Document:

Exhibit 10.1

 

Share
Transfer Agreement

 

This
Share Transfer Agreement (this “Agreement”) dated October 1, 2017, is among Rebel Group, Inc., a Florida corporation
with an address at 7500A Beach Road, Unit 12-313, The Plaza, Singapore 199591 (the “Company”), Pure Heart Entertainment
Pte Ltd., a company incorporated under the laws of Singapore which is also the Company’s wholly owned subsidiary, with an
address at 7500A Beach Road, Unit 12-313, The Plaza, Singapore 199591 (the “Company”) (“Pure Heart”),
and Naixin Qi, with an address at No 5 Sichuan Road, Apt Block 3 Unit 21, Shinan District, Qingdao City, Shandong Province, China
(the “Shareholder”) who is the sole shareholder of Qingdao Quanyao Sports Consulting Ltd, a company organized
in No 22 Shandong Road, Unit 71 Tower B, Jinfu Building, Shinan District, Qingdao City, Shandong Province, China (the “Target
Company”).

 

WHEREAS,
Pure Heart, through a wholly foreign owned entity (the “WOFE”) wishes to acquire 100% of the outstanding
equity interests (the “Equity Stake”) of the Target Company from the Shareholder in exchange for a total
consideration of $7,000,000 consisting of the following: (i)the forgiveness of debt owed by the Target Company to Pure Heart
as of the Signing Date in the amount of approximately $2,825,000 (the “Forgiven Debts”) and (iii)
12,000,000 shares (the “Shares”) of the common stock of the Company, par value $.0001 per share (the
“Common Stock”) (together the “Purchase Price”) on the terms and conditions set forth
herein; and

 

WHEREAS,
the Shareholder wishes to issue, sell and transfer the Equity Stake to the WOFE in exchange for the Purchase Price on the terms
and conditions set forth herein; and

 

WHEREAS,
the parties hereto intend that the issuance and acquisition of the Shares and the Equity Stake shall be exempt from registration
under the Securities Act of 1933, as amended, under Regulation S promulgated thereunder.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the promises and conditions set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, and, after friendly consultations,
on the principles of equality and mutual benefit, all parties to this Agreement have reached the following agreement in accordance
with the provisions of the Law of the People’s Republic of China on Sino-Foreign Equity Joint Ventures and its implementation
regulations, the Company Law of the People’s Republic of China, the Contract Law of the People’s Republic of China
and other relevant laws and regulations of the People’s Republic of China, the parties hereto agree as follows:

Article
1 

Definitions

 

Unless
otherwise prescribed and stipulated herein, the following terms used in this Agreement shall have the meanings set forth as follows:

 

		1.	“Claims”
                                         refers to all the claims, actions, demands, proceedings judgments liabilities, damages,
                                         amounts, costs and expenses (including but not limited legal costs and disbursements)
                                         whatsoever and howsoever arising.

 

		2.	“Encumbrance”
                                         refers to any mortgage, assignment, lien, charge, pledge, title retention, right to acquire,
                                         security interest, option, pre-emptive right, and any other restriction or conditions
                                         whatsoever.

 

		3.	“Examination
                                         and Approval Authority” pursuant to the provisions for the examination and
                                         approval of projects which have investments by foreign investors in the PRC, refers to
                                         the relevant Chinese government departments having authority to examine and approve any
                                         corporate documents of the Target Company, and the issuance and transfer of the Equity
                                         Stake contemplated in this Agreement.

 

		4.	“PRC”
                                         or “China” refers to the People’s Republic of China.

 

		5.	“Material
                                         Adverse Change” refers to

 

(a)       investigations
(which may cause the Target Company to be punished) and penalties upon the Target Company by relevant governmental authorities,
which may have material impact on the normal business operation of the Target Company;

 

(b)       involvement
with any litigation, arbitration or any other judicial proceedings by the Target Company, which may have material impact on the
normal business operation of the Target Company; or

 

(c)       any
change (or any development that, insofar as can reasonably be foreseen, is likely to result in any change) that may cause loss
to the financial conditions, business, assets or increase of liabilities of the Target Company in the amount of more than $10,000.

 

		6.	“RMB”
                                         or “Renminbi” refers to the legal currency of the PRC.

 

		7.	“Signing
                                         Date” refers to the date on which this Agreement is signed by all parties hereto.

 

		8.	“Third
                                         Party” refers to any natural person, legal entity, or other organization or
                                         entity, other than the parties to this Agreement.

 

		9.	“US
                                         Dollar” or “US$” refers to the legal currency of the United
                                         States of America.

 

Article
2 

Issuance
and Purchase of the Equity Stake 

 

		1.	Pursuant
                                         to the terms and conditions of this Agreement and the PRC Agreement (as defined below),
                                         the Shareholder agrees to issue sell and transfer the Equity Stake to WOFE in exchange
                                         for the Purchase Price and Pure Heart agrees to cause WOFE to acquire the Equity Stake
                                         from the Shareholder in exchange for the Purchase Price On or before January 1, 2018.

 

    	 	2	 

     

    

 

		2.	The
                                         Purchase Price of $7,000,000 consists of the following:

 

(i)
the forgiveness of the Forgiven Debts

 

(ii)
the Shares.

 

		3.	The
                                         exchange of the Equity Stake for the Purchase Price shall take place as follows:

 

		(a)	First,
                                         within 30 days of the Signing Date of this Agreement, Pure Heart, WOFE and the Shareholder
                                         shall enter into a separate agreement in the PRC (the “PRC Agreement”)
                                         which provides for the conversion of the Target Company into a Sino-Foreign Joint Venture
                                         and the entry into a joint venture agreement among the Shareholder, Pure Heart and the
                                         Target Company. The Target Company shall pay all of its outstanding debts (other than
                                         the Forgiven Debts) within ten business days of the Signing Date.

 

		(b)	Second,
                                         Shareholder and the Target Company shall proceed to obtain all approvals required from
                                         the Examination and Approval Authority under the PRC Agreement (the “Approvals”).

 

		(c)	Third,
                                         upon receipt of the Equity Stake by the WOFE, the Company shall issue to Shareholder
                                         the Shares free of any Claims or Encumbrances.

 

Article
3 

Conditions
to Closing of this Agreement

 

		1.	Conditions
                                         to the Company’s, WOFE’s and Pure Heart’s Obligations. The obligations
                                         of the Company and Pure Heart hereunder to pay the Purchase Price consisting of the Debt
                                         Forgiveness and the Shares are subject to the satisfaction, at or before the closing
                                         of this Agreement (the “Closing”) of each of the following conditions,
                                         provided that these conditions are for the benefit of the Company and Pure Heart and
                                         may be waived jointly by the Company and Pure Heart:

 

		(a)	The
                                         Shareholder shall have caused the Target Company to acquire approval in writing from
                                         the Examination and Approval Authority for the issuance, sale and transfer of the Equity
                                         Stake and the transactions contained in the PRC Agreement; and

 

		(b)	The
                                         Shareholder shall cause the Target Company to issue the Equity Stake in the name of WOFE;
                                         and

 

    	 	3	 

     

    

 

		(c)	The
                                         Shareholder shall cause the Target Company to get an approval from the applicable government
                                         authorities in the PRC of the PRC Agreement and the transactions contemplated thereby;
                                         and

 

		(d)	There
                                         shall be no Material Adverse Change to the Target Company from the Signing Date of this
                                         Agreement to the Closing; and

 

		(e)	The
                                         Shareholder shall cause the Target Company to enter into a Sino-foreign equity joint
                                         venture agreement in accordance with the laws of the PRC with Pure Heart and the Company;

 

		(f)	The
                                         Target Company shall not have any liabilities as of the closing date; and

 

		(g)	The
                                         representations and warranties of the Shareholder contained in this Agreement shall be
                                         true and correct in all material respects as of the date when made and as of the Closing
                                         as though made at that time and the Shareholder shall have performed, satisfied and complied
                                         in all material respects with the covenants, agreements and conditions required by this
                                         Agreement to be performed, satisfied or complied with by the Shareholder at or prior
                                         to the Closing.

 

		2.	Conditions
                                         to the Shareholder’s and the Target Company’s Obligations. The obligations
                                         of the Shareholder hereunder are subject to the satisfaction, at or before the Closing
                                         of this Agreement of each of the following conditions, provided that these conditions
                                         are for the benefit of the Shareholder and may be waived by the Shareholder:

 

		(a)	The
                                         representations and warranties of the Company and Pure Heart contained in this Agreement
                                         shall be true and correct in all material respects as of the date when made and as of
                                         the Closing as though made at that time and the Company and Pure Heart shall have performed,
                                         satisfied and complied in all material respects with the covenants, agreements and conditions
                                         required by this Agreement to be performed, satisfied or complied with by the Company
                                         and Pure Heart at or prior to the Closing; and

 

		(b)	Target
                                         Company and WOFE shall enter into a Sino-foreign equity joint venture agreement in accordance
                                         with the laws of the PRC with the Target Company.

 

    	 	4	 

     

    

 

Article
4 

Representations
and Warranties

 

		1.	Representations
                                         and Warranties of the Target Company and Shareholder. The Target Company and Shareholder
                                         hereby represent and warrant to Pure Heart and the Company, that:

 

		(a)	The
                                         Shareholder and Target Company have the authority to execute and deliver this Agreement,
                                         and to consummate the transactions contemplated hereby; and

 

		(b)	This
                                         Agreement has been or will be duly and validly executed and delivered by the Shareholder,
                                         and constitutes, or will constitute a legal, valid and binding obligation of the Shareholder
                                         enforceable against the Shareholder in accordance with the respective terms except as
                                         enforceability may be limited by bankruptcy, insolvency and other laws of general application
                                         affecting the enforcement of creditors’ rights and except that any granting of
                                         equitable relief is in the discretion of the court; and

 

		(c)	All
                                         information and facts relating to the Target Company that is in the possession of the
                                         Shareholder is known to the Shareholder, or that should reasonably be known to the Shareholder,
                                         which will have a substantive effect on the Shareholder’s ability to fulfil any
                                         of their obligations in this Agreement or when disclosed to Pure Heart or the Company
                                         shall have a substantive effect on the willingness of Pure Heart or the Company to sign
                                         and fulfil its obligations under this Agreement, have been disclosed to the Company and
                                         Pure Heart and the information provided by the Shareholder to the Company and Pure Heart
                                         does not contain any representation that is untrue or misleading; and

 

		(d)	No
                                         lawsuits, arbitrations, or other legal or administrative proceedings or governmental
                                         investigations are on-going against the Target Company or the Shareholder that will materially
                                         affect the ability of the Shareholder to sign this Agreement and for the Shareholder
                                         to cause the Target Company to fulfil the obligations under this Agreement; and

 

		(e)	As
                                         of the Signing Date, the Shareholder has informed any Third Party, whose approval is
                                         required for the consummation of the transactions contemplated by this Agreement, and
                                         in case of any requirement for the consent of such Third Party, the Shareholder has already
                                         procured the corresponding written consent from such Third Party; and

 

		(f)	The
                                         Shareholder shall not take any action or cause any action to be taken after the Signing
                                         Date that may cause a Material Adverse Change to the Chinse Entity; and

 

		(g)	Regarding
                                         the documents and information provided by the Shareholder to the Company or Pure Heart,
                                         including their agents (including without limitation the lawyers, financial consultants,
                                         etc.) prior or subsequent to the Signing Date, the Shareholder hereby undertakes that:

 

		(i)	all
                                         copies made from original documents are true and complete and that such original documents
                                         are authentic and complete;

 

		(ii)	all
                                         originals supplied to Pure Heart or the Company or their agents, are authentic and complete;

 

    	 	5	 

     

    

 

		(iii)	all
                                         signatures (stamps) appearing on documents supplied to Pure Heart or the Company or their
                                         agents as originals or copies of originals are genuine; and

 

		(iv)	the
                                         Shareholder has drawn to the attention of Pure Heart and the Company and their agents
                                         all matters that are material for the Pure Heart or the Company to proceed with the transaction
                                         as contemplated in this Agreement.

 

		(h)	At
                                         any time, upon the request of the Pure Heart or the Company, the Shareholder shall, at
                                         his own expense, make all efforts to carry out and/or conduct in a way which is satisfactory
                                         to the Company and Pure Heart, or to cause a Third Party to carry out and/or conduct
                                         in a way which is satisfactory to the Company and Pure Heart, any action and/or document
                                         which the Company or Pure Heart deem reasonably deems requisite, in order to realize
                                         the full effectiveness and implementation of this Agreement; and

 

		(i)	The
                                         Target Company is a legal entity that has been duly established according to the laws
                                         and regulations of China and is validly and legally in existence and also operating normally
                                         in accordance with the laws and regulations of China. Signing this Agreement and fulfilling
                                         all of its obligations stipulated herein by the Shareholder and the Target Company herein,
                                         shall not contravene or result in the violation of or constitute a failure to fulfil
                                         or an inability to fulfil any of the stipulations in its articles of association or internal
                                         rules, any laws, regulations, stipulations, any authorization or approval from any government
                                         body or department or the stipulations of any contract or agreement that the Target Company
                                         or the Shareholder is a party to or is bound by; and

 

		(j)	The
                                         Shareholder is a PRC citizen with all civil abilities to enter into this Agreement and
                                         fulfil all of his obligations stipulated herein. Signing this Agreement and fulfilling
                                         each of the obligations stipulated herein by the Shareholder shall not contravene or
                                         result in the violation of or constitute a failure to fulfil or an inability to fulfil
                                         any of the stipulations in any laws, regulations, stipulations, any authorization or
                                         approval from any government body or department or the stipulations of any contract or
                                         agreement that the Shareholder is a party to or is bound by; and

 

		(k)	The
                                         Shareholder further undertakes and warrants that: the Shareholder has the full authority
                                         and right to cause the Target Company to issue the Equity Stake, and that the Equity
                                         Stake when issued shall not be subject to any Claims or Encumbrances (including but not
                                         limited to any form of option, acquisition right, mortgage, pledge, guarantee, lien or
                                         any other forms of third party rights); and there is no interest present and no agreement
                                         or undertaking in existence that may result in or create any Claim or Encumbrance on
                                         the Equity Stake; and

 

    	 	6	 

     

    

 

		(l)	The
                                         Shareholder further undertakes and warrants that: no lawsuits, arbitrations, or other
                                         legal or administrative proceedings or governmental investigations are on-going against
                                         the Target Company or the Shareholders that will materially affect the Shareholder’s
                                         ability to sign this Agreement or fulfil the Shareholder’s obligations under this
                                         Agreement; and

 

		(m)	The
                                         registered capital of the Target Company Entity has been fully paid up as scheduled.
                                         The Shareholder fully fulfilled his capital contribution obligations, which have been
                                         legally verified in accordance with relevant PRC laws. There is no withdrawal of the
                                         registered capital by the Shareholder; and

 

		(n)	The
                                         Target Company has never suffered and is not currently suffering from any administrative
                                         investigations, lawsuit, arbitration, disputes, Claims or other proceedings (no matter
                                         ongoing, pending or threatened), nor has the Target Company been punished, and the Shareholder
                                         can foresee that no punishment is to be made against the Target Company by any administrative
                                         authorities of the PRC for the issues already existing prior to the issuance of the Equity
                                         Stake. The Shareholder has fully disclosed to Pure Heart and the Company all information
                                         in respect of environmental protection, fire-prevention and work safety of the Target
                                         Company, etc. In addition, the Shareholder hereby warrants that all fees, charges, penalties
                                         and expenses payable to or being required to pay to any PRC governmental authority have
                                         been paid off. As of the Closing, there are no such fees, charges, penalties and expenses
                                         in default, nor are there any costs and/or expenses being required by any PRC governmental
                                         authority to be paid for any purpose of correcting defects and/or inappropriate actions
                                         of the Target Company in default. In the event that the Shareholder or the Target Company
                                         suffers from any penalty, damage, loss, etc. due to any such administrative investigations,
                                         lawsuit, arbitration, disputes, claims, penalties and/or other proceedings Shareholder
                                         shall be liable for the full compensation of Pure Heart and the Company; and

 

		(o)	Prior
                                         to the Signing Date, the Shareholder has already disclosed all information about the
                                         debts of the Target Company as set forth in Exhibit A hereof. As of the Closing,
                                         such information remains complete, reliable, accurate and genuine; and

 

		(p)	As
                                         of the Closing, the Target Company has not carried out any equity investment in any other
                                         companies, enterprises, or other economic entities, etc., neither has the Target Company
                                         participated in partnerships or associations with any other companies, enterprises, other
                                         economic entities or individuals; and

 

		(q)	As
                                         of the Closing, except for the Encumbrances listed out in Exhibit B, attached
                                         hereto, the Target Company’s assets and rights are free from any security interest
                                         (including but not limited to mortgage, pledge and lien) or any other Encumbrance, neither
                                         has the Chines Entity provided any security (including but not limited to mortgage, pledge
                                         and guarantee) for any other companies, enterprises, economic entities or any individuals;
                                         and

 

    	 	7	 

     

    

 

		(r)	As
                                         of the Closing, the Target Company has fully paid off all taxes required by the PRC laws
                                         and regulations, including but not limited to enterprise income tax, value-added tax,
                                         city construction tax and any additional education fees; and

 

		(s)	The
                                         Target Company’s operations and processes are in full compliance with relevant
                                         PRC laws, regulations, standards and norms, and there are no illegal actions against
                                         the Target Company of infringing upon intellectual property rights of others, such as
                                         patent, know-how, etc.; and

 

		(t)	Labor
                                         Contracts between the Target Company and the employees who are still employed by the
                                         Target Company on the Signing Date have been legally and effectively executed. As of
                                         the Signing Date, there has not been any situation which may lead the employees of the
                                         Target Company to bring labor arbitrations or lawsuits against the Target Company; and

 

		(u)	All
                                         the accounts, books, ledgers and financial records of the Target Company have been formulated
                                         in accordance with the accounting procedures and rules provided by PRC accounting system,
                                         and have been fully, properly and accurately recorded and completed, which do not involve
                                         any material mistake and deviation, and truly and precisely reflect all transactions
                                         relating to the Target Company and show the financial, contractual and other business
                                         conditions of the Target Company during every fiscal year; and

 

		(v)	The
                                         Shareholder is acquiring the Shares as principal for his own account for investment purposes
                                         only and not with a view to or for distributing or reselling the Shares or any part thereof,
                                         and the Shareholder is acquiring the Shares in the ordinary course of business and does
                                         not have any agreement or understanding, directly or indirectly, with any person or entity
                                         to distribute any of the Shares; and

 

		a.	The
                                         Shareholder agrees and acknowledges that he was not, a “U.S. Person” (as
                                         defined below) at the time the Shareholder was offered the Shares and as of the date
                                         hereof is not resident in the United States or seeking to acquire the Shares for a party
                                         in the United States.

 

		b.	“United
                                         States” or “U.S.” means the United States of America, its territories
                                         and possessions, any State of the United States, and the District of Columbia.

 

	 	(w)	The Shareholder understands that no action has been
or will be taken in any jurisdiction by the Company that would permit a public offering of the Shares in any country or jurisdiction
where action for that purpose is required.

 

    	 	8	 

     

    

 

	 	(x)	The Shareholder (i) as of the execution date of this
Agreement is not located within the United States, and (ii) is not acquiring the Shares for the account or benefit of any U.S.
Person, except in accordance with one or more available exemptions from the registration requirements of the Securities Act of
1933, as amended (the “1933 Act”), or in a transaction not subject thereto; and
	 	 	 
	 	(y)	The Shareholder will not resell the Shares except in
accordance with the applicable laws; and
	 	 	 
	 	(z)	The Shareholder will not engage in hedging transactions
with regard to Shares except as permitted by applicable laws; and
	 	 	 
	 	(aa)	No form of “directed selling efforts” (as
defined in Rule 902 of Regulation S under the 1933 Act), general solicitation or general advertising has been or will be used
by the Shareholder or any of their representatives in connection with the offer and acquisition of the Shares; and

 

		(bb)	The
                                         Shareholder acknowledges that he had the opportunity to review the Company’s filings
                                         with the Commission available to be viewed online on the EDGAR system at https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html
                                         and has had (i) the opportunity to ask questions he or she deemed necessary and to receive
                                         answers from, representatives of the Company concerning the merits and risks of acquiring
                                         the Shares; (ii) access to information about the Company and its respective financial
                                         condition, results of operations, business, properties, management and prospects sufficient
                                         to enable it to evaluate its acquisition of the Shares; and (iii) the opportunity to
                                         obtain such additional information that the Shareholder requests that the Company possesses
                                         or can acquire without unreasonable effort or expense; and

 

		(cc)	The
                                         Shareholder understands that the Shares will be “restricted securities” as
                                         that term is defined in Rule 144 under the 1933 Act (“Rule 144”) and all
                                         conditions for sale must be met under Rule 144 to sell the Shares. UNTIL ALL APPLICABLE
                                         CONDITIONS RULE 144 ARE SATISFIED, RULE 144 WILL BE UNAVAILABLE AND THE SECURITIES MAY
                                         NOT BE SOLD. Once Rule 144 is available, the Shares must be held for the time period
                                         required by Rule 144 unless the Shares are subsequently registered under the 1933 Act
                                         and qualified under applicable securities law or exemptions from such are available.
                                         The Shareholder further understands that the certificates evidencing the Shares shall
                                         bear the following legend:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF
ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

    	 	9	 

     

    

 

		(dd)	The
                                         Shareholder has independently evaluated the merits of its decision to acquire the Shares
                                         pursuant to this Agreement, and the Shareholder confirms that it has not relied on any
                                         oral statements from Company or Pure Heart directors or officers and has received no
                                         warranties other than those set forth herein.

 

		2.	Representations
                                         and Warranties of the Company and Pure Heart. The Company and Pure Heart, hereby
                                         represent and warrant to the Shareholder both jointly and severally, that:

 

		(a)	The
                                         Company and Pure Heart, each have the full right, power and authority to execute and
                                         deliver this Agreement and to consummate the transactions contemplated hereby; and

 

		(b)	The
                                         Company is duly incorporated and validly existing under the laws of the State of Florida,
                                         and has all requisite corporate power and authority to own or lease its properties and
                                         assets and to conduct its business as it is presently being conducted. Except Rebel Holdings
                                         Limited, Pure Heart Entertainment Pte. Ltd., and SCA Capital Limited, the Company does
                                         not own or control any subsidiaries as of the date of this Agreement;

 

		(c)	Pure
                                         Heart is duly incorporated and validly existing under the laws of Singapore and has all
                                         requisite corporate power and authority to own or lease its properties and assets and
                                         to conduct its business as it is presently being conducted; and

 

		(d)	The
                                         execution and delivery by the Company and Pure Heart of this Agreement, and any other
                                         agreements contemplated hereby and the performance by the Company and Pure Heart of their
                                         obligations thereunder, have been duly and validly authorized by the Board of Directors
                                         of each the Company and Pure Heart, no other corporate action on the part of the Company
                                         or Pure Heart or the stockholders of either company being necessary; and

 

		(e)	This
                                         Agreement has been duly and validly executed and delivered by the Company and Pure Heart,
                                         and constitutes, or will constitute a legal, valid and binding obligation of the Company
                                         and Pure Heart enforceable against the Company and Pure Heart in accordance with their
                                         respective terms except as enforceability may be limited by bankruptcy, insolvency and
                                         other laws of general application affecting the enforcement of creditors’ rights
                                         and except that any granting of equitable relief is in the discretion of the court; and

 

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		(f)	No
                                         lawsuits, arbitrations, or other legal or administrative proceedings or governmental
                                         investigations, etc. are on-going against the Company or Pure Heart that will materially
                                         affect either parties ability to sign this Agreement or fulfil its obligations under
                                         this Agreement; and

 

		(g)	The
                                         execution, delivery and performance of this Agreement by Pure Heart and the Company and
                                         the consummation by the Company and Pure Heart of the transactions contemplated thereby
                                         do not and will not (i) conflict with or violate any provision of the Company’s
                                         or Pure Heart’s certificate or articles of incorporation, bylaws or other organizational
                                         or charter documents, or (ii) conflict with, or constitute a default under, or give to
                                         others any rights of termination, amendment, acceleration or cancellation (with or without
                                         notice, lapse of time or both) of, any agreement or other document to which the Company
                                         or Pure Heart is a party, or (iii) result in a violation of any law, rule, regulation,
                                         order, judgment, injunction or decree, such as could not, individually or in the aggregate,
                                         have or reasonably be expected to result in a Material Adverse Effect. “Material
                                         Adverse Effect” for the purposes of this section only shall mean any of (i) a material
                                         and adverse effect on the legality, validity or enforceability of this Agreement, (ii)
                                         a material and adverse effect on the results of operations, assets, properties, prospects,
                                         business or condition (financial or otherwise) of the Company or Pure Heart, or (iii)
                                         an adverse impairment to the Company’s or Pure Heart’s ability to perform
                                         on a timely basis its obligations under this Agreement; provided however, that none of
                                         the following shall be deemed in and of themselves, either alone or in combination, to
                                         constitute, and none of the following shall be taken into account in determining whether
                                         there has been or will be, a Material Adverse Effect: (i) any change, event, state of
                                         facts or development generally affecting the general political, economic or business
                                         conditions of the United States; (ii) any change, event, state of facts or development
                                         generally affecting the mixed martial arts events industry; (iii) any change, event,
                                         state of facts or development arising from or relating to compliance with the terms of
                                         this Agreement; (iv) acts of war (whether or not declared), the commencement, continuation
                                         or escalation of a war, acts of armed hostility, sabotage or terrorism or other international
                                         or national calamity or any material worsening of such conditions; (v) changes in laws
                                         or U.S. generally accepted accounting principles after date hereof or interpretation
                                         thereof; or (vi) any matter set forth in the Agreement or exhibits thereto; and

 

		(h)	The
                                         Company and Pure Heart are not required to obtain any consent, waiver, authorization,
                                         approval or order of, give any notice to, or make any filing or registration with, any
                                         federal, provincial, state, local or other governmental authority or any other individual
                                         or corporation, partnership, trust, incorporated or unincorporated association, joint
                                         venture, limited liability company, joint stock company, government (or an agency or
                                         subdivision thereof) or other entity of any kind in connection with the execution, delivery
                                         and performance by the Company and Pure Heart of this Agreement, other than (i) filings
                                         required by state securities laws or (ii) the filing of a Notice of Sale of Securities
                                         on Form D with the Securities and Exchange Commission under Regulation D of the 1933
                                         Act; and

 

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		(i)	The
                                         Shares have been duly authorized and, when issued in accordance with this Agreement,
                                         will be duly and validly issued, fully paid and non-assessable, free and clear of any
                                         and all liens Encumbrances, Claims, security interest or pre-emptive rights.

 

Article
5 

Taxes
Payable under this Agreement

 

Any
taxes or fees arising out of and payable pursuant to the fulfilment of the terms of this Agreement shall be paid by the respective
party hereto liable for the taxes or fees under the applicable provisions of relevant laws and regulations of the applicable taxation
authority.

 

Article
6 

Termination

 

		1.	This
                                         Agreement may be terminated and abandoned at any time prior to the Closing:

 

		(a)	by
                                         the written mutual consent of Pure Heart, the Company and the Shareholder;

 

		(b)	by
                                         the Company or Pure Heart, upon written notice to the Shareholder, if any of the conditions
                                         set forth in Article 3 Section 1 of this Agreement shall not have been fulfilled in all
                                         material respects at the time at which the Closing would otherwise occur or if satisfaction
                                         of such a condition is or becomes impossible; or

 

		(c)	by
                                         the Shareholder, upon written notice to Pure Heart and the Company if any of the conditions
                                         set forth in Article 3 Section 2 of this Agreement shall not have been fulfilled in all
                                         material respects at the time at which the Closing would otherwise occur or if satisfaction
                                         of such a condition is or becomes impossible, provided that at the time of such notice
                                         the Shareholder must have complied in all material respects with their obligations under
                                         this Agreement; and provided, further, that Pure Heart and the Company shall have ten
                                         (10) days after the notice sent by the Shareholder pursuant to this subsection in which
                                         to fulfill such conditions not fulfilled unless satisfaction of such a condition is or
                                         becomes impossible.

 

		2.	In
                                         the event of a termination of this Agreement in accordance with Article 6 Section 1 of
                                         this Agreement, all further obligations of the parties under this Agreement shall terminate,
                                         no party shall have any right under this Agreement against any other party, and each
                                         party shall bear its own costs and expenses; provided, however, that termination shall
                                         not relieve any party of liability for any failure to perform or comply with this Agreement
                                         prior to the date of termination, or constitute a waiver of any claim with respect thereto.

 

    	 	12	 

     

    

 

Article
7 

Indemnity

 

		1.	Obligation
                                         of the Shareholder to Indemnify the Company and Pure Heart. The Shareholder hereby
                                         agrees to indemnify and hold harmless the Company and Pure Heart and their representatives
                                         from, against and in respect of any and all damages, losses, obligations, liabilities,
                                         claims, deficiencies, costs, taxes, penalties, fines, interest, monetary sanctions and
                                         expenses incurred by Company and Pure Heart, including, without limitation, reasonable
                                         attorneys’ fees and costs incurred to comply with injunctions and other court and
                                         agency orders, and other costs and expenses incident to any suit, action, investigation,
                                         claim or proceeding or to establish or enforce Company’s and Pure Heart’s
                                         rights to indemnification hereunder (“Losses”) suffered, sustained,
                                         incurred or required to be paid by any of them by reason of:

 

		(a)	any
                                         representation or warranty made by the Shareholder in or pursuant to this Agreement or
                                         any of the other agreement contemplated hereby, being untrue or incorrect in any material
                                         respect;

 

		(b)	any
                                         failure by the Shareholder to observe or perform his covenants and agreements set forth
                                         in this Agreement or any other agreement or document executed by them in connection with
                                         the transactions contemplated hereby; or

 

		(c)	any
                                         failure of the Shareholder to obtain on behalf of the Target Company the necessary government
                                         approvals contemplated hereby.

 

		2.	Indemnity
                                         Basket. Notwithstanding anything to the contrary in this Agreement, the Shareholder
                                         shall not have any obligation to indemnify Pure Heart and the Company until and unless
                                         the aggregate amount of Losses exceeds Fifty Thousand Dollars ($50,000) in the aggregate
                                         (the “Basket”), after which point the Shareholder will be obligated
                                         to indemnify the Company and Pure Heart from and against the full amount of such Losses
                                         (including the Basket).

 

Article
8 

Confidentiality

 

		1.	All
                                         of the parties hereto agree unless otherwise provided for in another relevant confidentiality
                                         agreement that with regard to the confidential and exclusive information that has been
                                         disclosed to or may be disclosed to the other parties by any party to this Agreement
                                         pertaining to their respective businesses, or financial situations and other confidential
                                         matters, all parties to this Agreement which have received the aforesaid confidential
                                         information (including written information and non-written information, hereinafter referred
                                         to as “Confidential Information”) shall:

 

		(a)	Keep
                                         the aforesaid Confidential Information in confidence; and

 

		(b)	Not
                                         disclose the Confidential Information to any Third Party or any entity.

 

    	 	13	 

     

    

 

		2.	The
                                         Provisions of Section 1 of this Article 9, shall not apply to Confidential Information:

 

		(a)	which
                                         was available to the receiving party from the written records procured by the receiving
                                         party from the disclosing party before the disclosing party disclosed the information
                                         to the receiving party;

 

		(b)	which
                                         has become public information by means not attributable to any breach by the receiving
                                         party; or

 

		(c)	which
                                         was obtained, by the receiving party from a Third Party not subject to any confidentiality
                                         obligation affecting the said Confidential Information.

 

Article
9 

Miscellaneous

 

		1.	Entire
                                         Agreement. This Agreement and the schedules hereto, constitute the entire agreement
                                         among the parties hereto with respect to the subject matter hereof.

 

		2.	Notices.
                                         Any notice permitted or required under this Agreement shall be deemed to have been given
                                         if the notice is in writing and personally served, mailed by registered or certified
                                         mail (return receipt requested), mailed by courier with confirmed receipt or sent by
                                         facsimile with confirmation, or by registered mail, to the parties at the addresses set
                                         forth in the preamble of this Agreement. Each party may change its address by giving
                                         similar notice. Notices given as provided herein shall be deemed effective as of the
                                         date sent or facsimile transmission.

 

		3.	Amendments;
                                         Waivers. No provision of this Agreement may be waived or amended except in a writing
                                         signed by all of the parties hereto. No such waiver will be deemed to be a waiver of
                                         any other or further obligation or liability of the party or parties in whose favor the
                                         waiver was given.

 

		4.	Construction.
                                         This Agreement shall be construed as if drafted jointly by the parties, and no presumption
                                         or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
                                         of any provisions of this Agreement or any documents contemplated thereby.

 

		5.	Successors
                                         and Assigns. This Agreement shall be binding upon and inure to the benefit of the
                                         parties and their successors and permitted assigns. Neither party hereto may not assign
                                         this Agreement or any rights or obligations hereunder without the prior written consent
                                         of the other parties hereto.

 

		6.	No
                                         Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties
                                         hereto and their respective successors and permitted assigns and is not for the benefit
                                         of, nor may any provision hereof be enforced by, any other person or entity.

 

		7.	Governing
                                         Law. All questions concerning the construction, validity, enforcement and interpretation
                                         of this Agreement shall be governed by and construed and enforced in accordance with
                                         the internal laws of the State of New York in the United States, without regard to the
                                         principles of conflicts of law thereof.

 

		8.	Survival.
                                         The representations, warranties, agreements and covenants contained herein shall survive
                                         the Closing.

 

		9.	Execution.
                                         This Agreement may be executed in one or more counterparts each of which shall be deemed
                                         an original, but all of which shall together constitute one and the same instrument.

 

		10.	Severability.
                                         Each provision of this Agreement shall be considered severable and, if for any reason
                                         any provision or provisions hereof are determined to be invalid or contrary to applicable
                                         law, such invalidity or illegality shall not impair the operation of or affect the remaining
                                         portions of this Agreement.

 

[signature
page to follow]

 

    	 	14	 

     

    

 

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

 

	 	Rebel Group, Inc.
	 	 	 
	 	By:	/s/
    Justin Aan Yee Leong
	 	Name: 	Mr.
    Justin Aan Yee Leong
	 	Title:	President
    and CEO
	 	 	 
	 	Pure Heart Entertainment Pte Ltd.
	 	 	 
	 	By:	/s/
    Khian Kiee Leong
	 	Name:	Mr.
    Khian Kiee Leong
	 	Title:	Director
	 	 	 
	 	Shareholder
	 	 	 
	 	By:	/s/
    Naixin Qi
	 	 	ID No.370202197706101428

 

    	 	15	 

     

    

 

Exhibit
A

 

Details
re Debt of Target Company as of the Signing Date

 

	 	 	$	 
	Amount owing as at December 2016	 	 	896,631	 
	Advances and payments on behalf in 2017	 	 	1,928,369	 
	 	 	 	2,825,000	 

 

 

16Exhibit 4.1

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT (“Agreement”)
dated as of October 4, 2017 is between Black Ridge Acquisition Corp., a Delaware corporation, (“Company”), and Continental
Stock Transfer & Trust Company, a New York corporation (“Warrant Agent”).

 

WHEREAS, the Company has received a binding
commitment from Black Ridge Oil & Gas, Inc., the Company’s sponsor (“Sponsor”), to purchase up to an aggregate
of 445,000 units (each a “Unit”), each Unit comprised of one share of common stock of the Company, par value $0.0001
per share (“Common Stock”), one right to receive one-tenth of one share of Common Stock and one warrant, each warrant
to purchase one share of Common Stock for $11.50 per share, subject to adjustment as described herein, and in connection therewith,
will issue and deliver up to an aggregate of 445,000 warrants (“Sponsor’s Warrants”) upon consummation of such
private placement; and

 

WHEREAS, the Company is engaged in a public
offering (“Public Offering”) of Units and, in connection therewith, has determined to issue and deliver (i) up to 13,800,000
warrants (the “Public Warrants”), to the public investors and (ii) 600,000 warrants (underlying unit purchase options)
to EarlyBirdCapital, Inc. (“EBC”) and/or its designees (the “EBC Warrants”); and

 

WHEREAS, following consummation of the Public
Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Sponsor’s Warrants,
Public Warrants and EBC 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 a Registration Statement on Form S-1, No. 333-220516 (“Registration Statement”)
for the registration, under the Securities Act of 1933, as amended (“Act”), of, among other securities, the Public
Warrants and the EBC 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, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
of Directors or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile
of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased
to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same
effect as if he or she had not ceased to be such at the date of issuance.

 

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

 

    2 

     

    

 

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

 

2.4.            Registration.

 

    2.4.1.            Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company.

 

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

 

2.5.            Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 90th day following
the date of the prospectus or, if such 90th day is not on a day, other than Saturday, Sunday or federal holiday, on
which banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding
Business Day following such date, or earlier with the consent of EBC, but in no event will EBC allow separate trading of the securities
comprising the Units until (i) the Company has filed a Current Report on Form 8-K which includes an audited balance sheet reflecting
the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the Company from the
exercise of the underwriters’ over-allotment option in the Public Offering, if the over-allotment option is exercised prior
to the filing of the Form 8-K, and (ii) the Company has issued a press release and has filed a Current Report on Form 8-K announcing
when such separate trading shall begin (the “Detachment Date”).

 

2.6.            Sponsor’s
Warrant Attributes. The Sponsor’s Warrants will be issued in the same form as the Public Warrants but they (i) will not
be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis at the holder’s option, in either
case as long as the Sponsor’s Warrants are held by the Sponsor or its affiliates and permitted transferees (as prescribed
in Section 5.6 hereof). Once a Sponsor’s Warrant is transferred to a holder other than an affiliate or permitted transferee,
it shall be treated as a Public Warrant hereunder for all purposes.

 

    3 

     

    

 

2.7.            EBC
Warrants. The EBC Warrants, when issued, shall have the same terms and be in the same form as the Public Warrants. The provisions
of this Section 2.7 may not be modified, amended or deleted without the prior consent of EBC.

 

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

 

3.            Terms and Exercise
of Warrants

 

3.1.            Warrant
Price. Each whole Warrant shall, when countersigned by the Warrant Agent, 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 refers to the price per share at which the 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 applied consistently to all of the Warrants.

 

3.2.            Duration
of Warrants. A Warrant may be exercised only during the period commencing on the later of 30 days after the consummation by
the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration
Statement) or 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City time on the earlier
to occur of (i) five years from the consummation of a Business Combination and (ii) the Redemption Date as provided in Section
6.2 of this Agreement (“Expiration Date”). The period of time from the date the Warrants will first become exercisable
until the expiration of the Warrants shall hereafter be referred to as the “Exercise Period.” Except with respect to
the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close
of business on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the
Expiration Date; provided, however, that the Company will provide at least twenty (20) days prior written notice of any such extension
to registered holders and, provided further that any such extension shall be applied consistently to all of the Warrants.

 

    4 

     

    

 

3.3.          Exercise
of Warrants.

 

 3.3.1.            Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised
by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant
Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed,
and by paying in full the Warrant Price for each 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, as follows:

 

 (a)            by
good certified check or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company); or

 

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

 

 (c)            with
respect to any Sponsor’s Warrants, so long as such Sponsor’s Warrants are held by the Sponsor or its permitted transferees,
by surrendering such Sponsor’s 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 exercise
price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless
exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of
this Section 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale price of the Common Stock
for the five (5) trading days ending on the third trading day prior to the date of exercise; or

 

    5 

     

    

 

(d)                in
the event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after
the closing of a Business Combination, by surrendering such 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 exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however,
that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely
for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last sale price of the
Common Stock for the five (5) trading days ending on the day prior to the date of exercise.

 

 3.3.2.            Issuance
of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates for the
number of 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 countersigned Warrant for the number of shares as to
which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net
cash settle the Warrant exercise. No Warrant shall be exercisable 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 under the securities laws of the state of residence of the registered holder of the Warrants. In the event
that the condition in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant
shall not be entitled to exercise such Warrant 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. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which
such exercise would be unlawful.

 

    6 

     

    

 

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 nonassessable.

 

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

 

3.3.5.            Maximum Percentage. A holder
of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection
3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the
election is made by a holder, the Warrant Agent 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 9.8% (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 Securities and Exchange Commission as
the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or Continental Stock
Transfer & Trust Company 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.

 

    7 

     

    

 

4.            Adjustments.

 

4.1.            Stock
Dividends; Split Ups. If after the date hereof, 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 outstanding shares of Common Stock.

 

4.2.            Aggregation
of Shares. If after the date 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            Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the shares of Common Stock or other shares of the Company’s capital
stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value
(as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid on each share of
Common Stock in respect of such Extraordinary Dividend; provided, however, that none of the following shall be deemed an Extraordinary
Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions
which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Common Stock during
the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (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)
but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any
payment to satisfy the conversion rights of the holders of the shares of Common Stock in connection with a proposed initial Business
Combination or (d) any payment in connection with the Company’s liquidation and the distribution of its assets upon its failure
to consummate a Business Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding
and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions
on the Common Stock during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price
will be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the
difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period,
including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash
distributions paid or made in such 365-day period prior to such $0.35 dividend)).

 

    8 

     

    

 

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

 

4.5.            Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock),
or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger
in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the
Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and
in lieu of the 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 Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event; and if any reclassification also results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then such
adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

    9 

     

    

 

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

 

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

 

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

 

    10 

     

    

 

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

 

5.            Transfer and
Exchange of Warrants.

 

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

 

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

 

    11 

     

    

 

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

 

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

 

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

 

5.6.            Sponsor’s
Warrants. The Warrant Agent shall not register any transfer of Sponsor’s Warrants until after the consummation by the
Company of an initial Business Combination, except for transfers (i) to the Sponsor’s or the Company’s officers, directors,
employees, consultants or their affiliates, (ii) to a holder’s officers, directors, employees or members upon the holder’s
liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s immediate family
or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family for estate planning purposes,
(iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to
the Company for no value for cancellation in connection with the consummation of a Business Combination or (vii) in connection
with the consummation of a Business Combination, by private sales at prices no greater than the price at which the Sponsor’s
Warrants were originally purchased, in each case (except for clause (vi)) on the condition that prior to such registration for
transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal
guardian for such transferee agrees to be bound by the terms of the Founder Warrants Purchase Agreement and any other applicable
agreement the transferor is bound by.

 

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

 

    12 

     

    

 

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 during the Exercise Period (so long as there is a current registration statement in effect with respect to the shares
of Common Stock underlying the Warrants), at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the
price of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock equals or exceeds
$18.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty
(30) trading day period ending on the third business day prior to the date on which notice of redemption is given.

 

6.2.            Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Public 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 to the registered holders of the Warrants
to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

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

 

6.4            Exclusion
of Certain Warrants. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption.
However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the
criteria for redemption is met. Additionally, the Company agrees that the redemption rights provided in this Section 6 shall not
apply to the Sponsor’s Warrants if at the time of the redemption such Sponsor’s Warrants continue to be held by the
Sponsor or its permitted transferees. However, once such Sponsor’s Warrants are transferred (other than to permitted transferees
under Section 5.6), the Company may redeem the Sponsor’s Warrants in the same manner as the Public Warrants. The provisions
of this Section 6.4 may not be modified, amended or deleted without the prior written consent of EBC.

 

    13 

     

    

 

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

 

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

 

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

 

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

 

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

 

    14 

     

    

 

8.            Concerning the
Warrant Agent and Other Matters.

 

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

 

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

 

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

 

    15 

     

    

 

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 shares of 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 will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

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

 

    16 

     

    

 

8.4.          Liability
of Warrant Agent.

 

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

 

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

 

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

 

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

 

    17 

     

    

 

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:

 

Black Ridge Acquisition Corp.

c/o Black Ridge Oil & Gas, Inc.

110 North 5th Street, Suite 410

Minneapolis, Minnesota 55403

Attn:

 

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

 

Continental Stock Transfer & Trust Company

1 State Street Plaza

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

 

Stinson Leonard Street LLP

150 South Fifth Street, Suite 2300

Minneapolis, MN 55402

Attn: Jill R. Radloff

 

    18 

     

    

 

and

Greenberg Traurig, LLP

Met Life Building

200 Park Avenue

New York, New York 10166

Attn: Alan I. Annex, Esq.

 

and

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10017

Attn: David M. Nussbaum, Chairman

 

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

 

9.4.            Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants and, for the purposes of Sections 2.7, 6.4, 7.4, 9.4 and 9.8 hereof, EBC, any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. EBC shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.7, 6.4, 7.4, 9.4 and 9.8
hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the
sole and exclusive benefit of the parties hereto (and EBC with respect to the Sections 2.7, 6.4, 7.4, 9.4 and 9.8 hereof) and their
successors and assigns and of the registered holders of the Warrants.

 

    19 

     

    

 

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

 

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

 

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

 

9.8            Amendments.
This Agreement may be amended by the parties hereto (and EBC, if required) without the consent of any registered holder for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or
changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary
or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written
consent or vote of the registered holders of (i) a majority of the then outstanding Public Warrants, Sponsor’s Warrants and
EBC Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation of a Business
Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken after the
consummation of a Business Combination. 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.

 

    20 

     

    

 

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

 

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

 

[signature page follows]

 

    21 

     

    

 

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

 

	 	BLACK RIDGE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Ken DeCubellis
	 	 	  Name: Ken DeCubellis
	 	 	  Title:   Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/ Kevin Jennings
	 	 	  Name: Kevin Jennings
	 	 	  Title:   Vice President

 

    22

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