action within * (*) days after being first notified of such infringement,
Company shall have the right to do so at its sole expense. The Parties shall cooperate in good faith to coordinate legal action
to enforce all Joint Patents against infringement, and to protect all Jointly Owned Inventions from misappropriation, by any Third
Party where * or to defend any declaratory judgment action relating thereto, and shall share the costs and expenses of such litigation
equally. Any damages or other monetary awards recovered shall be shared as follows: (a) the amount of *each Party in connection
with such action; and then (b) any *.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	25	 

    	 

    

 

CONFIDENTIAL

 

10.1.6
If one Party brings any prosecution or enforcement action or proceeding against a Third Party with respect to any Joint Patent,
the second Party agrees to be joined as a party plaintiff where necessary and to give the first Party reasonable assistance and
authority to file and prosecute the suit. The costs and expenses of the Party bringing suit under this Section 10.1.6 shall
be borne by such Party, and any damages or other monetary awards recovered shall be shared as follows: (a) the amount of *
each Party in connection with such action; and then (b) any *. A settlement or consent judgment or other voluntary
final disposition of a suit under this Section 10.1.6 may not be entered into without the consent of the Party not bringing
the suit.

 

10.2.
Inventions Owned by Company. Notwithstanding anything to the contrary contained in Section 10.1, the Parties
agree that all rights to Inventions relating *, or covering *, regardless of whether such Invention or improvement was invented
solely by Company or Merck or jointly by the Parties, are the exclusive property of Company (“Company Inventions”).
Company shall (a) be entitled to file and prosecute in its own name Patent Applications in respect of Company Inventions and (b)
own Patents that issue from any such Patent Applications in respect of Company Inventions. For the avoidance of doubt, any Invention
*, is a Company Invention. Merck hereby assigns its right, title and interest to any and all Company Inventions to Company.

 

10.3.
Inventions Owned by Merck. Notwithstanding anything to the contrary contained in Section 10.1, the Parties
agree that all rights to Inventions relating *, or *, regardless of whether such Invention or improvement was invented solely
by Merck or Company or jointly by the Parties, are the exclusive property of Merck (“Merck Inventions”). Merck
shall (a) be entitled to file and prosecute in its own name Patent Applications in respect of Merck Inventions and (b) own Patents
that issue from any such Patent Applications in respect of Merck Inventions. For the avoidance of doubt, any Invention *, even
where *, is a Merck Invention. Company hereby assigns its right, title and interest to any and all Merck Inventions to Merck.

 

10.4.
Mutual Freedom to Operate for Combination Inventions.

 

10.4.1
Company License to Merck. Company hereby grants to Merck a nonexclusive, worldwide, royalty-free, fully paid-up, transferable
and sublicensable license to any patent Controlled by Company, including composition of matter and method patents, that * (the
“Company Background Patents”) solely *; provided, however, that in no event shall Merck have
the right to use Company Background Patents to commercialize the Company Compound or any Company Class Compound.

 

10.4.2
Merck License to Company. Merck hereby grants to Company a nonexclusive, worldwide, royalty-free, fully paid-up, transferable
and sublicensable license to any patent Controlled by Merck that * (the “Merck Background Patents”) solely
for *; provided, however, that in no event shall Company have the right to exploit Merck Background Patents to commercialize
the Merck Compound or any PD-1 Antagonist.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	26	 

    	 

    

 

CONFIDENTIAL

 

10.4.3
No Other Rights. For clarity, the terms of this Section 10.4 do not provide Merck or Company with any rights, title
or interest or any license to the other Party’s intellectual property rights which *.

 

10.4.4
Termination. Any and all licenses granted under this Section 10.4 shall *.

 

10.5.
Ownership of Other Inventions. Ownership of all Inventions other than Jointly Owned Inventions, Merck Inventions and
Company Inventions shall be based on inventorship as determined under United States patent law.

 

11.
Reprints; Rights of Cross-Reference.

 

Consistent
with applicable copyright and other laws, each Party may use, refer to, and disseminate reprints of scientific, medical and other
published articles and materials from journals, conferences and/or symposia relating to the Study that disclose the name of a
Party, provided, however, that such use does not constitute an endorsement of any commercial product or service
by the other Party.

 

12.
Publications; Press Releases.

 

12.1.
Clinical Trial Registry. Company shall register the Study with the Clinical Trials Registry located at www.clinicaltrials.gov
and is committed to timely publication of the results following Study Completion, after taking appropriate action to secure
intellectual property rights (if any) arising from the Study. The publication of the results of the Study will be in accordance
with the Protocol.

 

12.2.
Publication. Each Party shall use reasonable efforts to publish or present scientific papers dealing with the Study
in accordance with accepted scientific practice. The Parties agree that prior to submission of the results of the Study for publication
or presentation or any other dissemination of such results including oral dissemination, the publishing Party shall invite the
other to comment on the content of the material to be published, presented, or otherwise disseminated according to the following
procedure:

 

12.2.1
At least * (*) days prior to submission for publication of any paper, letter or any other publication, or * (*) days prior to
submission for presentation of any abstract, poster, talk or any other presentation, the publishing Party shall provide to the
other Party the full details of the proposed publication, presentation, or dissemination in an electronic version (cd-rom or email
attachment). Upon written request from the other Party, the publishing Party agrees not to submit data for publication/presentation/dissemination
for an additional * (*) days in order to allow for actions to be taken to preserve rights for patent protection.[6]

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	27	 

    	 

    

 

CONFIDENTIAL

 

12.2.2
The publishing Party shall give reasonable consideration to any request by the other Party made within the periods mentioned in
Section 12.2.1 to modify the publication and the Parties shall work in good faith and in a timely manner to resolve any
issue regarding the content for publication.

 

12.2.3
The publishing Party shall remove all Confidential Information of the other Party before finalizing the publication.

 

12.3.
Press Releases. Promptly following the Effective Date, Company may issue the press release attached hereto as Appendix
C. Unless otherwise required by Applicable Law (including applicable regulations of a stock exchange on which either Party’s
securities are listed), neither Party shall make any other public announcement concerning this Agreement without the prior written
consent of the other Party. To the extent a Party desires to make such public announcement, such Party shall provide the other
Party with a draft thereof at least * (*) Business Days prior to the date on which such Party would like to make the public
announcement, unless a shorter time period is required to comply with Applicable Law (including applicable regulations of a stock
exchange on which such Party’s securities are listed), in which case, the Party intending to make such public announcement
shall provide the other Party with as much advance notice as is reasonably practicable.

 

13.
Representations and Warranties; Disclaimers.

 

13.1.
Due Authorization. Each of Company and Merck represents and warrants to the other that: (a) it has the corporate power
and authority and the legal right to enter into this Agreement and perform its obligations hereunder; (b) it has taken all necessary
corporate action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations
hereunder; and (c) this Agreement has been duly executed and delivered on behalf of such Party and constitutes a legal, valid
and binding obligation of such Party that is enforceable against it in accordance with its terms.

 

13.2.
Compounds.

 

13.2.1
Company Compound. Company hereby represents and warrants to Merck that: (a) Company has the full right, power and authority
to grant all of the licenses granted to Merck under this Agreement; and (b) Company Controls the Company Compound.

 

13.2.2
Merck Compound. Merck hereby represents and warrants to Company that: (a) Merck has the full right, power and authority
to grant all of the licenses granted to Company under this Agreement; and (b) Merck Controls the Merck Compound.

 

13.3.
Results. Company does not undertake that the Study shall lead to any particular result, nor is the success of the
Study guaranteed. Neither Party shall be liable for any use that the other Party may make of the Clinical Data nor for advice
or information given in connection therewith.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	28	 

    	 

    

 

CONFIDENTIAL

 

13.4.
Anti-Corruption.

 

13.4.1
In performing their respective obligations hereunder, the Parties acknowledge that the corporate policies of Company and Merck
and their respective Affiliates require that each Party’s business be conducted within the letter and spirit of the law.
By signing this Agreement, each Party agrees to conduct the business contemplated herein in a manner that is consistent with all
Applicable Law, including the Stark Act, Anti-Kickback Statute, Sunshine Act, and the U.S. Foreign Corrupt Practices Act, good
business ethics, and its ethics and other corporate policies and agrees to abide by the spirit of the other Party’s guidelines,
which may be provided by such other Party from time to time.

 

13.4.2
Specifically, each Party represents and warrants that it has not, and covenants that it, its Affiliates, and its and its Affiliates’
directors, employees, officers, and anyone acting on its behalf, will not, in connection with the performance of this Agreement,
directly or indirectly, make, promise, authorize, ratify or offer to make, or take any action in furtherance of, any payment or
transfer of anything of value for the purpose of influencing, inducing or rewarding any act, omission or decision to secure an
improper advantage; or improperly assisting it in obtaining or retaining business for it or the other Party, or in any way with
the purpose or effect of public or commercial bribery.

 

13.4.3
Neither Party shall contact, or otherwise knowingly meet with, any Government Official for the purpose of discussing activities
arising out of or in connection with this Agreement, without the prior written approval of the other Party, except where such
meeting is consistent with the purpose and terms of this Agreement and in compliance with Applicable Law.

 

13.4.4
Each Party represents and warrants that (a) it is not excluded, debarred, suspended, proposed for suspension or debarment, in
Violation or otherwise ineligible for government programs; and (b) it has not employed or subcontracted with any Person for the
performance of the Study who is excluded, debarred, suspended, proposed for suspension or debarment, or is in Violation or otherwise
ineligible for government programs.

 

13.4.5
Each Party represents and warrants that, except as disclosed to the other in writing prior to the Effective Date, such Party:
(a) does not have any interest that conflicts with its proper and ethical performance of this Agreement; (b) shall maintain arm’s
length relations with all Third Parties with which it deals for or on behalf of the other in performance of this Agreement; and
(c) has provided complete and accurate information and documentation to the other Party, the other Party’s Affiliates and
its and their personnel in the course of any due diligence conducted by the other Party for this Agreement, including disclosure
of any officers, employees, owners or Persons directly or indirectly retained by such Party in relation to the performance of
this Agreement who are Government Officials or relatives of Government Officials. Each Party shall make all further disclosures
to the other Party as are necessary to ensure the information provided remains complete and accurate throughout the Term. Subject
to the foregoing, each Party agrees that it shall not hire or retain any Government Official to assist in its performance of this
Agreement, with the sole exception of conduct of or participation in clinical trials under this Agreement, provided that
such hiring or retention shall be subject to the completion by the hiring or retaining Party of a satisfactory anti-corruption
and bribery (e.g., FCPA) due diligence review of such Government Official. Each Party further covenants that any future information
and documentation submitted to the other Party as part of further due diligence or a certification shall be complete and accurate.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	29	 

    	 

    

 

CONFIDENTIAL

 

13.4.6
Each Party shall have the right during the Term, *, to conduct an investigation and audit of the other Party’s activities,
books and records, to the extent they relate to that other Party’s performance under this Agreement, to verify compliance
with the terms of this Section 13.4. Such other Party shall cooperate fully with such investigation or audit, the scope,
method, nature and duration of which shall be at the sole reasonable discretion of the Party requesting such audit.

 

13.4.7
Each Party shall use commercially reasonable efforts to ensure that all transactions under the Agreement are properly and accurately
recorded in all material respects on its books and records and that each document upon which entries in such books and records
are based is complete and accurate in all material respects. Each Party further represents, warrants and covenants that all books,
records, invoices and other documents relating to payments and expenses under this Agreement are and shall be complete and accurate
and reflect in reasonable detail the character and amount of transactions and expenditures. Each Party shall maintain a system
of internal accounting controls reasonably designed to ensure that no off-the-books or similar funds or accounts will be maintained
or used in connection with this Agreement.

 

13.4.8
Each Party agrees that in the event that the other Party believes in good faith that there has been a possible material violation
of any provision of Section 13.4, such other Party may make full disclosure of such belief and related information needed
to support such belief at any time and for any reason to any competent government bodies and agencies, and to anyone else such
Party determines in good faith has a legitimate need to know.

 

13.4.9
Each Party shall comply with its own ethical business practices policy and any corporate integrity agreement (if applicable) to
which it is subject, and shall conduct its Study-related activities in accordance with Applicable Law. Each Party shall ensure
that all of its employees involved in performing its obligations under this Agreement are made specifically aware of the compliance
requirements under this Section 13.4. In addition, each Party shall ensure that all such employees participate in and complete
mandatory compliance training to be conducted by each Party, including specific training on anti-bribery and corruption, prior
to his/her performance of any obligations or activities under this Agreement. Each Party shall certify its continuing compliance
with the requirements under this Section 13.4 on a periodic basis during the Term in such form as may be reasonably specified
by the other Party.

 

13.4.10
Each Party shall have the right to terminate this Agreement immediately upon violation of this Section 13.4 in accordance
with Section 6.6.

 

13.5.
Disclaimer. EXCEPT AS EXPRESSLY PROVIDED HEREIN, MERCK MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE MERCK COMPOUND, AND COMPANY MAKES NO WARRANTIES, EXPRESS
OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE COMPANY COMPOUND.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	30	 

    	 

    

 

CONFIDENTIAL

 

14.
Insurance; Indemnification; Limitation of Liability.

 

14.1.
Insurance. Each Party warrants that it maintains a policy or program of insurance or self-insurance at levels sufficient
to support the indemnification obligations assumed herein. Upon request, a Party shall provide evidence of such insurance.

 

14.2.
Indemnification.

 

14.2.1
Indemnification by Company. Company agrees to defend, indemnify and hold harmless Merck, its Affiliates, and its and their
employees, directors, subcontractors and agents from and against any loss, damage, reasonable costs and expenses (including reasonable
attorneys’ fees and expenses) incurred in connection with any claim, proceeding, or investigation by a Third Party arising
out of * (a “Liability”), except to the extent that such Liability *.

 

14.2.2
Indemnification by Merck. Merck agrees to defend, indemnify and hold harmless Company, its Affiliates, and its and their
employees, directors, Subcontractors and agents from and against any Liability to the extent such Liability was directly caused
by (a) negligence or willful misconduct on the part of Merck (or any of its Affiliates, or its and their employees, directors,
subcontractors or agents); (b) a breach on the part of Merck of any of its representations and warranties or any other covenants
or obligations of Merck under this Agreement; or (c) a breach of Applicable Law by Merck.

 

14.2.3
Procedure. The obligations of Merck and Company under this Section 14.2 are conditioned upon the delivery of written
notice to Merck or Company, as the case might be, of any potential Liability within a reasonable time after a Party becomes aware
of such potential Liability. The indemnifying Party will have the right to assume the defense of any suit or claim related to
the Liability (using counsel reasonably satisfactory to the indemnified Party) if it has assumed responsibility for the suit or
claim in writing; provided that the indemnified Party may assume the responsibility for such defense to the extent the
indemnifying Party does not do so in a timely manner). The indemnified Party may participate in (but not control) the defense
thereof at its sole cost and expense. The Party controlling such defense (the “Defending Party”) shall keep
the other Party (the “Other Party”) advised of the status of such action, suit, proceeding or claim and the
defense thereof and shall consider recommendations made by the Other Party with respect thereto. The Defending Party shall not
agree to any settlement of such action, suit, proceeding or claim without the prior written consent of the Other Party, which
shall not be unreasonably withheld. The Defending Party, but solely to the extent the Defending Party is also the indemnifying
Party, shall not agree to any settlement of such action, suit, proceeding or claim or consent to any judgment in respect thereof
that does not include a complete and unconditional release of the Other Party from all liability with respect thereto or that
imposes any liability or obligation on the Other Party without the prior written consent of the Other Party.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	31	 

    	 

    

 

CONFIDENTIAL

 

14.2.4
Study Subjects. Company shall not offer compensation on behalf of Merck to any Study subject or bind Merck to any indemnification
obligations in favor of any Study subject. Merck shall not offer compensation on behalf of Company to any Study subject or bind
Company to any indemnification obligations in favor of any Study subject.

 

14.3.
Limitation of Liability. IN NO EVENT SHALL EITHER PARTY (OR ANY OF ITS AFFILIATES
OR SUBCONTRACTORS) BE LIABLE TO THE OTHER PARTY UNDER ANY THEORY FOR, NOR SHALL ANY INDEMNIFIED PARTY HAVE THE RIGHT TO RECOVER,
ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR OTHER SIMILAR DAMAGES OR ANY PUNITIVE DAMAGES OR ANY LOST PROFIT, LOST SALE
OR LOST OPPORTUNITY DAMAGES (WHETHER SUCH CLAIMED DAMAGES ARE DIRECT OR INDIRECT), WHETHER ARISING DIRECTLY OR INDIRECTLY OUT
OF (X) THE MANUFACTURE OR USE OF ANY COMPOUND SUPPLIED HEREUNDER OR (Y) ANY BREACH OF OR FAILURE TO PERFORM ANY OF THE PROVISIONS
OF THIS AGREEMENT OR ANY REPRESENTATION, WARRANTY OR COVENANT CONTAINED IN OR MADE PURSUANT TO THIS AGREEMENT, EXCEPT THAT SUCH
LIMITATION SHALL NOT APPLY TO DAMAGES PAID OR PAYABLE TO A THIRD PARTY BY AN INDEMNIFIED PARTY FOR WHICH THE INDEMNIFIED PARTY
IS ENTITLED TO INDEMNIFICATION HEREUNDER OR WITH RESPECT TO DAMAGES ARISING OUT OF OR RELATED TO A PARTY’S BREACH OF ITS
OBLIGATIONS UNDER THIS AGREEMENT WITH RESPECT TO USE, DISCLOSURE, LICENSE, ASSIGNMENT OR OTHER TRANSFER OF CLINICAL DATA, CONFIDENTIAL
INFORMATION, JOINTLY-OWNED INVENTIONS AND SAMPLE TESTING RESULTS.

 

15.
Use of Name.

 

Except
as otherwise provided herein, neither Party shall have any right, express or implied, to use in any manner the name or other designation
of the other Party or any other trade name, trademark or logo of the other Party for any purpose in connection with the performance
of this Agreement without the other Party’s prior written consent.

 

16.
Force Majeure.

 

If,
in the performance of this Agreement, one of the Parties is prevented, hindered or delayed by reason of any cause beyond such
Party’s reasonable control (e.g., war, riots, fire, strike, acts of terror, governmental laws), such Party shall be excused
from performance to the extent that it is necessarily prevented, hindered or delayed (“Force Majeure”). The
nonperforming Party shall notify the other Party of such Force Majeure within * (*) days after such occurrence by giving written
notice to the other Party stating the nature of the event, its anticipated duration, and any action being taken to avoid or minimize
its effect. The suspension of performance will be of no greater scope and no longer duration than is necessary and the nonperforming
Party shall use commercially reasonable efforts to remedy its inability to perform.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	32	 

    	 

    

 

CONFIDENTIAL

 

17.
Entire Agreement; Amendment; Waiver.

 

This
Agreement, together with the Appendices and Schedules hereto and the Related Agreements, constitutes the sole, full and complete
agreement by and between the Parties with respect to the subject matter of this Agreement, and all prior agreements, understandings,
promises and representations, whether written or oral, with respect thereto are superseded by this Agreement. In the event of
a conflict between a Related Agreement and this Agreement, the terms of this Agreement shall control. No amendments, changes,
additions, deletions or modifications to or of this Agreement shall be valid unless reduced to writing and signed by the Parties
hereto. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof,
but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving
such term or condition. The waiver by either Party of any right hereunder or of the failure to perform or of a breach by the other
Party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other Party whether
of a similar nature or otherwise.

 

18.
Assignment and Affiliates.

 

Neither
Party shall assign or transfer this Agreement without the prior written consent of the other Party; provided, however,
that either Party may assign all or any part of this Agreement to one or more of its Affiliates without the other Party’s
consent, and any and all rights and obligations of either Party may be exercised or performed by its Affiliates, provided that
such Affiliates agree to be bound by this Agreement.

 

19.
Invalid Provision.

 

If
any provision of this Agreement is held to be illegal, invalid or unenforceable, the remaining provisions shall remain in full
force and effect and will not be affected by the illegal, invalid or unenforceable provision. In lieu of the illegal, invalid
or unenforceable provision, the Parties shall negotiate in good faith to agree upon a reasonable provision that is legal, valid
and enforceable to carry out as nearly as practicable the original intention of the entire Agreement.

 

20.
No Additional Obligations.

 

Company
and Merck have no obligation to renew this Agreement or apply this Agreement to any clinical trial other than the Study. Nothing
in this Agreement obligates the Parties to enter into any other agreement (other than the Related Agreements) at this time or
in the future.

 

21.
Governing Law; Dispute Resolution.

 

21.1
The Parties shall attempt in good faith to settle all disputes arising out of or in connection with this Agreement in an amicable
manner. Any claim, dispute or controversy arising out of or relating to this Agreement, including the breach, termination or validity
hereof or thereof, shall be governed by and construed in accordance with the substantive laws of the State of New York, without
giving effect to its choice of law principles.

 

21.2
Nothing contained in this Agreement shall deny either Party the right to seek injunctive or other equitable relief from a court
of competent jurisdiction in the context of a bona fide emergency or prospective irreparable harm, and such an action may be filed
or maintained notwithstanding any ongoing discussions between the Parties.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	33	 

    	 

    

 

CONFIDENTIAL

 

22.
Notices.

 

All
notices or other communications that are required or permitted hereunder shall be in writing and delivered personally, sent by
facsimile (and promptly confirmed by personal delivery or overnight courier), or sent by internationally-recognized overnight
courier addressed as follows:

 

	If
    to Company, to:	 
	 	 
	OncoSec
    Medical Incorporated	 
	5820
    Nancy Ridge Drive	 
	San
    Diego, CA 92121	 
	Attention:
    Legal Department	 
	With
    a copy to: legal@oncosec.com	 
	 	 
	If
    to Merck, to:	 
	 	 
	Merck
    Sharp & Dohme B.V.	 
	Waarderweg 39	 
	2031 BN Haarlem	 
	Netherlands	 
	Attention: Director	 
	Facsimile: +31 23 514 8677	 
	 	 
	With
    copies (which shall not constitute notice) to:	 
	 	 
	Merck
    Sharp & Dohme Corp.	 
	One Merck Drive	 
	PO Box 100	 
	Whitehouse Station, NJ 08889-0100	 
	Attention: Office of Secretary	 
		 
	Merck Sharp & Dohme Corp.	 
	351 North Sumneytown Pike	 
	Mailstop UG4CD-16	 
	North Wales, PA 19454-2505	 
	Attention: Senior Vice President,
    Research Science	 
	 	 
	Merck Sharp & Dohme Corp.	 
	2000 Galloping Hill Road	 
	Mailstop K-1-3045	 
	Kenilworth, NJ 07033-1310	 
	Attention: Assistant General
    Counsel, Corporate Transactions	 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	34	 

    	 

    

 

CONFIDENTIAL

 

23.
Relationship of the Parties.

 

The
relationship between the Parties is and shall be that of independent contractors, and does not and shall not constitute a partnership,
joint venture, agency or fiduciary relationship. Neither Party shall have the authority to make any statements, representations
or commitments of any kind, or take any actions, that are binding on the other Party, except with the prior written consent of
the other Party to do so. All Persons employed by a Party will be the employees of such Party and not of the other Party and all
costs and obligations incurred by reason of any such employment shall be for the account and expense of such Party.

 

24.
Counterparts and Due Execution.

 

This
Agreement and any amendment may be executed in any number of counterparts (including by way of facsimile or electronic transmission),
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, notwithstanding
any electronic transmission, storage and printing of copies of this Agreement from computers or printers. When executed by the
Parties, this Agreement shall constitute an original instrument, notwithstanding any electronic transmission, storage and printing
of copies of this Agreement from computers or printers. For clarity, facsimile signatures and signatures transmitted via PDF shall
be treated as original signatures.

 

25.
Construction.

 

Except
where the context otherwise requires, wherever used, the singular will include the plural, the plural the singular, the use of
any gender will be applicable to all genders, and the word “or” is used in the inclusive sense (and/or). Whenever
this Agreement refers to a number of days, unless otherwise specified, such number refers to calendar days. The captions of this
Agreement are for convenience of reference only and in no way define, describe, extend or limit the scope or intent of this Agreement
or the intent of any provision contained in this Agreement. The term “including” as used herein shall be deemed
to be followed by the phrase “without limitation” or like expression. The term “will” as
used herein means shall. The terms “hereof”, “hereto”, “herein” and “hereunder”
and words of similar import when used in this Agreement refer to this Agreement as a whole and no to any particular provision
of this Agreement. References to “Article,” “Section”, “Appendix” or
“Schedule” are references to the numbered sections of this Agreement and the appendices attached to this Agreement,
unless expressly stated otherwise. Except where the context otherwise requires, references to this “Agreement”
shall include the appendices attached to this Agreement. The language of this Agreement shall be deemed to be the language mutually
chosen by the Parties and no rule of strict construction will be applied against either Party hereto.

 

[Remainder
of page intentionally left blank.]

 

    	 	35	 

    	 

    

 

CONFIDENTIAL

 

IN
WITNESS WHEREOF, the respective representatives of the Parties have executed this Agreement as of the Effective Date.

 

	OncoSec
    Medical Incorporated	 
	 	 	 

	By:	/s/
    Daniel J. O’Connor	 

 

	Daniel
    J. O’Connor	 
	Name	 	 
	 	 	 
	Chief
    Executive Officer	 
	Title	 	 
	 	 	 
	Merck
    Sharp & Dohme B.V.	 

 

	By:	/s/
                                         K. J. F. Natland

	 

 

	K.
                                         J. F. Natland

	 
	Name	 
	 	 
	Managing
    Director	 
	Title	 	 

 

    	 	 	 

    	 

    

 

Appendix
A

 

PROTOCOL
SYNOPSIS

 

    	 

    	 

    

 

 

 

	OncoSec
    Medical Incorporated	PRIVILEGED
    & CONFIDENTIAL

 

PROTOCOL
SYNOPSIS

 

	Study
    Title	A
    Phase 2, Open-Label Study of Intratumoral Tavokinogene Telseplasmid Plus Electroporation in Combination with Intravenous Pembrolizumab
    Therapy in Patients with Inoperable Locally Advanced or Metastatic Triple Negative Breast Cancer
	 	 
	Protocol
    No.	OMS-I141
	 	 
	*	*
	 	 
	Study
    Phase	2
	 	 
	Therapeutic

                                                         Indication
	Intratumoral
    injection of tavokinogene telseplasmid (tavo; interleukin-12 [IL-12] plasmid) and in vivo electroporation (EP; collectively,
    intratumoral tavo-EP or ImmunoPulse® tavo) in combination with pembrolizumab, an anti-programmed cell death-1
    (anti-PD-1) monoclonal antibody (mAb) therapy for subjects with triple negative breast cancer (TNBC).
	 	 
	*	*

        *

        *

        *

 

	Study
    Objectives	Primary:

                                                                                           

        ●     To
        assess efficacy as measured by objective response rate (ORR) by Blinded† Independent Central Review (BICR)
        based on Response Evaluation Criteria in Solid Tumors (RECIST) v1.1 of intratumoral tavo-EP in combination with
        pembrolizumab (collectively ‘the combined treatment’) in subjects with inoperable locally advanced or metastatic
        TNBC

        Secondary:

         

        ●     To
        assess safety and tolerability of the combined treatment in subjects with inoperable locally advanced or metastatic TNBC

         

        ●     To
        assess duration of response (DOR), ORR (investigator-assessed), immune ORR (iORR), progression-free survival (PFS), immune
        PFS (iPFS), and overall survival (OS) of combined treatment

         

        ●     *

 

 

*Confidential
material redacted and filed separately with the Commission.

 

†
Reviewer will be blinded to treated and untreated lesion

 

 

 

    	 

    	 

    

 

 

 

	OncoSec
    Medical Incorporated	PRIVILEGED
    & CONFIDENTIAL

 

	Investigational
    Product Route and Dosage Form	Tavokinogene
                                         telseplasmid (tavo, plasmid interleukin-12) will be injected intratumorally (on Days
                                         1, 5 and 8 every 6 weeks) *.

        *

        Pembrolizumab,
        an anti-PD-1 mAb therapy will be administered at a dose of 200 mg *.

	 	 
	Study
    Design	This
    will be a Phase 2, Simon 2-stage minimax design, non-comparative, open-label, single-arm, multicenter study of intratumoral
    tavo-EP plus pembrolizumab therapy (“combined treatment”). Subjects with TNBC and EP accessible cutaneous /subcutaneous
    disease will be enrolled in this study.
	 	
	 	Approximately,
    25 subjects (15 subjects in Stage 1 and, if appropriate, another 10 subjects in Stage 2) will be enrolled.
	 	
	 	The
    study will be comprised of a Core study (24 weeks), an Extension Phase and a long-term follow-up.
	 	
	 	Core
    study: Eligible subjects will be treated with intratumoral tavo-EP to the accessible lesions on Days 1, 5 and 8 every
    6 weeks and with IV pembrolizumab (200 mg) * for 24 weeks. *

 

	 	*	 	 
	 	-	 	 
	 	 	 	 
	 	*	*	*
	 	*	*	*
	 	*	*	*
	 	*	*	*
	 	*	*	*
	 	*	*	*
	 	*	*	*
	 	*	*	*
	 	*	*	*
	 	*	*	 
	 	 	 	 
	 	*	 	 

 

	 	Extension
    phase: Subjects who completed 24 weeks of treatment (Core study) will enter an Extension phase *.
	 	*
	 	*
	 	*
	Study
    Duration	The
    study duration for each individual subject will be 24 weeks in the Core study (excluding the Screening period), up to 35 cycles
    with pembrolizumab from baseline (approximately 2 years) in the Extension phase and long-term follow-up (until death, the
    subject withdraws consent, or the Sponsor terminates the study).
	 	 
	Immune
    Monitoring	For
                                         Immune Monitoring, tumor biopsies (fixed and fresh) as well as blood and fecal samples
                                         may be collected *.

        *

 

 

*Confidential
material redacted and filed separately with the Commission.

 

 

 

    	 

    	 

    

 

 

	OncoSec
    Medical Incorporated	PRIVILEGED
    & CONFIDENTIAL

 

	*	*
	Inclusion
    Criteria	1.     Subjects
                                         with histologically confirmed diagnosis of inoperable locally advanced or metastatic
                                         TNBC and at least 1 prior line of approved systemic chemotherapy or immunotherapy.

                                                                                                     

        2.     Subjects
        must have estrogen (ER) receptor and progesterone (PR) receptor staining <10%, and be human epidermal growth factor
        receptor 2 (HER2)- negative (immunohistochemistry 0 to 1+ or fluorescence in situ hybridization (FISH) negative).
        *

         

        3.     Subjects
        must not have disease that, in the opinion of the Investigator, is considered amenable to potentially curative treatment;

         

        4.     Age
        ≥ 18 years of age of day of signing informed consent;

         

        5.     Eastern
        Cooperative Oncology Group (ECOG) performance status 0-1;

         

        6.     Life
        expectancy of at least 6 months;

         

        7.     Have
        measurable disease based on RECIST v1.1, and at least one anatomically distinct lesion involving skin or subcutaneous
        tissue accessible for electroporation of ≥ 0.3 cm and
        lesion must be accurately measured in at least one dimension (longest diameter in the plane of measurement is to be recorded)

        *

        8.     Demonstrate
        adequate organ function as defined below. All screening laboratories should be performed within 10 days of treatment initiation

         

	 	System	Laboratory
    Value	 
	Hematological	 
	Absolute
    neutrophil count (ANC)	≥1.5
    × 109/L
	Platelets	≥100
    × 109/L
	Hemoglobin	≥9
    g/dL or ≥5.6 mmol/L*
	Renal
	Creatinine
    OR	≤1.5
    × the upper limit of normal (ULN) OR
	Measured
    or calculated** creatinine clearance (CrCl) Glomerular filtration rate (GFR) can also be used instead of creatinine or CrCl	≥
    30 mL/min for subject with creatinine levels >1.5 × institutional ULN
	Hepatic
	Total
    bilirubin	≤1.5
                                         × ULN OR direct bilirubin ≤ULN for subjects with total bilirubin
                                         levels > 1.5× ULN

	Aspartate
    aminotransferase (AST) and alanine aminotransferase (ALT)	≤2.5
    × ULN (≤5 × ULN for subjects with liver metastases)

 

 

*Confidential
material redacted and filed separately with the Commission.

 

 

 

    	 

    	 

    

 

 

 

	OncoSec
    Medical Incorporated	PRIVILEGED
    & CONFIDENTIAL

 

	 	 		 	 
	Coagulation
                                         (to be done at local laboratory, only if clinically abnormal will be performed centrally)

                                                                                 

	International
    Normalized Ratio (INR) or Prothrombin Time (PT)	≤1.5
    × ULN unless subject is receiving anticoagulant therapy as long as PT or PTT is within therapeutic range of intended
    use of anticoagulants
	Activated
    Partial Thromboplastin Time (aPTT)
	 

                                                                     *
                                         Criteria must be met without erythropoietin dependency and without packed red blood cell
                                         (pRBC) transfusion within last 2 weeks

                                                                      

        **
        Creatinine clearance should be calculated per institutional standard.

	 

                                                                                                                                    9.     For
                                         women of childbearing potential, negative serum or urine pregnancy test within 14 days
                                         to the first study drug administration, and must be willing to use an adequate method
                                         of contraception from 30 days prior to the first study drug administration and 120 days
                                         following last day study drug administration *.

        *

        10.   Male
        subjects must be surgically sterile, or must agree to use contraception during the study and at least 120 days following
        the last day of study drug administration;

        *

        11.   Able
        and willing to give informed consent and to follow study instructions.

         

	Exclusion
    Criteria	1.     Subject
                                         has a known additional malignancy that is progressing or requires active treatment. Exceptions
                                         include basal cell carcinoma of the skin, squamous cell carcinoma of the skin that has
                                         undergone potentially curative therapy or in situ cervical cancer;

                                                                                                                                     

        2.     Has
        known active CNS metastases and/or carcinomatous meningitis. Subjects with previously treated brain metastases may participate
        provided they are radiologically stable, i.e., without evidence of progression for at least 4 weeks by repeat imaging
        (note that the repeat imaging should be performed during study screening), clinically stable and without requirement of
        steroid treatment for at least 14 days prior to first dose of study drug.

         

        3.     Subjects
        with electronic pacemakers or defibrillators.

         

        4.     Subject
        who have a known history of Human Immunodeficiency Virus (HIV) (HIV 1/2 antibodies).

         

        5.     Subjects
        who have known active Hepatitis B (e.g., HBsAg reactive) or Hepatitis C (e.g., HCV RNA [*] is detected). Note: subjects
        who have been vaccinated against Hepatitis B and who are positive only for the Hepatitis B surface antibody are permitted
        to participate in the study;

         

        6.     Subject
        has a diagnosis of immunodeficiency or is receiving chronic systemic steroid therapy (in dosing exceeding 10 mg/day of
        prednisone or equivalent) or any other form of immunosuppressive therapy within 7 days prior to the first dose of study
        drug. The use of physiologic doses of corticosteroids may be approved after consultation with the Sponsor.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

 

 

    	 

    	 

    

 

 

	OncoSec
    Medical Incorporated	PRIVILEGED
    & CONFIDENTIAL

 

	 	

                                                                                                                                                                  

        7.     Subjects
        who have received a live-virus vaccination within 30 days of the first dose of treatment. Seasonal flu vaccines that do
        not contain live virus are permitted.

         

        8.     Subject
        has severe hypersensitivity (≥Grade 3) to pembrolizumab or other anti- PD-1 monoclonal antibody therapy and/or any
        of its excipients.

         

        9.     Subjects
        who have received transfusion of blood products (including platelets or red blood cells) or administration of colony stimulating
        factors (including G- CSF, GM-CSF or recombinant erythropoietin) within 3 weeks prior to study Cycle 1, Day 1 (Baseline).

         

        10.   Subject
        has a history of (non-infectious) pneumonitis that required steroids or current pneumonitis.

         

        11.   Subject
        has a history of interstitial lung disease.

         

        12.   Subject
        has an active infection requiring systemic therapy.

         

        13.   Subject
        has a history or current evidence of any condition, therapy, or laboratory abnormality that might confound the results
        of the study, interfere with the subject’s participation
        for the full duration of the study, or is not in the best interest of the subject to participate, in the opinion of the
        treating Investigator.

         

        14.   Subject
        has not recovered (i.e., ≤ Grade 1 or at Baseline) from adverse events (AEs) due to a previously administered agent.

        *

        *

        15.    Participation
        in another clinical study of an investigational agent or has used an investigational device within 30 days of screening.

        *

        16.   Subject
        has known psychiatric or substance abuse disorders that would interfere with cooperation with the requirements of the
        study.

         

        17.   Subjects
        who are pregnant or breastfeeding, or expecting to conceive or father children within the projected duration of the study,
        starting with the Screening visit through 120 days after the last dose of study treatment.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

 

 

    	 

    	 

    

 

 

 

	OncoSec
    Medical Incorporated	PRIVILEGED
    & CONFIDENTIAL

 

	Efficacy
    Endpoints	Primary
                                         Efficacy Endpoint:

                                                                      

        ●     ORR
        by * RECIST v1.1

        *

        Secondary
        Efficacy Endpoints:

         

        ●     ORR
        * within 24 weeks and over the course of the study;

         

        ●     DOR
        * within 24 weeks

         

        ●     DOR
        * within 24 weeks and over the course of the study;

         

        ●     PFS
        * within 24 weeks

         

        ●     PFS
        * within 24 weeks and over the course of the study;

         

        ●     *
        within 24 weeks

         

        ●     *
        within 24 weeks and over the course of the study;

         

        ●     *
        within 24 weeks

         

        ●     *
        within 24 weeks and over the course of the study;

         

        ●     OS

         

        Exploratory
        Endpoints:

         

        ●     Immune
        monitoring *

         

	Safety
    Assessments and Outcome	Safety
                                         assessments in the Core study and Extension phase will include:

                                                          

        ●     AEs

         

        ●     Pembrolizumab
        AE of event(s) of clinical interest (ECI)

         

        ●     Safety
        Laboratory

         

        ●     ECOG
        performance status

         

        ●     Physical
        examination

         

        ●     Vital
        signs

         

        ●     Assessment
        of durable procedural pain

         

        ●     Concomitant
        medication

         

        Primary
        safety outcomes:

         

        1.       Frequency,
        duration and severity of AEs and serious AEs (SAEs);

         

        2.       Number
        of subjects with events of clinical interest (ECIs)

         

        3.       Number
        of subjects who discontinued due to AEs

         

        4.       Incidence
        and shifts of clinically significant laboratory abnormalities; safety laboratory evaluations includes complete blood count
        (CBC), blood biochemistry and urinalysis

         

        Safety
        outcome will be analyzed at end of Core study (24 weeks) and at the end of the study (EOS visit). AEs and abnormal laboratories
        will be classified according to the National Cancer Institute (NCI) - Common Terminology Criteria for Adverse Events (CTCAE),
        version 4.03. If a laboratory finding is abnormal but not clinically significant (NCS) at Baseline, post-baseline laboratory
        abnormalities will be reported as an AE only if there is worsening compared to Baseline.

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

 

 

    	 

    	 

    

 

 

	OncoSec
    Medical Incorporated	PRIVILEGED
    & CONFIDENTIAL

 

	 	 

        Progression
        of the cancer under study is not considered an adverse event unless it is drug-related by the Investigator.

	*	*	 
	 	*	 
	 	*	 
	 	 	*
	 	 	*
	 	 	*
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	 

        *
	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 
	 	*	 

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

 

 

    	 

    	 

    

 

Appendix
B

 

SUPPLY
OF COMPOUND

 

Schedule
of Deliveries for IT-pIL 12-EP

 

	Delivery
    Date	Quantity
    of Vials
	*	*
	*	*
	*	*
	*	*

 

Schedule
of Deliveries for KEYTRUDA®

 

	Delivery
                                         Date
	Quantity
    of Vials (Liquid - *vial)
	*	*
	*	*
	*	*

 

*

*

 

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 

    	 

    

 

Appendix
C

 

COMPANY
PRESS RELEASE

 

    	 

    	 

    

 

 

OncoSec
Expands Relationship with Merck, Announces Clinical Collaboration to

Evaluate
Combination of ImmunoPulse® IL-12 and KEYTRUDA® (pembrolizumab) for

Triple
Negative Breast Cancer

 

SAN
DIEGO – April XX, 2018 – OncoSec Medical Incorporated (OncoSec) (NASDAQ:ONCS), a company developing intratumoral
cancer immunotherapies, has entered a clinical trial collaboration and supply agreement with Merck (known as MSD outside the United
States and Canada) to evaluate the combination of OncoSec's ImmuoPulse® IL-12 with Merck's anti-PD-1 therapy KEYTRUDA®
(pembrolizumab) in a Phase II clinical trial. The planned clinical trial will evaluate the safety and efficacy of the combination
in patients with inoperable locally advanced or metastatic triple negative breast cancer (TNBC) who have previously failed at
least one systemic chemotherapy or immunotherapy.

 

"We
are pleased to initiate a second clinical trial collaboration with Merck – one of the world's leading immuno-oncology companies
– in late stage TNBC, a disease which has few treatment options," said Daniel J. O’Connor, Chief Executive Officer
of OncoSec." This collaboration is another example of OncoSec’s strategy to work with innovative immuno-oncology leaders,
combining our ImmunoPulse® IL-12 program with checkpoint inhibitor therapies to advance the care of patients.”

 

Eligible
patients for this Phase II study will be those with TNBC who have inoperable locally advanced or metastatic disease and progressed
on at least one previous treatment of systemic chemotherapy or immunotherapy. Under the collaboration agreement, OncoSec will
sponsor and fund the study and Merck will provide KEYTRUDA. Additional details of the collaboration were not disclosed.

 

OncoSec
Medical Incorporated

 

OncoSec
is a biotechnology company developing DNA-based intratumoral immunotherapies with an investigational technology, ImmunoPulse®,
for the treatment of cancer. ImmunoPulse is designed to enhance the local delivery and uptake of DNA-based immune-targeting agents,
such as plasmid encoded IL-12 (tavokinogene telseplasmid or “tavo”). In Phase 1 and 2 clinical trials, ImmunoPulse®
IL- 12 has demonstrated a favorable safety profile, evidence of anti-tumor activity in the treatment of various solid tumors,
and the potential to reach beyond the site of local treatment to initiate a systemic immune response. OncoSec's lead program,
ImmunoPulse IL-12, is currently in clinical development for metastatic melanoma and triple-negative breast cancer. The program's
current focus is on the significant unmet medical need in patients with melanoma who are refractory or have relapsed on anti-PD-1
therapies. In addition to tavo, the Company is also identifying and developing new immune-targeting agents for use with the ImmunoPulse
platform. For more information, please visit www.oncosec.com.

 

    	 

    	 

    

 

 

Cautionary
Note Regarding Forward-Looking Statements

 

This
press release contains "forward-looking statements" within the meaning of the U.S. Private as "can," "may,"
"will," "suggest," "look forward to," "potential," "understand," and similar
references to future periods.

 

Forward-looking
statements are neither historical facts nor assurances of future performance. Instead, they are based on management's current
preliminary expectations and are subject to risks and uncertainties, which may cause our results to differ materially and adversely
from the statements contained herein. Potential risks and uncertainties that could cause actual results to differ from those predicted
include, among others, the following: uncertainties inherent in pre- clinical studies and clinical trials, such as the ability
to enroll patients in clinical trials and the risk of adverse events; unexpected new data, safety and technical issues; our ability
to raise additional funding necessary to fund continued operations; and the other factors discussed in OncoSec's filings with
the Securities and Exchange Commission.

 

Undue
reliance should not be placed on forward-looking statements, which speak only as of the date they are made. OncoSec disclaims
any obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they
are made, or to reflect the occurrence of unanticipated events.

 

KEYTRUDA®
is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, NJ, USA.

 

ImmunoPulse®
is a registered trademark of OncoSec Medical Incorporated, San Diego, CA, USA.

 

CONTACT

 

Investor
Relations:

Stern
Investor Relations

Will
O’Connor

Phone:
(212) 362-1200

will@sternir.com

 

Media
Relations:

Janine
McCargo / David Schemelia

Tiberend
Strategic Advisors, Inc.

Phone:
212-827-0020

jmccargo@tiberend.com

dschemelia@tiberend.com

 

    	 

    	 

    

 

Schedule
I

 

DATA
SHARING AND SAMPLE TESTING SCHEDULE

 

	 

        Study
        Procedures
	 	Shared
    between the Two Parties	 	Not
                                         Shared
	 	Timing
                                         to provide item (data/sample, etc.)
	 	Party
    to 

    Analyze Data/Sample
	*	 	*	 	 	 	*	 	*
	*

        *
	 	*	 	 	 	*	 	*
	*	 	*	 	 	 	*	 	*
	*	 	*	 	 	 	*	 	*
	*	 	*	 	 	 	*	 	*
	*	 	*	 	 	 	*	 	*
	*	 	*	 	 	 	*	 	*
	*	 	*	 	 	 	*	 	*

 

 

 

*Confidential
material redacted and filed separately with the Commission.EX-4.4

 Exhibit 4.4 

GS ACQUISITION HOLDINGS CORP, 

COMPUTERSHARE INC. 
 and 

COMPUTERSHARE TRUST COMPANY, N.A. 

WARRANT AGREEMENT 
 Dated as of
June 7, 2018 
 THIS WARRANT AGREEMENT (this “Agreement”), dated as of June 7, 2018, is by and between GS Acquisition
Holdings Corp, a Delaware corporation (the “Company”), Computershare Inc., a Delaware corporation, and its wholly-owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company (collectively, the
“Warrant Agent”). 
 WHEREAS, on June 7, 2018, the Company granted a right (the “Rights”) to each holder
of a share of its Class B Common Stock (as defined below) as of the record date to subscribe to purchase up to 0.6143676290463690 warrants per share, at a purchase price of $1.50 per warrant, bearing the legend set forth in Exhibit B hereto
(the “Sponsor Warrants”) for an aggregate of up to 10,597,841 Sponsor Warrants; 
 WHEREAS, on June 7, 2018, GS DC
Sponsor I LLC, a Delaware limited liability company (the “Sponsor”), exercised its Rights (all other Rights have since expired) and entered into that certain Warrant Subscription Agreement with the Company, pursuant to which the
Sponsor subscribed to purchase up to 10,533,333 Sponsor Warrants on the date(s) and in the amount(s) specified by the Company in one or more sale notices; 

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-third of one redeemable Public Warrant (as defined below) (the “Units”) and, in connection
therewith, has determined to issue and deliver up to 23,000,000 warrants (including up to 3,000,000 warrants subject to the Over-allotment Option (as defined below)) to public investors in the Offering (the “Public Warrants” and,
together with the Sponsor 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 Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-1, No. 333-225035 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. 

  

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

  

	2.3	Registration. 

  

	 	2.3.1	Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial
issuance of the Warrants 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. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the
“Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”). 

If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the
Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall
provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form
evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 
 The certificates, if issued, shall be signed by,
or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, the President or the Secretary of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in
the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

  
 2 

	 	2.3.2	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 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 Goldman, Sachs & Co., 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 (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.

  

	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-third
of one redeemable 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	Sponsor Warrants. The Sponsor 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 Sponsor 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 Sponsor Warrants and any shares of Common Stock issued upon exercise of the Sponsor 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; 

  
 3 

	 	(b)	in the case of an individual, by gift to a member of the individual’s immediate family or 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, by virtue of laws of descent and distribution upon death of the individual; 

  

	 	(d)	in the case of an individual, pursuant to a qualified domestic relations order; 

  

	 	(e)	by private sales or transfers made in connection with the consummation of the Company’s Business Combination at prices no greater than the price at which the securities were originally purchased; 

 

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

  

	 	(g)	by virtue of the laws of Delaware or the Sponsor’s limited liability company agreement, as amended, upon dissolution of the Sponsor; and 

 

	 	(h)	in the event of the Company’s completion of a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of
Common Stock for cash, securities or other property subsequent to the completion of the initial Business Combination; provided, however, that in the case of clauses (a) through (e) these permitted transferees (the “Permitted
Transferees”) must enter into a written agreement agreeing to be bound by these transfer restrictions and the other restrictions contained in the letter agreement. 

 

	2.7	Opinion of Counsel. The Company shall provide an opinion of counsel that the Warrant Agent may rely upon prior to the issuance of the Warrants to set up a reserve of the Warrants and the related Common Shares in
form and substance reasonably agreeable to the Warrant Agent in accordance with its procedures. 

  

	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 whole share, subject to the adjustments provided in Section 4 hereof and in the second to 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. The Company shall promptly notify the Warrant Agent of any Warrant Price reduction. 

  
 4 

	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 liquidation, merger, stock exchange, 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 Sponsor Warrants, the Redemption Date (as defined below) as provided in Section 6.3 hereof or (z) the Alternative Redemption Date (as defined below) (the “Expiration Date”);
provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement. Except with
respect to the right to receive the Redemption Price (as defined below) or the Alternative Redemption Price (as defined below) (other than with respect to a Sponsor 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 the Warrant Agent, and, provided further that any such extension shall be identical in duration among all the Warrants. The
Warrant Agent will not be deemed to have any knowledge of an Expiration Date as set forth herein unless and until it has received written notice of such expiration date from the Company. 

 

	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(s) 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; (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, and (iii) any other such information or
documentation that the Warrant Agent may reasonably require, 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; 

  

	 	(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 difference between the Warrant Price and the “Fair Market Value”, as defined in this subsection
3.3.1(b), by (y) the Fair Market 

  
 5 

	 	
Value. Solely for purposes of this subsection 3.3.1(b), Section 6.2 and Section 6.4, the “Fair Market Value” shall mean
the average last reported sale 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 Sponsor 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 difference between the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.3.1(c),
by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average last reported sale 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. 
  

	 	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. 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 with respect to the shares of 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. Unless otherwise advised in writing by the Company, the Warrant Agent shall be entitled to assume that
clause (a) and (b) are in effect and shall incur no liability in making such assumption. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the shares of
Common Stock issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two
immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit
containing such Public Warrants shall have paid the 

  
 6 

	 	
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 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. Unless otherwise advised in writing by the Company, the Warrant Agent shall
be entitled to assume that the warrants will not be exercisable on a “cashless basis” pursuant to Section 7.4. 

  

	 	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. 

  

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

 

	 	3.3.5	 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, upon written instruction from the Company, shall not effect the exercise of the holder’s Warrant, and the Warrant Agent, upon written instruction from the Company, shall not provide the holder with the right to exercise such Warrant, to
the extent that after giving effect to such exercise, such person (together with such person’s affiliates), would beneficially own in excess of 9.8% or such other amount as the 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, 

  
 7 

	 	
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 any reason at any time,
upon the written request of the holder of the Warrant or the Warrant Agent, the Company shall, within two (2) Business Days after, but not including, 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, with prompt notice thereafter to the Warrant Agent. 

 

	 	3.3.6	Cost Basis Information. The Warrant Agent shall not have any obligation to provide, and shall not be responsible for providing, any cost basis information to any holder of a Warrant under this Agreement.

  

	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 

  
 8 

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

 

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

  
 9 

	4.3	Adjustments in Exercise 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 corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
shares of 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 

  
 10 

	 	
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 of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the
Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped
American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of
Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall
be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the
U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the 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. 

  

	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 prompt 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. Upon the occurrence of any event specified in
Sections 4.1, 4.2, 4.3 or 4.4 (“Adjustment Events”), 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. 

  
 11 

	 	
Failure to give such notice to the holder of a Warrant or the Warrant Agent, or any defect therein, shall not affect the legality or validity of such event. The Company hereby agrees that it will
provide the Warrant Agent with reasonable notice of Adjustment Events and of the events set forth in Section 4.8. The Company further agrees that it will provide to the Warrant Agent with any new or amended exercise terms.
The Warrant Agent shall have no obligation under any section of this Warrant Agreement to determine whether an Adjustment Event or an event set forth in Section 4.8 has occurred or are scheduled or contemplated to occur or
to calculate any of the adjustments, or make any calculations whatsoever. 

  

	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 preceding subsections of this Section 4 are strictly applicable, but which would
require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall
appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to
effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent
with any adjustment recommended in such opinion. 

  

	5.	Transfer and Exchange of Warrants. 

  

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

  
 12 

	5.2	Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer reasonably acceptable to the Warrant Agent, duly executed by the
registered holder thereof, or by a duly authorized attorney, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal
aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred only in whole and only to the Depository, to
another nominee of the Depository, to a successor depository, or to a nominee of a successor depository; provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of
the Sponsor 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. 

  

	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 for Cash. Subject to Sections 6.5 and 6.6 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(s) of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at the price of $0.01 per Warrant
(the “Redemption Price”), provided that the last sales 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 6.3 below) or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1. 

  
 13 

	6.2	Redemption of Warrants for shares of Common Stock. Subject to Sections 6.5 and 6.6 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, commencing
ninety (90) days after they are first 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 6.3 below, at a price
equal to a number of shares of Common Stock determined by reference to the table below, based on the redemption date (calculated for purposes of the table as the period to expiration of the Warrants) and the “Fair Market Value” (as such
term is defined in subsection 3.3.1(b)) (the “Alternative Redemption Price”), provided that the last sales price of the shares of Common Stock reported has been at least $10.00 per share (subject to adjustment in compliance
with Section 4 hereof), on the 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 6.3 below) or the Company has elected to
require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1. 

  

																																					
	 	  	Fair Market Value of shares of Common Stock ($)	 
	 Redemption Date (period to expiration of the
Warrants)
	  	10	 	  	11	 	  	12	 	  	13	 	  	14	 	  	15	 	  	16	 	  	17	 	  	18	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.365	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.365	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.365	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.365	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.365	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.364	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.364	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.364	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.364	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.364	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.364	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.364	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.364	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.363	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.363	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.363	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.362	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.362	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact Fair Market Value and Redemption Date (as defined below) may not be set forth in the table above, in
which case, if the Fair Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the number of shares of Common Stock to be issued for each Warrant redeemed will be determined by a
straight-line interpolation between the number of shares set forth for the higher and lower Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable. 

  
 14 

 The stock prices set forth in the column headings of the table above shall be adjusted as of
any date on which the number of shares issuable upon exercise of a Warrant is adjusted pursuant to Section 4. The adjusted stock prices in the column headings shall equal the stock prices immediately prior to such adjustment, multiplied by a
fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The
number of shares in the table above shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Warrant. 
  

	6.3	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”). In the event that the Company elects to redeem all of the Warrants pursuant to Section 6.2, the Company shall fix a date for redemption (the “Alternative 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. 

  

	6.4	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 6.3 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 or the Alternative Redemption Price, as applicable. 

  

	6.5	Exclusion of Sponsor Warrants. The Company agrees that the redemption rights provided in Section 6.1 and Section 6.2 shall not apply to the Sponsor Warrants if
at the time of the redemption such Sponsor Warrants continue to be held by the Sponsor or its Permitted Transferees. However, once such Sponsor Warrants are transferred (other than to Permitted Transferees under subsection 2.6), the
Company may redeem the Sponsor Warrants, provided that the criteria for redemption are met, including the opportunity of the holder of such Sponsor Warrants to exercise the Sponsor Warrants prior to redemption pursuant to
Section 6.1 or 6.2. Sponsor Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Sponsor Warrants and shall become Public Warrants under this Agreement.

  

	6.6	Public Warrants Held By the Company’s Officers or Directors. The Company agrees that if Public Warrants are held by any of the Company’s officers or directors, the Public Warrants held by such officers
and directors will be subject to the redemption rights provided in Section 6.2, except that such officers and directors shall only receive “Fair Market Value” (“Fair Market Value” in this Section 6.6 shall
mean the last reported sale price of the Public Warrants on the Alternative Redemption Date) for such Public Warrants so redeemed. 

  
 15 

	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, absent notice to the Company or Warrant Agent that such certificates have been acquired by a protected
purchaser, the Company may, upon receipt by Warrant Agent of an open penalty surety bond satisfactory to it and holding it and Company harmless, issue, in a form mutually agreed to by Warrant Agent and the Company, 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. 

  

	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 difference between the Warrant Price and the “Fair Market Value” (as defined below) by (y) the Fair Market Value. Solely for

  
 16 

	 	
purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume weighted average price of the Common Stock as reported during the ten (10) trading day
period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such 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 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, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) 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, and (y) 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 and in those states in which the
Warrants were initially offered by the Company to the extent an exemption is not available. 

  

	 	7.4.3	Cashless Exercise Ratio. The Company shall calculate and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this Agreement to calculate, the cashless exercise ratio. The number of
shares of Common Stock to be issued on such exercise will be determined by the Company (with written notice thereof to the Warrant Agent) using the formula set forth in herein, the Warrant Agent shall have no duty or obligation to investigate or
confirm whether the Company’s determination of the number of shares of Common Stock to be issued on such exercise, pursuant to this Agreement, is accurate or correct. 

  
 17 

	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 thirty
(30) days’ after, but not including, notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in
place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after, but not including, 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. 

  
 18 

	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. 

  

	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, the Chief Executive Officer, the President, the Chief Financial Officer or the Secretary of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement, and will be held harmless for such reliance,
and shall not be held liable in connection with any delay in receiving such statement. 

  

	 	8.4.2	Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction). The Company
covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject,
arising from or out of, directly or indirectly, any claims or liability resulting from its actions as Warrant Agent pursuant hereto; provided, however, that such covenant and agreement of the Company does not extend to, and the Warrant Agent shall
not be indemnified with respect to, such costs, expenses, losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of, its gross negligence, bad faith or willful misconduct (each as determined by a final judgment
of a court of competent jurisdiction). 

  

	 	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. 

  
 19 

	 	8.4.4	Instructions. From time to time, the Company may provide the Warrant Agent with instructions concerning the services performed by the Warrant Agent hereunder. In addition, at any time the Warrant Agent may apply
to any officer of Company for instruction, and may consult with legal counsel for the Warrant Agent or the Company with respect to any matter arising in connection with the services to be performed by the Warrant Agent under this Warrant Agreement.
The Warrant Agent and its agents and subcontractors shall not be liable and shall be indemnified by Company for any action taken, suffered or omitted to be taken by Warrant Agent in reliance upon any Company instructions or upon the advice or
opinion of such counsel. Warrant Agent shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from Company. 

 

	 	8.4.5	Rights and Duties of Warrant Agent. 

  

	 	(a)	The Warrant Agent may consult with legal counsel (who may be internal or external legal counsel for the Company), and the opinion of such counsel shall be full and complete authorization and protection to the Warrant
Agent as to any action taken or omitted by it in accordance with such opinion. 

  

	 	(b)	The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Warrant Agreement or in the Warrant Certificates (except its countersignature thereof) or be required
to verify the same, and all such statements and recitals are and shall be deemed to have been made by the Company only. 

  

	 	(c)	The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of Warrants with respect to any action or default by the Company, including, without limiting
the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company. 

 

	 	(d)	The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any
transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent
from acting in any other capacity for the Company or for any other legal entity. 

  

	 	(e)	The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorney or agents, and the Warrant Agent shall not be
answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct
(each as determined by a final judgment of a court of competent jurisdiction) by such attorneys or agents or in the selection and continued employment thereof. 

  
 20 

	 	(f)	The Warrant Agent may rely on and shall be held harmless and protected and shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in reliance upon any certificate,
statement, instrument, opinion, notice, letter, facsimile transmission, telegram or other document, or any security delivered to it, and believed by it to be genuine and to have been made or signed by the proper party or parties, or upon any written
or oral instructions or statements from the Company with respect to any matter relating to its acting as Warrant Agent hereunder. 

  

	 	(g)	The Warrant Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to expense or liability or to a risk of incurring expense or liability, unless
it has been furnished with assurances of repayment or indemnity satisfactory to it. 

  

	 	(h)	The Warrant Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any registration statement filed with the Securities and Exchange Commission or this
Warrant Agreement, including without limitation obligations under applicable regulation or law. 

  

	 	(i)	The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Warrants authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Warrant
Agreement or for the application by the Company of the proceeds of the issue and sale, or exercise, of the Warrants. 

  

	 	(j)	The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the express provisions hereof (and no duties or obligations shall be inferred or implied). The Warrant
Agent shall not assume any obligations or relationship of agency or trust with any of the owners or holders of the Warrants. 

  

	 	(k)	The Warrant Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature by an “eligible guarantor institution” that is a member or participant in
the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any interpretation of
the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed. 

  

	 	(l)	In the event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Warrant Agent hereunder,
the Warrant Agent, may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to Company, the holder of any Warrant Certificate or Book-Entry Warrant Certificate or any other person
or entity for refraining from taking such action, unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent. 

  
 21 

	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 Wilmington Trust, National Association, a national banking association, as trustee thereunder) and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access
to the Trust Account. 

  

	8.7	Limitation of Liability. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during any term of this Warrant Agreement with respect to, arising from, or arising
in connection with this Warrant Agreement, or from all services provided or omitted to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the
Company to the Warrant Agent as fees and charges, but not including reimbursable expenses, during the twenty-four (24) months immediately preceding the event for which recovery from the Warrant Agent is being sought. Neither party to this
Warrant Agreement shall be liable to the other party for any consequential, indirect, special, punitive or incidental damages under any provisions of this Warrant Agreement or for any consequential, indirect, punitive, special or incidental damages
arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility or likelihood of such damages. 

  

	8.8	Survival. The provisions of this Section 8 shall survive the termination of this Warrant Agreement and the resignation, removal or replacement of the Warrant Agent. 

 

	9.	Miscellaneous Provisions. 

  

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

  

	9.2	Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when sent if by hand
or overnight delivery or if sent by trackable mail or private courier service when sent, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

  
 22 

 GS Acquisition Holdings Corp 

200 West Street 
 New York, New
York 10282 
 Attention: General Counsel 

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 sent if by hand or overnight delivery or if sent by trackable mail or private courier service when sent, addressed (until another address is filed in writing by the Warrant Agent with the Company), as
follows: 
 Computershare Trust Company, N.A. 

250 Royall Street 
 Canton,
Massachusetts 02021 
 Attention: Client Administration 

Fax: (781) 575-2549 
  

	9.3	Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed by and construed in accordance with the laws of the State of New York, including, without
limitation, Sections 5-1401 and 5-1402 of the New York General Obligations Law and New York Civil Practice Laws and Rule 327(b). The Company hereby agrees that any
action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and
irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

 

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

  

	9.5	Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office(s) of the Warrant Agent, whenever the Warrant Agent shall so designate in its sole
discretion, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 

  

	9.6	Counterparts; Electric 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. 

 

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

  
 23 

	9.8	Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision
contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the
Registered Holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Sponsor Warrants, shall require the vote or written consent of
the Registered Holders of 50% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively,
without the consent of the Registered Holders. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states
that the proposed amendment is in compliance with the terms of this Section 9.8. 

  

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

  

	9.10	Force Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control
including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information
storage or retrieval systems, labor difficulties, war, or civil unrest. 

  

	9.11	Business Continuity Plan. The Warrant Agent shall maintain plans for business continuity, disaster recovery, and backup capabilities and facilities designed to ensure the Warrant Agent’s continued
performance of its obligations under this Agreement, including, without limitation, loss of production, loss of systems, loss of equipment, failure of carriers and the failure of the Warrant Agent’s or its supplier’s equipment, computer
systems or business systems (“Business Continuity Plan”). Such Business Continuity Plan shall include, but shall not be limited to, testing, accountability and corrective actions designed to be promptly implemented, if necessary. In
addition, in the event that the Warrant Agent has knowledge of an incident affecting the integrity or availability of such Business Continuity Plan, then the Warrant Agent shall, as promptly as practicable, but no later than twenty-four
(24) hours (or sooner to the extent required by applicable law or regulation) after the Warrant Agent becomes aware of such incident, notify the Company in writing of such incident and provide the Company with updates, as deemed appropriate by
the Warrant Agent under the circumstances, with respect to the status of all related remediation efforts in connection with such incident. The Warrant Agent represents that, as of the date of this Agreement, such Business Continuity Plan is active
and functioning normally in all material respects. 

  
 24 

	9.12	Bank Accounts. All funds received by Computershare Inc. under this Warrant Agreement that are to be distributed or applied by Computershare Inc. in the performance of its services hereunder (the
“Funds”) shall be held by Computershare Inc. as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare Inc. in its name as agent for the Company. Until paid pursuant to the terms of
this Warrant Agreement, Computershare Inc. will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer
Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare Inc. shall have no responsibility or liability for any diminution of the Funds that
may result from any deposit made by Computershare Inc. in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare Inc. may from time to time
receive interest, dividends or other earnings in connection with such deposits. Computershare Inc. shall not be obligated to pay such interest, dividends or earnings to the Company, any holder of Warrants or any other party. 

 

	9.13	Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Warrant Agreement, including the fees for services, shall remain confidential, and shall
not be voluntarily disclosed to any other person, except as may be required by law or regulation, including, without limitation, pursuant to requests from the Securities and Exchange Commission and subpoenas from state or federal government
authorities (e.g., in divorce and criminal actions). 

  

	9.14	Signature Guarantees. If a signature guarantee is required under this Agreement, then such signature guarantee must be obtained from an eligible guarantor institution participating in a signature guarantee
program approved by the Securities Transfer Association. 

 Exhibit A Form of Warrant Certificate 

Exhibit B Legend — Sponsor’s Warrants 

  
 25 

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

			
	GS ACQUISITION HOLDINGS CORP
		
	By:	 	 /s/ David M. Cote

		 	Name: David M. Cote
		 	Title: Chief Executive Officer, President and Secretary
	
	COMPUTERSHARE INC.
		
	By:	 	 /s/ Dan DeWeever

		 	Name: Dan DeWeever
		 	Title: Product Director
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Dan DeWeever

		 	Name: Dan DeWeever
		 	Title: Product Director

 [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 

GS Acquisition Holdings 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 GS Acquisition Holdings Corp, a
Delaware corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through
“cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below,
subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Each 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 Warrant, a holder would be entitled to receive a fractional interest in a share, 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. 
 The initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per whole share. The Exercise Price is
subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. 

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

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions
shall for all purposes have the same effect as though fully set forth at this place. 
 This Warrant Certificate shall not be valid unless
countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 
 This Warrant Certificate shall be governed by and
construed in accordance with the internal laws of the State of New York. 
  

			
	GS ACQUISITION HOLDINGS CORP
		
	By:	 	
                 

		 	Name:
		 	Title:
	
	COMPUTERSHARE INC.
		
	By:	 	
                 

		 	Name:
		 	Title:
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	
                 

		 	Name:
		 	Title:

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive                  shares of Common Stock
and are issued or to be issued pursuant to a Warrant Agreement dated as of [•], 2018 (the “Warrant Agreement”), duly executed and delivered by the Company to Computershare Inc., a Delaware corporation, and its wholly-owned
subsidiary Computershare Trust Company, N.A., a federally chartered trust company (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 Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the designated office(s) 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(s) 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(s) 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 GS Acquisition Holdings 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 or
Section 6.2 of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6.4 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 6.4 of the Warrant Agreement. 

In the event that the Warrant is a Sponsor 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 AGREEMENTS BY AND AMONG GS ACQUISITION HOLDINGS CORP (THE
“COMPANY”), GS DC SPONSOR I 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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