Document:

Exhibit 10.13

 

FIRST AMENDMENT TO LEASE

This FIRST AMENDMENT TO LEASE (this “Agreement”), made as of the 25th day of July, 2018 (the “Effective Date”), by and between RA 55 CLB LLC, a Delaware limited liability company (“Landlord”), having its principal office c/o RXR Realty LLC, 625 RXR Plaza, Uniondale, New York 11556, and FREQUENCY ELECTRONICS, INC., a Delaware corporation (“Tenant”), having its principal business address at 55 Charles Lindbergh Boulevard, Uniondale, New York 11553.

RECITALS

WHEREAS, Reckson Operating Partnership, L.P. (“Prior Landlord”) and Tenant entered into an Agreement of Lease, made as of December 2, 1997 (the “Original Lease”), as modified and amended by letter agreement dated January 6, 1998 (the “1998 Letter Agreement” and, together with the Original Lease, sometimes hereinafter collectively referred to as the “Existing Lease”), for the lease of a certain 91,027 rentable square feet of space (collectively, the “Demised Premises”) in the building located at 55 Charles Lindbergh Boulevard, Uniondale, New York (the “Building”);

WHEREAS, Tenant has heretofore exercised both renewal options set forth in Article 39 of the Original Lease and, as such, the Term of the Existing Lease is currently scheduled to expire on January 31, 2019; and

WHEREAS, Landlord (as successor-in-interest to Prior Landlord) and Tenant desire to amend the Existing Lease so as to, among other things, provide for an extension of the Term thereof for a period of ten (10) years and eight (8) months, to and including September 30, 2029; subject to and in accordance with the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which being hereby acknowledged, the parties agree as follows:

ARTICLE I

Definitions

1.1          The recitals are specifically incorporated into the body of this Agreement and shall be binding upon the parties hereto.

1.2          Unless expressly set forth to the contrary and except as modified by this Agreement, all defined terms shall have the meanings as ascribed to them in the Existing Lease.

1.3          As used herein and, from and after the Effective Date, in the Existing Lease, the term “Lease” shall be deemed to mean and refer to the Existing Lease, as modified and amended by this Agreement.

1

ARTICLE II

Lease Modifications

The Existing Lease is and shall hereby be deemed to have been modified and amended as follows:

2.1          Term.  Effective as of the Effective Date, Article 2 of the Original Lease is hereby modified and amended so as to reflect that the Term of the Lease is extended for a period of ten (10) years and eight (8) months, to and including September 30, 2029.  Accordingly, each reference in the Original Lease or this Agreement to the term “Expiration Date,” or otherwise to the scheduled date of expiration of the Term of the Lease, shall hereafter be deemed to mean and refer to September 30, 2029.

2.2          Rent.

(A)          Through and including January 31, 2019, the Minimum Annual Rent shall continue to be payable in accordance with the provisions of the Existing Lease, specifically including, without limitation, the provisions of Article 3 of the Original Lease.

(B)          Effective as of February 1, 2019, Article 3 of the Original Lease is hereby modified and amended so as to reflect that, during the period from February 1, 2019 through and including September 30, 2029, the Minimum Annual Rent shall be payable in accordance with the following schedule, in each case, subject to Section 2.2(C) hereof:

During the period from February 1, 2019 through and including January 31, 2020, the Minimum Annual Rent shall be $1,046,810.52, payable in equal monthly installments of $87,234.21.

During the period from February 1, 2020 through and including January 31, 2021, the Minimum Annual Rent shall be $1,067,746.68, payable in equal monthly installments of $88,978.89.

During the period from February 1, 2021 through and including January 31, 2022, the Minimum Annual Rent shall be $1,089,101.64, payable in equal monthly installments of $90,758.47.

During the period from February 1, 2022 through and including January 31, 2023, the Minimum Annual Rent shall be $1,110,883.68, payable in equal monthly installments of $92,573.64.

2

During the period from February 1, 2023 through and including January 31, 2024, the Minimum Annual Rent shall be $1,133,101.32, payable in equal monthly installments of $94,425.11.

During the period from February 1, 2024 through and including January 31, 2025, the Minimum Annual Rent shall be $1,155,763.32, payable in equal monthly installments of $96,313.61.

During the period from February 1, 2025 through and including January 31, 2026, the Minimum Annual Rent shall be $1,178,878.68, payable in equal monthly installments of $98,239.89.

During the period from February 1, 2026 through and including January 31, 2027, the Minimum Annual Rent shall be $1,202,456.16, payable in equal monthly installments of $100,204.68.

During the period from February 1, 2027 through and including January 31, 2028, the Minimum Annual Rent shall be $1,226,505.36, payable in equal monthly installments of $102,208.78.

During the period from February 1, 2028 through and including January 31, 2029, the Minimum Annual Rent shall be $1,251,035.40, payable in equal monthly installments of $104,252.95.

During the period from February 1, 2029 through and including September 30, 2029, the Minimum Annual Rent shall be payable in equal monthly installments of $106,338.01.

(C)          Notwithstanding the provisions of Section 2.2(B) above, provided that at the time for application of the subject installment thereof, both (i) Tenant is not then in default under any of the terms or provisions of the Lease beyond the expiration of any applicable notice and/or cure periods provided in the Lease (it being agreed that if Tenant thereafter cures such default prior to termination of the Lease, Tenant shall then be entitled to the Minimum Annual Rent credits set forth herein) and (ii) the Lease then remains in force and effect, Tenant shall receive a Minimum Annual Rent credit in the amount of $811,353.42 (subject to Section 2.5(C)(y) of this Agreement); such Minimum Annual Rent credit to be applied as follows:

(x)          in seven (7) equal and consecutive monthly installments of $43,617.11 applied against the monthly installments of Minimum Annual Rent payable with respect to each of the calendar months of February 2019 through and including August 2019 (for the avoidance of doubt, it being understood that during each such 

3

month, Tenant shall only be obligated to pay to Landlord Minimum Annual Rent in the amount of $43,617.10); and

(y)          in five (5) equal and consecutive monthly installments of $50,102.34 applied against the monthly installments of Minimum Annual Rent payable with respect to each of the calendar months of September 2026 through and including January 2027 (subject to Section 2.5(C)(y) of this Agreement) (for the avoidance of doubt, it being understood that during each such month, Tenant shall only be obligated to pay to Landlord Minimum Annual Rent in the amount of $50,102.34); and

(z)          in five (5) equal and consecutive monthly installments of $51,104.39 applied against the monthly installments of Minimum Annual Rent payable with respect to each of the calendar months of February 2027 through and including June 2027 (subject to Section 2.5(C)(y) of this Agreement) (for the avoidance of doubt, it being understood that during each such month, Tenant shall only be obligated to pay to Landlord Minimum Annual Rent in the amount of $51,104.39).

2.3          Utilities.  Effective as of the Effective Date of this Agreement, the last sentence of Article 10(a) of the Original Lease is hereby deleted in the entirety.  Promptly following the Effective Date of this Agreement, Landlord, at Landlord’s sole cost and expense, will cause the Building’s common cafeteria area electric service to be directly metered, submetered or check-metered so as to measure the consumption of electricity in and from the common cafeteria area separately from the consumption of electricity in and from any tenanted premises of the Building.  Thereafter, Tenant shall pay to Landlord, as Additional Rent within ten (10) days following receipt by Tenant of a written request therefor , Tenant’s Proportionate Share (i.e., 42.42%) of the actual charges for such common cafeteria area electricity consumption for the period covered by the subject billing, as measured by the aforesaid direct meter or submeter or check-meter, plus Landlord’s customary administrative fee for reading and billing such metered-service not to exceed three percent (3%) of such bill.  For good and valuable consideration, each of Landlord and Tenant hereby releases the other from any claims the releasor may have or may have had against the releasee or such releasee’s predecessors-in-interest relating to common area utility charges in or about the Building or the Real Property for any period or periods preceding the Effective Date of this Agreement; it being acknowledged and agreed that neither Landlord nor Tenant would have entered into this Agreement without the benefit of the release set forth in this sentence.

2.4          Renewal Right/Option.  The parties acknowledge and agree all options under the Existing Lease to extend the Term thereof have either heretofore lapsed or been heretofore exercised by Tenant and, as such, there are no remaining rights or options for Tenant to extend the Term of the Existing Lease.  Landlord and Tenant intend to hereby establish a new right and option for Tenant to extend the Term of the Lease, subject to and in accordance with the terms and conditions of this Section 2.4.  Accordingly, provided Tenant is not then in default under the Lease beyond the expiration of any applicable notice and/or cure periods set forth in the Lease, Tenant shall have the right (this “Third Renewal Right/Option”) to extend the Term of the Lease for one (1) additional five (5) year period, commencing on October 1, 2029 and ending on September 30, 2034 (the “Third Renewal Term”); all subject to and in accordance with the following terms and conditions:

(A)          Tenant shall exercise the Third Renewal Right/Option, if at all, by written notice to Landlord, which unequivocally and unconditionally expresses Tenant’s exercise of the subject Third Renewal Right/Option (such written notice being hereinafter referred to as the “Third Renewal Exercise Notice”), delivered no sooner than April 1, 2028 and no later than October 1, 2028.  Any written communication from Tenant that purports to serve as the Third Renewal Exercise 

4

Notice, but which contains language of equivocation or condition may be rejected by Landlord as invalid.

(B)          The Third Renewal Term shall be upon the then current terms, covenants and conditions of the Lease, except that (i) there shall be no further option to extend the Term of the Lease beyond the Third Renewal Term; (ii) the Demised Premises shall be delivered in its then “as is” condition, and Landlord shall not be obligated to perform any work, make any installation, or incur any expense in order to prepare the Demised Premises for continued occupancy by Tenant, except as expressly set forth in the Lease; (iii) Tenant shall not be entitled to any rent concession, additional rent concession, tenant improvement allowance or other lease incentive or inducement in connection with such extension; and (iv) the Minimum Annual Rent to be paid by Tenant during the Third Renewal Term (the “Base Renewal Rent”) shall be calculated at one hundred (100%) percent of the fair market rental value of the Demised Premises as of the commencement of the Third Renewal Term, together with fair market annual escalations thereupon (which escalations shall be calculated as of the commencement of the Third Renewal Term), taking into account all relevant factors, including, without limitation, the escalations.

(C)          Promptly following the delivery of the Third Renewal Exercise Notice in accordance with the terms and conditions of Section 2.4(A) above, if any, the parties shall commence good faith negotiations for a mutually-agreeable Base Renewal Rent for the Third Renewal Term.  If Landlord and Tenant have not mutually agreed upon the Base Renewal Rent by April 1, 2029, then they shall each select one real estate broker with at least ten (10) years’ experience in the leasing of office buildings in the area in which the building is located, each of whom shall furnish a report to indicate their opinion of the fair market rental of the Demised Premises.

(D)          If, after a review of the broker reports prepared and submitted in accordance with Section 2.4(C), above, Landlord and Tenant have not agreed on the Base Renewal Rent by June 1, 2029, then the matter shall immediately be submitted to arbitration before the American Arbitration Association (“AAA”), and shall be determined by a single arbitrator in accordance with the provisions of the Lease and then applicable rules of the AAA within the County of Nassau, or of the closest office of the AAA.  The arbitrator shall, in determining the Base Renewal Rent, take into consideration then existing current fair market rental value of similar premises in the Building and the Mitchel Field area, and all other relevant factors.  The arbitrator shall then, on an expedited basis, choose one of the determinations of the two brokers originally selected by the parties.  The parties agree that the decision and determination to be made by the arbitrator with respect to the Base Renewal Rent for the Third Renewal Term shall be final and binding upon Landlord and Tenant.

(E)          Landlord and Tenant shall each separately pay their respective designated brokers.  The expenses, fees and charges in connection with the arbitration process set forth in Section 2.4(D) above, shall be borne equally between Landlord and Tenant.

(F)          Upon agreement by the parties as to the Base Renewal Rent for the Third Renewal Term or upon the Base Renewal Rent for the Third Renewal Term being fixed by the arbitrator, as the case may be, the parties hereto shall enter into a supplementary agreement extending 

5

the Term of the Lease for the Third Renewal Term as hereinabove provided.  In the event of no agreement between the parties or no decision by arbitration prior to the commencement of the Third Renewal Term, Tenant shall pay an interim Base Renewal Rent equal to the (unabated) Minimum Annual Rent last in effect until the arbitration shall have been completed (or an agreement is reached), after which Landlord and Tenant shall make appropriate adjustment of such interim rent, such adjustment to be as of the commencement date of the Third Renewal Term. If the payments made by Tenant on account of Base Renewal Rent were greater than the Base Renewal Rent as finally determined in accordance with the provisions hereof, Landlord shall credit the amount of such excess against the next installments of Base Renewal Rent due under the Lease from the respective dates of overpayment until credited.  If the payments made by Tenant on account of Base Renewal Rent were less than the Base Renewal Rent as finally determined in accordance with the provisions hereof, Tenant shall pay to Landlord the full amount of such excess with the next installment of Base Renewal Rent due under the Lease.

(G)          Time is of the essence with respect to all dates and time periods referenced in this Section 2.4.

(H)          This Third Renewal Right/Option shall be personal to Frequency Electronics, Inc. (and to any entity that succeeds to the leasehold interest of Frequency Electronics, Inc. pursuant to a transaction of the type addressed in Section 17(d) of the Original Lease, provided that Frequency Electronics, Inc. shall remain liable for the obligations of “Tenant” throughout the Third Renewal Term unless, in the case of a merger, Frequency Electronics, Inc. is not the surviving entity), and shall not be otherwise transferable by operation of law or otherwise.

2.5          Cancellation Option.

(A)          Provided Tenant is not then in default under this Lease beyond the expiration of all applicable notice and/or cure periods contained in the Lease, Tenant shall have the one-time right and option (this “Cancellation Option”) to cancel this Lease effective as of January 31, 2026 (the “Cancellation Date”) by delivering to Landlord, no later than January 31, 2024 (the “Cancellation Option Exercise Deadline”), both: (i) written notice of Tenant’s exercise of this Cancellation Option (the “Cancellation Notice”); and (ii) payment, in immediately available funds, of a fee (the “Cancellation Fee”) in the amount of the Unamortized Costs (hereinafter defined).

(B)          As used herein, the term “Unamortized Costs” shall be deemed to mean the aggregate of those portions of all costs incurred by Landlord in connection with this Agreement that will not have been recouped by Landlord (through amortization, as addressed below) as of the Cancellation Date, which costs shall include, without limitation, each of the following:  (i) $1,092,234.00, as the stipulated and agreed-upon value of the Allowance (hereinafter defined) , or such portion thereof as received by Tenant from Landlord pursuant to this Agreement; and (ii) all brokerage commissions actually paid by Landlord in connection with this Agreement.  For the purpose of calculating the Unamortized Costs, the total costs described above shall be amortized over the Amortization Term (hereinafter defined), as if same were a one hundred twenty (120) month, self-amortizing loan at an annual interest rate of seven (7.0%) percent, payable in equal monthly 

6

installments of principal and interest combined.  As used herein, the “Amortization Term” shall mean the one hundred twenty (120) month period commencing on May 1, 2019 and ending on April 30, 2029.  For purposes of this Section 2.5, the amount of the Unamortized Costs shall be deemed equal to the amount that would be outstanding under such hypothetical “loan” as of the Cancellation Date.

(C)          Upon satisfaction by Tenant of each of the above conditions, and upon the Demised Premises having been surrendered to Landlord and vacated by Tenant on or before the Cancellation Date as if that date were the Expiration Date under the Lease, the Lease shall be deemed canceled and terminated as of the Cancellation Date and no party shall have any obligations to the other except those that are expressly stated to survive the expiration of the Term.  Time is of the essence with respect to all dates and time periods referenced in this Section 2.5.  In the event that Tenant does not deliver the Cancellation Notice with the Cancellation Fee payment by the Cancellation Option Election Deadline, then this Cancellation Option shall be deemed to have lapsed and been rendered of no further force or effect whatsoever.  If Tenant does timely and properly exercise this Cancellation Option, but thereafter fails to vacate and surrender the Demised Premises in the conditions required under the Lease by the Cancellation Date, then Tenant shall be deemed to be holding over in the Demised Premises beyond the expiration of the Term, without the acquiesce of Landlord, subject to the applicable terms and conditions of the Lease.  In addition, Tenant acknowledges and agrees that:  (a) following exercise of this Cancellation Option by Tenant, Tenant may not revoke such cancellation without the prior written consent of Landlord (which may be granted or withheld in Landlord’s sole discretion); (b) this Cancellation Option, and the ability of Tenant to exercise same, shall be rendered null and void upon Tenant leasing any additional space in the Building, whether pursuant to the exercise of a Right of Offer or right of expansion, through negotiation or otherwise; and (c) the delivery of the Cancellation Notice shall render null and void both (x) the ability of Tenant to exercise any right or option, if any, of Tenant to lease additional space in the Building and (y) Tenant’s entitlement to the Minimum Annual Rent credits referenced under Section 2.2(C)(y) and (z) of this Agreement.

(D)          The rights and entitlements established for Tenant under this Article are personal to Frequency Electronics, Inc., and are non-transferable by operation of law or otherwise, except to a permitted assignee or subtenant pursuant to Article 17 of the Existing Lease.

2.6          Condition of the Demised Premises; the Allowance; Landlord’s Base Building Work.

(A)          Tenant hereby acknowledges and agrees that (i) all work and installations heretofore required to be performed or made by Landlord under the Existing Lease have been fully performed or made prior to the date hereof; (ii) Tenant has inspected the Demised Premises and agrees to accept same in its “as is” condition as of the date hereof, except with respect to any Landlord’s Base Building Work (as hereinafter defined); (iii) except with respect to the Allowance, Landlord shall not be required to pay any sums or incur any expense in connection with Tenant’s preparation of the Demised Premises for its continued occupancy; and (iv) except with respect to the Landlord’s Base Building Work, Landlord shall not be required to perform any work or make any installations in or with respect to the Demised Premises in order to prepare same for continued occupancy by Tenant (it being agreed that Landlord shall, however, be required to perform any repair 

7

and maintenance obligations set forth in the Lease, including, without limitation, in Section 8(b) thereof).

(B)          Notwithstanding anything to the contrary contained in Section 2.6(A) of this Agreement, provided Tenant is not then in default of any of its obligations under the Lease beyond the expiration of any applicable notice and/or cure periods provided in the Lease (it being agreed that if Tenant thereafter cures such default prior to termination, Tenant shall then be entitled to the Allowance set forth herein (if all other conditions have been satisfied)) and further provided that the Lease then remains in force and effect, Landlord shall make available to Tenant a construction reimbursement allowance in an amount not to exceed $1,092,324.00 (the “Allowance”) for improvements to the Demised Premises made by or on behalf of Tenant following the Effective Date of this Agreement (such improvements being herein generically referred to as “First Amendment TI Work”), which Allowance Tenant may access at any time during the Allowance Period (hereinafter defined) by way of requisitions for progress payments; subject to and in accordance with the terms and conditions of this Section 2.6(B).  As used herein, term the “Allowance Period” shall mean the period commencing on February 1, 2019 and ending on January 31, 2022.  Tenant acknowledges and agrees that:

(i)          any and all First Amendment TI Work must be performed subject to and in accordance with (x) the provisions of the Lease that govern the performance of alterations and (y) Landlord’s construction-related rules, regulations and requirements;

(ii)          progress payments in respect of the Allowance shall be paid by Landlord to Tenant, if at all, only by way of reimbursement to Tenant for design and construction costs actually incurred by Tenant directly in connection with the design and performance of First Amendment TI Work (each such payment, a “Landlord Allowance Payment”);

(iii)          a Landlord Allowance Payment shall only become due and payable by Landlord within forty-five (45) days following receipt by Landlord of written demand therefor by Tenant, accompanied by (x) paid receipts for the subject First Amendment TI Work, evidencing the actual payment by Tenant of the amount demanded, (y) partial lien waivers from all contractors involved in the particular First Amendment TI Work that is the subject of such requisition (except if the subject contractor would not have lien rights under applicable law against the Building or the Real Property, or Landlord’s interest therein, with regard to the service or materials provided by such contractor) and (z) with respect to a requisition for a final Landlord Allowance Payment, (1) final lien waivers from all contractors involved in the particular First Amendment TI Work and (2) a certificate of occupancy or certificate of completion (or its equivalent), as applicable, from the applicable municipal authority with respect to the subject First Amendment TI Work, if such certificate is required by applicable law (such a written demand, when accompanied by all such supporting documentation, being hereinafter collectively referred to as a “Allowance Demand”).  The parties agree that for each interim Allowance Demand, Landlord may hold back an amount equal to five (5%) percent of the amount of the Landlord Allowance Payment so demanded by Tenant (such held-back funds being hereinafter collectively referred to as the “Retainage”), provided that (aa) as with respect to any particular construction trade (e.g., carpentry, HVAC, electric, etc.) engaged with 

8

respect to performance of the First Amendment TI Work, the entire portion of the Retainage that relates to the subject construction trade will be paid by Landlord together with the Landlord Allowance Payment associated with the final Allowance Demand that includes First Amendment TI Work involving the subject construction trade and (bb) the full amount of any previously-unpaid Retainage will be paid by Landlord together with the Landlord Allowance Payment associated with the final overall Allowance Demand associated with the First Amendment TI Work;

(iv)          the aggregate amount demanded for all First Amendment TI Work-related “soft costs” (e.g., design fees, permitting and inspection fees, data/telecom wiring and cabling, office furniture, office equipment, office decorations) by way of all Allowance Demands, and the aggregate amount required to be paid by way of all Landlord Allowance Payments for all First Amendment TI Work-related “soft costs,” shall in no event exceed $218,446.80;

(v)          the aggregate amount demanded for all First Amendment TI Work-related costs (i.e., “hard” and “soft” costs) by way of all Allowance Demands, and the aggregate amount required to be paid by way of all Landlord Allowance Payments for all First Amendment TI Work-related costs (i.e., “hard” and “soft” costs), shall in no event exceed $1,092,324.00;

(vi)          no Landlord Allowance Payment shall be due by Landlord prior to February 1, 2019;

(vii)          no Allowance Demand may be submitted after January 31, 2022 (the “Allowance Deadline”); time being of the essence;

(viii)          if any portion of the Allowance has not been demanded by means of the delivery by Tenant to Landlord of a valid Allowance Demand (i.e., an Allowance Demand made by Tenant in accordance with the conditions and requirements of this Section 2.6(B)) by the Allowance Deadline, then the entirety of such portion shall be deemed to have been forfeited by Tenant; and

(ix)          If Landlord fails to pay all or any part of any Landlord Allowance Payment associated with a valid Allowance Demand made by Tenant in accordance with the requirements of this Section 2.6(B) (the subject due-and-owing, but unpaid, portion of the Allowance being herein referred to as the “Unpaid Allowance Amount”), and such failure shall continue for thirty (30) days after Tenant’s notice to Landlord that the Unpaid Allowance Amount is past due and setting forth Tenant’s intent to offset the Unpaid Allowance Amount against Minimum Annual Rent, then Tenant may offset the Unpaid Allowance Amount against subsequent installments of Minimum Annual Rent coming due under the Lease until exhausted; provided, however, that in the event of a dispute or question as to the existence or amount of an Unpaid Allowance Amount, such offset shall not be effected until the sooner of final judgment issued by a court of competent jurisdiction or mutual agreement of the parties (and then only to the extent of that judgment or agreement, as applicable).  Landlord acknowledges and agrees that in the event Tenant does procure such a judgment against Landlord, then interest, at the applicable judgment rate, shall be deemed to have accrued for the benefit of Tenant on the Unpaid Allowance Amount, which accrued interest shall be added to the amount that may be offset by Tenant hereunder.  The total amount that may be offset by 

9

Tenant hereunder is sometimes hereinafter collectively referred to as the “Offset Amount.”  If any portion of the Offset Amount (the “Unrealized Portion”) shall not have been credited or paid to Tenant as of the Expiration Date, or the Cancellation Date if Tenant exercises the Cancellation Option then, provided that Tenant shall have surrendered the Demised Premises to Landlord in the manner required under the Lease, Landlord, within thirty (30) days after the Expiration Date, shall pay the amount of the Unrealized Portion to Tenant, or at Tenant’s option, Tenant shall have the right to offset the amount of the Unrealized Portion against the Cancellation Fee, if applicable.  The preceding sentence shall survive the Expiration Date.

(C)          Also notwithstanding anything to the contrary contained in Section 2.6(A) of this Agreement, Landlord shall cause its designated contractor to perform in and to the Building or the Demised Premises, as applicable, all the work described on Schedule A to this Agreement (collectively, “Landlord’s Base Building Work”) in order to prepare same for continued occupancy by Tenant, which work shall be performed in good workmanlike manner, and in accordance with Section 6(c) of the Lease.  Except with respect to extra work orders authorized by Tenant, if any, and except as otherwise set forth in the next sentence, the Landlord’s Base Building Work shall be performed at no cost or expense to Tenant.  However, Tenant shall, only if, as and in the manner reasonably requested by Landlord or Landlord’s designated contractor (if at all), from time to time throughout the period of performance of Landlord’s Base Building Work, temporarily, to the extent practicable, relocate its personnel and personal property out of distinct, affected portions of the Demised Premises in order to reasonably accommodate Landlord’s designated contractor’s performance and completion of subject aspects of Landlord’s Base Building Work therein, subject to the following sentence.  Landlord shall give Tenant reasonable prior notice of entry into the Demised Premises for the performance of Landlord’s Base Building Work (i.e., not less than two (2) business days’ prior written notice), and (i) Tenant shall have the right to have a representative present during any such Landlord’s (or its contractors’ or representatives’) entry in the Demised Premises, (ii) Tenant has the right to limit access and/or personnel of Landlord to certain portions of the Demised Premises, provided that if such access is essential for performance of Landlord’s Base Building Work (or any subject aspect thereof), then Tenant will provide escorted access to the subject portions of the Demised Premises in order to facilitate performance of Landlord’s Base Building Work (or any subject aspect thereof), (iii) Landlord shall use commercially reasonable efforts to minimize the scope and duration of any interference with Tenant’s business that may result from the performance of Landlord’s Base Building Work (including performing the most disruptive aspects thereof only outside of normal working hours), and (iv) Landlord shall promptly repair any damage directly caused to the Demised Premises and to Tenant’s property by performance of Landlord’s Base Building Work.  Except as expressly set forth in the Lease and this Agreement, Tenant acknowledges and agrees that neither Landlord nor its agents or contractors shall be liable for any inconvenience to Tenant or for interference with Tenant’s business or use of the Demised Premises or any portion thereof that may result from the performance of the Landlord’s Base Building Work. In connection herewith, the first two (2) sentences of Section 6(c) of the Original Lease shall be amended by inserting the words “and Landlord’s Base Building Work” immediately following the words “Landlord’s Initial Construction” anytime such words appear therein.  Landlord shall commence the design and permitting aspects of Landlord’s Base Building Work no later than ninety (90) days following the Effective Date and shall substantially complete all Landlord’s Base Building Work on 

10

or prior to December 31, 2019.

2.7.          Right of First Offer.  Notwithstanding anything in the Lease to the contrary, the parties agree that the Right of First Offer contained in Section 40(a) of the Original Lease shall remain in effect so long as there is at least five (5) years remaining in the Lease, as extended by this Agreement.

2.8.          Subordination.  Landlord shall use commercially reasonable efforts to obtain a subordination, non-disturbance and attornment agreement from the current mortgagee of Landlord’s interest in the Building, on such mortgagee’s standard form (with reasonable comments requested by Tenant), within thirty (30) days following the Effective Date.

2.9.          Other Amendments.  Sections 17(i) and (j) of the Existing Lease are hereby deleted in their entirety.

ARTICLE III

Broker

3.1          Tenant represents that this Agreement was brought about by Newmark of Long Island, LLC d/b/a Newmark Knight Frank LI and Commercial Realty Services of Long Island, Inc. (collectively, the “Brokers”), as broker, and that all negotiations with respect to this Agreement were conducted exclusively by and among Landlord, Tenant and the Brokers.  Each of Landlord and Tenant agrees that if any claim is made for commissions by any broker (other than the Brokers in the case of indemnity by Tenant) due to any dealing claimed to have occurred between the indemnifying party and such broker, the indemnifying party will hold the other party free and harmless from any and all liabilities and expenses in connection therewith, including such party’s reasonable attorneys’ fees.  Landlord will pay the appropriate brokerage commission to the Brokers in connection with this Agreement; such commission to be calculated and paid subject to and in accordance with the terms and conditions of a separate agreement(s) between or among Landlord and the respective Brokers.

ARTICLE IV

Ratification

4.1          Tenant represents and warrants that the Existing Lease is presently in full force and effect. Landlord represents and warrants that (i) the Existing Lease is presently in full force and effect and (ii) the ground lease (pursuant to which Landlord derives its interest in the Building) is presently in full force and effect.

4.2          The parties hereby ratify and confirm all of the terms, covenants and conditions of the Existing Lease, except to the extent that those terms, covenants and conditions are amended, modified or varied by this Agreement.  If there is a conflict between the provisions of the Existing Lease and the provisions of this Agreement, then the provisions of this Agreement shall control.

4.3          No oral or written statement, representation or promise whatsoever with respect to the foregoing or any other matter made by Landlord, its principals, officers, employees, agents or any 

11

broker, whether contained in proposal, affidavit, information circular, or otherwise, shall be binding upon the Landlord unless expressly set forth in this Agreement.

4.4          This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and/or assigns.

ARTICLE V

Generator Replacement

5.1          Tenant shall have the right (but no obligation) to replace Tenant’s existing generator at the Building (the “Existing Generator”) with a new or like-new generator (the “Replacement Generator”) provided (i) the Replacement Generator is installed in the same specific place at which the Existing Generator is currently located, (ii) the specifications for the type and manner of installation of the Replacement Generator shall be subject to the prior review and approval of Landlord (which shall not be unreasonably withheld, conditioned or delayed), and (iii) the removal and disposal of the Existing Generator and the permitting, installation, operation, maintenance and repair of the Replacement Generator shall be done by Tenant at Tenant’s expense and in compliance with all applicable legal requirements.

ARTICLE VI

Economic Development Incentives

6.1          Landlord acknowledges that Tennant is pursuing certain state and local tax and economic development incentives from the State of New York, the County of Nassau and the Nassau County Industrial Development Agency.  Those incentives may include, but are not limited to, tax credits, cash grants, exemptions from sales tax and abatements from property taxes through a Payment in Lieu of Tax (“PILOT”).  Landlord agrees that the receipt of these benefits was a material factor in Tenant’s decision to enter into this Lease.  Landlord acknowledges that these benefits are to accrue to the Tenant alone for its sole benefit and use.  Further, Landlord agrees to reasonably cooperate with Tenant in Tenant’s pursuit of such benefits (at no material cost to Landlord).

[SIGNATURES ON FOLLOWING PAGE]

12

IN WITNESS WHEREOF, the parties have executed this First Amendment to Lease as of the day and year first above written.

RA 55 CLB LLC

By: /s/ Victor Siciliano                                        

Name: Victor Siciliano

Title:  Authorized Person

FREQUENCY ELECTRONICS, INC.

By: /s/ Stanton Sloane                                        

Name: Stanton Sloane

Title: CEO

13

SCHEDULE A

Description of Landlord’s Base Building Work

	
1.

	
Remove three (3) Trane DX-style rooftop HVAC units (i.e., Unit Nos. 17, 19 and 21) and replace with three (3) new Trane DX-style rooftop HVAC units, each having the same (or greater) tonnage as the corresponding unit it is replacing.

	
2.

	
Remove one (1) of the two (2) existing 30-ton Carrier water-cooled chiller units from the lower level of the Demised Premises and replace same with a new 30-ton Trane water-cooled chiller unit.

	
3.

	
Replace all existing controllers on the VAV boxes currently located within the Demised Premises with building standard controllers.

	
4.

	
Replace the existing building management system (BMS) for HVAC control.

	
5.

	
Replace all existing single-pane exterior windows of the Demised Premises with new double-pane insulated glass windows, which shall be at least building standard quality.

1446241

14Exhibit 4.1

 

WARRANT AGREEMENT

 

This Warrant Agreement
(this “Agreement”) is made as of July 24, 2018 between Greenland Acquisition Corporation, a British Virgin Islands
company, with offices at Suite 906, Tower W1, Oriental Plaza, No. 1 East Chang’an Street, Dongcheng District, Beijing, People’s
Republic of China (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices
at One State Street, 30th Floor, New York, New York 10004 (“Warrant Agent”).

 

WHEREAS, the Company
has received binding commitments (“Subscription Agreements”) from Greenland Asset Management Corporation (the “Sponsor”)
and from Chardan Capital Markets, LLC (the “Representative”) to purchase up to an aggregate of 270,000 units (or 288,000
if the over-allotment option is exercised in full by the underwriters), each unit (“Unit”) comprised of one Ordinary
Share of the Company, no par value (“Ordinary Share”), one right to receive one-tenth (1/10) of one Ordinary Share
and one warrant, each warrant exercisable to purchase one-half of one Ordinary Share for $11.50 per whole share, subject to adjustment
as described herein, and in connection therewith, will issue and deliver up to an aggregate of 288,000 warrants (“Private
Warrants”) upon consummation of such private placement (the “Private Offering”); and

 

WHEREAS, the Company
is engaged in a public offering (“Public Offering”) of Units and, in connection therewith, will issue and deliver (i)
up to 4,600,000 warrants (“Public Warrants”) to the public investors and (ii) 240,000 warrants (underlying a unit purchase
option (“UPO”)) to the Representative or its designees (“Representative Warrants”); and

 

WHEREAS, in order to
finance the Company’s transaction costs in connection with an intended initial Business Combination (defined below), the
Sponsor or an affiliate of the Sponsor or certain of the Company’s executive officers and directors may loan to the Company
funds as may be required, of which up to $1,500,000 of such loans may be convertible into up to an additional 150,000 Units (the
“Working Capital Units”), and in connection therewith, will issue and deliver up to an aggregate of 150,000 warrants
(the “Working Capital Warrants”); and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-226001
(“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”),
of, among other securities, the Public Warrants; and

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

2. Warrants.

 

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

 

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

 

2.3. Effect of
Countersignature. Except with respect to uncertificated Warrants as described in Section 2.2 above, unless and until countersigned
by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder
thereof.

 

2.4. Registration.

 

2.4.1. Warrant Register.
The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration
of transfer of the Warrants. Upon the initial issuance of the Warrants 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.

 

2.4.2. 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 (such institution, with respect to a Warrant in its account,
a “Participant”). If the Depository 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 Depository 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 Depository definitive certificates
in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A.

 

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

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately tradeable until the ninetieth (90th) day
after the date hereof unless the Representative informs the Company of its decision to allow earlier separate trading, but in no
event will separate trading of the securities comprising the Units begin until (i) the Company files a Current Report on Form 8-K
with the SEC which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option
is exercised on the date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K with the SEC
announcing when such separate trading shall begin.

 

    

     

    

 

2.6. Warrant Attributes.

 

2.6.1 Private Warrants
and Working Capital Warrants. The Private Warrants and Working Capital Warrants will be identical to the Public Warrants but
they (i) will be exercisable either for cash or on a cashless basis at the holder’s option pursuant to Section 3.3.1(c),
(ii) will not be redeemable by the Company, in either case as long as such warrants are held by the initial holders or their affiliates
and permitted transferees (as provided below), (iii) will be subject to the transfer restrictions set forth below and (iv) may
be subject to the limitations on exercise set forth in Section 3.3.2. The provisions of this Section 2.6 may not be modified, amended
or deleted without the prior written consent of the Representative. Prior to the date that is 30 days following the consummation
by the Company of a Business Combination (as defined below), the Private Warrants and Working Capital Warrants may only be transferred
by the holders thereof:

 

	 	(a)	to any persons (including their affiliates and shareholders) participating in the Private Offering, officers, directors, shareholders, employees and members of the Sponsor and its affiliates;
	 	 	 
	 	(b)	amongst initial holders (as defined in the Registration Statement) or to the Company’s officers, directors and employees;
	 	 	 
	 	(c)	if a holder is an entity, as a distribution to its, partners, shareholders or members upon its liquidation;
	 	 	 
	 	(d)	by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is a holder or a member of a holder’s immediate family, for estate planning purposes;
	 	 	 
	 	(e)	by virtue of the laws of descent and distribution upon death;
	 	 	 
	 	(f)	pursuant to a qualified domestic relations order;
	 	 	 
	 	(g)	by certain pledges to secure obligations incurred in connection with purchases of the Company’s securities;
	 	 	 
	 	(h)	by private sales at prices no greater than the price at which the Private Warrants were originally purchased; or
	 	 	 
	 	(i)	to the Company for no value for cancellation in connection with the consummation of the Company’s initial Business Combination.

 

2.6.2 Representative
Warrants. Subject to Section 6.4, the Representative Warrants shall have the same terms, and be in the same form, as the Public
Warrants.

 

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

 

3. Terms and Exercise of Warrants

 

3.1. Warrant Price.
Each Warrant shall, when countersigned by the Warrant Agent (if in physical), entitle the registered holder thereof, subject to
the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein,
at the price of $11.50 per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share at which Ordinary Shares
may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the Expiration Date (as defined below) for a period of not less than 20 business days; provided, however, that the Company
shall provide at least 10 business days prior written notice of such reduction to registered holders of the Warrants; provided,
further, however, that any such reduction shall be applied consistently to all of the Warrants.

 

    

     

    

 

3.2. Duration of
Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later of the
consummation by the Company of a share exchange, share reconstruction and amalgamation with, purchase of all or substantially all
of the assets of, contractual arrangements with, or any other similar business combination with one or more businesses or entities
(“Business Combination”) (as described more fully in the Registration Statement) and 12 months from the effective date
of the Registration Statement of the Public Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur
of (i) five years from the consummation of a Business Combination (ii) the liquidation of the Company, and (iii) the Redemption
Date as provided in Section 6.2 of this Agreement (“Expiration Date”); provided, however, that the exercise of any
Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in Section 7.4 below; provided further,
that for as long as any of the Private Warrants are held by the Representative or its designees or affiliates, such Private Warrants
may not be exercised after five years from the effective date of the Registration Statement. Except with respect to the right to
receive the Redemption Price in the event of a redemption (as set forth in Section 6 hereunder), each Warrant not exercised on
or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the
Warrants by delaying the Expiration Date; provided, however, that the Company will provide written notice to registered holders
of the Warrants of such extension of not less than 20 days.

 

3.3. Exercise of
Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent (if applicable),
may be exercised by the registered holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the
Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Warrant represented by a book-entry, the Warrants
to be exercised on the records of the Depository to an account of the Warrant Agent at the Depository designated for such purposes
in writing by the Warrant Agent to the Depository from time to time, (ii) an election to purchase any Ordinary Shares pursuant
to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Warrant Certificate
or, in the case of a Book-Entry Warrant, properly delivered by the Depository participant in accordance with the Depositary’s
procedures, and (iii) by paying in full the Warrant Price for each full Ordinary Share as to which the Warrant is exercised and
any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares
and the issuance of such Ordinary Shares, as follows:

 

(a) in lawful
money of the United States, in good certified check or wire payable to the Warrant Agent;

 

(b) in the
event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to require all holders of
Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied
by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value,
provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is higher than the exercise price.
Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price
of the Ordinary Shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to holders of Warrant pursuant to Section 6 hereof; or

 

(c) with
respect to any Private Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants are held
by the initial holders or their affiliates and permitted transferees (as prescribed in Section 5.6 hereof), by surrendering such
Private Warrants or Working Capital Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x)
the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between the exercise price of
the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise
shall be permitted unless the Fair Market Value is higher than the exercise price. Solely for purposes of this Section 3.3.1(c),
the “Fair Market Value” shall mean the average reported last sale price of the Ordinary Shares for the 10 trading days
ending on the day prior to the Company’s receipt of the applicable exercise notice; or

 

    

     

    

 

(d) in the
event the registration statement required by Section 7.4 hereof is not then effective and current, then during the period beginning
on the 91st day after the closing of the Business Combination and ending upon the effectiveness of such registration
statement, and during any other period after such date of effectiveness when the Company shall fail to have maintained an effective
registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, by surrendering such Warrants for that
number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying
the Warrants, multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” by
(y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is higher
than the exercise price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average
reported last sale price of the Ordinary Shares for the 10 trading days ending on the day prior to the date of exercise.

 

3.3.2. Issuance
of Ordinary Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a book-entry position or certificate or
certificates for the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may
be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned
Warrant (as the case may be) for the number of shares as to which such Warrant shall not have been exercised. Subject to Section
4.7 of this Agreement, a registered holder of Warrants may exercise its Warrants only for a whole number of Ordinary Shares (i.e.,
only an even number of Warrants may be exercised at any given time by a registered holder). Notwithstanding the foregoing, in no
event will the Company be required to net cash settle the Warrant exercise. The Company shall not be obligated to deliver any Ordinary
Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration
statement under the Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating
thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. Warrants may not be exercised
by, or securities issued to, any registered holder in any state in which such exercise would be unlawful. No Warrant shall be exercisable
and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares 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 immediately preceding three sentences are not
satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant
may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the
full purchase price for the Unit solely for the Ordinary Shares underlying such Unit. 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, the Company shall round down to the nearest whole number, the number of shares to be issued to
such holder.

 

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

 

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

 

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

 

    

     

    

 

4. Adjustments.

 

4.1. Share Dividends
- Split Ups. If after the date hereof, the number of outstanding Ordinary Shares is increased by a share dividend payable in
Ordinary Shares, or by a split up of the Ordinary Shares, or other similar event, then, on the effective date of such share dividend,
split up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion
to such increase in outstanding Ordinary Shares. A rights offering to all holders of the Ordinary Shares entitling holders to purchase
Ordinary Shares at a price less than the “Fair Market Value” (as defined below) shall be deemed a share dividend of
a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or
issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for the Ordinary
Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided
by (y) the Fair Market Value. For purposes of this subsection 4.1, (i) if the rights offering is for securities convertible into
or exercisable for Ordinary Shares, in determining the price payable for the Ordinary Shares, there shall be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair
Market Value” means the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day
period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the
applicable market, regular way, without the right to receive such rights.

 

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

 

4.3. Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of
the Company’s share capital into which the Warrants are convertible), other than (a) as described in subsection 4.1 above,
(b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion rights of the holders of the Ordinary Shares in connection
with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of the Ordinary Shares in connection
with a vote to amend the Company’s amended and restated memorandum and articles of association pursuant to Regulation 23.11
thereof, (e) as a result of the repurchase of Ordinary Shares by the Company in connection with an initial Business Combination
or as otherwise permitted by the Investment Management Trust Agreement between the Company and the Warrant Agent dated of even
date herewith or (f) in connection with the Company’s liquidation and the distribution of its assets upon its failure to
consummate a Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”),
then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the
amount of cash and the fair market value (as determined by the Company’s board of directors, in good faith) of any securities
or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis with the per share
amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the
date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other
subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant
Price or to the number of Ordinary Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering
price of the Units in the Offering).

 

    

     

    

 

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

 

4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in
the case of any merger or consolidation of the Company with or into another 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
Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders
shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants
and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares 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
Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event;
and if any reclassification also results in a change in Ordinary Shares covered by Section 4.1 or 4.2, then such adjustment shall
be made pursuant to Sections 4.1, 4.2, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

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

 

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

 

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

 

    

     

    

 

4.9. Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section
4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse
impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall
appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which
shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate
the intent and purpose of this Section 4 and, if such firm determines that an adjustment is necessary, the terms of such adjustment;
provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4 as a result of any issuance
of securities in connection with the Business Combination. 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. 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.

 

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

 

5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate or book-entry position for 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, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Private Warrants
and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants
until after the consummation by the Company of a Business Combination, except for transfers made in accordance with Section 2.6
hereof, on the condition that, in the case of Private Warrants, prior to such registration for transfer, the Warrant Agent shall
be presented with written documentation pursuant to which each transferee or the trustee or legal guardian for such transferee
agrees to be bound by the terms of the Subscription Agreements.

 

6. Redemption.

 

6.1. Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred
to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the
Ordinary Shares has been at least $16.50 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty
(20) trading days within any thirty (30) trading day period (“30-Day Trading Period”) ending on the third trading day
prior to the date on which notice of redemption is given and provided further that there is a current registration statement in
effect with respect to the issuance of the Ordinary Shares underlying the Warrants for each day in the 30-Day Trading Period and
continuing each day thereafter until the Redemption Date (defined below).

 

    

     

    

 

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

 

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

 

6.4. Exclusion
of Certain Warrants. Any of the Private Warrants or Working Capital Warrants, Representative Warrants prior to the exercise
of the UPO or Post IPO Warrants (if such warrants provide that they are non-redeemable by the Company), shall not be redeemable
by the Company as long as such Private Warrants, Working Capital Warrants, Representative Warrants (prior to the exercise of the
UPO) or Post IPO Warrants (if such warrants provide that they are non-redeemable by the Company) continue to be held by initial
holders and affiliates or their permitted transferees (as prescribed in Section 5.6 hereof). However, once such Private Warrants,
Working Capital Warrants or Representative Warrants (prior to the exercise of the UPO) are no longer held by the initial holders
or their affiliates or permitted transferees, such Private Warrants, Working Capital Warrants or Representative Warrants (prior
to the exercise of the UPO) shall then be redeemable by the Company pursuant to Section 6 hereof. Upon the exercise of the UPO,
the Representative Warrants shall be redeemable by the Company upon the same terms as the Public Warrants. The provisions of this
Section 6.4 may not be modified, amended or deleted without the prior written consent of the Representative.

 

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

 

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

 

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

 

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

 

    

     

    

 

7.4. Registration
of Ordinary Shares. The Company agrees that as soon as practicable after the closing of a Business Combination, it shall use
its best efforts to file with the SEC a new registration statement, for the registration, under the Act, of the Ordinary Shares
issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to qualify for sale,
in those states in which the Warrants were initially offered by the Company, the Ordinary Shares issuable upon exercise of the
Warrants. In either case, the Company will use its best efforts to cause the same to become effective and to maintain the effectiveness
of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement. In addition,
the Company agrees to use its best efforts to register such securities under the blue sky laws of the states of residence of the
exercising warrant holders to the extent an exemption is not available. If any such registration statement has not been declared
effective by the 90-day anniversary following the closing of the Business Combination, holders of the Warrants shall have the right,
during the period beginning on the 91st day after the closing of the Business Combination and ending upon such registration
statement being declared effective by the SEC, and during any other period after such date of effectiveness when the Company shall
fail to have maintained an effective and current registration statement covering the Ordinary Shares issuable upon exercise of
the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(d). In
connection with the cashless exercise of the Public Warrants, the Company shall provide the Warrant Agent with an opinion of counsel
for the Company (which shall be an outside law firm with securities law experience) stating that (i) the issuance of Ordinary Shares
upon exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under the
Act and (ii) the Ordinary Shares issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone
who is not an affiliate (as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required
to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless
basis, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of
this Section 7.4. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent
of the Representative.

 

8. Concerning the Warrant Agent and
Other Matters.

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

8.3. Fees and Expenses
of Warrant Agent.

 

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

 

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

 

8.4. Liability
of Warrant Agent.

 

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

 

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

 

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

 

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 moneys received by the Warrant Agent for the purchase of Ordinary Shares
through the exercise of Warrants.

 

8.6. Waiver.
The Warrant Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

 

    

     

    

 

9. Miscellaneous Provisions.

 

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

 

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

 

Greenland Acquisition Corporation

Suite 906, Tower W1, Oriental
Plaza, No. 1 East Chang’an Street

Dongcheng District, Beijing

People’s Republic of China

Attn: Yanming Liu, Chief Executive
Officer

 

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

 

Continental Stock Transfer &
Trust Company

One State Street, 30th
Floor

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Ellenoff Grossman & Schole
LLP

1345 Avenue of the Americas, 11th
Floor

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

 

and

 

Loeb & Loeb

345 Park Avenue

New York, New York 10154

Attn: Mitchell S. Nussbaum, Esq.
and Giovanni Caruso, Esq.

 

and

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, New York 10004

Attn: George Kaufman

 

9.3. Applicable Law.
The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating
in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any
such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail,
return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be
deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

    

     

    

 

9.4. Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants and, for the purposes of Sections 2.6, 6.4, 7.4, 9.4 and 9.8 hereof, the Representative,
any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.6, 6.4,
7.4, 9.4 and 9.8 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 the Representative with respect to the Sections 2.6, 6.4, 7.4, 9.4
and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants.

 

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

 

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

 

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

 

9.8. Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of 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, shall require the written consent or vote of the registered holders
of a majority of the then outstanding 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.
The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

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.

 

[signature page follows]

 

    

     

    

 

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

 

	 	GREENLAND ACQUISITION CORPORATION

 

	 	By:	/s/Yanming Liu
	 	 	Name: Yanming Liu
	 	 	Title: Chief Executive Officer 

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

	 	By:	/s/ Ana Gois
	 	 	Name: Ana Gois
	 	 	Title: Vice President

 

[Signature page to Warrant Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]