Document:

Exhibit
4.4

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT (“Agreement”) is made as of December__, 2021 between Evergreen Corporation, a Cayman Islands exempted
company, with offices at 15-04, The Pinnacle, Persiaran Lagoon, Bandar Sunway, Petaling Jaya, Selangor, Malaysia (“Company”),
and Continental Stock Transfer & Trust Company, a limited purpose trust company, with offices at 1 State Street, 30th Floor, New
York, New York 10004, as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”).

 

WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of up to 11,500,000 units (including up to 1,500,000
units subject to the Over-allotment Option (as defined below)) (“Public Units”), each Public Unit comprised of one
Class A ordinary share of the Company, par value $0.0001 per share (“Class A ordinary share”), and one-half of one redeemable
warrant, where each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject
to adjustment as described herein, and, in connection therewith, will issue and deliver up to 5,750,000 warrants (including up to 750,000
warrants subject to the Over-allotment Option) (the “Public Warrants”) to the public investors in connection with
the Public Offering; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
File No. 333-______________ (“Registration Statement”), and a prospectus (the “Prospectus”) for
the registration, under the Securities Act of 1933, as amended (“Act”), of the Public Units, the Public Warrants and
the Class A ordinary shares included in the Public Units; and

 

WHEREAS,
the Company has received binding commitments from Evergreen LLC (the “Sponsor”) to purchase up to an aggregate of
532,500 units (including up to 52,500 units subject to the Over-allotment Option) (“Private Units”) which will include
up to an aggregate of 266,250 warrants (including up to 26,250 warrants subject to the Over-allotment Option) (the “Private
Warrants”) bearing the legend set forth in Exhibit B hereto, in a private placement transaction to occur simultaneously with
the consummation of the Public Offering; and

 

 WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below),
the Sponsor or an affiliate of the Sponsor or the Company’s officers and directors may, but are not obligated to, loan to the Company
funds as the Company may require, 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”) at a price of $10.00 per Working Capital Unit, with each Working Capital Unit consisting
of one Class A ordinary share and one-half of one warrant (a whole warrant of each such warrant, a “Working Capital Warrant”); 

 

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

 

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 be issued in registered form only, shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
of Directors or Chief Executive Officer and the Chief Financial Officer, Treasurer, Secretary or Assistant Secretary 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, 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 or other book-entry depositary system, in each case as determined by the Board of Directors
of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect as a certificated
Warrant that has been duly countersigned by the Warrant Agent in accordance with the terms of this Agreement.

 

2.3.
Effect of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned
by the Warrant Agent pursuant to this 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, 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.
Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant is then registered in 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 Public Units will not be separately transferable until the 52nd
day following the date of the Prospectus or, if such 52nd day is not on a day, other than Saturday, Sunday or federal holiday,
on which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately
succeeding Business Day following such date, or earlier with the consent of EF Hutton, division of Benchmark Investments, LLC (the “Representative”),
but in no event will the Representative allow separate trading of the securities comprising the Public Units until (i) the Company has
filed a Current Report on Form 8-K 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 underwriters’ over-allotment option
in the Public Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing
of the Form 8-K, and (ii) the Company has issued a press release announcing when such separate trading shall begin (the “Detachment
Date”); provided that no fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade.

 

2.6.
Private Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be issued in the
same form as the Public Warrants.

 

2.7
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 whole Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants),
entitle the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company
the number of Class A ordinary shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section
4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price
per share at which the Class A 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 twenty (20) Business
Days; provided, that the Company shall provide at least twenty (20) days’ prior written notice of such reduction to registered
holders of the Warrants and, provided further that any such reduction shall be applied consistently to all of the Warrants.

 

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3.2.
Duration of Warrants. A Warrant may be exercised only during the period commencing on the later of the date of the consummation
by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration
Statement) or 12 months from the closing 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 Redemption Date as provided in Section 6.2 of this Agreement
and (iii) the liquidation of the Company (“Expiration Date”). The period of time from the date the Warrants will first
become exercisable until the expiration of the Warrants shall hereafter be referred to as the “Exercise Period.” Except with
respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), as applicable, 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 5:00 p.m., New York City time, on the Expiration Date. The Company in its sole discretion may extend the duration of the
Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty (20) days’ prior written
notice of any such extension to registered holders and, provided further that any such extension shall be applied consistently to all
of the Warrants.

 

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, may
be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly
executed, and by paying in full the Warrant Price for each full share of Class A ordinary shares 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 Class A ordinary
shares and the issuance of such Class A ordinary shares, as follows:

 

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

 

(b)
in the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to force all holders of Warrants
to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Class A ordinary shares
equal to the quotient obtained by dividing (x) the product of the number of Class A 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. Solely
for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of the Class
A ordinary shares for the five (5) trading days ending on the third trading day prior to the date on which the notice of redemption is
sent to holders of the Warrants pursuant to Section 6 hereof; or

 

(c)
in the event the registration statement required by Section 7.4 hereof is not effective and current within sixty (60) Business Days after
the closing of a Business Combination, by surrendering such Warrants for that number of Class A ordinary shares equal to the quotient
obtained by dividing (x) the product of the number of Class A 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 equal to or 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 Class A ordinary shares for the
five (5) trading days ending on the trading day prior to the date of exercise.

 

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3.3.2.
Issuance of Class A 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 certificate or certificates,
or book entry position, for the number of Class A 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 countersigned Warrant, or book
entry position, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no
event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company
shall not be obligated to issue Class A ordinary shares upon exercise of a Warrant unless the Class A ordinary shares issuable upon such
Warrant exercise has 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 condition in the immediately preceding sentence is not satisfied with respect to a Warrant,
the holder of such Warrant shall not be entitled to exercise such Warrant for cash 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 Class A ordinary shares underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered holder in
any state in which such exercise would be unlawful.

 

3.3.3.
Valid Issuance. All Class A 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 for Class A 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,
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 Class A ordinary shares outstanding immediately after giving effect to such exercise. For purposes of the
foregoing sentence, the aggregate number of Class A ordinary shares beneficially owned by such person and its affiliates shall include
the number of Class A ordinary shares issuable upon exercise of the Warrant with respect to which the determination of such sentence
is being made, but shall exclude Class A ordinary shares that would be issuable upon (x) exercise of the remaining, unexercised portion
of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any
convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes
of the Warrant, in determining the number of outstanding Class A ordinary shares, the holder may rely on the number of outstanding Class
A 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 SEC as the case may be, (2) a more recent public announcement by the Company or (3)
any other notice by the Company or the Transfer Agent setting forth the number of Class A 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 Class A ordinary shares then outstanding. In any case, the number of outstanding Class A 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 Class A 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.
Stock Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
Class A ordinary shares is increased by a stock dividend payable in Class A ordinary shares, or by a split up of Class A ordinary shares,
or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of Class A ordinary
shares issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding Class A ordinary shares.

 

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4.2.
Aggregation of Shares. If after the date hereof, the number of outstanding Class A ordinary shares is decreased by a consolidation,
combination, reverse stock split or reclassification of Class A ordinary shares or other similar event, then, on the effective date of
such consolidation, combination, reverse stock split, reclassification or similar event, the number of Class A ordinary shares issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding Class A 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 Class A ordinary shares or other shares of the Company’s
capital stock into which the Warrants are convertible (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 in respect of such
Extraordinary Dividend divided by all outstanding shares of the Company at such time (whether or not any shareholders waived their right
to receive such dividend); provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this
provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on
a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period
ending on the date of declaration of such dividend or distribution does not exceed $0.50 per share (taking into account all of the outstanding
shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend) and 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 Class A ordinary shares issuable on exercise of each Warrant) but
only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to
satisfy the conversion rights of the holders of the Class A ordinary shares in connection with a proposed initial Business Combination
or certain amendments to the Company’s Articles of Formation (as described in the Registration Statement) or (d) any payment in
connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination.
Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend
of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Class A ordinary shares during the
365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately
after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of
all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater
of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior to such
$0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s
initial Business Combination, there were total shares outstanding of 100,000,000 and the Company paid a $1.00 dividend to 17,500,000
of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then no adjustment to the Warrant
Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than $0.50
per share.

 

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

 

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4.5.
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Class
A ordinary shares (other than a change covered by Section 4.1, 4.2 or 4.3 hereof), 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 Class A 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 Class A ordinary shares of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following
any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s)
immediately prior to such event. If any reclassification also results in a change in the Class A ordinary shares covered by Section 4.1,
4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 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. In no
event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

4.6.
Issuance in Connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional
Class A ordinary shares or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such
issuance to the Sponsor, the initial stockholders or their affiliates, without taking into account any Company’s Class B ordinary
shares (the “Class B Shares”), issued prior to the Public Offering and held by the initial stockholders or their affiliates,
as applicable, prior to such issuance) (the “Newly Issued Price”), (b) the aggregate gross proceeds from such issuances
represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Business Combination on
the date of the consummation of such Business Combination (net of redemptions), and (c) the Market Value (as defined below) is below
$9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of
(i) the Market Value or (ii) Newly Issued Price, and the Redemption Trigger Price (as defined below) will be adjusted (to the nearest
cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued Price. Solely for purposes of this Section
4.6, the “Market Value” shall mean the volume weighted average trading price of the Class A ordinary shares during
the twenty (20) trading day period starting on the trading day prior to the date of the consummation of the Business Combination.

 

4.7.
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, 4.5, or 4.6, 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.

 

4.8.
No Fractional Warrants or 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 up to the nearest whole number of Class A ordinary shares to be issued to the Warrant holder.

 

4.9.
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. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company
may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange
or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.10.
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an
adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall
appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall
give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent
and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall
adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

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4.11.
No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment
to the conversion ratio of the Class B Shares into Class A ordinary shares or the conversion of the Class B Shares into Class A ordinary
shares, in each case, pursuant to the Company’s Articles of Formation, as amended from time to time.

 

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, in the case of certificated Warrants,
properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal
aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated
Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2.
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book
entry position, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor
one or more new Warrants, or book entry positions, 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, except as part of the Units.

 

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

 

5.5.
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with
the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, 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 an initial Business Combination, except for transfers (i) among the initial
stockholders or to the Company’s or the initial stockholders’ members, officers, directors, consultants or their affiliates,
(ii) to a holder’s stockholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii)
by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member
of the holder’s immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution
upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with
the consummation of a Business Combination, (vii) in connection with the consummation of a Business Combination at prices no greater
than the price at which the Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation
of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination, the
Company completes a liquidation, merger, capital stock exchange or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their Class A ordinary shares for cash, securities or other property, in each case (except
for clauses (vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration
for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted
Transferee”) or the trustee or legal guardian for such Permitted Transferee agrees to be bound by the transfer restrictions
contained in this Agreement and any other applicable agreement the transferor is bound by.

 

    	7

     

    

 

5.7.
Transfers prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together
with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange
of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Warrants
on or after the Detachment Date.

 

6.
Redemption.

 

6.1.
Redemption. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the
Exercise Period, 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 Class A ordinary shares equals or exceeds $18.00 per share (subject to adjustment
in accordance with Section 4 hereof) (the “Redemption Trigger Price”), on each of twenty (20) trading days within
any thirty (30) trading day period commencing after the Warrants become exercisable and ending on the third trading day prior to the
date on which notice of redemption is given and provided that there is an effective registration statement covering the Class A ordinary
shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day redemption
or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b);
provided, however, that if and when the Public Warrants become redeemable by the Company, the Company may not exercise such redemption
right if the issuance of Class A ordinary shares upon exercise of the Public Warrants is not exempt from registration or qualification
under applicable state blue sky laws or the Company is unable to effect such registration or qualification.

 

6.2.
Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject
to redemption, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall
be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date 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 Public 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 Public 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 Class A ordinary shares to be received upon exercise of the Warrants, including the “Fair Market Value”
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.

 

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

 

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

 

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

 

    	8

     

    

 

7.3.
Reservation of Class A ordinary shares. The Company shall at all times reserve and keep available a number of its authorized but
unissued Class A 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 Class A ordinary shares. The Company agrees that as soon as practicable after the closing of its initial Business
Combination, it shall use its best efforts to file with the SEC a registration statement for the registration, under the Act, of the
Class A ordinary shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary
to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those states where
holders of Warrants then reside, the Class A ordinary shares issuable upon exercise of the Warrants, to the extent an exemption is not
available. 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. If any such registration statement
has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants shall
have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such
registration statement being declared effective by the SEC, and during any other period when the Company shall fail to have maintained
an effective registration statement covering the Class A 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(c). 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 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 Class
A 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.

 

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 Class A 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 thirty
(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.

 

    	9

     

    

 

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 Class A 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, Chief Financial Officer, Chief Operating Officer, President, Secretary
or Chairman of the Board of Directors 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 fraud, 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 fraud, 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 Class A ordinary shares to be issued pursuant to this Agreement or any Warrant
or as to whether any Class A 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 monies received by the Warrant Agent for the purchase of Class A
ordinary shares through the exercise of Warrants.

 

    	10

     

    

 

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 (5) days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Company with the Warrant Agent), as follows:

 

Evergreen
Corporation

 15-04, The Pinnacle 

 Persiaran Lagoon,
Bandar Sunway 

 Petaling Jaya,
Selangor, Malaysia 

Attn:
Chief Executive Officer

 

With
a copy to:

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, New York 10154

Attn:
Mitchell S. Nussbaum, Esq.

 

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

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Compliance Department

 

9.3.
Applicable Law and Exclusive Forum. 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. Subject to applicable law, the Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement, including under the Act, 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 forum for any such action, proceeding or claim. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing,
the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any
other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

 

Any
person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented
to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above,
is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District
of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented
to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District
Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an
“enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by
service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

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 any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement
shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the
Warrants.

 

    	11

     

    

 

9.5.
Examination of the Warrant 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
(i) curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the
Warrants and this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein,
or (ii) 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 at least 50% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company
may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the
consent of the registered holders.

 

9.9.
Trust Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust
account established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust
Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.
In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely
against the Company and not against the property held in the Trust Account.

 

9.10.
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof
shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any
such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature
Page Follows]

 

    	12

     

    

 

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

 

	 	EVERGREEN
    CORPORATION

 

	 	By:	
	 	Name:	Liew
    Choon Lian
	 	Title:	 Chief
    Executive Officer

 

	 	CONTINENTAL STOCK TRANSFER &

                                                                     TRUST COMPANY, as Warrant Agent

 

	 	By:	
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Warrant Agreement]

 

Exhibit
A – Form of Warrant Certificate

 

Exhibit
B – Legend

 

    	13Exhibit 4.1

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 6.3
AND 6.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN
THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT
FROM SUCH REGISTRATION.

 

WARRANT TO PURCHASE
STOCK

 

This
WARRANT TO PURCHASE STOCK (as amended and in effect from time to time, this “Warrant”) is issued as of the issue date
set forth on Schedule I hereto (the “Issue Date”) by the company set forth on Schedule I hereto (the
 “Company”) to SILICON VALLEY BANK in connection with that certain Amended and Restated Loan and Security Agreement
of even date herewith among Silicon Valley Bank, SVB Innovation Credit Fund VIII, L.P. and the Company (as
amended and/or modified and in effect from time to time, the “Loan Agreement”), and shall be transferred to
SVB FINANCIAL GROUP pursuant to Section 6.4 below. The parties agree as follows:

 

SCHEDULE I. WARRANT
PROVISIONS.

 

	Warrant
    Section	Warrant
    Provision
	Recitals
    – “Issue Date”	January
    7, 2022
	Recitals
    – “Company”	Liquidia
    Corporation, a Delaware corporation
	1.1
    – “Class”	Common
    Stock, $0.001 par value per share
	1.1–
    “Exercise Price”	$5.14
	1.2
    – “Shares”	125,000
	6.1(a)
    – “Expiration Date”	January
    6, 2032

 

SECTION
1.          RIGHT TO
PURCHASE SHARES.

 

1.1               
Grant of Right. For good and valuable consideration, the Company hereby grants to SILICON VALLEY BANK (together with any successor
or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) the right,
and Holder is entitled, to purchase from the Company up to the number of fully paid and non-assessable
shares (as determined pursuant to Section 1.2 below) of the class set forth on Schedule I hereto (the “Class”),
at a purchase price per Share set forth on Schedule I hereto (the “Exercise Price”), subject to the provisions
and upon the terms and conditions set forth in this Warrant.

 

1.2               
Number of Shares. This Warrant shall be exercisable for the number of shares of the Class set forth on Schedule I hereto
(as may be adjusted from time to time in accordance with the provisions of this Warrant, the “Shares”).

 

SECTION
2.          EXERCISE.

 

2.1               
Method of Exercise. Holder may exercise this Warrant in whole or in part at any time
and from time to time prior to the expiration or earlier termination of this Warrant, by delivering to
the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto
as Appendix 1 and, unless Holder is exercising this Warrant pursuant to
a cashless exercise set forth in Section 2.2 below, a check, wire transfer of same-day funds
(to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Exercise Price
for the Shares being purchased. Notwithstanding any contrary provision herein, to the extent that the original of this Warrant is an
electronic original, in no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a Holder’s
rights hereunder, nor shall this Warrant or any physical copy hereof be required to be physically surrendered at the time of any exercise
hereof.

 

     

     

    

 

2.2               
Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Exercise
Price in the manner specified in Section 2.1 above, Holder may elect to surrender to the Company Shares having an aggregate value equal
to the aggregate Exercise Price. If Holder makes such election, the Company shall issue to Holder such number of fully paid and non-assessable
Shares determined by the following formula:

 

X
= Y(A-B)/A

 

where:

 

X
=       the number of Shares to be issued to Holder;

 

Y
=       the number of Shares with respect to which this Warrant is being exercised (inclusive of the
Shares surrendered to the Company in payment of the aggregate Exercise Price);

 

A
=       the fair market value (as determined pursuant to Section
2.3 below) of one Share; and

 

B
=       the Exercise Price.

 

2.3               
Fair Market Value. If shares of the Class are then traded or
quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading
Market”), the fair market value of a Share shall be the closing price or
last sale price of a share of the Class reported for the Business Day immediately before the
date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If shares of the Class are not
then traded in a Trading Market, the Board of Directors of the Company shall determine
the fair market value of a Share
in its reasonable good faith judgment.

 

2.4               
Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in
the manner set forth in Sections 2.1 or 2.2 above, the Company shall deliver to Holder a
certificate (or, in the case of uncertificated securities, provide notice of book entry) representing the Shares issued
to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant
of like tenor representing the Shares not so acquired (or surrendered in payment of the aggregate Exercise Price).

 

2.5               
Replacement of Warrant.

 

(a)                
Paper Original Warrant. To the extent that the original of this Warrant is a paper original, on receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction,
on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation,
on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder,
in lieu of this Warrant, a new warrant of like tenor and amount.

 

(b)               
Electronic Original Warrant. To the extent that the original of this Warrant is an electronic original, if at any time
this Warrant is rejected by any person (including, but not limited to, paying or escrow agents) or any such person fails to comply with
the terms of this Warrant based on this Warrant being presented to such person as an electronic record or a printout hereof, or any signature
hereto being in electronic form, the Company shall, promptly upon Holder’s request and without indemnity, execute and deliver to
Holder, in lieu of electronic original versions of this Warrant, a new warrant of like tenor and amount in paper form with original ink
signatures.

 

2.6               
Treatment of Warrant Upon Acquisition of Company.

 

(a)                
Acquisition. “Acquisition” means any transaction or
series of related transactions involving: (i) the sale, lease,
exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii)
any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively
to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity
as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s
(or the surviving or successor entity’s)
outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the stockholders
of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. For the
avoidance of doubt, “Acquisition” shall not include any sale and issuance by the Company of
shares of its capital stock or of securities or instruments exercisable for or convertible into, or otherwise representing the right
to acquire, shares of its capital stock to one or more investors for cash in a transaction or series of related transactions the primary
purpose of which is a bona fide equity financing of the Company.

 

    2

     

    

 

(b)               
Treatment of Warrant in Cash/Public Acquisition. In the event of an Acquisition in which the consideration to be received
by the holders of the outstanding shares of the Class (in their capacity as such) consists solely of cash, solely of Marketable Securities
(as hereinafter defined) or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the
fair market value of one Share as determined in accordance with Section 2.3 above would be greater than the Exercise Price in effect
as of immediately prior to the closing of such Cash/Public Acquisition, and Holder has not previously exercised this Warrant in full,
then, in lieu of Holder’s exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such
closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Shares and shall, from and after
such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Acquisition on and
in respect of all Shares for which this Warrant was exercisable as of immediately prior to the closing thereof, net of the aggregate
Exercise Price therefor, as if such Shares had been issued and outstanding to Holder as of immediately prior to such closing, as and
when such consideration is paid to the holders of the outstanding shares of the Class. In the event of a Cash/Public Acquisition in which
the fair market value of one Share as determined in accordance with Section 2.3 above would be equal to or less than the Exercise
Price in effect as of immediately prior to the closing of such Cash/Public Acquisition, then this Warrant will automatically and without
further action of any party terminate as of immediately prior to such closing.

 

(c)                
Treatment of Warrant in non-Cash/Public Acquisition. Upon the closing of any Acquisition other than a
Cash/Public Acquisition, the acquiring, surviving or successor entity shall
assume this Warrant and the Company’s obligations hereunder, and this Warrant shall thereafter
be exercisable for the same securities and/or other property as would have
been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding
on and as of the closing of such Acquisition, at an aggregate Exercise Price equal to the
aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter
in accordance with the provisions of this Warrant.

 

(d)               
Marketable Securities. “Marketable Securities” means securities
meeting all of the following requirements (determined as of immediately prior to the closing of the Acquisition): (i) the issuer thereof
is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”), and is then current in its filing of all required reports and other information under the Act and
the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection
with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and
(iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares
and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior
to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities
laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. Notwithstanding
the foregoing provisions of this Section 2.6(d), securities held in escrow or subject to holdback to cover indemnification-related claims
shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow
or subject to holdback to cover indemnification-related claims.

 

SECTION
3.          CERTAIN ADJUSTMENTS
TO THE SHARES, CLASS AND EXERCISE PRICE.

 

3.1               
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Class
payable in additional shares of the Class (including fractional shares) or other securities or
property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional
cost to Holder, the total number and kind of securities and property which Holder
would have received had Holder owned the Shares of record as of the date the dividend
or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise into a greater
number of shares, the number of Shares purchasable hereunder shall be proportionately increased, even if such number would include fractional
shares, and the Exercise Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated,
by reclassification or otherwise, into a lesser number of shares, the Exercise Price shall be proportionately increased and the number
of Shares shall be proportionately decreased, even if such number would include fractional shares.

 

    3

     

    

 

3.2               
Reclassification, Exchange, Combination or Substitution. Upon any event whereby all
of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company
securities of a different class and/or series, then from and after the consummation of such event, “Class” shall mean such
securities and this Warrant will be exercisable for the number of such securities that Holder would have received had the
Shares been outstanding on and as of the consummation of such event, at an aggregate
Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such event, all subject to further adjustment
thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 3.2 shall similarly
apply to successive reclassifications, exchanges, combinations, substitutions, replacements
or other similar events.

 

3.3               
Adjustment to Exercise Price on Cash Dividend. In the event that the Company at any time or from time to time prior to the exercise
in full of this Warrant pays any cash dividend on the outstanding shares of the Class or makes any cash distribution on or in respect
of all outstanding shares of the Class (other than a distribution of cash proceeds received by the Company in connection with an Acquisition
described in Section 2.6(a)(i) above), then on and as of the date of each such dividend payment and/or distribution, the Exercise Price
shall be reduced by an amount equal to the amount paid or distributed upon or in respect of each outstanding share of the Class; provided
that in no event shall the Exercise Price be reduced below the then-par value, if any, of a share of the Class.

 

3.4               
No Fractional Share.
No fractional Share shall be issued upon exercise of this Warrant, and the number of Shares to be issued shall be rounded down to the
nearest whole Share. If a fractional Share interest arises upon any exercise of this Warrant, the Company shall eliminate such fractional
Share interest by paying Holder in cash an amount equal to (a) such fractional interest, multiplied by (b)(i) the fair market value (as
determined in accordance with Section 2.3 above) of a full Share, less (ii) the then-effective Exercise Price (the “Fractional
Share Value”), unless Holder otherwise elects, in its sole discretion, to waive such payment. Notwithstanding any contrary
provision herein, if this Warrant becomes exercisable for a fractional Share interest at any
time or from time to time prior to the exercise in full of this Warrant, and the Company eliminates such fractional Share interest prior
to any exercise of this Warrant, then the then-effective Exercise Price shall be reduced by an amount equal to the Fractional Share Value,
unless Holder otherwise elects, in its sole discretion, to waive such reduction.

 

3.5               
Certificate as to Adjustments. Within a reasonable time following each adjustment of the Exercise Price, Class and/or number of
Shares pursuant to the terms of this Warrant, the Company, at its expense, shall deliver a certificate of its Chief Financial Officer
or other authorized officer to Holder setting forth the adjustments to the Exercise Price, Class and/or number of Shares and the facts
upon which such adjustments are based. The Company shall, at any time and from time to time within a reasonable time following Holder’s
written request and at the Company’s expense, furnish Holder with a certificate of its Chief Financial Officer or other authorized
officer setting forth the then-current Exercise Price, Class and number of Shares and the computations or other determinations thereof.

 

SECTION
4.          REPRESENTATIONS
AND COVENANTS OF THE COMPANY.

 

4.1               
Representations and Warranties. The Company represents and warrants to, and agrees with, Holder as follows:

 

(a)       All
Shares which may be issued upon the exercise of this Warrant, shall, upon issuance,
be duly authorized, validly issued, fully paid and non-assessable, and free of any
liens and encumbrances except for restrictions on transfer provided for herein or under the Company’s Certificate of Incorporation
or Bylaws, each as amended and in effect from time to time (the “Charter Documents”) or applicable federal and state
securities laws.

 

(b)       The
Company shall all at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of
shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant.

 

    4

     

    

 

4.2               
 Notice of Certain Events. If the Company proposes at any time to:

 

(a)                
declare any dividend or distribution upon the outstanding shares of the Class, whether
in cash, stock or other securities or property and whether or not a regular cash dividend;

 

(b)               
offer for subscription or sale pro rata to all holders of the outstanding shares of the Class
any additional securities of the Company (other than pursuant to contractual pre-emptive
or first refusal rights);

 

(c)                
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the
outstanding shares of the Class; or

 

(d)               
effect an Acquisition, or to liquidate, dissolve or wind up the Company;

 

then, in connection
with each such event, the Company shall give Holder notice thereof at the same time and in the same manner is at gives notice thereof
to the holders of the outstanding shares of the Class.

 

4.3               
Certain Company Information. The Company will provide such information requested by Holder from time to time, within a
reasonable time following each such request, that is reasonably necessary to enable
Holder to comply with Holder’s accounting or reporting requirements, to the extent such information is not available in the Company’s
public filings made pursuant to the Exchange Act.

 

SECTION
5.          REPRESENTATIONS
AND COVENANTS OF HOLDER.

 

Holder represents and warrants
to, and agrees with, the Company as follows:

 

5.1               
Investment Representations.

 

(a)                
Purchase for Own Account. Except for the one-time transfer of this Warrant from Silicon Valley Bank to its parent SVB Financial
Group described in Section 6.4 below, this Warrant and the Shares to be acquired upon exercise hereof are being acquired for investment
for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of
the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares.

 

(b)               
Disclosure of Information. Holder is aware of the Company’s business affairs
and financial condition and has received or has had full access to all the information it considers necessary or appropriate to
make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has
had an opportunity to ask questions of and receive answers from the Company regarding the terms and conditions of the offering of this
Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

(c)                
Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear
the economic risk of such Holder’s investment in this Warrant and its underlying securities for an indefinite period of time, and
has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment
in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain
of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business
acumen and financial circumstances of such persons.

 

(d)               
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated
under the Act.

 

(e)                
The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act or registered or qualified under the securities laws of any state, and are issued in reliance upon specific exemptions therefrom,
which exemptions depend upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder
understands that the Company is under no obligation to so register or qualify this Warrant, the Shares or such other securities. Holder
understands that this Warrant and the Shares issued upon any exercise hereof are “restricted securities” under applicable
federal and state securities laws and must be held indefinitely unless subsequently registered under the Act and registered or qualified
under applicable state securities laws, or unless exemptions from such registration and qualification are otherwise available. Holder
is aware of the provisions of Rule 144 promulgated under the Act.

 

    5

     

    

 

5.2               
No Stockholder Rights. Without limiting any provision of this Warrant, Holder agrees that as a Holder of this Warrant it
will not have any rights (including, but not limited to, voting rights) as a stockholder of the Company with respect to the Shares issuable
hereunder unless and until the exercise of this Warrant and then only with respect to the Shares issued on such exercise.

 

5.3               
Confidential Information. Holder agrees to treat and hold all non-public information provided by the Company pursuant to
this Warrant in confidence in accordance with the provisions of Section 12.8 of the Loan Agreement (regardless of whether the Loan Agreement
shall then be in effect).

 

SECTION
6.          MISCELLANEOUS.

 

6.1               
Term; Automatic Cashless Exercise Upon Expiration.

 

(a)                
Term. Subject to the provisions of Section 2.6 above, this Warrant is
exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific
time, on the expiration date set forth on Schedule I hereto (the “Expiration Date”) and
shall be void thereafter; provided that if the Company does not deliver to Holder written confirmation of the fair market value
of a Share pursuant to Section 6.1(b) below, then the Expiration Date shall automatically be extended until the earlier to occur of (i)
such date as the Company delivers such written confirmation and (ii) one (1) year after the Expiration Date.

 

(b)               
Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one
Share as determined in accordance with Section 2.3 above is greater than the Exercise Price in effect on such date, then this Warrant
shall automatically be deemed on and as of such date to be exercised pursuant to Section 2.2 above as to all Shares for which it shall
not previously have been exercised, and the Company shall, within a reasonable time following Holder’s written request, deliver
a certificate (or, in the case of uncertificated securities, provide notice of book entry)
representing the Shares issued to Holder upon such exercise. If shares of the Class are not then traded in a Trading
Market, the Company shall deliver to Holder, prior to the Expiration Date, written confirmation of the fair market value of a
Share (as determined pursuant to Section 2.3 above)
to be used in determining whether this Warrant shall automatically exercise on the Expiration Date pursuant to this Section 6.1(b).

 

6.2               
Legends. Each certificate or notice of book entry evidencing Shares shall be imprinted
with a legend in substantially the following form (together with such additional legends as may be required by the Charter Documents
or under any Stockholder Agreement (to the extent Holder is then a party thereto or otherwise subject thereto in accordance with the
provisions of Section 5.4 above)):

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS
SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO
SILICON VALLEY BANK DATED JANUARY __, 2022, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION
OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER
TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

6.3               
Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise hereof may not be transferred
or assigned in whole or in part except in compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters
and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder
to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other
affiliate of Holder; provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated
under the Act.

 

    6

     

    

 

6.4               
Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon
Valley Bank will transfer, for value received, all of its rights, title and interest in and to this Warrant to its
parent company, SVB Financial Group, without any separate assignment agreement. By
its acceptance of this Warrant, SVB Financial Group, on and as of the date of such assignment, hereby makes to the Company each of the
representations and warranties set forth in Section 5.1 hereof and agrees to be bound by all of the terms and conditions of this Warrant
as if it were the original Holder hereof. Subject to the provisions of Section 6.3 and upon providing the Company with written
notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon exercise of
this Warrant to any transferee; provided that in connection with any such transfer, SVB Financial Group or any subsequent Holder will
give the Company notice of the portion of the Warrant and/or Shares being transferred with the name, address and taxpayer identification
number of the transferee, and Holder will surrender this Warrant, or the certificates or other evidence of such Shares or other securities,
to the Company for reissuance to the transferee(s) (and to Holder if applicable); and provided
further, that any subsequent transferee other than SVB Financial Group shall make substantially the representations set forth in Section
5.1 above and shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant.

 

6.5               
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed
delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered
or certified mail, postage prepaid, (iii) upon actual receipt if given by electronic mail and such receipt is confirmed in writing by
the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in
any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder
from time to time in accordance with the provisions of this Section 6.5. All notices to Holder shall be addressed as follows until the
Company receives notice of a change of address in connection with a transfer or otherwise:

 

SVB Financial Group

Attn: Warrants

80 East Rio Salado Parkway, Suite 600

Tempe, AZ 85281

Telephone: (480) 557-4900

Email: SVBFGWarrants@svb.com

 

All
notices to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Liquidia Corporation

Attn: Chief Financial Officer

419 Davis Drive, Suite 100

Morrisville,
NC 27560

Telephone: (919) 328-4400

Email:

 

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

 

DLA Piper LLP

Attn: Andrew P. Gilbert

51 John F. Kennedy Parkway

Short Hills, NJ 07078

Telephone: (973) 520-2550

Email:

 

6.6               
Amendment and Waiver. Notwithstanding any contrary provision herein or in the Loan Agreement, this Warrant may be amended
and any provision hereof waived (either generally or in a particular instance and either retroactively
or prospectively) only by an instrument in writing signed by Holder and any party against which enforcement of such amendment or waiver
is sought.

 

    7

     

    

 

6.7               
Counterparts; Electronic Signatures; Status
as Certificated Security. This Warrant may be executed by one or more of the parties hereto in any number of separate counterparts,
all of which together shall constitute one and the same instrument. The Company, Holder and any other party hereto may execute this Warrant
by electronic means and each party hereto recognizes and accepts the use of electronic signatures and the keeping of records in electronic
form by any other party hereto in connection with the execution and storage hereof. To the extent that this Warrant or any agreement
subject to the terms hereof or any amendment hereto is executed, recorded or delivered electronically, it shall be binding to the same
extent as though it had been executed on paper with an original ink signature, as provided under applicable law, including, without limitation,
any state law based on the Uniform Electronic Transactions Act. The fact that this Warrant is executed, signed, stored or delivered electronically
shall not prevent the transfer by any Holder of this Warrant pursuant to Section 6.4 or the enforcement of the terms hereof. To the extent
that the original of this Warrant is an electronic original, this Warrant, and any copies hereof, shall NOT be deemed to be a “certificated
security” within the meaning of Section 8102(a)(4) of the California Commercial Code. Physical possession of the original of this
Warrant or any paper copy thereof shall confer no special status to the bearer thereof.

 

6.8               
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

6.9               
Business Days. “Business Day” means any day that is
not a Saturday, Sunday or a day on which banks in California are closed.

 

SECTION
7.          GOVERNING
LAW, VENUE AND JURY TRIAL WAIVER; JUDICIAL REFERENCE.

 

7.1               
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California,
without giving effect to its principles regarding conflicts of law.

 

7.2               
Jurisdiction and Venue. The Company and Holder each irrevocably and unconditionally submit to the exclusive jurisdiction
of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Warrant shall be deemed to
operate to preclude Holder from bringing suit or taking other legal action in any other jurisdiction to enforce a judgment or other court
order in favor of Holder. The Company expressly, irrevocably and unconditionally submits and consents in advance to such jurisdiction
in any action or suit commenced in any such court, and the Company hereby irrevocably and unconditionally waives, to the fullest extent
permitted by applicable law, any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens
and hereby irrevocably and unconditionally consents to the granting of such legal or equitable relief as is deemed appropriate by such
court. The Company hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees
that service of such summons, complaints, and other process may be made by registered or certified mail addressed to the Company in accordance
with Section 6.5 of this Warrant and that service so made shall be deemed completed upon the earlier to occur of the Company’s
actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 

7.3               
Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVES ITS RIGHT TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION,
INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES’ AGREEMENT
TO THIS WARRANT. EACH PARTY HERETO HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

    8

     

    

 

7.4               
Judicial Reference. WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT
TO A TRIAL BY JURY, if the waiver of the right to a trial by jury in Section 7.3 above is not enforceable, the parties hereto agree
that any and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a private
judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior
Court) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law
if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California;
and the parties hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance
with the provisions of California Code of Civil Procedure Sections 638 through 645.1, inclusive. The private judge shall have the
power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary
and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records
relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a
judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa Clara
County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it
would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be entitled to discovery which
shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings.
The private judge shall oversee discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same
manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues
in the action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code
of Civil Procedure Section 644(a). Nothing in this Section 7.4 shall limit the right of any party at any
time to exercise self-help remedies or obtain provisional remedies. The private judge shall also determine all issues relating to the
applicability, interpretation, and enforceability of this Section 7.4.

 

7.5               
Survival. This Section 7 shall survive the termination of this Warrant.

 

[Signature
page follows]

 

    9

     

    

 

       IN
WITNESS WHEREOF, the parties have caused this Warrant To Purchase Stock to be executed by their duly authorized representatives effective
as of the Issue Date written above.

 

	 	COMPANY:
	 	 
	 	LIQUIDIA
    CORPORATION
	 	 
	 	 
	 	By: 	/s/ Michael Kaseta
	 	Name: 	Michael Kaseta
	 	Title: 	Chief Financial Officer
	 	 
	 	 
	 	HOLDER:
	 	 
	 	SILICON VALLEY
    BANK
	 	 
	 	 
	 	By: 	/s/ Michael McMhaon
	 	Name: 	Michael McMahon
	 	Title: 	Director

 

    10

     

    

 

APPENDIX 1

 

Form of Notice of
Exercise of Warrant

 

1.                  
The undersigned Holder hereby exercises its right to purchase ___________ shares of the [Common] / [Series ______ Preferred] [circle
one] Stock of __________________ (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders
payment of the aggregate Exercise Price for such shares as follows:

 

	 	[   ]	Check in the amount of $________ payable to order of the Company enclosed herewith

 

	 	[   ]	Wire transfer of immediately available funds to the Company’s account

 

	 	[   ]	Cashless exercise pursuant to Section 2.2 of the Warrant, resulting in the issuance of __________________ shares of the [Common] / [Series ______ Preferred] [circle one] Stock of the Company

 

	 	[   ]	Other [Describe] __________________________________________

 

2.                  
Please issue a certificate or certificates (or evidence of book entry) representing the Shares in the name specified below:

 

___________________________________________

Holder’s
Name

 

___________________________________________

 

___________________________________________

(Address)

 

3.                  
By its execution below and for the benefit of the Company, Holder hereby makes each of the representations and warranties set
forth in Section 5.1 of the Warrant To Purchase Stock as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	(Date):	 

 

    Appendix 1

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