Document:

Exhibit 10.1

 

TENNANT COMPANY

EXECUTIVE OFFICER SEVERANCE PLAN

AND

SUMMARY PLAN DESCRIPTION

 

October 4, 2018

 

i

 

 

TENNANT COMPANY EXECUTIVE OFFICER

SEVERANCE PLAN

 

(Effective October 4, 2018)

 

Tennant Company, including the affiliated company of Tennant Sales and Service Company, has determined to provide certain Qualified Executive Officers with severance benefits, as provided in this Tennant Company Executive Officer Severance Plan (this document together with any Exhibits hereto, “Executive Officer Plan”). It is the intention of Tennant that this Executive Officer Plan comply with the applicable provisions of the Internal Revenue Code of 1986, as amended, and the regulations and guidance thereunder (“Code”), including Section 409A (to the extent applicable), and that this Plan is an employee welfare benefit plan for purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”).

 

This document and the referenced Exhibits serve as the written “plan document” under ERISA. This document and the applicable Exhibit (or Exhibits) serve as the “summary plan description” of the Executive Officer Plan for purposes of ERISA. There are other summary plan descriptions for other groups of employees.

 

ARTICLE I.

Definitions

 

The following terms used throughout the Executive Officer Plan have a specific meaning when used with initial capital letters. However, certain Exhibits are incorporated into the Executive Officer Plan by reference and may contain different or additional definitions.

 

Section 1.1                                    Benefits. “Benefits” means separation pay consisting of certain cash severance payments and other benefits that may be provided to a Participant under this Executive Officer Plan in accordance with Article II.

 

Section 1.2                                    Board of Directors.  “Board of Directors” means the Board of Directors of Tennant Company.

 

Section 1.3                                    Exhibit. An “Exhibit” describes particularized information regarding Executive Officer Plan Benefits.  Each Exhibit is incorporated in and made part of this Executive Officer Plan.

 

Section 1.4                                    Participant. A “Participant” is a Qualified Executive Officer who becomes a Participant under Section 2.3 of the Executive Officer Plan and has not ceased to be a Participant under Section 2.4 of the Executive Officer Plan.

 

Section 1.5                                    Executive Officer Plan. “Executive Officer Plan” means the “Tennant Company Executive Officer Severance Plan,” as it may be amended from time to time, including all Exhibits referred to herein and incorporated by reference.

 

Section 1.6                                    Executive Officer Plan Administrator.  The “Executive Officer Plan Administrator” shall be Tennant Company.

 

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Section 1.7                                    Cause.  Prior to or after the Transition Period, “Cause” means:

 

(a)                                 The employee’s material breach of any written agreement with Tennant, including without limitation the Restrictive Covenants Agreement, which is not remedied (if capable of being remedied) within thirty (30) days after the employee’s receipt of written notice thereof;

 

(b)                                 an act or acts of dishonesty undertaken by the employee and intended to result in gain or personal enrichment of the employee at the expense of Tennant;

 

(c)                                  persistent failure by the employee to perform the duties of the employee’s employment, which failure is demonstrably willful and deliberate on the part of the employee and constitutes gross neglect of duties by the employee and which is not remedied within ninety (90) days after the employee’s receipt of written notice thereof;

 

(d)                                 the employee’s material violation of any Tennant policy, including without limitation Tennant’s Respectful Workplace Behavior policy and the No Discrimination and No Harassment policy statements in the Tennant Company Business Ethics Guide, which is not remedied (if capable of being remedied) within thirty (30) days after the employee’s receipt of written notice thereof; or

 

(e)                                  the employee being charged with, indicted for or convicted of, or pleading guilty or “no contest” to, any felony or other crime involving moral turpitude.

 

During the Transition Period, “Cause” means:

 

(a)                                 persistent failure by the employee to perform the duties of the employee’s employment, which failure is demonstrably willful and deliberate on the part of the employee and constitutes gross neglect of duties by the employee and which is not remedied within ninety (90) days after receipt of written notice thereof; or

 

(b)                                 the indictment or conviction of the employee for a felony if the act or acts constituting the felony are substantially detrimental to Tennant or its reputation.

 

Section 1.8                                    Change in Control. A “Change in Control” means the occurrence of one of the following events:

 

(a)                                 50% or more of the directors of Tennant shall be persons other than persons:

 

(i)            in favor of whose election proxies shall have been solicited by the Board of Directors, or

 

(ii)           who are then serving as directors appointed by the Board of Directors to fill vacancies on the Board of Directors caused by death or resignation (but not by removal) or to fill newly created directorships,

 

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provided that any such individual whose initial assumption of office occurs as a result of either an actual or threatened contested election (with any such threat having been made in writing and identifying such individual) shall not be considered to have been elected or appointed pursuant to clause (i) or (ii) above;

 

(b)                                 35% or more of (i) the combined voting power of the then outstanding voting securities of Tennant entitled to vote generally in the election of directors (“Outstanding Tennant Voting Securities”) or (ii) the then outstanding shares of common stock of Tennant (“Outstanding Tennant Common Stock”) is acquired or beneficially owned (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended, or any successor rule thereto (the “Exchange Act”)) by any individual, entity or group (within the meaning of Section 13d(3) or 14(d)(2) of the Exchange Act), provided, however, that the following acquisitions and beneficial ownership shall not constitute a Change in Control:

 

(A)                               any acquisition or beneficial ownership by Tennant or a subsidiary of Tennant, or

 

(B)                               any acquisition or beneficial ownership by any employee benefit plan (or related trust) sponsored or maintained by Tennant or one or more of its subsidiaries, or

 

(C)                               any acquisition or beneficial ownership by a Qualified Executive Officer or any group that includes such Qualified Executive Officer, or

 

(D)                               any acquisition or beneficial ownership by a parent entity of Tennant (after giving effect to the merger or statutory share exchange) or its wholly-owned subsidiaries, as long as they shall remain wholly-owned subsidiaries, directly or indirectly of 100% of the Outstanding Tennant Voting Securities as a result of a merger or statutory share exchange that complies with clauses (c)(i), (ii) and (iii) below in all respects;

 

(c)                                  Tennant consummates a merger of Tennant with or into another entity, a statutory share exchange of Outstanding Tennant Voting Securities or Outstanding Tennant Common Stock or a sale or other disposition of all or substantially all of the assets of Tennant (in one transaction or a series of transactions (each, a “Business Combination”), other than a Business Combination in which:

 

(i)          the persons who were the beneficial owners, respectively, of the Outstanding Tennant Voting Securities and Outstanding Tennant Common Stock immediately prior to such Business Combination beneficially own, directly or indirectly, immediately after the Business Combination, more than 50% of, respectively, the then outstanding voting power of the voting securities (or comparable equity interests)

 

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entitled to vote generally in the election of directors or similar governing body and the then outstanding common stock of the surviving or acquiring entity in the Business Combination or its direct or indirect parent entity (beneficially owning 100% of the surviving entity) in substantially the same proportions (except for those exercising statutory dissenters rights) as their ownership of the Outstanding Tennant Voting Securities and Outstanding Tennant Common Stock immediately prior to the Business Combination,

 

(ii)           if voting securities of the direct or indirect parent entity of Tennant (after giving effect to the Business Combination) are exchanged for Outstanding Tennant Voting Securities in the Business Combination, all holders of any class or series of Outstanding Tennant Voting Securities immediately prior to the Business Combination have the right to receive substantially the same per share consideration in exchange for their Outstanding Tennant Voting Securities as all other holders of such class or series (except for those exercising statutory dissenters rights), and

 

(iii)          no individual, entity or group (other than a direct or indirect, parent entity that, after giving effect to the Business Combination, directly or indirectly through one or more wholly owned subsidiaries, beneficially owns 100% of the outstanding voting securities of the entity resulting from the Business Combination) beneficially owns, directly or indirectly, immediately after the Business Combination, 35% or more of the voting power of the outstanding voting securities or the outstanding common stock of the entity (or comparable equity interests) of Tennant or the surviving or acquiring entity resulting from the Business Combination,

 

unless a majority of the voting power of voting stock (or the voting equity interest) of the surviving entity or its parent entity or of any entity acquiring all or substantially all of the assets of Tennant (in the case of a merger, consolidation or disposition of assets) or Tennant or its parent entity (in the case of a statutory share exchange) is, immediately following the merger, consolidation, statutory share exchange or disposition of assets, beneficially owned by the Qualified Executive Officer or a group of persons, including the Qualified Executive Officer, acting in concert;

 

(d)                                 the shareholders of Tennant approve a definitive agreement or plan to liquidate or dissolve Tennant; or

 

(e)

 

(i)            Tennant enters into an agreement in principle or a definitive agreement relating to a Change in Control described in clause (a), (b) or (c) above which, within twenty-four (24) months after such commencement, results in a Change in Control described in clause (a), (b) or (c) hereof,

 

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(ii)           a tender or exchange offer or proxy contest is commenced which, within twenty-four (24) months after such commencement, results in a Change in Control described in clause (a) or (b) hereof, or

 

(iii)          an involuntary termination of employment of the Qualified Executive Officer’s employment by Tennant without Cause, prior to an event that would otherwise constitute a Change in Control, and such Qualified Executive Officer reasonably demonstrates that such event (A) was requested by a third party that has previously taken other steps reasonably calculated to result in a Change in Control described in clause (a), (b) or (c) hereof and which, within twenty-four (24) months after such termination, results in a Change in Control described in clause (a), (b) or (c) hereof, or (B) otherwise arose in connection with or in anticipation of a Change in Control described in clause (a), (b), (c) or (d) that occurs within twenty-four (24) months after such termination.

 

Section 1.9                                    Disability.  “Disability” means a continuing condition of the employee that has been determined to meet the criteria set forth in Tennant’s Long-Term Disability Plan, or similar successor plan, to render the employee eligible for long-term disability benefits under said plan, whether or not the employee is in fact covered by such plan.  The determination shall be made by the insurer of the plan or, if Executive is not covered by the plan, by the Executive Officer Plan Administrator.

 

Section 1.10                             Good Reason.  “Good Reason” means the initial occurrence of any of the following actions by Tennant during the Transition Period without the employee’s written consent:

 

(a)                                 Tennant’s material breach of this Executive Officer Plan or any written employment agreement with the employee (if any);

 

(b)                                 the assignment to the employee of duties and responsibilities that are substantially inconsistent with the employee’s position with Tennant, or the material reduction of the employee’s position, authority, duties, or responsibilities, as such position, authority, duties or responsibilities are in effect immediately prior to the Change in Control, other than for Cause or on account of Disability, including but not limited to a material reduction in the employee’s budget authority or the number of employees reporting to the employee, or the removal of the employee form or failure to reappoint or re-elect the employee to any title or position as a corporate officer;

 

(c)                                  the material reduction of the employee’s base salary or target short term incentive compensation opportunity;

 

(d)                                 a material reduction in the authority, duties, or responsibilities of the person to whom the employee reports;

 

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(e)                                  Tennant fails to obtain assumption of this Executive Officer Plan by any successor in a Change in Control;

 

(f)                                   Tennant requires the employee to relocate to any place other than a location within twenty-five (25) miles of the location at which the employee performed duties immediately prior to the Change in Control or, if the employee performed such duties at Tennant’s principal executive offices, Tennant relocates its principal executive offices to any location other than a location within twenty-five (25) miles of the location of the principal executive offices immediately prior to the Change in Control; or

 

(g)                                  Tennant requires that the employee travel on Tennant business to a substantially greater extent than required immediately prior to the Change in Control.

 

Notwithstanding the foregoing, Good Reason shall exist only if the employee first gives written notice to Tennant within ninety (90) days after the conditions giving rise to Good Reason first exist, Tennant fails to cure such conditions within thirty (30) days thereafter, and the employee resigns for Good Reason effective within six (6) months following the date of the employee’s written notice hereunder.

 

Section 1.11                             Qualified Executive Officer.  A “Qualified Executive Officer” is a U.S. based, common law employee of Tennant who has been designated by Tennant, in its sole discretion, to be eligible to participate in this Executive Officer Plan, who has signed and complied with a Restrictive Covenants Agreement, and who experiences a Separation Date due to a Qualifying Termination. If an individual is classified by Tennant as other than a common law employee (for example, as an independent contractor or leased employee), such individual will not be a Qualified Executive Officer, regardless of the individual’s correct legal status. For this purpose, “U.S. based” includes any United States citizens on a temporary assignment for Tennant abroad in expatriate status and any U.S. permanent residents employed by Tennant with their regular worksite in the United States.

 

Section 1.12                             Qualifying Termination. A “Qualifying Termination” of an employee designated by Tennant to be eligible to participate in this Executive Officer Plan is a termination of such employee’s employment (a) by Tennant without Cause, or (b) by such employee for Good Reason during the Transition Period, in either case that results in a Separation Date while this Executive Officer Plan is in effect.

 

Section 1.13                             Restrictive Covenants Agreement.  “Restrictive Covenants Agreement” means an agreement by and between an employee and Tennant addressing non-disclosure of confidential information, assignment of intellectual property, non-solicitation, non-competition or such other terms as may be determined by Tennant, in a form determined by Tennant and which Tennant requires the employee to sign as a condition to becoming a Qualified Executive Officer.

 

Section 1.14                             Separation Date.  “Separation Date” means the date on which a “separation from service” has occurred for purposes of Code Section 409A.

 

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Section 1.15                             Separation and Release Agreement; Release. A “Separation and Release Agreement” is the document, which if executed by a Qualified Executive Officer, renders the Qualified Executive Officer a Participant in the Executive Officer Plan. Tennant will determine the contents of the Separation and Release Agreement and may revise it from time to time as appropriate to deal with particular severance situations. The Separation and Release Agreement will generally include a release of all claims against Tennant and its representatives, and may also include provisions regarding noncompetition with Tennant for a period of time after the Qualified Executive Officer’s employment terminates, confidentiality, return of Tennant property and other topics.

 

Section 1.16                             Tennant. “Tennant” generally refers to Tennant Company, a Minnesota Corporation, and its affiliated company Tennant Sales and Service Company, including any successor to Tennant as a result of a Change in Control. However, references to “Tennant” in the “Change in Control” definition and in Article III (Administration) and Article IV (Amendment and Termination) refer only to Tennant Company.

 

Section 1.17                             Transition Period. “Transition Period” means, for each Qualified Executive Officer under this Executive Officer Plan, the three-year period commencing on the date of the first Change in Control to occur during such Qualified Executive Officer’s employment with Tennant and end on the three (3) year anniversary of such date.

 

ARTICLE II.

Severance Pay Benefits

 

Section 2.1                                    Types of Severance Benefits.  It is anticipated that different Participants in this Executive Officer Plan may receive different amounts and/or types of Benefits under this Executive Officer Plan. The amount and type of Benefits that a Participant is entitled to receive are determined under this Article II of the Executive Officer Plan, including the applicable Exhibit (or Exhibits) referred to therein.

 

Section 2.2                                    Notice of Eligibility.  Each Qualified Executive Officer shall be notified in writing of his or her designation as a Qualified Executive Officer and eligibility to participate in this Executive Officer Plan. Such notice of eligibility shall include a copy of the Summary Executive Officer Plan Description applicable to such Qualified Executive Officer and describe any necessary steps that must be taken in order to become a Participant in the Executive Officer Plan.

 

Section 2.3                                    Becoming a Participant. To become a Participant, the Qualified Executive Officer must sign and return the Separation and Release Agreement to the Tennant’s General Counsel, c/o of Human Resources Department within the time period indicated by Tennant in the Qualified Executive Officer’s notice of eligibility, as described in Section 2.2. A Separation and Release Agreement returned after the expiration of the indicated time period will not be accepted and the Qualified Executive Officer will not become a Participant and will not receive any Benefits under the Executive Officer Plan.

 

Section 2.4                                    Termination of Participation.  An individual shall cease to be a Participant of the Executive Officer Plan on the date the Participant fails to comply with any of the

 

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requirements under the Executive Officer Plan (including, but not limited to, rescinding the Separation and Release Agreement) or whenever the Participant has received the maximum Benefits available to such Participant under the Executive Officer Plan.

 

Section 2.5                                    Benefits.  The Benefits payable under this Executive Officer Plan may consist of one or both of the following types of separation pay:

 

(a)                                        Cash Severance Payments. A Participant who has experienced a Qualifying Termination will be eligible for certain cash severance payments, determined according to the applicable Exhibit for that Participant.

 

(b)                                        COBRA-Related Payments.  A Participant who has experienced a Qualifying Termination will be eligible to receive a payment or payments related to Tennant’s portion of the monthly premiums for the continuation of the Participant’s group medical, group dental and/or basic group life insurance for a period of time after the Separation Date, determined according to the applicable Exhibit for that Participant.

 

Section 2.6                                    Ineligibility for Benefits. Notwithstanding anything to the contrary, Benefits will not be paid under the Executive Officer Plan in any of the following circumstances:

 

·                                          Employee voluntarily terminates employment with Tennant for any reason before or after the Transition Period, or retires under Tennant’s normal employment policies, regardless of termination date;

 

·                                          Employee voluntarily terminates employment with Tennant during the Transition Period for any reason other than Good Reason;

 

·                                          Employee’s termination of employment by Tennant for Cause, regardless of termination date;

 

·                                          Employee begins working in a new position with Tennant on the business day immediately following the employee’s Separation Date;

 

·                                          Employment terminates due to death, Disability, or failure to return to work for Tennant following a leave of absence, layoff or any other period of authorized absence from Tennant;

 

·                                          Employee’s termination of employment with Tennant does not qualify as a “separation from service” under Code Section 409A;

 

·                                          Employee fails to sign a Restrictive Covenants Agreement;

 

·                                          Employee violates employee’s obligations under a Restrictive Covenants Agreement;

 

·                                          Employee refuses to sign the Separation and Release Agreement or rescinds or revokes the Release before it becomes final; or

 

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·                                        Employee is covered by a written contract or agreement with Tennant or a severance plan (other than this Executive Officer Plan) at the time employment terminates that provides for severance pay or other benefits upon termination, except to the extent this Executive Officer Plan provides greater severance pay or other benefits upon termination (in which case severance pay or other benefits upon termination will be provided under this Executive Officer Plan subject to the Participant waiving any right to receive severance pay or other benefits under any other written contract or agreement with Tennant or severance plan).

 

Section 2.7                                    Qualifying Termination and Payment of Benefits. A Qualifying Employee becomes a Participant and accrues Benefits under this Executive Officer Plan upon the occurrence of both (a) a Qualifying Termination and (b) complete compliance with any terms and conditions placed upon such Benefits. Benefits shall be provided and paid in accordance with the terms and conditions described in this Executive Officer Plan.

 

Section 2.8                                    Impact upon Other Benefits. Except as provided in Section 2.6 (Ineligibility for Benefits), benefits under this Executive Officer Plan are not intended to impact other benefits to which a Participant is entitled under the terms and conditions of other plans or programs through which such other benefits are provided.  Notwithstanding the previous statement, this Executive Officer Plan is intended to replace and is available in lieu of benefits under any other severance or severance-type benefit plan, formal or informal, sponsored by Tennant which are or previously were available to any Tennant employee, except (a) to the extent such other amounts are deferred compensation subject to Code Section 409A, or (b) to the extent an employee is covered by a written contract or agreement with Tennant or a severance plan (other than this Executive Officer Plan) at the time employment terminates that provides for severance pay or other benefits upon termination, except to the extent this Executive Officer Plan provides greater severance pay or other benefits upon termination (in which case severance pay or other benefits upon termination will be provided under this Executive Officer Plan subject to the Participant waiving any right to receive severance pay or other benefits under any other written contract or agreement with Tennant or severance plan).

 

Section 2.9                                    Tax Consequences.

 

Benefit payments made under this Executive Officer Plan shall be included in the Participant’s taxable income and are subject to all applicable withholdings to the extent required by law.

 

Section 2.10                             Application of Code Section 409A. It is the intention of Tennant that this Executive Officer Plan, and the Benefits provided hereunder, qualify for certain exceptions from coverage under Code Section 409A (including the current and future regulations or other applicable guidance thereunder), such as the exception for “short-term deferrals,” and “involuntary separation pay plan” payments, and this Executive Officer Plan should be interpreted accordingly.  To the extent that any provision of this Executive Officer Plan does not qualify for an exception due to changes in the regulations, guidance or interpretation, such provision will be applied in a manner consistent with such requirements, regulations or guidance, notwithstanding any provision of the Executive Officer Plan to the contrary.  In addition, to the extent that any amounts payable under this Executive Officer Plan are required to be delayed

 

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under Code Section 409A, such amounts are intended to be and should be considered for purposes of Code Section 409A as separate payments from the amounts that are not required to be delayed.  Notwithstanding anything herein to the contrary, if any Participant is considered a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)) as of the Participant’s Separation Date, then no payments of deferred compensation subject to Code Section 409A and payable due to such Participant’s separation from service shall be made under this Executive Officer Plan before the first business day that is six (6) months after the Participant’s Separation Date (or upon the Participant’s death, if earlier) (the “Specified Period”).  Any deferred compensation payments that would otherwise be required to be made to a Participant during the Specified Period will be accumulated by Tennant and paid to the Participant on the first day after the end of the Specified Period.  The foregoing restriction on the payment of amounts to a Participant during the Specified Period will not apply to the payment of employment taxes.

 

Section 2.11                             Application of Code Section 280G.  Notwithstanding any provision to the contrary contained in this Executive Officer Plan, if any payment or benefit to be paid or provided to a Participant under this Executive Officer Plan, taken together with any payments or benefits otherwise paid or provided to such Participant by Tennant or any corporation that is a member of an “affiliated group” (as defined in Code Section 1504 without regard to Code Section 1504(b)) of which Tennant is a member (the “other arrangements”), would collectively constitute a “parachute payment” (as defined in Code Section 280G (or any successor provision thereto)), and if the net after-tax amount of such parachute payment to such Participant is less than what the net after-tax amount to such Participant would be if the aggregate payments and benefits otherwise constituting the parachute payment were limited to three (3) times such Participant’s “base amount” (as defined in Code Section 280G(b)(3)) less $1.00, then the aggregate payments and benefits otherwise constituting the parachute payment shall be reduced to an amount that shall equal three (3) times such Participant’s base amount, less $1.00.  Should such a reduction in payments and benefits be required, such Participant shall be entitled, subject to the following sentence, to designate those payments and benefits under this Plan or the other arrangements that will be reduced or eliminated so as to achieve the specified reduction in aggregate payments and benefits to such Participant and avoid characterization of such aggregate payments and benefits as a parachute payment.  Tennant will provide such Participant with all information reasonably requested by such Participant to permit the Participant to make such designation.  To the extent that such Participant’s ability to make such a designation would cause any of the payments and benefits to become subject to any additional tax under Code Section 409A, or if such Participant fails to make such a designation within ten business days of receiving the requested information from Tennant, then Tennant shall achieve the necessary reduction in such payments and benefits by first reducing or eliminating the portion of the payments and benefits that are payable in cash and then by reducing or eliminating the non-cash portion of the payments and benefits, in each case in reverse order beginning with payments and benefits which are to be paid or provided the furthest in time from the date of Tennant’s determination.  A net after-tax amount shall be determined by taking into account all applicable income, excise and employment taxes, whether imposed at the federal, state or local level, including the excise tax imposed under Code Section 4999.

 

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ARTICLE III.

Administration

 

Section 3.1                                           Executive Officer Plan Administrator

 

(a)                                 The Executive Officer Plan Administrator shall be responsible for the general supervision of the Executive Officer Plan. The Executive Officer Plan Administrator shall also be the named fiduciary of the Executive Officer Plan in accordance with Section 402 of ERISA and therefore shall have authority to control and manage the operation and administration of the Executive Officer Plan. The Executive Officer Plan Administrator shall perform any and all acts necessary or appropriate for the proper management and administration of the Executive Officer Plan.

 

(b)                                 Unless otherwise specifically provided by the Board of Directors of Tennant Company, the Senior Vice President, General Counsel of Tennant or the Senior Vice President, Chief Administration Officer of Tennant shall act on behalf of Tennant Company in its capacity as Executive Officer Plan Administrator.

 

Section 3.2                                    Powers of Executive Officer Plan Administrator. The Executive Officer Plan Administrator shall have all powers necessary to administer the Executive Officer Plan, including but not limited to authority to interpret the Executive Officer Plan terms, determine eligibility, determine benefits and the authority to contract with service providers.

 

Section 3.3                                    Expenses.  Tennant shall bear all administrative costs of the Executive Officer Plan.

 

Section 3.4                                    Reports and Records.  Tennant, the Executive Officer Plan Administrator and others to whom Tennant Company has delegated duties and responsibilities under the Executive Officer Plan shall keep accurate and detailed records of any matters pertaining to administration of the Executive Officer Plan or compliance with applicable law.

 

Section 3.5                                    Rule Against Discrimination. The Executive Officer Plan Administrator shall exercise its discretion under this Executive Officer Plan in a uniform manner so that all similarly situated Participants (or their beneficiaries) shall be similarly treated. However, nothing precludes Tennant from offering benefits to a Participant that are in addition to the benefits otherwise available under this Executive Officer Plan, or, with the consent of the Participant, different from the Benefits otherwise available under this Executive Officer Plan.

 

ARTICLE IV.

Amendment and Termination

 

Section 4.1                                    Amendment.  Subject to Section 4.3, Tennant reserves the right in its discretion to amend the Executive Officer Plan at any time, and from time to time, in whole or in part, and in any manner without the consent or notice to any employee or any other person having any beneficial interest in this Executive Officer Plan. Such amendment will be in writing. Such action may be taken by the Board of Directors of Tennant or by any other individual or committee to whom such authority has been delegated by the Board of Directors.

 

Section 4.2                                    Termination. Subject to Section 4.3, Tennant reserves the right in its discretion to terminate the Executive Officer Plan at any time and in any manner. Such action will be in writing. Such action may be taken by the Board of Directors of Tennant or by any

 

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other individual or committee to whom such authority has been delegated by the Board of Directors. After termination, the rights and obligations of any persons named herein or otherwise affected by the Executive Officer Plan shall be limited to those which have accrued to the date of Executive Officer Plan termination.

 

Section 4.3                                    Exceptions.  Notwithstanding the foregoing, any material change to the Benefits payable to an executive officer of Tennant under this Executive Officer Plan must be approved by the Compensation Committee of the Tennant Board of Directors.  However, during the Transition Period following a Change in Control, this Executive Officer Plan may not be amended, terminated or otherwise altered to reduce the amount (or negatively change the terms) of any Benefits that may become available to a Qualified Executive Officer as of the day prior to the Change in Control or any Benefits that become available to a Participant during the Transition Period.  In addition, notwithstanding the above limitations, this Executive Officer Plan may be amended at any time (and such amendment will be given affect) if such amendment is required to bring this Executive Officer Plan into compliance with applicable law, including but not limited to Code Section 409A.

 

ARTICLE V.

Miscellaneous

 

Section 5.1                                    Participant Rights. Notwithstanding any provision of this Executive Officer Plan to the contrary, no provision of this Executive Officer Plan shall be construed as giving to any Participant legal or equitable rights against Tennant or any employee thereof. Further, the action of Tennant in creating this Executive Officer Plan shall not be construed to constitute and shall not be evidence of any contractual relationship between Tennant and any Participant, or as a right of any Participant to continue in the employment of Tennant, or as a limitation of the right of Tennant to discharge any of its employees, with or without cause. Tennant shall have the absolute right to deal with any employee who may be a Participant hereunder at any time as if the Executive Officer Plan had never been established.

 

Section 5.2                                    Indemnification. Subject to the requirements  of ERISA,  Tennant does  hereby indemnify and hold harmless any employee that is deemed to be a fiduciary with respect to the Executive Officer Plan under the terms and provisions of ERISA, the regulations promulgated thereunder or case law which develops under ERISA against any and all losses, claims, damages, expense (including court costs and attorneys’ fees) and liability arising from the employee’s duties and responsibilities in connection with the Executive Officer Plan unless the same is determined to be due to gross negligence or willful misconduct.

 

Section 5.3                                    Applicable Law. This Executive Officer Plan is intended to be construed, and all rights and duties hereunder are to be governed, in accordance with the laws of the State of Minnesota, except to the extent such laws are preempted by the laws of the United States of America.

 

Section 5.4                                    Alienation or Assignment of Benefits.  No Benefit due at any time under   this Executive Officer Plan is to be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment or encumbrance of any kind. Participants cannot assign his/her Benefits to anyone else and such Benefits are not subject to attachment by creditors. Tennant will not pay Executive Officer Plan Benefits to anyone other than a Participant (or the Participant’s

 

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estate if the Participant dies after properly signing and not revoking the Separation and Release Agreement, but before Tennant pays the benefit).

 

Section 5.5                                    Interpretation. Whenever used in this Executive Officer Plan, the masculine pronoun shall include the feminine and the singular shall include the plural unless a different meaning is otherwise required by the context.

 

Section 5.6                                    Family and Medical Leave Act of 1993.  Notwithstanding any provision of this Executive Officer Plan to the contrary, this Executive Officer Plan shall be administered and maintained in a manner consistent with the Family and Medical Leave Act of 1993.

 

ARTICLE VI.

Additional Information

 

Executive Officer Plan Name:  Tennant Company Executive Officer Severance Plan

 

Executive Officer Plan Administrator & Executive Officer Plan Sponsor

 

Tennant Company is the “Executive Officer Plan Sponsor” and “Executive Officer Plan Administrator” of this Executive Officer Plan. Communications with Tennant regarding the Executive Officer Plan should be addressed to:

 

Tennant Company

Attn: General Counsel

701 North Lilac Drive

Golden Valley, Minnesota 55422

763-540-1200

 

As Executive Officer Plan Administrator, Tennant Company has complete discretionary authority to interpret the provisions of the Executive Officer Plan and to determine which employees are eligible for Executive Officer Plan benefits, the requirements to receive severance benefits, and the amount of those benefits. Tennant also has authority to correct any errors that may occur in the administration of the Executive Officer Plan, including recovering any overpayment of benefits from the person who received it.

 

Employer Identification Number (EIN): Tennant Company          41-0572550

 

Participating Employers

 

Tennant Company

 

Tennant Sales and Service Company

 

Type of Administration & Funding

 

This Executive Officer Plan is administered by Tennant Company. Benefits are paid out of the general assets of Tennant Company; there is no trust and there are no trustees. No Participant

 

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contributions are required or permitted.

 

Executive Officer Plan Type & Executive Officer Plan Number

 

This Executive Officer Plan is a welfare benefit plan providing severance benefits under certain termination of employment situations.  The Executive Officer Plan Number is     .

 

Agent for Service of Legal Process

 

Legal process regarding the Executive Officer Plan may be served on Tennant Company at the address listed above.

 

Executive Officer Plan Year

 

January 1 through December 31.

 

Claims Procedure

 

Normally, the Executive Officer Plan Administrator will determine an employee’s eligibility and benefit amount on its own and without any action on the part of the terminating employee, other than returning the release form.

 

If the Executive Officer Plan Administrator has not acted on a termination (or if you disagree with a decision made by the Executive Officer Plan Administrator), you or your authorized representative may submit a written claim for benefits. The claim must be submitted to Tennant Company’s Human Resources Department within six (6) months after the date you terminated employment.  Claims received after that time will not be considered.

 

The Executive Officer Plan Administrator will ordinarily respond to the claim within ninety (90) days of receiving it. However, if special circumstances require an extension of the period of time for processing a claim, the 90-day period can be extended for an additional 90 days by giving the claimant written notice of the extension and the reason why the extension is necessary. If the claim is denied in whole or in part, the denial notice shall be in writing and shall explain the specific reason for the denial. The notice to the Participant shall make reference to the specific provisions in the Executive Officer Plan, and suggest steps, if any, necessary to perfect the claim of the Participant.

 

Appeals. If you disagree with the initial claim determination, you or your authorized representative can request that the decision be reviewed by filing a written request for review with Tennant Company’s Human Resources Department within 60 days after receiving notice that the claim has been denied. You or your representative may present written statements or other documentation supporting your claim. Upon request, you may review all documents relevant to your claim. (You may also receive copies of these documents free of charge.)

 

Generally, the decision will be reviewed within 60 days after the Executive Officer Plan Administrator receives a request for review. However, if special circumstances require a delay, the review may take up to 120 days. (If a decision cannot be made within the 60-day period, you will be notified of this fact in writing.) You will receive a written notice of the decision on the

 

14

 

appeal, which will explain the reasons for the decision by making specific reference to the Executive Officer Plan provisions on which the decision is based.

 

If you receive no response by the end of the appeal’s initial 60-day appear period or any extension period, you should consider the appeal denied. You are entitled to a written explanation of the reason for the denial.

 

If your appeal is denied, in whole or in part, and you disagree with the appeal determination, then you and the Executive Officer Plan Administrator shall engage in good faith resolution efforts, including mediation with a neutral mediator agreeable to you and the Executive Officer Plan Administrator, to resolve the matter.  If such resolution efforts are unsuccessful, after reasonable participation by you and the Executive Officer Plan Administrator, then you have the right to file a lawsuit challenging the Executive Officer Plan Administrator’s determination.  Note that you must follow this claims procedure if you have a claim; the failure to do so may prevent you from challenging an adverse decision in court.  In addition, after you have completed the claims and appeal procedures above, if you wish to bring a lawsuit, you must do so within one year of the final denial of your claim.  Failure to file a lawsuit within this time period will cause your rights to expire.  All lawsuits arising under the Plan or relating to the Plan must be submitted to the United States District Court of the District of Minnesota.  By participating in the Plan, or by asserting an entitlement to any right or benefit under the Plan, you consent to the United States District Court of the District of Minnesota’s exercise of personal jurisdiction over you, and waive any argument that that forum is not a convenient forum in which to resolve the lawsuit.

 

ERISA Statement of Rights

 

As a Participant in the Executive Officer Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 (“ERISA”). ERISA provides that all Executive Officer Plan participants are entitled to:

 

1.                                      Examine, without charge, at Tennant’s Human Resources Department and at other specified locations, such as worksites, all documents governing the Executive Officer Plan and a copy of the latest annual report (Form 5500 Series) filed by the Executive Officer Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration, if required.

 

2.                                      Obtain, upon written request to Tennant’s Human Resources Department, copies of documents governing the operation of the Executive Officer Plan and copies of the latest annual report (Form 5500 Series), if required, and updated summary plan description. Tennant may make a reasonable charge for the copies.

 

3.                                      Receive a summary of the Executive Officer Plan’s annual financial report (if the Executive Officer Plan is required to file such a report). Tennant is required by law to furnish each participant with a copy of this summary financial report.

 

In addition to creating rights for Executive Officer Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Executive Officer Plan. The people who operate your plan, called “fiduciaries” of the Executive Officer Plan, have a duty to do so

 

15

 

prudently and in the interest of you and the other Executive Officer Plan Participants.  No one, including your employer or any other person, may discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. If your claim for a welfare benefit is denied in whole or in part, you must have the right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all with certain time schedules.

 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the Executive Officer Plan and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require Tennant to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond its control. If you have a claim for welfare benefits which is denied or ignored, in whole or in part and you have exhausted your appeal rights under the Executive Officer Plan’s claims procedure, you may file suit in a state or federal court. If you are discriminated against for asserting your rights, you may seek assistance from the United States Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees (for example, if it finds your claim is frivolous).

 

If you have any questions about the Executive Officer Plan, you should contact the Executive Officer Plan Administrator. If you have any questions about this statement or about your rights under ERISA, of it you need assistance in obtaining documents from Tennant, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

 

16

 

EXHIBIT A

 

Applies to: Tennant Company’s Chief Executive Officer

 

Benefits For a Qualified Executive Officer Who is Tennant’s Chief Executive Officer:

 

To be determined.

 

 

EXHIBIT B

 

Applies to: All Qualified Executive Officers other than Tennant Company’s Chief Executive Officer

 

Benefits if a Qualified Executive Officer Experiences a Separation Date due to an involuntary termination of employment of the Qualified Executive Officer’s employment by Tennant without Cause prior to an event that would otherwise constitute a Change in Control (subject to Section 1.8(e)(iii)) or after the Transition Period ends:

 

(a)                                 Tennant shall pay Participant, in accordance with Tennant’s regular payroll practices, Participant’s then-current base salary, less applicable withholdings, for a period of twelve (12) consecutive months after the Separation Date.

 

(b)                                 If the Separation Date is any day other than the last day of the plan year for Tennant’s then-applicable short-term incentive plan (“STIP”), Tennant shall pay to Participant an amount equal to a pro rata portion (based on the number of days in the STIP plan year occurring on or before, and after, the Separation Date) of the award that would have been payable to Participant under the STIP for such STIP plan year based on actual performance of objectives under the STIP for such STIP plan year had Participant remained employed by Tennant until the end of such STIP plan year, less applicable withholdings; provided, however, that award amount (before pro ration) shall not exceed an award based on target performance.  The payment shall be made on the date awards under the STIP for such STIP plan year are or would have been paid to the participants in the STIP, but in any event not later than 2-1/2 months after the end of such STIP plan year.

 

(c)                                  If Participant (and/or Participant’s covered dependents) is eligible and properly elects under COBRA to continue group medical and/or dental insurance coverage, as in place immediately prior to the Separation Date, Tennant shall continue to pay Tennant’s portion of any such premiums or costs of coverage for a period of up to twelve (12) months following the Separation Date.  Tennant will stop paying its portion of the medical, group dental and/or group life insurance premiums, as applicable, prior to the end of the 12-month period if Participant (and Participant’s covered dependents) is no longer eligible for COBRA coverage or fails to timely pay the employee portion of such premiums.  All Tennant-provided medical and/or dental premiums under this provision shall be paid directly to the insurance carrier or other provider.

 

Notwithstanding anything above to the contrary, the benefits payable to Participant under (a) above shall not exceed two (2) times the lesser of: (i) the Code Section 401(a)(17) compensation limit for the year in which the Separation Date occurs; or (ii) Participant’s annual compensation (as defined in Treas. Reg. § 1.415-2(d)) for services to Tennant for the calendar year prior to the calendar year in which the Separation Date occurs.  If application of the maximum limitations under the prior sentence results in a reduction of the amount that would otherwise be payable under (a) above, then Tennant shall pay to Participant the difference between the amount payable

 

 

under (a) above and the maximum amount payable after application of the prior sentence, with such payment payable in a cash lump sum, less applicable withholdings, no later than 2-1/2 months after the Separation Date.

 

Benefits if a Qualified Executive Officer Experiences a Separation Date due to an involuntary termination of employment of the Qualified Executive Officer’s employment by Tennant without Cause or by the Qualified Executive Officer for Good Reason during the Transition Period (or as covered by Section 1.8(e)(iii)):

 

(a)                                 Tennant shall pay Participant a lump sum cash payment equal to two (2) times Participant’s Annual Compensation (as defined below), less applicable withholdings.  “Annual Compensation” means the sum of (i) Participant’s highest annual base salary as a Tennant employee, plus (ii) the higher of Participant’s STIP target award for the STIP plan year in which the Separation Date occurs and (B) the average annual STIP award payable by Tennant to Participant for the two (2) full plan years immediately preceding the Separation Date (or for such shorter period of Participant’s participation in the STIP).  For the avoidance of doubt, when calculating Annual Compensation, base salary and STIP amounts shall not be reduced by any amounts that Participant may have elected to defer under any deferred compensation plan or program of Tennant.

 

(b)                                 If the Separation Date is any day other than the last day of the plan year for Tennant’s then-applicable short-term incentive plan (“STIP”), Tennant shall pay to Participant an amount equal to a pro rata portion (based on the number of days in the STIP plan year occurring on or before, and after, the Separation Date) that would have been payable to Participant under the STIP for such STIP plan year had all performance targets been met and Participant remained employed by Tennant until the end of such STIP plan year, less applicable withholdings.

 

(c)                                  Tennant shall pay to Participant a lump sum cash payment equal to eighteen (18) times Tennant’s portion of the premium of the monthly premiums for group medical, group dental and/or basic group life insurance coverage, less applicable withholdings, to the extent Participant is participating in such plans, and at the premium rates in effect, immediately prior to the Separation Date.

 

The amounts payable under (a), (b) and (c) above shall be paid to Participant no later than 2-1/2 months after the Separation Date; provided, however, that if Participant’s Separation Date occurs in connection with a Change in Control described in Section 1.8(e) of the Executive Officer Plan but before the occurrence of a Change in Control described in Section 1.8(a)-(d) of the Executive Officer Plan, then the amounts payable pursuant to (a) and (b) above shall be paid to Participant no later than 2-1/2 months after the occurrence of the Change in Control described in Section 1.8(a)-(d) of the Executive Officer Plan, subject to reduction based on any Benefits that Participant has received under the Executive Officer Plan based on the Separation Date occurring before a Change in Control described in Section 1.8(e).Exhibit 4.1

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of October 4, 2018, is by and between ChaSerg Technology
Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”, also
referred to herein as the “Transfer Agent”).

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units (the “Units”),
each such Unit comprised of one share of Class A common stock of the Company, $0.0001 par value (“Common Stock”),
and one half of one warrant (“Public Warrant”) and, in connection therewith, has determined to issue
and deliver up to 10,000,000 Public Warrants (or up to 11,500,000 Public Warrants if the Over-allotment Option (as defined below)
is exercised in full) to public investors in the Offering; and

 

WHEREAS,
on October 4, 2018, the Company entered into that certain Private Placement Units Purchase Agreement with ChaSerg Technology Sponsor
LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase
an aggregate of 500,000 Units (or up to 545,000 Units if the Over-allotment Option is exercised in full) simultaneously with the
closing of the Offering (and the closing of the Over-allotment Option, if applicable) at a purchase price of $10.00 per Unit and
in connection therewith, will issue and deliver up to an aggregate of 250,000 warrants (or up to 272,500 warrants if the Over-allotment
Option is exercised in full) bearing the legend set forth in Exhibit B hereto (“Private Placement
Warrants”); and

 

WHEREAS,
on October 4, 2018, the Company entered into that certain Private Placement Units Purchase Agreement with Cantor Fitzgerald &
Co. (“Cantor”), pursuant to which Cantor and/or its designees agreed to purchase an aggregate of 100,000
Units (or up to 115,000 Units if the Over-allotment Option is exercised in full) simultaneously with the closing of the Offering
(and the closing of the Over-allotment Option, if applicable) at a purchase price of $10.00 per Unit and in connection therewith,
will issue and deliver up to an aggregate of 50,000 Private Placement Warrants (or up to 57,500 Private Placement Warrants if
the Over-allotment Option is exercised in full) bearing the legend set forth in Exhibit C hereto; 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 certain of the Company’s executive 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 at a price of $10.00 per Unit, and in connection therewith, will issue and deliver up to
an aggregate of 75,000 warrants (the “Working Capital Warrants”); and

 

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

  

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, File No. 333-227300 (the “Registration Statement”)
and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended
(the “Securities Act”), of among other securities, the Public Warrants; and

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

2.
Warrants.

 

2.1 Form of
Warrant. Each Warrant shall be issued in registered form only, and, if a physical certificate is issued, 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, President, Chief Executive Officer, Chief Financial Officer,
Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any
Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may
be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

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

 

2.3 Registration.

 

2.3.1 Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”)
for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by the Company. All of the Public Warrants shall initially
be represented by one or more book-entry certificates (each, a “Book-Entry Warrant Certificate”) deposited
with The Depository Trust Company (the “Depositary”) and registered in the name of Cede & Co., a
nominee of the Depositary. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such
ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Book-Entry Warrant Certificate,
or (ii) institutions that have accounts with the Depositary (each such institution, with respect to a Warrant in its account,
a “Participant”).

 

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

 

2.3.2 Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on a Definitive 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	 

     

    

 

2.4 Detachability
of Warrants. The Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day following
the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks
in New York City are generally open for normal business (a “Business Day”), then
on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”)
with the consent of Cantor, as representative of the several underwriters, but in no event shall the Common Stock and the Public
Warrants comprising the Units be separately traded until (A) the Company has filed a current report on Form 8-K with
the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering,
including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional Units
in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised
prior to the filing of the Form 8-K, and (B) the Company issues a press release and files with the Commission a current
report on Form 8-K announcing when such separate trading shall begin.  

 

2.5 No
Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of
Units, each of which is comprised of one share of Common Stock and one-half of one Public Warrant. If, upon the detachment
of Public Warrants from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company
shall round down to the nearest whole number the number of Warrants to be issued to such holder

 

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

 

(a)
to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors,
any affiliate of the Sponsor or to any member(s) of the Sponsor or any of their affiliates, or the officers, directors and direct
and indirect equityholders of Cantor and/or its designees;

 

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

 

(c)
in the case of an individual, by virtue of the laws of descent and distribution upon death of such person;

 

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

 

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

 

(f)
in the event of the Company’s liquidation prior to the consummation of the Company’s Business Combination; or

 

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

 

provided, however,
that, in the case of clauses (a) through (e) or (g), these transferees (the “Permitted Transferees”)
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. Notwithstanding
the foregoing, with respect to any Private Placement Warrants held by Cantor and/or its designees, in addition to the foregoing
restriction on transfer of the Private Placement Warrants until 30 days after the completion of an initial Business Combination,
the Private Placement Warrants purchased by Cantor and/or its designees shall not be sold during the Offering, or sold, transferred,
assigned, pledged or hypothecated for a period of 180 days immediately following the date of effectiveness of the Registration
Statement or commencement of sales of the public Offering, except to any member participating in the Offering and the officers
or partners thereof, if all securities so transferred remain subject to the lock-up restriction described in this proviso for
the remainder of the time period. Additionally, the Private Placement Warrants purchased by Cantor and/or its designees shall
not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic
disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness of the Registration
Statement or commencement of sales of the public Offering.

 

    	 	3	 

     

    

 

2.7 Working
Capital Warrants. The Working Capital Warrants shall be identical to the Private Placement Warrants.

 

3. Terms
and Exercise of Warrants.

 

3.1 Warrant
Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share,
subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1.
The term “Warrant Price” as used in this Agreement shall mean the price per share at which shares of Common Stock
may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the
Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants
and, provided further that any such reduction shall be identical among all of the Warrants.  

 

3.2 Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving
the Company and one or more businesses (a “Business Combination”), or (ii) the
date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City
time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes
its initial Business Combination, (y) the liquidation of the Company, or (z) other than with respect to the Private
Placement Warrants and the Working Capital Warrants to the extent then held by the original purchasers thereof or their Permitted
Transferees, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the Expiration Date”); provided, however,
that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection
3.3.2 below with respect to an effective registration statement. Except with respect to the right to receive the Redemption
Price (as defined below) (other than with respect to a Private Placement Warrant or a Working Capital Warrant to the extent then
held by the original purchasers thereof or their Permitted Transferees) in the event of a redemption (as set forth in Section 6 hereof),
each outstanding Warrant (other than a Private Placement Warrant or a Working Capital Warrant in the event of a redemption to
the extent then held by the original purchasers thereof or their Permitted Transferees) not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New
York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying
the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice
of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in
duration among all the Warrants. Notwithstanding anything to the contrary contained herein, for so long as any Private Placement
Warrant is held by Cantor and/or its designees, such Private Placement Warrant may not be exercised after five years from the
effective date of the Registration Statement.

 

3.3 Exercise
of Warrants.

 

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

 

(a)
by certified check payable to the order of the Warrant Agent or by wire transfer;

 

    	 	4	 

     

    

 

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

 

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

 

(d)
as provided in Section 7.4 hereof.

 

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

 

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

 

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

 

    	 	5	 

     

    

  

3.3.5 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 effect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 4.9% or 9.8% (as specified by the holder)(the “Maximum Percentage”)
of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of
shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being
made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion
of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without
limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise
analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). For purposes of the Warrant, in determining the number of outstanding
shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s
most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public
filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other
notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at
any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm
orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company
by the holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By
written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable
to such holder to any other percentage specified in such notice; provided, however, that any such increase
shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1 Stock
Dividends.

 

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

 

    	 	6	 

     

    

 

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

 

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

 

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

 

    	 	7	 

     

    

   

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

 

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

 

    	 	8	 

     

    

 

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

  

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

 

4.8 Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants
in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4,
then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal
firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented
by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine
that an adjustment is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants
be adjusted pursuant to this Section 4.8 as a result of any issuance of securities in connection with a Business Combination.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 

 

4.9
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 Company’s Class B common stock (the “Class B Common Stock”)
into shares of Common Stock or the conversion of the shares of Class B Common Stock into shares of Common Stock, in each case,
pursuant to the Company’s Charter, 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, in the case of certificated Warrants, properly endorsed with signatures
properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing
an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case
of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon
request.

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

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

 

6. Redemption.

 

6.1 Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option
of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon
notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01
per Warrant (the “Redemption Price”), provided that the last sales price
of the Common Stock reported has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof),
on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third Business Day prior
to the date on which notice of the redemption is given and provided that there is an effective registration statement covering
the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout
the 30-day Redemption Period (as defined in Section 6.2 below) or the Company has elected to require the
exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1; 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 shares of Common Stock 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 that the Company elects to redeem all of the Warrants, the Company shall
fix a date for the redemption (the “Redemption Date”). Notice of redemption shall
be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date
(the “30-day Redemption Period”) to the Registered Holders of
the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice.

 

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

 

6.4 Exclusion
of Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided in this Section 6 shall
not apply to the Private Placement Warrants or the Working Capital Warrants if at the time of the redemption such Private Placement
Warrants or Working Capital Warrants continue to be held by the Sponsor, Cantor and/or its designees or any Permitted Transferees,
as applicable. However, once such Private Placement Warrants or Working Capital Warrants are transferred (other than to Permitted
Transferees under Section 2.6), the Company may redeem the Private Placement Warrants and the Working Capital
Warrants, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement
Warrants or Working Capital Warrants to exercise the Private Placement Warrants and the Working Capital Warrants prior to redemption
pursuant to Section 6.3. Private Placement Warrants and Working Capital Warrants that are transferred to persons other
than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants or Working Capital Warrants and shall
become Public Warrants under this Agreement. 

 

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

 

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

 

    	 	10	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	11	 

     

    

 

7.5
Post IPO Warrants. Any Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the
Public Warrants.

 

8. Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2 Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

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

 

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

 

8.3 Fees
and Expenses of Warrant Agent.

 

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

  

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. 

 

    	 	12	 

     

    

 

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, President, Executive Vice
President, Vice President, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent
may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

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

 

8.4.3 Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity
or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by
the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible
to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner,
method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any
shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall,
when issued, be valid and fully paid and non-assessable. 

 

8.5 Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common
Stock through the exercise of the Warrants.

 

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

 

9. Miscellaneous
Provisions.

 

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

 

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:

 

ChaSerg
Technology Acquisition Corp.

7660
Fay Avenue

Suite
H, Unit 339

La
Jolla, CA 92037

Attention:
Lloyd Carney

 

    	 	13	 

     

    

  

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

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

  

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

 

9.4 Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants and, for purposes of Sections 7.4, 9.4 and
9.8, Cantor and/or its designees, 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, for purposes of Sections 7.4, 9.4 and 9.8, Cantor
and/or its designees, and their successors and assigns and of the Registered Holders of the Warrants. 

 

9.5 Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office 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 such holder’s Warrant for inspection by the Warrant Agent.

 

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 (i) for the purpose of curing
any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and
that the parties deem shall not adversely affect the interest of the Registered Holders, and (ii) to provide for the delivery
of Alternative Issuance pursuant to Section 4.4. All other modifications or amendments, including any amendment to increase
the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants or Working
Capital Warrants, shall require the vote or written consent of the Registered Holders of 65% of the then outstanding Public Warrants.
Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant
to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

 

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

 

[Signature
Page Follows]

 

    	 	14	 

     

    

  

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

  

	 	CHASERG TECHNOLOGY ACQUISITION CORP.
	 	 
	 	By:	/s/
    Lloyd Carney
	 	Name:	Lloyd Carney
	 	Title:	Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & 

    TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	/s/
    Erika Young
	 	Name:	Erika Young
	 	Title:	Vice President

 

[Signature
Page to Warrant Agreement]

 

    	 	15	 

     

    

 

EXHIBIT A

 

[Form of
Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

  

THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE
EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN
THE WARRANT AGREEMENT DESCRIBED BELOW

 

CHASERG
TECHNOLOGY ACQUISITION CORP.

Incorporated Under the Laws of the State of Delaware

 

CUSIP
16166A111

 

Warrant
Certificate

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	A-1	 

     

    

 

	 	CHASERG TECHNOLOGY ACQUISITION CORP.
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:  	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:  	 

 

    	 	A-2	 

     

    

 

[Form of
Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise
to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of                 ,
2018 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental
Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”),
which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for
a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company
and the holders (the words “holders” or “holder” meaning the Registered Holders
or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written
request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement.

 

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

 

Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities
Act and (ii) a prospectus thereunder relating to the shares of Common Stock is current, except through “cashless exercise”
as provided for in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

    	 	A-3	 

     

    

 

Election
to Purchase

 

(To
Be Executed Upon Exercise of Warrant)

 

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

 

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

 

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

 

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

 

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

 

[Signature
Page Follows] 

 

    	 	A-4	 

     

    

 

	Date:                ,
    20    	 	 
	 	 	(Signature)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Tax Identification Number)
	 	 	 
	Signature Guaranteed:	 	 
	 	 	 
	 	 	 

 

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

  

    	 	A-5	 

     

    

 

EXHIBIT B

 

LEGEND

 

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

 

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

 

    	 	B-1	 

     

    

 

EXHIBIT C

 

LEGEND

 

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

 

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

 

    	 	C-1

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