Document:

Exhibit 10.1

 

 

 

 

 

WARRANTY AGREEMENT

 

 

 

 

 

BY AND BETWEEN

 

ARKEMA

 

on the one hand,

 

AND

 

TRINSEO,

 

on the other hand,

 

 

 

 

 

 

 

Dated: March 19, 2021

 

 

 

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

	Article I INTERPRETATION	2
	1.1     Certain Definitions	2
	1.2     Additional Definitions	11
	1.3     Principles of Interpretation	12
	1.4     Parties to the Agreement	13
	Article II REPRESENTATIONS AND WARRANTIES OF THE SELLERS	14
	2.1     Scope of the representations and warranties	14
	2.2     Financial Statements	14
	2.3     Changes in the Business	15
	2.4     Tax Matters	15
	2.5     Real Property	17
	2.6     Intellectual Property	18
	2.7     Compliance with Law	20
	2.8     Permits	20
	2.9     Environmental Matters	20
	2.10   International Trade and Anti-Corruption	21
	2.11   Proceedings	21
	2.12   Material Contracts	22
	2.13   Insurance	23
	2.14   Personal Property; Title	23
	2.15   Sufficiency of Assets	24
	2.16   Employment Matters	24
	2.17   Customers and Suppliers	27
	2.18   Transactions with Affiliates	28
	Article III REPAYMENT OBLIGATION	28
	3.1     Repayment Obligation;  Limitation on Quantum	28
	3.2     Time Limits for Claims	28
	3.3     Payment	29
	3.4     Exclusions	29
	3.5     Further Exclusions	29
	3.6     Local Sale Agreements and Pre-Closing Reorganization Arrangements	30
	Article IV MISCELLANEOUS	30
	4.1     Termination	30
	4.2     Confidentiality	30
	4.3     Costs and Expenses	31
	4.4     Professional Advice	31
	4.5     Unforeseeability	31
	4.6     Specific Performance	31
	4.7     Express Waivers	31
	4.8     Sellers’ Agent	31
	4.9     Notices	32
	4.10   Entire Agreement	33
	4.11   No Third Party Rights; Assignment	33
	4.12   Severability	33
	4.13   Waivers and Amendments	34
	4.14   Governing Law and Submission to Jurisdiction	34

 

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List of Annexes and Schedules:

 

	Annex A Sellers	37
	Annex B Distribution Entities	38
	Annex C Transferred Intellectual Property	39
	Annex D Data Room Documentation	40
	Annex E Knowledge of the Sellers	41
	Annex 4.9: Notice	42
	Schedule 2.3: Changes in the Business	43
	Schedule 2.4: Tax Matters	43
	Schedule 2.4(o): Tax Classification	43
	Schedule 2.5(a): Owned Real Properties	43
	Schedule 2.5(b): Leased Real Properties	43
	Schedule 2.6(a): List of Registered IP Rights	43
	Schedule 2.6(b): Intellectual Property Matters	43
	Schedule 2.6(d): IP Agreements	43
	Schedule ‎2.7: Compliance with Law	43
	Schedule 2.8: Permits	43
	Schedule 2.9(a): List of Facilities subject to Environmental Laws	43
	Schedule ‎2.9(b): Environmental Matters	43
	Schedule 2.11: Proceedings	43
	Schedule 2.12(a): List of Material Contracts	43
	Schedule 2.12(b): Material Contracts Matters	43
	Schedule 2.12(c): Material Contracts subject to termination right	43
	Schedule 2.13: List of all material insurance policies	43
	Schedule 2.14: Personal Property	43
	Schedule 2.15: Sufficiency of Assets	43
	Schedule 2.16(a): List of Eligible Transferred Employees	43
	Schedule 2.16(b): Change of control HR provisions	43
	Schedule 2.16(c): Change in compensation	43
	Schedule 2.16(d): Collective labor matters	43
	Schedule 2.16(f): List of material Benefit Plans	44
	Schedule ‎2.16(o): Benefit Plans liabilities	44
	Schedule 2.17: Customers and Suppliers	44

 

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WARRANTY
AGREEMENT

 

THIS WARRANTY AGREEMENT,
dated March 19, 2021 (as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms,
this “Agreement”), is by and between:

 

(i)                
Arkema, a French société anonyme with its registered offices at 420, rue d’Estienne d’Orves,
92700 Colombes, France and registered with the registry of commerce and company of Nanterre under number 445 074 685 (“Arkema”)
acting in the name and on behalf of its Subsidiaries listed in ‎Annex
A (such controlled Affiliates, the “Sellers”);

 

on the one hand,

 

AND

 

(ii)              
Trinseo S.A., a Luxembourg société anonyme with its registered offices at 26-28 rue Edward Steichen,
L-2540, Luxembourg, Grand Duchy of Luxembourg and registered with the registry of commerce and company of Luxembourg under number
B 153549 (the “Purchaser”);

 

on the other hand.

 

RECITALS:

 

WHEREAS:

 

(A)             
As of the date hereof, Arkema is engaged, indirectly through certain of its Subsidiaries, in the Business as follows:

 

(1)               
Arkema Inc. is, among other activities, engaged in the Business, and the Business as currently conducted by Arkema Inc.
is referred to as the “US Business”;

 

(2)               
Arkema S.r.l. is, among other activities, engaged in the Business, and the Business as currently conducted by Arkema S.r.l.
is referred to as the “Italian Business”;

 

(3)               
Arkema Mexico and Arkema Mexico Servicios are, among other activities, engaged in the Business, and the Business as currently
conducted by Arkema Mexico and Arkema Mexico Servicios is referred to as the “Mexican Business”;

 

(4)               
Altuglas International Denmark A/S, a Danish company with its registered offices at Industrivej 16, 9700 Brønderslev,
Denmark, registered with the registry of commerce and companies of Denmark (CVR-registeret) under number 12505078 (“Altuglas
International Denmark”) is exclusively engaged in the Business;

 

(5)               
Altuglas International SAS, a French société par actions simplifiée with its registered offices
at 420, rue d’Estienne d’Orves, 92700 Colombes, France, registered with the registry of commerce and companies of Nanterre
under number 388 432 171 (“Altuglas International”) is exclusively engaged in the Business;

 

(6)               
certain Subsidiaries of Arkema that are listed in ‎Annex B (the “Distribution Entities”)
are, among other activities, engaged in the sale of Products as distributor or agent; and

 

(7)               
Arkema France holds the Intellectual Property Rights identified in ‎Annex C (collectively, “Transferred
Intellectual Property”).

 

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(B)              
 It is contemplated that, as part of the Pre-Closing Reorganizations:

 

(1)               
Arkema Inc., Arkema Mexico, Arkema Mexico Servicios and Arkema S.r.l. will, prior to the Closing, transfer all their assets,
properties and rights used primarily in the conduct of, respectively, the US Business, the Italian Business and the Mexican Business
other than the Excluded Assets (as described in the SPA the “Transferred Assets”), and all of their liabilities
to the extent related thereto other than the excluded liabilities (as described in the SPA, the “Transferred Liabilities”)
to, respectively, US NewCo, Mexican NewCo and Italian NewCo; and

 

(2)               
Italian NewCo and Altuglas International will make employment offers to certain employees of the Distribution Entities dedicated
to the Business (as described in the SPA).

 

(C)             
Arkema, the Sellers and the Purchaser have entered into a Share Purchase Agreement, dated even-date herewith (as such agreement
may be amended, supplemented or otherwise modified from time to time in accordance with its terms, the “SPA”),
providing for the sale by the Sellers to the Purchaser of the Transferred Shares and the Transferred Intellectual Property in accordance
with the terms and conditions set forth in the SPA (the “Transaction”).

 

(D)             
In connection with the sale of the Transferred Shares and the Transferred Intellectual Property pursuant to the SPA, the
Sellers have agreed to give the representations and warranties set out in this Agreement for the sole purpose of the subscription
of the W&I Insurance Policy by the Purchaser with the W&I Insurers.

 

NOW, THEREFORE,
the Parties do hereby agree as follows:

 

Article
I

INTERPRETATION

 

1.1              
Certain Definitions. In addition to such terms as are defined elsewhere in this Agreement, wherever used in this
Agreement (including the Recitals):

 

“Accounting
Principles” means (a) the principles specifically set forth in Part 1 of Annex F, (b) the
accounting policies, principles, practices, evaluation rules and procedures, methods and bases applied by Arkema and its Subsidiaries
in their group consolidation accounts as of December 31, 2019, as described in Part 3 of Annex F and
(c) to the extent not covered by (a) and (b), in accordance with IFRS. For the avoidance of doubt, clause (a) shall take precedence
over clause (b);

 

“Affiliate”
when used with reference to a specified Person, means any Person that, directly or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with the specified Person; for the purpose of this Agreement, the term “control”
(including the terms “controlling”, “controlled by” and “under common control with”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise; provided that:

 

(i)       
with respect to the Sellers, the ultimate controlling Person of the Sellers shall be deemed to be Arkema; and

 

(ii)       
the Transferred Companies shall be deemed to be Affiliates of the Sellers until the Closing and to be Affiliates of the Purchaser
immediately after the Closing;

 

“Ancillary
Agreements” means, collectively, the agreements identified in Annex G of the SPA;

 

“Anti-Corruption
Laws” means all applicable U.S. and non-U.S. Laws relating to the prevention of corruption and bribery, including, as
applicable, the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the UK Bribery Act of 2010;

 

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“Arkema Group”
means the group of companies composed of Arkema and its Subsidiaries (other than the Transferred Companies);

 

“Arkema Korea”
means Arkema Co. Ltd, a South Korean company with its registered offices at 7F, 21 Gukhoe Daero 62 Gil- Yeongdeungpo-GU Seoul 07236
South Korea, registered with the Commercial Registry of Seoul under number 10111-0921167;

 

“Benefit
Plan” means:

 

(i)                
any severance agreements or other Contracts providing for compensation of the Eligible Transferred Employees in case of
termination of employment or completion of the Transaction;

 

(ii)              
any “employee benefit plan” (as defined in Section 3(3) of ERISA); or

 

(iii)            
any (u) employment, individual consulting, retention, change in control or separation Contract or arrangement (v) bonus,
incentive or profit sharing plans or arrangements, (w) company savings plans or arrangements, (x) equity or equity-based or stock
purchase or stock option plans or arrangements, (y) pension or retirement plans or arrangements, or (z) health, welfare, paid
time off, fringe, severance, retiree or post-termination health or welfare, or any other, working conditions, benefit or compensation
plans, policies, programs, agreements or arrangements; which are, in each case, (1) sponsored or maintained by any Seller or any
of their Affiliates and covering Eligible Transferred Employees, (2) sponsored, maintained, contributed to (or required to be contributed
to) by any Transferred Company, or (3) under, or with respect to which, any Transferred Company has any current or contingent liability
or obligation, except, in all cases, plans or arrangements (x) sponsored or maintained by a Governmental Authority or (y) which
are no more favourable in any material respect than the minimum requirements or standards imposed under applicable non-U.S. Law;

 

“Brazilian
Distribution Agreement” means the distribution agreement to be entered into on the Closing Date by and between Arkema
Quimica, on the one hand, and Italian NewCo and US NewCo, on the other hand, pursuant to which Arkema Quimica will act as exclusive
distributor of the Products in Brazil, substantially in the form set forth in Annex G-28 in the SPA;

 

“Business”
means the business of researching, developing, manufacturing, regenerating, marketing, distributing and selling the Products, but
excluding (i) the Retained Business and (ii) the activities conducted at Arkema Group’s research centers;

 

“Business
Day” means a day, other than a Saturday or Sunday, on which commercial banking institutions are open for ordinary banking
business in (i) Bristol, Pennsylvania, USA, (ii) Louisville, Kentucky, USA, (iii) King of Prussia, Pennsylvania,
USA, (iv) Milan, Italy, (v) Mexico City, Mexico, (vi) Paris, France, (vii) Copenhagen, Denmark and (viii) Luxembourg
City, Luxembourg;

 

“Business Plan”
means each Benefit Plan (i) sponsored or maintained by a Transferred Company or (ii) substantially covering Eligible Transferred
Employees or any other current or former employees, officers, directors or individual service providers of the Business, and in
each case for which a Transferred Company or the Purchaser will have liability following the Closing;

 

“CARES Act”
means the Coronavirus Aid, Relief, and Economic Security Act (Pub. L. 116-136) and any administrative or other guidance (including
Internal Revenue Service Notice 2020-22) published with respect thereto by any Governmental Authority and the Memorandum on Deferring
Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, dated August 8, 2020.

 

“CBA”
means any collective bargaining agreement or other Contract with any labor union, works council, labor organization or employee
representative;

 

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“Closing”
means the completion of the sale of the Transferred Shares and the Transferred Intellectual Property in accordance with the terms
of the SPA;

 

“Closing Date”
means the date of the Closing;

 

“Computer Systems”
means the software and the computer systems, servers, hardware, firmware, middleware, networks, workstations, routers, hubs, switches,
data communication equipment and lines, telecommunications equipment and lines, co-location facilities and equipment, information
technology equipment and related items of automated and computerized systems, including any outsourced systems and processes (e.g.,
hosting locations);

 

“Confidentiality
Agreement” means that certain confidentiality letter agreement dated July 9, 2020 entered into by the Purchaser and Arkema
France;

 

“Contract”
means any contract, agreement, obligation, promise, commitment or other undertaking;

 

“COVID-19”
means SARS-CoV-2 or COVID-19, and any evolutions thereof, or related, associated or similar epidemics, pandemic or disease outbreaks;

 

“Damages”
means any damages, losses or costs (including reasonable attorney's or other advisors' fees and expenses) but excluding any damages
or losses which are contingent, potential, indirect, consequential or punitive, any loss of future revenues, income or profits
(manque à gagner) or any loss of opportunity (perte d’une chance)); it being specified that no price/earnings
or similar multiplier or valuation factor (whether or not implicit in the Purchase Price) shall be used for purposes of computing
the amount of any Damages suffered by the Purchaser or any of the Transferred Companies;

 

“Danish
Tax Integration Group” means the Danish corporate income tax integration group (national sambeskatning) whose
administration company is A/S LIP Bygningsartikler. Nørre Aaby, a Subsidiary of Arkema;

 

“Data Room”
means the electronic data room hosted by Merrill Corporation to which the Purchaser and its representatives and advisors had access
under the name “Mallarmé” from October 9, 2020 to December 10, 2020 (included) and, with respect to folder 23
(Ronsard) only, December 12, 2020 (included);

 

“Data Room Documentation”
means all documents, material and information of any nature whatsoever disclosed to the Purchaser, its advisors, representatives
or employees in the Data Room, a list of which is attached as Annex I; it being specified that all the Data Room
Documentation has been copied onto a series of secured individual storage devices (the “Storage Devices”) of
which (x) one set has been provided to the Purchaser on the Put Option Date, (y) one set has been retained by the Sellers’
Agent on the Put Option Date and (z) one set has been delivered jointly by the Purchaser and the Sellers’ Agent to the
notarial office of Rémi Canales, located at 137, rue de l'Université, 75007 Paris, France, on the date hereof;

 

“Data Security
Requirements” means, collectively, (i) each Transferred Company’s own rules, policies, and procedures (whether
physical or technical in nature, or otherwise), (ii) all applicable Laws, and (iii) Contracts that each Transferred Company has
entered into or by which they are bound; in each case relating to (a) confidential or sensitive information, (b) personally
identifiable information, or (c) other information protected by privacy or security laws, or security breach notification
requirements;

 

“Disclosed
Information” means, collectively, the Information Memorandum, the VDD Reports, the Data Room Documentation and the Q&A
Answers, as well as any other written material and information all of which as included in the Storage Devices;

 

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“Eligible
Transferred Employees” means, collectively, (i) the employees of Arkema Inc. (including the US Employees), Arkema
S.r.l. and Arkema Mexico Servicios dedicated primarily to, respectively, the US Business, the Italian Business and the Mexican
Business, on and as of the Put Option Date, (ii) the employees of the Distribution Entities dedicated to the Business identified
in Annex N to the SPA, (iii) the employees of Altuglas International and Altuglas International Denmark on and as of the Put
Option Date and (iv) the Other Business Employees;

 

“Elium Products”
means the liquid reactive thermoplastic acrylic resins which may
include MMA) which is used in conjunction with fibers (carbon fiber, glass fiber or any other fiber) to produce composite product;

 

“Encumbrance”
means any pledge of real or personal property, lien, right of retention, charge, ownership right or other security or similar third
party right (including, in the case of real property, rights of way, use restrictions, and other reservations or limitations of
any nature restricting the ownership or transfer of the relevant asset or right and excluding, for the avoidance of doubt: (i) any
restrictions or limitations on transfer of any securities set forth in the Organizational Documents of the Transferred Companies,
and (ii) any pledge, lien, right, charge or other security created or granted by the Purchaser or any of its Affiliates;

 

“Entity”
means any company, partnership (limited or general), joint venture, trust, investment fund, association, economic interest group
or other organization, enterprise or entity (in all cases granted or not with the legal personality (personnalité morale));

 

“Environment”
means ambient air, indoor air, soil gas, surface water, groundwater, land surface, subsurface strata and soil, and any other environmental
media, and natural resources, as well as any living organism and ecological system supported by those media;

 

“Environmental
Law” means any Law or Judgment related (i) to protection of the Environment or human health and safety (including
public safety and product safety and chemical control (e.g., REACH) Laws, Laws regulating noise levels and other nuisances,
and occupational health and safety Laws pertaining to exposures to Hazardous Materials and matters relating to occupational accidents
or illnesses (accidents du travail ou maladies professionnelles)), (ii) to minimization, prevention, punishment, or
remediation of the consequences of actions or omissions that damage or threaten the Environment or (iii) to regulation of
the use, handling, transportation, storage, disposal or arranging for disposal, release, dumping and destruction of, or exposure
to, Hazardous Materials; all of the foregoing including but not limited to the Comprehensive Environmental Response, Compensation
and Liability Act (CERCLA) and the Resource Conservation and Recovery Act (RCRA) and their foreign, state and local counterparts
as well as any requirement, standard, or Governmental Authorization enforceable by a Governmental Authority for protection of the
Environment;

 

“Environmental
Liabilities” mean any Liabilities (including investigatory, corrective or remedial obligations or any Liabilities for
property damages, natural resource damages, costs of environmental remediation, costs of operation and maintenance of any remedial
systems, monitoring or oversight by a Governmental Authority, fines, penalties or indemnities) arising under or related to Environmental
Law, including those directly or indirectly resulting from or based upon (a) any actual or alleged violation of any Environmental
Law, (b) the generation, use, manufacture, distribution, handling, transportation, disposal or arrangement for disposal, storage
or treatment of any Hazardous Materials, (c) human exposure to any Hazardous Materials, (d) the release or threatened release of
any Hazardous Materials into the Environment or (e) any contract, agreement or other binding consensual arrangement to the extent
Liability is assumed or imposed with respect to any of the foregoing;

 

“ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended;

 

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“Excluded Assets”
means the assets, properties and rights excluded from the definition of “Transferred Assets” in the SPA;

 

“Ex-Im Laws”
means all U.S. and non-U.S. Laws relating to export, reexport, transfer, and import controls, including, without limitation, the
Export Administration Regulations, the International Traffic in Arms Regulations, the customs and import Laws administered by U.S.
Customs and Border Protection, and the EU Dual Use Regulation;

 

“Fairly Disclosed”
means disclosed in such a manner reasonably apparent to allow a Third Party, acting reasonably, to identify in a clear manner the
nature and scope of the fact, matter or event disclosed;

 

“French Tax
Integration Group” means the French corporate income tax integration group (groupe d’intégration fiscale
IS) whose parent company is Arkema under the French tax integration group agreement (convention d’intégration
fiscale) entered into between Arkema and Altuglas International on January 1, 2014 (the “French Tax Integration Agreement”);

 

“Government
Official” means any officer or employee of a Governmental Authority or any person acting in an official capacity for,
or on behalf of, any such Governmental Authority;

 

“Governmental
Authority” means any domestic, foreign or supranational court or other judicial authority or governmental, administrative,
arbitral or regulatory body, department, agency, commission, bureau or other authority (including any industry or other self-regulating
body);

 

“Governmental
Authorization” means any approval, consent, permit, registration, ruling, license, waiver, exemption or other authorization
(including the lapse, without objection, of a prescribed time under a statute or regulation that states that a transaction may
be implemented if a prescribed time lapses following the giving of notice without an objection being made) issued, granted, given
or otherwise made available by or under the authority of any Governmental Authority or pursuant to any Law;

 

“Hazardous Materials”
means any substance, material, waste or compounds (including any substance which is regulated or classified under any applicable
Environmental Laws as mutagenic or carcinogenic or otherwise classified as a physical, health or environmental hazard under any
applicable Environmental Laws), for which liability or standards of conduct may be imposed, or the presence of which may require
investigation, prevention, regulation, reduction, or remedy under any Environmental Laws, including those substances or compounds
which are identified as “hazardous waste”, “hazardous substance”, “hazardous material”, “dangerous
material”, “toxic substance”, “hazardous constituent”, waste, pollutant or contaminant under any
applicable Environmental Laws, and including asbestos, radioactive materials, petroleum and petroleum products, polychlorinated
biphenyls (PCBs), per- and poly fluoroalkyl substances (PFAS) and derivatives;

 

“IFRS”
means International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB).

 

“Information
Memorandum” means the Information Memorandum relating to the Transaction dated October 2020 prepared by Arkema as included
in the Storage Devices;

 

“Intellectual
Property Right” means all intellectual property and associated rights, worldwide, whether registered or
unregistered, including (i) all inventions (whether or not patentable or reduced to practice), utility models,
industrial designs, design registrations and certificates of invention and other governmental grants for the protection of
inventions or industrial designs, and patents, patent applications and patent disclosures and improvements thereto, including
divisionals, revisions, continuations, continuations-in-part, renewals, extensions, substitutes, re-issues, re-examinations
and statutory invention registrations therefor and any foreign equivalents of the foregoing (“Patents”),
(ii) all trademarks, service marks, trade dress, logos, trade names, Internet domain names and any other indicia of
origin, and all applications, registrations and renewals in connection therewith, and together with all of the goodwill
associated therewith (“Trademarks”), (iii) all works of authorship (whether or not copyrightable),
all copyrights and all applications, registrations and renewals in connection therewith, (iv) all trade secrets,
technologies, know-how, confidential or proprietary information or rights, and other rights in confidential and other
nonpublic information that, in each case, derive economic value from not being generally known and not being readily
ascertainable by proper means, including the right in any jurisdiction to limit the use or disclosure thereof
(“Know-How”), (v) all rights in computer programs, software, data, databases, database rights, and
collections of data, and (vi) all rights associated with each of the foregoing in any jurisdiction (including all rights in
any jurisdiction to collect royalties, products and proceeds with respect to any of the foregoing, and to sue and bring other
claims for past, present and future infringement, misappropriation or other violation of any of the foregoing, and all rights
to recover damages (including attorneys’ fees and expenses) or lost profits in connection therewith);

 

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“IP Short
Form Assignment Agreement” means the IP Short Form Assignment Agreement substantially in the form set forth in Annex
L in the SPA;

 

“Judgment”
means any award, decision, injunction, judgment, order, or ruling entered, issued, made or rendered by any court, administrative
agency or other Governmental Authority or by any arbitrator or arbitral tribunal;

 

“Knowledge of
the Sellers”, or words to similar effect, means the actual knowledge of the persons listed on Part 1 of Annex E
after due inquiry of the persons listed on Part 2 of Annex E;

 

“Law”
means any law, statute, regulation, rule, ordinance, treaty, code, order or decree of any Governmental Authority or common law
(including any judicial or administrative interpretation thereof) in force;

 

“Local Sale
Agreements” means, collectively, the agreements identified in Annex M in the SPA;

 

“NewCos”
means, together, Italian NewCo, Mexican NewCo and US NewCo;

 

“ordinary
course of business” (or similar expression) means the ordinary course of the operations of the Transferred Companies
or the Business consistent with past practices and conduct (including any Covid Actions (as this term is defined in the SPA));

 

“Organizational
Documents” means when used with respect to (i) any company or other incorporated Entity, the memorandum and articles
of association, charter, bylaws, or similar constitutive document of such company or other incorporated Entity, as filed with the
relevant commercial registry, company registrar or other Governmental Authority, if applicable, as the same may be amended, supplemented
or otherwise modified from time to time, and (ii) any partnership or other unincorporated Entity, its certificate of formation,
partnership agreement, governing agreement and/or similar constitutive document, as the same may be amended, supplemented or otherwise
modified from time to time;

 

“Other Business
Employees” means, collectively, the employees currently employed or who will be employed on the Closing Date by Arkema
France or any member of the Arkema Group and who are primarily dedicated to the Business; a list of the Other Business Employees
employed as of the Put Option Date is included in Annex H to the SPA (which list may be updated by the Sellers' Agent between the
Put Option Date and the Closing Date to reflect departure and replacement of any such Persons prior to the Closing Date);

 

“Other Transferred
Intellectual Property” means all Intellectual Property Rights owned by Arkema Inc., Arkema Mexico and Arkema S.r.l. that
are used primarily in the operation or conduct of, respectively, the US Business, the Mexican Business or the Italian Business;

 

“Parties”
means, collectively, the Sellers and the Purchaser;

 

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“Permitted Encumbrance”
means (i) any Encumbrance for Taxes or other charges due and payable by any of the Transferred Companies to any Governmental Authority
which are not yet delinquent or the amount or validity of which is being contested in good faith by appropriate Proceedings and
for which appropriate reserves have been established to the extent required by the Accounting Principles, (ii) any retention
of title provision applicable to any machinery, equipment or inventory purchased by any of the Transferred Companies, (iii) any
Encumbrances to secure worker’s compensation obligations or other similar obligations or any other statutory obligations,
(iv) mechanics’, carriers’, workers’, repairers’ and similar Encumbrances arising or incurred in the
ordinary course of business, (v) with respect to any Intellectual Property Right, any non-exclusive out-bound license granted
on such Intellectual Property Right granted in the ordinary course of business and (vi) with respect to Real Estate Property,
any (x) zoning, building code, planning entitlement and other land use and Environment Law regulating the use or occupancy
of any Real Estate Property or the activities conducted thereon which are imposed by any Governmental Authority having jurisdiction
over such Real Estate Property which are not violated by the current use or occupancy of such Real Estate Property or the operation
of the Business thereon, (y) Encumbrance arising by operation of Law, or (z) such other imperfections or irregularities
in title, charges, easements, rights of way, survey exceptions, reciprocal easement agreements, restrictions and other customary
encumbrances on title to the Real Estate Property, which, in each case, does not materially impair the transferability or use or
occupancy of the relevant asset by any of the Transferred Companies in the conduct of its business as conducted on the Put Option
Date;

 

“Person”
means a natural person, Entity, or Governmental Authority;

 

“Pre-Closing
Reorganization Arrangements” means, collectively, the Contracts to be entered into by the Sellers or their relevant Affiliates
for the purpose of the transfer of the Transferred Assets and the Transferred Liabilities as part of the Pre-Closing Reorganizations
identified in Annex N in the SPA;

 

“Pre-Closing
Reorganizations” means, collectively, the transactions described in Annex N in the SPA;

 

“Proceeding”
means any litigation, arbitration, dispute, Tax audit or other legal proceeding commenced, brought, conducted or heard by or before
any Governmental Authority;

 

“Products”
means (i) Methyl MethAcrylates (“MMA”) products and (ii) (a) Polymethyl MethAcrylates (“PMMA”)
molding compounds (also referred to as “resins”) and (b) PMMA sheets;

 

“Purchase
Price” means the consideration for the Transferred Shares and the Transferred Intellectual Property determined in accordance
with the provisions of the SPA;

 

“Put Option
Agreement” means the put option agreement entered into on the Put Option Date between the Purchaser as “Purchaser”
and Arkema as “Beneficiary” relating to the Transaction;

 

“Put Option
Date” means December 14, 2020;

 

“Q&A
Answers” means the answers provided by or on behalf of any of the Sellers or the Transferred Companies, their advisors,
representatives or employees to the queries of the Purchaser or its advisors in connection with the information set out in the
Data Room or the VDD Reports or during site visits or Q&A sessions, all of which as included in the Storage Devices;

 

    8

     

    

 

“Real Estate
Property” means any real property, together with all buildings, fixtures and improvements erected thereon, and other
interests in, real property;

 

“Records”
means any and all contracts, books, registers, minutes, accounts, financial, accounting or tax information and documents, or other
documents or written data maintained by an entity within the frame of its activities;

 

“Remaining
Intragroup Agreements” means the Intragroup Agreements identified as remaining in force after Closing in Annex J in the
SPA;

 

“Retained Business”
means:

 

(i)                
(x) the business of developing, manufacturing and regenerating PMMA Products in the South Korean Plant, for so long as such
plant remains operational and owned by Arkema or an Affiliate of Arkema and (y) the business of marketing, distributing and
selling the PMMA Products manufactured in the South Korean Plant as currently conducted by Arkema Korea;

 

(ii)              
the business of developing, manufacturing, regenerating, recycling, marketing, distributing and selling Elium Products (including
the agreements related thereto);

 

(iii)            
the business to the extent related to all 3D printing inventions relating to transparent materials (other than such materials
that are limited to PMMA); and

 

(iv)             
the business of distributing Products by Arkema Quimica pursuant to, and in accordance with, the terms and conditions set
forth in the Brazilian Distribution Agreement;

 

“Sanctioned
Country” means any country or region that is or in the last three (3) years has been the subject or target of a comprehensive
embargo under Sanctions Laws (including Cuba, Iran, North Korea, Sudan, Syria, Venezuela, and the Crimea region of Ukraine);

 

“Sanctioned
Person” means any individual or entity that is the subject or target of sanctions or restrictions under Sanctions Laws
or Ex-Im Laws, including: (i) any individual or entity listed on any applicable U.S. or non-U.S. sanctions- or export-related restricted
party list, including, without limitation, OFAC’s Specially Designated Nationals and Blocked Persons List and the Consolidated
List of Persons, Groups and Entities Subject to EU Financial Sanctions; (ii) any Entity that is, in the aggregate, 50 percent or
greater owned, directly or indirectly, or otherwise controlled by a person or persons described in clause (i); or (iii) any national
of a Sanctioned Country;

 

“Sanctions Laws”
means all U.S. and non-U.S. Laws relating to economic or trade sanctions, including, the Laws administered or enforced by the United
States (including by OFAC or the U.S. Department of State), the United Nations Security Council, and the European Union;

 

“Seller Plan”
means any Benefit Plan other than a Business Plan;

 

“South Korean
Plant” means the manufacturing plant of Arkema Korea located in Jinhae, South Korea;

 

“Subsidiaries”
when used with reference to a specified Person, means any Entity which is controlled (as this term is defined in the definition
of Affiliate) by such Person;

 

“Tax”
or “Taxes” means any tax, levy, tariff, duty, impost, assessment, deficiency, fee or other governmental
charge of any kind, whether payable directly or by withholding, including any income, net or gross receipts, estimated,
alternative minimum, windfall profit, value added, registration, franchise, stamp, capital, real property, personal property,
sales, use, transfer, escheat, abandoned property, environmental, customs, professional, payroll, employment, social security
and housing or gains charges, taxes or assessments (including any health, unemployment, housing, family allowances, pension
or retirement contributions or similar payroll-related charges, taxes or assessments), together with any interest, penalties
or additions with respect thereto, imposed by or due to any Governmental Authority of competent jurisdiction or payable
pursuant to any tax-sharing agreement or any other Contract relating to the sharing or payment of any such tax, levy, tariff,
duty, impost, assessment, deficiency, fee or other governmental charge;

 

    9

     

    

 

“Tax Integration
Groups” means, collectively;

 

		(i)	the Danish Tax Integration Group; and

 

		(ii)	the French Tax Integration Group;

 

“Tax Return”
means any return, declaration, report, estimate, form, schedule, information statement, notice or other documentation (including
any additional or supporting material) filed or maintained, submitted or required to be filed, submitted or maintained, in connection
with the calculation, determination, assessment, collection or payment of any Tax;

 

“Transaction
Documents” means this Agreement, the SPA, the Pre-Closing Reorganization Arrangements and the Ancillary Agreements, as
well as all any other ancillary agreement to be entered into between the Parties pursuant to, or any document or instrument to
be delivered by any of the Parties in accordance with, the terms of this Agreement, the SPA, any Pre-Closing Reorganization Arrangement
or any Ancillary Agreement;

 

“Transferred
Companies” means (i) the NewCos, (ii) Altuglas International Denmark and (iii) Altuglas International.

 

“Transferred
Shares” means the shares composing the entire share capital of the Transferred Companies.

 

“Treasury
Regulations” means the regulations promulgated by the U.S. Department of the Treasury pursuant to the US Tax Code.

 

“US Tax Code”
means the U.S. Internal Revenue Code of 1986, as amended;

 

“Updated Disclosure”
shall have the meaning given to this term in the Put Option Agreement;

 

“VDD Reports”
means:

 

(i)       the
 “Project Mallarmé, Final due diligence report, Volume I: Financial” prepared by Deloitte dated September 16,
2020, its addendum dated October 1st, 2020 and the additional addendum dated November 3, 2020 (the “Financial
VDD Report”);

 

(ii)       the
 “Project Mallarmé, Final due diligence report, Volume II: Standalone organization” prepared by Deloitte dated
September 16, 2020;

 

(iii)       the
 “Project Mallarmé - Carve-out Tax Memorandum” prepared by PwC dated October 7, 2020;

 

(iv)       the
 “Project Mallarmé - Draft Tax Vendor Due Diligence Report” prepared by PwC dated October 16, 2020;

 

(v)       the
Phase I Environmental Site Assessment reports prepared by ERM and Golder contained in folders 16.3 and 16.4 of the Data Room; and

 

(vi)       the
 “Project Mallarmé: outside-in PMMA/MMA market perspective” report prepared by McKinsey & Company dated
April 17, 2020 and partially updated on June 30, 2020 and the “COVID-19 Mobility Outlook” prepared by McKinsey &
Company dated June 22, 2020; all of which as included in the Storage Devices;

 

    10

     

    

 

“W&I
Insurance Policy” means the insurance policy subscribed on or about the Put Option Date by the Purchaser with the W&I
Insurers in respect of the representations and warranties made by the Sellers under this Agreement; and

 

“W&I
Insurers” means, severally and not jointly, QBE Europe SA/NV, HDI Global Specialty SE, Arch Insurance (EU) DAC, Allianz
Global Corporate & Specialty (Spanish Branch), Starr Europe Insurance Limited, XL Insurance Company SE.

 

1.2              
Additional Definitions. Each of the following additional terms has the meaning assigned thereto in the Section
or Annex indicated below opposite such term:

 

	Term	Section or Annex
	 	 
	“Agreement”	Parties’ presentation
	“Altuglas International”	Recitals ‎(A)‎(5)
	“Altuglas International Denmark”	Recitals ‎(A)‎(4)
	“ Annual Accounts”	‎2.2(a)
	“Arkema”	Parties’ presentation
	“Arkema BV”	‎Annex B
	“Arkema Canada”	‎Annex B
	“Arkema Czech”	‎Annex B
	“Arkema Europe”	‎Annex A
	“Arkema France”	‎Annex A
	“Arkema GmbH”	Annex B

	“Arkema Hungary”	‎Annex B
	“Arkema Inc.”	‎Annex A
	“Arkema Mexico”	‎Annex A
	“Arkema Mexico Servicios”	‎Annex A
	“Arkema Poland”	‎Annex B
	“Arkema Quimica”	‎Annex B
	“Arkema S.r.l.”‎	Annex A
	“Benefit Plan”	‎2.16(f)
	“Bostik Ltd”	‎Annex B
	“Distribution Entities”	Recitals ‎(A)‎(6)
	“Dispute”	‎4.14(b)
	“Employee / Contractor IP Agreement”	‎2.6(a)
	“Financial VDD Report”	definition of VDD Reports
	“Foreign Plan”	‎2.16(p)
	“ICC Court”	‎4.14(b)
	“IP Agreements”	‎2.6(d)
	“Italian Business”	Recitals ‎(A)‎(2)
	“Interim Accounts”	2.2(a)(iii)

 

    11

     

    

 

	“Know-How”	definition of Intellectual Property Rights
	“Leased Real Property”	‎2.5(b)
	“Material Contracts”	‎2.12(a)
	“Mexican Business”	Recitals ‎(A)‎(3)
	“MMA”	definition of Product
	“Other Agreements”_	‎3.6
	“Owned Real Property”	‎2.5(a)
	“Patents”	definition of Intellectual Property Right
	“PBGC”	‎2.16(p)
	“PMMA”	definition of Product
	“Proforma Accounts”	‎2.2(a)
	“Purchaser”	Parties’ presentation
	“Registered IP Rights”‎	2.6(a)
	“Rules”	‎4.14(b)
	“Sellers”	Parties’ presentation
	“Sellers’ Agent”	‎4.8(a)
	“Significant Customers”	‎2.12(a)(vi)
	“Significant Suppliers”	‎2.12(a)(vii)
	“SPA”	Recitals ‎(C)
	“Storage Devices”	definition of Data Room Documentation
	“Title IV Plan”	‎2.16(o)(i)
	“Trade Control Laws”	‎2.10(a)
	“Trademarks”	definition of Intellectual Property Right
	“Transaction”	Recitals ‎(C)
	“Transferred Assets”	Recitals ‎(B)‎(1)
	“Transferred Intellectual Property”	Recitals ‎(A)‎(7)
	“Transferred Liabilities”	Recitals ‎(B)‎(1)
	“US Business”	Recitals ‎(A)‎(1)

 

1.3              
Principles of Interpretation. In this Agreement:

 

(a)               
All references herein to Articles, Sections, Annexes and Schedules shall be deemed references to articles and sections of
and annexes and schedules to this Agreement unless the context shall otherwise require. The descriptive headings to Articles, Sections,
Annexes and Schedules are inserted for convenience only, and shall have no legal effect.

 

(b)               
The Annexes and Schedules to this Agreement shall be deemed to be a part of this Agreement, and references to “this
Agreement” shall be deemed to include the same.

 

(c)               
The following rules of interpretation shall apply unless the context shall require otherwise:

 

(i)                
Definitions used in this Agreement shall apply equally to both the singular and plural forms of the terms defined.

 

(ii)              
Whenever used in this Agreement:

 

(A)             
the words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”;

 

(B)             
the words “hereof”, “herein” and similar words shall be construed as references to
this Agreement as a whole and not just to the particular Article, Section or subsection in which the reference appears; and

 

(C)             
except when used with the word “either”, the word “or” may have a disjunctive and
not alternative meaning (i.e., where two items or qualities are separated by the word “or”, the existence of
one item or quality shall not be deemed to be exclusive of the existence of the other and, as the context may require, the word
 “or” may be deemed to include the word “and”).

 

    12

     

    

 

(iii)            
A reference to a specific time of day shall be to local time in Paris, France.

 

(iv)             
 A reference to any Party to this Agreement or any other agreement or document includes such Party’s successors and
permitted assigns.

 

(v)               
A reference to any agreement or document is to that agreement or document as amended, novated, supplemented, varied or replaced
from time to time, except to the extent prohibited by this Agreement.

 

(vi)             
A reference to any legislation or to any provision of any legislation includes any modification or re-enactment of such
legislation, any legislative provision substituted for such legislation, and all regulations and statutory instruments issued under
such legislation.

 

(vii)           
The dispositions of Articles 640 to 642 of the French Code of Civil Procedure shall be applied to calculate the period of
time within which or following which any act is to be done or step taken, provided that for purposes of this Agreement, the references
in Article 642 to “un jour férié ou chômé” and “premier jour ouvrable”
shall be interpreted by reference to the definition of “Business Day” appearing herein.

 

(viii)         
A provision in this Agreement will not be construed against a Party merely because that Party was responsible for the preparation
of that provision or because it may have been inserted for that Party’s benefit, and to the fullest extent permitted by applicable
Law, each of the Parties expressly waives the benefits of Article 1602 of the French Civil Code.

 

(ix)             
Any reference to a French legal concept shall, in respect of any jurisdiction other than France, be construed as a reference
to the equivalent or closest legal concept applicable in such jurisdiction.

 

(x)               
An obligation to use commercially reasonable, reasonable or best efforts or endeavors (or any similar obligation) shall
be construed as an “obligation de moyens”.

 

1.4              
Parties to the Agreement.

 

(a)               
Arkema shall procure that each of the Sellers shall duly fulfil its respective obligations under this Agreement and shall
be jointly and severally liable of such obligations vis-à-vis the Purchaser.

 

(b)               
Each Seller is hereby acting severally but not jointly (de manière conjointe mais non solidaire).

 

    13

     

    

 

 

Article
II

REPRESENTATIONS AND WARRANTIES

OF THE SELLERS

 

2.1              
Scope of the representations and warranties. The Sellers hereby represent and warrant as of the Put Option Date,
the date of this Agreement and as of the Closing Date (except for such representations which are expressly made as of a specific
date and are therefore made as of such date only) to the Purchaser as follows; it being specified that:

 

(a)               
for the purpose of the representations and warranties set forth in this ‎Article II (other than in Section
 ‎2.16) and the defined terms used therein the term “Transferred Companies” shall be deemed to also include,
until completion of the relevant Pre-Closing Reorganization in accordance with the SPA, the following Entities in addition to the
other Transferred Companies:

 

(i)               
Arkema Inc. but only to the extent it relates to the conduct of the US Business;

 

(ii)              
 Arkema Mexico but only to the extent it relates to the conduct of the Mexican Business;

 

(iii)             
Arkema S.r.l. but only to the extent it relates to the conduct of the Italian Business; and

 

(b)               
for the purpose of the representations and warranties set forth in Section ‎2.16 (and the defined terms used
therein):

 

(i)                 
the term “Transferred Companies” shall be deemed to include with respect to any Eligible Transferred Employee,
the relevant member of the Arkema Group which is the employer of such Eligible Transferred Employee (i) on the date on which the
representations and warranties are made or (ii) for the period to which the representations and warranties refer to; and

 

(ii)               
for representations and warranties set forth in Section 2.16 made on the Closing Date, the term “Eligible Transferred
Employee” shall be limited to the Persons who are actually employed by the Transferred Companies as of the Closing Date;

 

(c)               
for the purpose of the representations and warranties set forth in Section ‎2.4 (Tax Matters) (and
the defined terms used therein), the term “Tax” shall be deemed to exclude any corporate income Tax, CVAE and
similar Taxes, with respect to Arkema Inc., Arkema Mexico and Arkema S.r.l., except to such extent that the Transferred Companies
could be liable or responsible for such Taxes as a transferee or successor, by Contract or operation of Law.

 

2.2              
Financial Statements.

 

(a)               
The Section 16.1. of the Data Room Documentation and, for the Audited Accounts, the Storage Devices, contain a copy of:

 

(i)                
the audited combined financial statements of the Business for the years ended December 31, 2019 and December 31, 2018 (the
 “Audited Accounts”) (which are also attached Schedule 2.2(a)(i));

 

(ii)              
the unaudited combined pro forma (i) income statement down to EBITDA, (ii) capital employed (including fixed assets,
trade working capital, non-trade working capital, provisions for risks and charges and provisions for pensions) and (iii) free
cash flow of the Business as at December 31, 2018 and December 31, 2019 (for the 12-month periods ended at such dates) (the “Annual
Accounts”), and

 

    14

     

    

 

(iii)            
the unaudited combined pro forma (i) income statement down to EBITDA, (ii) capital employed (including fixed assets,
trade working capital and provisions for risks and charges, but excluding, for the avoidance of doubt, non-trade working capital
and provisions for pensions) and (iii) free cash flow of the Business as at June 30, 2020 and September 30, 2020 (for the 6-month
and 9-month period ended at such dates, respectively) (the “Interim Accounts” and collectively with the Annual
Accounts, the "Proforma Accounts").

 

(b)               
The Audited Accounts have been audited by KMPG S.A. and Ernst & Young Audit and have received an unqualified opinion.
The Audited Accounts present fairly, in all material respects, the assets and liabilities and the financial position of the Business
as of December 31, 2019 and December 31, 2018 and the results of its operations for the years then ended in accordance with IFRS.

 

(c)               
The Proforma Accounts (i) were prepared on the basis of internal management accounts of the Business in accordance with
(a) the Accounting Principles and (b) certain pro forma adjustments that are described in the Financial VDD Report, consistently
applied, and (ii) subject to the Accounting Principles, give a fair representation of the assets, liabilities and EBITDA of the
Business as a going concern.

 

(d)               
Except as disclosed in Schedule 2.2(d), the Interim Accounts were prepared with due care and good faith, in
accordance with the same accounting policies, principles, practices, categorisations and monthly reporting procedures as applied
in the Annual Accounts.

 

2.3              
Changes in the Business. Except as disclosed on Schedule 2.3, from and including January 1, 2020,
each of the Transferred Companies has conducted its business, and the Business has been conducted, in the ordinary course of business
and has not taken any of the actions described in Section 6.3(a) and (b) of the SPA that would have required the consent of the
Purchaser if such action were to be taken between the date hereof and the Closing Date.

 

2.4              
Tax Matters. Except as disclosed on Schedule  ‎2.4:

 

(a)               
each of the Transferred Companies has properly and timely filed or caused to be filed with the appropriate Governmental
Authorities all income and other material Tax Returns that were required to be filed by or on behalf of such Person, and each such
Tax Return was and is complete and correct in all material respects;

 

(b)               
all income and other material Taxes required to be paid by, on behalf of or in respect of the Transferred Companies or in
respect of the Transferred Assets have been timely and properly paid in full;

 

(c)               
there are no pending or, to the Knowledge of the Sellers, threatened in writing audits, investigations or other Proceedings
relating to the assessment or collection of Taxes for which any of the Transferred Companies may be liable, and no claim for assessment
or collection of Taxes relating to any of the Transferred Companies that is or may become payable by it has been notified in writing
to any of the Transferred Companies by any Governmental Authority;

 

(d)               
none of the Transferred Companies (i) has been a member of any tax integration group filing a consolidated, affiliated,
combined or similar Tax Return (other than any of the Tax Integration Groups or a tax integration group the common parent of which
was any of the Transferred Companies), (ii) has any liability for the Taxes of any Person (other than any of the Transferred Companies)
under Section 1.1502-6 of the Treasury Regulations (or any similar provision of state, local or non-U.S. Law), or (iii) has
any liability for Taxes of any other Person as a transferee or successor, by Contract or otherwise by reason of applicable Law;

 

    15

     

    

 

(e)               
there are no Encumbrances for Taxes on the assets of any of the Transferred Companies, except for Encumbrances for Taxes
not yet delinquent or for Tax the amount or validity of which is being contested in good faith by appropriate proceedings and for
which appropriate reserves have been established to the extent required by the Accounting Principles;

 

(f)                
none of the Transferred Companies has waived any statute of limitations or agreed to any extension of time in respect of
the assessment or deficiency for any income or other material Taxes beyond the date hereof;

 

(g)               
each of the Transferred Companies maintains complete and accurate Records in relation to Tax as required by all relevant
Laws in all material respects and keeps all documents required to justify any right, exemption or advantage in relation to Taxes;

 

(h)               
all material amounts required to be collected or withheld by any of the Transferred Companies with respect to Taxes have
been duly collected or withheld and any such amounts that were required to be remitted to any Governmental Authority have been
duly remitted and each of the Transferred Companies has complied with all information reporting and withholding requirements in
connection with material amounts paid or owing to any employee, independent contractor or other third party;

 

(i)                
none of the Transferred Companies is or has been a party to any “listed transaction” within the meaning of Section 6707A(c)(2)
of the US Tax Code and Treasury Regulation Section 1.6011-4(b)(2) (or any similar provision of state, local or non-U.S. Law)
or any other transaction or arrangement that was intended to avoid or evade Tax in any jurisdiction that would require disclosure
or registration with any Governmental Authority;

 

(j)                
no ruling or concession from any Governmental Authority with respect to Taxes has ever been requested by or on behalf of
any of the Transferred Companies;

 

(k)               
none of the Transferred Companies has received from any Governmental Authority in a jurisdiction where such Transferred
Company has not filed a Tax Return, a notice claiming that such Transferred Company is subject to Tax by such jurisdiction and,
to the Knowledge of the Sellers, there is no such assertion threatened in writing, in each case, which claim or assertion has not
yet been resolved;

 

(l)                
all intercompany transactions between any combination of the Transferred Companies or between any combination of the Transferred
Companies and the Arkema Group have been conducted on terms commensurate with third-party terms in substantial compliance with
the principles of Section 482 of the US Tax Code (or any similar provision of state, local or non-U.S. law) and have complied with
applicable rules relating to transfer pricing (including the filing or retention of all required transfer pricing reports or records)
in all material respects;

 

(m)             
except with respect to the Tax Integration Groups (from which the relevant Transferred Companies will exit on the Closing
Date), none of the Transferred Companies is a party to any Tax allocation or Tax sharing agreement or any other agreement relating
to the sharing, reallocation or transfer of liabilities to Tax, or to the payment of Taxes to a Governmental Authority (other than
commercial agreements entered into in the ordinary course of business, a principal purpose of which is not related to Taxes) with
any Person;

 

(n)               
no Taxes of any Transferred Companies (including the employer and employee portion of any payroll Taxes) have been deferred
under the Cares Act (or any similar state, local or non-U.S. Law);

 

(o)               
Schedule ‎2.4(o) sets forth (i) the U.S. federal income Tax classification of each of the Transferred
Companies as of the Put Option Date and (ii) all elections made with respect to any of the Transferred Companies under Treasury
Regulations Section 301.7701-3 on or prior to the Closing Date.

 

    16

     

    

 

2.5              
Real Property.

 

(a)               
Schedule ‎2.5(a) sets forth a complete list of all Real Estate Properties owned by any of the Transferred
Companies (the “Owned Real Property”) on the Put Option Date. Except as disclosed on Schedule ‎2.5(a):

 

(i)                
each of the Transferred Companies has valid and marketable fee simple title to the Owned Real Property shown on such Schedule,
free and clear of any Encumbrances other than Permitted Encumbrances;

 

(ii)               to
the Knowledge of Sellers, the Owned Real Properties, including all installations, are lawfully constructed and used in
compliance with all licenses, permits, authorizations, approvals, public regulations, easements and applicable zoning and
local plans, and are not the object of any pending order, time limitation or unsettled claim from any public authority, and
the Real Properties are adequately fit for their current use and are in reasonably good operating condition, normal wear and
tear excepted;

 

(iii)            
there are no leases, subleases, licenses, concessions, or other written agreements, granting to any third parties the right
of use or occupancy of any portion of the Owned Real Property shown on such Schedule;

 

(iv)             
other than the right of Purchaser pursuant to this Agreement or as provided for under applicable Law, there are no outstanding
options, rights of first offer or rights of first refusal to purchase such Owned Real Property or any portion thereof or interest
therein;

 

(v)               
none of the Transferred Companies is a party to any agreement or option to purchase any real property or interest therein;

 

(vi)             
to the Knowledge of the Sellers, the Owned Real Property, including all material installations thereon, are lawfully constructed
and used in material compliance with all applicable licenses, permits, authorizations, approvals, public regulations, easements
and applicable zoning and local plans, and are not the object of any unsettled claim from any Governmental Authority which, if
let unsettled, would have a material adverse effect on the Owned Real Property; and

 

(vii)           
all material Governmental Authorizations required for the current use of the Owned Real Property have been obtained and
are in full force and effect.

 

(b)               
Schedule ‎2.5(b) sets forth a complete list of all Real Estate Properties leased by any of the
Transferred Companies (the “Leased Real Property”) on the Put Option Date. Except as disclosed on Schedule ‎2.5(b):

 

(i)                
assuming valid title in the lessor of such real property, each of the Transferred Companies has the right to occupy and
use all Leased Real Property shown on such Schedule as leased by it, in accordance with the terms of the lease to which such Transferred
Company is a party;

 

(ii)              
as of the Put Option Date, no party to any such lease of Leased Real Property has given any of the Transferred Companies
written notice of: (i) any material increase after the Put Option Date in rent or charges, other than an increase in accordance
with the terms of such lease or applicable Laws; (ii) any non-renewal of occupancy after the Put Option Date; (iii) any material
variation or termination after the Put Option Date of any such lease; or (iv) any claim with respect to any breach or default under
any such lease;

 

(iii)            
none of the Transferred Companies has subleased, licensed or otherwise granted any Person the right to use or occupy such
Leased Real Property or any portion thereof;

 

    17

     

    

 

(iv)             
none of the Transferred Companies has collaterally assigned or granted any other security interest in such lease or any
interest therein; and

 

(v)               
no consent to the consummation of the Transaction is required from the lessor of any such Real Estate Property.

 

2.6              
Intellectual Property.

 

(a)               
Schedule ‎2.6(a) sets forth a complete list of (i) all registered or issued Intellectual Property
Rights and applications therefor included in the Transferred Intellectual Property and (ii) all registered or issued Intellectual
Property Rights and applications therefor included in the Other Transferred Intellectual Property, as of the Put Option Date (the
 “Registered IP Rights”). Except as disclosed in Schedule ‎2.6(a), the Registered IP
Rights are subsisting and valid.

 

(b)               
 The Transferred Intellectual Property and the Other Transferred Intellectual Property, when taken together with the Intellectual
Property Rights to be licensed or otherwise made available pursuant to any Ancillary Agreement, constitute all of the Intellectual
Property Rights owned by the Sellers and the Transferred Companies and their Affiliates and used to conduct the Business in all
material respects as conducted on the Put Option Date and as of the Closing Date.

 

(c)               
Except as disclosed on Schedule  ‎2.6(c):

 

(i)                
the Transferred Companies and Arkema France are the sole and exclusive owners of all right, title and interest in and to
the Transferred Intellectual Property and Other Transferred Intellectual Property, including the Registered IP Rights indicated
in Schedule  ‎2.6(a), free and clear of any Encumbrances other than Permitted Encumbrances;

 

(ii)              
the Transferred Companies have a valid license to use (including, as of the Put Option Date and the date hereof, through
license agreements granted by Arkema France with respect to the Transferred Intellectual Property and, as of the Closing Date,
through the Ancillary Agreements), all the Intellectual Property Rights which are used to conduct the Business in all material
respects as conducted by the Transferred Companies on the Put Option Date and as of the Closing Date;

 

(iii)            
(x) to the Knowledge of the Sellers, the conduct of the Business by the Transferred Companies does not infringe, misappropriate
or otherwise violate, and has not, during the last two (2) years preceding the Put Option Date, infringed, misappropriated or otherwise
violated any Intellectual Property Rights owned by a third party; and (y) no Transferred Company has received, during the last
three (3) years preceding the Put Option Date, any written claim (A) contesting or challenging the validity, enforceability,
patentability, registerability, use or ownership of any Transferred Intellectual Property or Other Transferred Intellectual Property,
or (B) alleging that the conduct of the Business was or is infringing, misappropriating or otherwise violating the Intellectual
Property Rights of any third party, in either case (A) or (B) , that has not been resolved;

 

(iv)             
to the Knowledge of Sellers, no Person is infringing, misappropriating or otherwise violating any Transferred Intellectual
Property or Other Transferred Intellectual Property which would result in potential damages in excess of two hundred fifty thousand
(250,000) euro;

 

(v)               
all registration or application fees legally required to maintain the Registered IP Rights have been paid, all legally required
renewal applications have been filed and all other steps legally required for maintenance have been taken, other than such fees,
renewal applications and steps the failure of which to pay, file or take would not, in the aggregate, materially adversely affect
the use of such Registered IP Rights or otherwise be material to the Business;

 

(vi)             
since the date which is three (3) years prior to the Put Option Date, none of the Transferred Companies and Arkema France
has made any written claim against any Person asserting that such Person infringes, misappropriates or otherwise violates any of
the Transferred Intellectual Property or Other Transferred Intellectual Property and for a stated amount in excess of two hundred
fifty thousand (250,000) euro.

 

    18

     

    

 

(d)               
Except as disclosed on Schedule 2.6(d): Arkema France and the Transferred Companies have taken steps
reasonable under the circumstances to protect, enforce and maintain the Transferred Intellectual Property and Other Transferred
Intellectual Property. Each current and former employee, consultant, and contractor of Arkema France and the Transferred Companies
has entered into a valid and enforceable written agreement with Arkema France or the applicable Transferred Company (x) assigning
sole and exclusive ownership to Arkema France or such Transferred Company (pursuant to a present assignment) all Intellectual
Property Rights conceived, reduced to practice, created or otherwise developed by such Person within the scope of such Person’s
duties to Arkema France or such Transferred Company and (y) pursuant to which such Person is bound to maintain and protect the
confidentiality of the trade secrets and confidential information, and to prohibit such Person from using or disclosing trade
secrets or other confidential information of Arkema France and the Transferred Companies; in each case, all in accordance to all
applicable Laws (the “Employee/Contractor IP Agreements”). To the Knowledge of Sellers, no current or former
employee, consultant, or contractor of Arkema France or the Transferred Companies is in violation of any such agreement.

 

(e)               
Schedule  ‎2.6(e) sets forth a list of all Contracts to which any of the Transferred Companies
and Arkema France, as applicable, is a party as of the Put Option Date (“IP Agreements”):

 

(i)                
pursuant to which any of the Transferred Companies and Arkema France uses, licenses, or has the right to use any Intellectual
Property Right owned by a third party which is material to the Business as conducted as of the Put Option Date, other than non-exclusive
licenses for commercially available, unmodified, off-the-shelf software on generally available, non-discriminatory pricing;

 

(ii)              
pursuant to which any of the Transferred Companies and Arkema France (with respect to the Transferred Intellectual Property
or Other Transferred Intellectual Property) has granted to a third party a license or similar right to use any of the Transferred
Intellectual Property or Other Transferred Intellectual Property, other than non-exclusive licenses granted to customers in the
ordinary course of business;

 

(iii)            
entered into to settle or resolve any conflict or dispute that restricts the Transferred Companies’ or Arkema France’s
ability to practice, use, register, or enforce any of the Transferred Intellectual Property or Other Transferred Intellectual Property,
including, as applicable, coexistence agreements, consent agreements, and settlement agreements; or

 

(iv)             
relating to the development of any material Intellectual Property Rights owned by the Transferred Companies (but excluding
Employee/Contractor IP Agreements); or.

 

(f)                
Each Transferred Company and Arkema France (and each Person acting on behalf of such Transferred Company or Arkema France)
(x) complies with, and has complied with during the last three (3) years preceding the Put Option Date, all Data Security Requirements
in all material respects and (y) has not received, or to the Knowledge of Sellers, otherwise been subject to, any written complaints,
notices, audits, proceedings, investigations or claims by any other Person (including any Governmental Authority) regarding any
actual or potential violation of any Data Security Requirements. Neither the execution and delivery of this Agreement by Sellers
nor the consummation of the transactions contemplated herein and the Closing will result in a breach or violation of, or constitute
a default under, any Data Security Requirement. None of the Transferred Companies or Arkema France has, during the last three (3)
years preceding the Put Option Date, experienced any breach of security or other data security incident, including any that would
require notification of individuals or any Governmental Authority under any Data Security Requirement, and none of the Transferred
Companies or Arkema France has received any written notices or complaints from any Person or been the subject of any claim, proceeding,
or investigation with respect thereto.

 

    19

     

    

 

(g)               
The Transferred Companies (i) have all necessary rights to use the Computer Systems used in the conduct of the Business
(taking into account the services received through the Ancillary Agreements) and (ii) use commercially reasonable efforts
to protect the confidentiality, integrity and security of the Computer Systems used in the conduct of the Business and to prevent
any unauthorized use, access, interruption, or modification of the Computer Systems. In the last three (3) years, there have been
no unauthorized intrusions, failures, breakdowns, continued substandard performance, or other adverse events affecting any such
Computer Systems that have caused any substantial disruption of or interruption in or to the conduct of the Business. The Transferred
Companies maintain commercially reasonable disaster recovery plans, procedures and facilities in connection with the conduct of
the Business and act in compliance therewith in all material respects.

 

2.7              
 Compliance with Law. Except as disclosed on Schedule  ‎2.7, during the
past three years:

 

(a)               
to the Knowledge of the Sellers, the operations of the Transferred Companies and the Business are and have been conducted
in compliance with all applicable Laws and Judgments in all material respects; and

 

(b)               
none of the Transferred Companies or, to the Knowledge of the Seller, their Affiliates, has received written notice from
a Governmental Authority, which remains outstanding, of any material violation of any Law or of any material default with respect
to any Judgment applicable to any of the Transferred Companies or the Business.

 

2.8              
Permits. Except as disclosed on Schedule  ‎2.8, each of the Transferred
Companies and the Business has all material Governmental Authorizations required for the conduct of the Business as conducted on
the Put Option Date and all such Governmental Authorizations are, and have been during the last three (3) years, in full force
and effect, and no claim or Proceeding is pending or, to the Knowledge of the Sellers, threatened in writing to revoke or limit
any such Governmental Authorization. The operations of the Transferred Companies and the Business are and have been, during the
last three (3) years, in material compliance with such Governmental Authorizations.

 

2.9              
Environmental Matters.

 

(a)               
Schedule ‎2.9(a) sets forth a complete list of the facilities operated by the Transferred Companies
which are subject to: (w) Federal or State environmental permits in the United States, (x) permits granted in application of the
European Seveso Directive or the European Industrial Emission Directive, (y) the legislation related to facilities classified for
the protection of the Environment (ICPE) in France, or (z) equivalent permits in any jurisdiction other than the United States
and the European Union.

 

(b)               
Except as disclosed on Schedule ‎2.9(b):

 

(i)                
the operations of the Business and each of the Transferred Companies are, and for the last three (3) years have been, conducted
in compliance with all Environmental Laws and environmental permits applicable to the Business in all material respects;

 

(ii)              
in the last three (3) years (or earlier if unresolved or outstanding), none of the Transferred Companies has received written
notice or report from any Governmental Authority of any material violation of, or material liability under any Environmental Law
and environmental permits by it;

 

    20

     

    

 

(iii)            
all Governmental Authorizations required to be obtained by any of the Transferred Companies under Environmental Laws in
order to conduct the Business as conducted on the Put Option Date have been obtained and each Transferred Company are, and for
the last three (3) years has been, in compliance in all material respects with the terms and conditions of such Governmental Authorizations;

 

(iv)             
none of the Transferred Companies has treated, sold, distributed, marketed, produced, stored, disposed of, arranged for
or permitted the disposal of, transported, handled, released, exposed any Person to, or owned or operated any property or facility
contaminated by, any Hazardous Materials so as to give rise to material liability (contingent or otherwise) under any Environmental
Law;

 

(v)               
there is no Proceeding arising under Environmental Law pending or, to the Knowledge of the Sellers, threatened in writing
against any of the Transferred Companies involving a claim for a stated amount in excess of two hundred fifty thousand (250,000)
euro;

 

(vi)             
 none of the Transferred Companies has assumed, become (or may become, pursuant to any Governmental Authorization applicable
to the Transferred Companies) subject to, or provided an indemnity with respect to any material liability of any other Person relating
to any Environmental Law; and

 

(vii)           
Sellers and the Transferred Companies have made available to Purchaser copies of all environmental reports and other environmental,
health or safety documents, issued within the 36 months preceding the Put Option Date, which report on or describe material Environmental
Liabilities of the Transferred Companies in their possession or reasonable control.

 

2.10          
International Trade and Anti-Corruption.

 

(a)               
None of the Transferred Companies, nor any of their respective officers, directors, or employees, nor to the Knowledge of
the Sellers, any agent or other third party representative acting on behalf of any of the Transferred Companies, is currently,
or has been in the last three (3) years: (i) a Sanctioned Person, (ii) organized, resident, or located in a Sanctioned Country,
(iii) engaging in any dealings or transactions with or for the benefit of any Sanctioned Person or in an Sanctioned Country, or
(iv) otherwise in violation of applicable Sanctions Laws, Ex-Im Laws, or anti-boycott Laws administered by the U.S. Department
of Commerce and the U.S. Department of Treasury’s Internal Revenue Service (collectively, “Trade Control Laws”).

 

(b)               
None of the Transferred Companies, nor any of their respective officers, directors, or employees, nor to the Knowledge of
the Sellers, any agent or other third party representative acting on behalf of the Transferred Companies, has made, in the last
three (3) years, any unlawful payment or given, offered, promised, or authorized or agreed to give, any money or thing of value,
directly or indirectly, to any Government Official violation of any Anti-Corruption Laws.

 

(c)               
During the three (3) years prior to the date hereof, none of the Transferred Companies has, in connection with or relating
to the Business, (i) received from any Governmental Authority any written notice, inquiry, or allegation, (ii) made any
voluntary or involuntary disclosure to a Governmental Authority or (iii) conducted any internal investigation or audit, in
each case concerning any actual or potential violation or wrongdoing related to Trade Control Laws or Anti-Corruption Laws.

 

2.11          
Proceedings.

 

(a)               
Except as disclosed on Schedule  ‎2.11, there are no current and have been for the past three (3)
years, no Proceeding pending or, to the Knowledge of the Sellers, threatened against any of the Transferred Companies or in respect
of the Business involving a claim for a stated amount in excess of two hundred fifty thousand (250,000) euro.

 

    21

     

    

 

(b)               
No enforceable (exécutoire) or final Judgment has been rendered against any of the Transferred Companies which
has not been satisfied.

 

2.12          
Material Contracts.

 

(a)               
Schedule ‎2.12(a) sets forth a list of all the following Contracts primarily related to the Business
(the “Material Contracts”):

 

(i)                
franchise, distribution and export/import Contracts involving in calendar year 2019 payment by Business of an aggregate
amount in excess of one million (1,000,000) euros (excluding value added Tax, sales Tax or similar Taxes);

 

(ii)              
agency Contracts involving in calendar year 2019 payment by the Business of an aggregate amount in excess of fifty thousand
(50,000) euros (excluding value added Tax, sales Tax or similar Taxes);

 

(iii)            
 Contracts that materially limit the ability of the Business which is a party thereto to compete with any third party or
in any material line of business or in any geographic area (other than any grant of exclusivity to a third party pursuant to the
Contracts disclosed in Schedule 2.12(a) (i) and (ii);

 

(iv)             
material research and development Contracts;

 

(v)               
IP Agreements;

 

(vi)             
Contracts with the ten (10) most significant customers of the Business (taken as a whole) (determined by aggregate sales
for the twelve (12) month period ending on September 30, 2020) (the “Significant Customers”) which does not
already qualify as a Material Contract under any other sub-paragraph of this paragraph (a);

 

(vii)           
Contracts with the ten (10) most significant suppliers of the Business (taken as a whole) (determined by aggregate expenditures
for the twelve (12) month period ending on September 30, 2020) (the “Significant Suppliers”);

 

(viii)         
toll manufacturing Contracts;

 

(ix)             
Contracts relating to storage and transport of Products involving in calendar year 2019 payment by the Transferred Company
which is a party thereto of an aggregate amount in excess of five hundred thousand (500,000) euros (excluding value added Tax,
sales Tax or similar Taxes) and which does not already qualify as a Material Contract under any other sub-paragraph of this paragraph
(a);

 

(x)               
material platform services Contracts;

 

(xi)             
guarantees of the obligations of other Persons (other than another Transferred Company) by any of the Transferred Companies
after the Put Option Date;

 

(xii)           
any CBA;

 

(xiii)         
any Contract that is a settlement, conciliation or similar agreement with any Governmental Authority;

 

(xiv)         
partnership or joint venture agreements;

 

    22

     

    

 

(xv)           
any Contract granting to any Person an option or a first refusal, first offer or similar preferential right to purchase
or acquire any ownership interests or material assets of the Business (excluding the sale of Inventory in the ordinary course of
business).

 

(xvi)         
any Contract involving or requiring the disposition, sale or purchase of any material assets or properties (including capital
stock).

 

(xvii)       
any Contract under which the Business has (A) created, incurred or assumed any indebtedness with an outstanding amount in
excess of EUR 500,000 outstanding, (B) granted an Encumbrance (other than a Permitted Encumbrance) on any material Transferred
Asset, any Transferred Equity Interests or any material asset of a Transferred Company; and

 

(xviii)     
any Contract for the acquisition or disposal, by a Transferred Company or the Business, of machinery and equipment requiring
the payment of an amount in excess of EUR 100,000 per piece of capital equipment or fixed asset, as the case may be.

 

(b)               
 Except as disclosed on Schedule ‎2.12(b), with respect to Material Contracts (other than CBA):

 

(i)                 
each Material Contract is in full force and effect, and is a valid and binding agreement of the Transferred Company which
is a party thereto;

 

(ii)               
materially correct and complete copies of all Material Contracts, including all amendments, modifications and supplements
thereof, have been made available to Purchaser. To the Knowledge of Sellers, no written notice has been received from any party
to a Material Contact that such party will stop, materially decrease the rate of, or materially change the terms with respect to
supplying or acquiring materials, products or services to or from the Business except in the ordinary course of business;

 

(iii)             
none of the Transferred Companies is in default or in breach of a material obligation under any Material Contract, which
default remains unremedied and, to the Knowledge of Sellers, no other party thereto is in default or in breach of a material obligation
under any Material Contract.

 

(c)               
Except as disclosed on Schedule ‎2.12(c), none of the Material Contracts (other than CBA) to which
any of the Transferred Companies is a Party may be terminated by the other party thereto as a direct result of the consummation
of the Transaction.

 

2.13          
Insurance.

 

(a)               
Schedule  ‎2.13 sets forth a list of all material insurance policies maintained by, or benefiting
to, the Transferred Companies as of the Put Option Date, all of which will cease to benefit to the Transferred Companies as from
the Closing Date in accordance with Section 6.14 of the SPA.

 

(a)               
All such policies are in full force and effect and none of the Transferred Companies is in material default under such policies
that would result in the termination of any such policy or the modification of the terms thereof in an adverse manner for the Transferred
Companies.

 

2.14          
Personal Property; Title.

 

(a)               
Except as set forth on Schedule ‎2.14, each of the Transferred Companies has good title to (free
and clear of all Encumbrances except for Permitted Encumbrances), or hold by valid and existing lease or license, all the tangible
personal property assets included in the Transferred Assets which are material for the conduct of the Business as conducted as
of the Put Option Date and the Closing.

 

    23

     

    

 

(b)               
To the Knowledge of the Sellers, all such assets are in reasonably good maintenance within the standards applicable to the
industry of the Business, operating condition and repair, normal wear and tear excepted, other than machinery and equipment under
repair or out of service in the ordinary course of business.

 

2.15          
Sufficiency of Assets. Except as disclosed in Schedule  ‎2.15 and taking into
account the Excluded Assets and the rights to be made available to the Purchaser or the Transferred Companies under the Ancillary
Agreements and the Remaining Intragroup Agreements, (i) the Transferred Assets to be transferred to the NewCos in accordance
with the Pre-Closing Reorganizations, (ii) the assets, properties and rights owned or used by Altuglas International and Altuglas
International Denmark and (iii) the Transferred Intellectual Property constitute all assets, properties and rights used to
conduct the Business in all material aspects as conducted by the Business on the Put Option Date.

 

2.16          
 Employment Matters.

 

(a)               
Schedule ‎2.16(a) sets forth a complete list (on an anonymous basis) as of November 30, 2020 of
each Eligible Transferred Employee, along with his or her place of employment, date of hiring, employing entity, exempt or non-exempt
classification under the Fair Labor Standard Act (as applicable), his or her active or inactive status and his or her base gross
monthly remuneration (or hourly rate, as applicable) and annual gross remuneration for the calendar year 2019.

 

(b)               
Except as disclosed on Schedule  ‎2.16(b), as at the Put Option Date:

 

(i)                
there are no Contracts, plans or other arrangements by which any of the Transferred Companies are bound, which contain any
 “change of control” provisions with respect to any of the directors, officers or employees of the Transferred Companies
or the Eligible Transferred Employees; and

 

(ii)              
neither the execution of the SPA nor the consummation of the transactions contemplated thereby could, either alone or in
combination with any other event (including but not limited to a termination of employment): (a) entitle any Eligible Transferred
Employee to any increase in severance pay upon a termination of employment; (b) result in the acceleration of the time of payment
or vesting of any such compensation or benefits of any Eligible Transferred Employee, (c) increase any benefits otherwise payable
under any Benefit Plan, or (d) result in an obligation to fund (through a grantor trust or otherwise) or any other material obligation
pursuant to any Benefit Plan.

 

(c)               
Except as disclosed on Schedule  ‎2.16(c), since July 1, 2020, none of the Transferred Companies
has paid or agreed to pay any bonuses or made or agreed to make any material increase in the rate of wages, salaries or other remuneration
of any of its directors or the Eligible Transferred Employees it employs, other than in the ordinary course of business and in
a manner consistent with past practice or as required by applicable Law or the applicable, CBA, employment agreement or Benefit
Plan.

 

(d)               
Except as disclosed on Schedule  ‎2.16(d):

 

(i)                
the Transferred Companies are neither party to, nor bound by, any CBA which are applicable to the Eligible Transferred Employees
or any other labor-related agreements or arrangements that pertain to any of the employees of the Transferred Companies;

 

(ii)              
no Eligible Transferred Employees employed in the US or in Mexico are represented by any labor union, works council, or
other labor organization with respect to their employment with the Transferred Companies;

 

(iii)            
the Transferred Companies represent they have no notice or consultation obligations to any labor union, labor organization
or works council, which is representing any Eligible Transferred Employee, in connection with the execution of this Agreement or
the SPA or consummation of the transactions contemplated by this Agreement or the SPA other than as contemplated in the Put Option
Agreement; and

 

    24

     

    

 

(iv)             
 all works councils, other labor organizations or other employee representative bodies have been established as required
by applicable Law and the Transferred Companies have complied with the rights of such representative bodies and their obligations
in relation thereto.

 

(e)               
Except as disclosed on Schedule  ‎2.16(c):

 

(i)                 in
the past three (3) years, no labor union, works council, other labor organization, or group of employees of the Transferred
Companies has made a demand for recognition, and there are no representation proceedings presently pending or, to the
Knowledge of the Sellers, threatened in writing to be brought or filed with the U.S. National Labor Relations Board or any
other labor relations tribunal or authority; and

 

(ii)              
in the past three (3) years, there has been no actual or, to the Knowledge of the Sellers, threatened unfair labor practice
charges, material grievances, arbitrations, strikes, lockouts, work stoppages, slowdowns, picketing, hand billing or other material
labor disputes against or affecting the Transferred Companies.

 

(f)                
Schedule  ‎2.16(f)(i) sets forth a true and complete list of all material Benefit Plans, by jurisdiction
and Schedule 2.16(f)(ii) separately identifies all Business Plans.

 

(g)               
Except as disclosed on Schedule  ‎2.16(b)2.16(g), to the Knowledge of the Sellers, the Transferred
Companies (i) are and have been for the last three (3) years in compliance in all material respects with all applicable labor,
employment and employment practices Laws, and (ii) have in all material respects duly and timely fulfilled all payment obligations
including wages, salaries, overtime payments, wage premiums, commissions, bonuses, fees, or other compensation to their current
or former employees and independent contractors under applicable Law, Contract or company policy as well as any fines, Taxes, interest,
or other penalties for any failure to pay or delinquency in paying such compensation to its employees.

 

(h)               
Except as disclosed on Schedule  ‎2.16(h), no employee layoff, facility closure or shutdown (whether
voluntary or by Judgment), reduction-in-force, furlough, temporary layoff, material work schedule change or reduction in hours,
or reduction in salary or wages, or other workforce changes affecting employees or individual independent contractors of the Transferred
Companies has occurred within the past twelve (12) months or is currently, planned or announced, including as a result of COVID-19
or any Law, Judgment, directive, guidelines or recommendations by any Governmental Authority in connection with or in response
to COVID-19.

 

(i)                
The Transferred Companies have promptly, thoroughly and impartially investigated all sexual harassment, or other discrimination,
retaliation or policy violation allegations of which they are aware. With respect to each such allegation with potential merit,
the applicable Transferred Company has taken prompt corrective action that is reasonably calculated to prevent further improper
conduct. None of the Transferred Companies reasonably expects any material liability with respect to any such allegations and is
not aware of any allegations relating to officers, directors, employees, contractors, or agents of the Transferred Companies, that,
if known to the public, would bring the Transferred Companies into material disrepute.

 

(j)                
With respect to each material Seller Plan, the Data Room Documentation contains true and complete copies, to the extent
applicable, of (i) the current plan document, the most recent summary plan description, or written summaries of the material terms,
including any trust instruments and insurance Contracts forming a part of any such Seller Plan, and all material amendments thereto,
and (ii) a copy of the most recent Internal Revenue Service determination, advisory or opinion letter or similar letter received
from a Governmental Authority. With respect to each Business Plan, the Data Room Documentation contains a true and complete copy,
to the extent applicable, of: (w) the current plan document (with all amendments thereto), or if unwritten, a written summary of
the material terms of such plan; (x) the most recent actuarial report; (y) the most recent summary plan description (and any summaries
of material modifications thereto); and (z) copies of any material non-routine correspondence with any Governmental Authority.

 

    25

     

    

 

(k)                Each
Benefit Plan has been established, administered, maintained and operated in all material respects in compliance with its
terms and all applicable Laws. All contributions, payments, distributions, reimbursements or premiums required to be made by
the Sellers or any of their Affiliates, including any Transferred Company, with respect to an Eligible Transferred Employee,
with respect to any Benefit Plan have been timely made for all periods prior to the Closing, or if not yet due, properly
accrued. There is no pending or, to the Knowledge of the Sellers, threatened, claim or Proceeding in writing relating to or
against the Benefit Plans, except for routine claims for benefits. Each Benefit Plan that is intended to be qualified under
Section 401(a) of the US Tax Code has received a current favorable determination, advisory or opinion letter from the
Internal Revenue Service, and nothing has occurred which could reasonably be expected to adversely affect the qualification
of such Benefit Plan. No Transferred Company has any liability (whether or not assessed) for any penalty or Taxes under
Section 4980B, 4980D, 4980H, 6721 or 6722 of the US Tax Code. There have been no “prohibited transactions” (as
defined in Section 406 of ERISA or Section 4975 of the US Tax Code) or any breach of fiduciary duty with respect to any
Benefit Plan that could result in liability to any Transferred Company or the Purchaser.

 

(l)                
Each Benefit Plan or any other plan, agreement or arrangement that constitutes in any part a “nonqualified deferred
compensation plan” (as defined under Section 409A(d)(1) of the Code) subject to Section 409A of the US Tax Code has been
operated and administered in all material respects in operational compliance with, and is in all material respects in documentary
compliance with, Section 409A of the US Tax Code and no amount under any such plan, agreement or arrangement has been, or is expected
to be, subject to the interest and additional Tax set forth under Section 409A(a)(1)(B) of the US Tax Code.

 

(m)             
No payment or benefit which could be made with respect to any current or former employee, officer, stockholder, director
or service provider of any of the Transferred Companies who is a "disqualified individual" (as defined in Section 280G
of the US Tax Code and the regulations thereunder) could be characterized as a “parachute payment” within the meaning
of Section 280G(b)(2) of the US Tax Code.

 

(n)               
There is no Contract, agreement, plan or arrangement to which any of the Transferred Companies is bound to provide a gross-up
or otherwise reimburse any current or former employee, director, service provider or other person for excise taxes paid pursuant
to Sections 409A or 4999 of the US Tax Code.

 

(o)               
Except as set forth on Schedule  ‎2.16(o):

 

(i)                
no Benefit Plan is, and no Transferred Company has any current or contingent liability or obligation with respect to or
under any: (i) “defined benefit plan” (as defined in Section 3(35) of ERISA) or any other plan that is or was subject
to Title IV of ERISA or Section 412 or 430 of the US Tax Code (each a “Title IV Plan”); (ii) “multiemployer
plan” (as defined in Section 3(37) of ERISA); (iii) “multiple employer plan” (within the meaning of Section 413(c)
of the US Tax Code or Section 210 of ERISA); or (iv) plan or arrangement that provides for retiree or post-termination health or
welfare benefits to any Person other than as required by Section 4980B of the US Tax Code or any similar Law for which the recipient
pays the full cost;

 

    26

     

    

 

(ii)              
no Transferred Company has any current or contingent liability or obligation by reason of at any time being considered a
single employer under Section 414 of the US Tax Code with any other Person.

 

(p)                With
respect to each Title IV Plan and except as disclosed in Schedule  ‎2.16(p): (i) no reportable event
(within the meaning of Section 4043 of ERISA) has occurred within the last three years, or is expected to occur whether as a
result of the transactions contemplated by this Agreement, the SPA or otherwise; (ii) the minimum funding standard under
Section 430 of the US Tax Code has been satisfied and no waiver of any minimum funding standard or extension of any
amortization periods has been requested or granted; (iii) all contributions required under Section 302 of ERISA and Section
412 of the US Tax Code have been timely made; (iv) all amounts due to the Pension Benefit Guaranty Corporation
(“PBGC”) pursuant to Section 4007 of ERISA have been timely paid; (v) with respect to each Title IV Plan
for which there has been a significant reduction in the rate of future benefit accrual as referred to in Section 204(h) of
ERISA, the requirements of Section 204(h) of ERISA have been complied with; (vi) no Title IV Plan has been or is considered
to be in “at risk” status under Section 430 of the US Tax Code or has been required to apply any of the
funding-based limitations under Section 436 of the US Tax Code; (vii) there has been no event described in Section 4062(e) of
ERISA, and the transactions contemplated by this Agreement will not result in any event described in Section 4062(e) of
ERISA; (viii) no event has occurred or circumstances exist that could result in a liability under or with respect to Section
4069 of ERISA; and (viii) no notice of intent to terminate any Title IV Plan has been filed and no amendment to treat a Title
IV Plan as terminated has been adopted and no proceeding has been commenced by the PBGC to terminate any Title IV Plan;

 

(q)               
With respect to any Benefit Plan that is maintained outside the jurisdiction of the United States and covering Eligible
Transferred Employees or any other current or former employees, officers or directors of a Transferred Company located outside
of the United States (each a “Foreign Plan”) that is a Benefit Plan:

 

(i)                
if it is required to be registered, it has been registered (and, where applicable, accepted for registration) and has been
maintained in good standing in all material respects, to the extent applicable, with applicable Governmental Authority;

 

(ii)              
all employer and employee contributions required by Law or by its terms have been timely made, or, if applicable, accrued
in accordance with normal accounting practices in all material respects; and

 

(iii)            
except as set forth on Schedule 2.16(q)(iii), it is not a “defined benefit plan” (as defined in
ERISA, whether or not subject to ERISA), seniority premium, termination indemnity, provident fund, gratuity or similar plan or
arrangement or it has no unfunded or underfunded liabilities.

 

All contributions required
to have been made by or on behalf of the Transferred Companies with respect to plans or arrangements maintained or sponsored by
a Governmental Authority have been timely made or fully accrued in all material respects.

 

2.17          
Customers and Suppliers. Schedule  ‎2.17 sets forth a list of the Significant
Customers and the Significant Suppliers. Except as disclosed in Schedule  ‎2.17, no Significant
Customer or Significant Supplier has notified, on or during the 6-month period prior to the Put Option Date, any of the Transferred
Companies in writing of its intention to (A) terminate its business with the Transferred Companies or their Affiliates with respect
to the Business or (B) substantially reduce the business transacted with the Transferred Companies or their Affiliates with respect
to the Business (it being specified that for the purposes of this sub-clause (B), “substantially reduce” shall mean
to reduce the expected volume of business for the twelve (12) months following the Put Option Date by more than 20% compared to
the twelve (12) months prior to such date, and excluding reductions in rates of purchase and supply in the ordinary course of business).

 

    27

     

    

 

2.18          
Transactions with Affiliates. Except the Remaining Intragroup Agreements, the Pre-Closing Reorganization Arrangements,
the Ancillary Agreements and the French Exit Agreement, there will be no material Contracts between any Transferred Company, on
one side, and any member of the Arkema Group on the other in force as of immediately after the Closing.

 

Article
III

REPAYMENT OBLIGATION

 

3.1              
Repayment Obligation; Limitation on Quantum.

 

(a)               
Except for claims involving fraud or willful misconduct (dol), from and after the Closing and subject to the provisions
of this ‎Article III, the Sellers shall pay to the Purchaser, as a partial repayment of the Purchase Price, the amount
of all Damages actually suffered by the Purchaser or any Transferred Company as a result of any inaccuracy or breach of any representation
or warranty of the Sellers set forth in ‎Article II, provided that the aggregate liability of the Sellers in respect
of all claims under this Agreement shall not exceed one euro (€1.00).

 

(b)               
Without prejudice to any rights of the Purchaser under the W&I Insurance Policy, from and after the Closing, the right
to repayment provided for in this Section ‎3.1 shall be the exclusive remedy of the Purchaser for any inaccuracy or
breach of any representation or warranty of the Sellers set forth in ‎Article II.

 

(c)               
The Purchaser represents and warrants to the Sellers that the W&I Insurance Policy shall be without recourse against
any of the Sellers and shall indemnify and hold harmless any of the Sellers or their Affiliates in connection with any claim or
action of the W&I Insurers or any of its Affiliates in connection with this Agreement, the SPA or the transactions contemplated
under this Agreement or the SPA.

 

(d)               
All payments made by the Sellers to the Purchaser pursuant to this ‎Article III shall be treated by the Parties
hereto for all purposes, including tax, accounting and financial reporting purposes, as a partial repayment of the Purchase Price
to the fullest extent permitted by applicable Law.

 

3.2              
Time Limits for Claims.

 

(a)               
Without prejudice to any rights of the Purchaser under the W&I Insurance Policy, the liability of the Sellers under
Section ‎3.1 shall terminate on the date which is:

 

(i)                
five (5) years after the Closing Date in respect of any claim for indemnification in respect of a breach of a representation
or warranty contained in Sections ‎2.4 (Tax Matters), Section ‎2.15 (Employment Matters)
and Section ‎2.9 (Environmental Matters); and

 

(ii)              
three (3) years after the Closing Date in respect of any claim for indemnification in respect of a breach of representation
or warranty other than those contained in Section ‎2.4 (Tax Matters), Section ‎2.9 (Environmental
Matters) or Section ‎2.15 (Employment Matters);

 

unless prior to such date the Purchaser
has notified the Sellers’ Agent of a claim thereunder.

 

(b)               
Any claim made by the Purchaser against the Sellers under Section ‎3.1 which is not satisfied, settled or withdrawn
within six (6) months of the date of delivery of the initial claim notice relating to such claim shall be deemed to have been withdrawn
(and the Purchaser shall not be permitted to make any new or additional claims in respect of any event, fact, matter, circumstance
or omission which gave rise to such initial claim) unless legal proceedings in respect of such claim have been commenced against
the Sellers prior to such time pursuant to Section ‎4.14 and are being diligently prosecuted by the Purchaser.

 

    28

     

    

 

3.3              
Payment. Without prejudice to any rights of the Purchaser under the W&I Insurance Policy, no amount shall
become due and payable by the Sellers to the Purchaser (x) in respect of any claim arising by reason of contingent liability,
unless and to the extent that such contingent liability ceases to be contingent and has become an actual liability; and (y) in
respect of any claim made by a third party, unless and to the extent that the Purchaser or the relevant Transferred Company is
under the obligation to immediately pay the relevant Damages to the relevant third party as a result of a final non-appealable
Judgment of a court of competent jurisdiction, a final non-appealable decision of an arbitral tribunal or a binding settlement
or other agreement among the relevant parties.

 

3.4              
Exclusions. Without prejudice to any rights of the Purchaser under the W&I Insurance Policy, the Sellers
shall not have any liability under this ‎Article III for any Damages resulting from or arising out of:

 

(a)               
 any event, fact, matter, circumstance or omission which was Fairly Disclosed in the SPA, this Agreement (including, for
the avoidance of doubt, any Schedule hereto but excluding any Updated Disclosure, except to the extent set forth in Section 3.5
(further exclusions) below) or Fairly Disclosed in the Disclosed Information;

 

(b)          
the passing of, or any change in, any Law or administrative practice of any Governmental Authority, in any such case not
actually in force as of (i) the Put Option Date (even if retroactive in effect) (in respect of representations and warranties granted
as of the date of the Put Option Date), (ii) the date of this Agreement (even if retroactive in effect) (in respect of representations
and warranties granted as of the date of this Agreement) and (iii) the Closing Date (even if retroactive in effect) (in respect
of representations and warranties granted as of the date of the Closing Date), including, in each case of the foregoing causes
(i), (ii) and (iii), any increase in the Tax rates in effect at the Put Option Date, the date of this Agreement or the Closing
Date, as applicable, or imposition of any Tax not in effect at the Put Option Date, the date of this Agreement or the Closing Date,
as applicable.

 

3.5              
Further Exclusions.

 

(a)               
The Sellers shall not have any liability for any Damages resulting from or arising out of breach of the representations
and warranties given as of the date of this Agreement or as of the Closing Date to the extent of any event, fact, matter, circumstance
or omission which was Fairly Disclosed in the Updated Disclosure, provided, however, that such event, fact, matter, circumstance
or omission shall not constitute an exception to the representations and warranties granted as of the date of the Put Option and
therefore shall not limit in any way the liability of the Sellers and hence the Purchaser’s right for indemnification in
case of breach of the representations and warranties granted as of the date of the Put Option, subject always to the limitations
set forth in this Agreement.

 

(b)               
In addition, not earlier than one (1) Business Day prior to the Closing Date, the Sellers' Agent shall provide to the Purchaser
an update to the Updated Disclosure reflecting any new event, fact, matter, circumstance or omission which occurred between the
date hereof and the Closing Date which renders any representations or warranties granted in this Agreement untrue or inaccurate,
it being specified however that such update shall constitute a valid exception to such representations and warranties given as
at the Closing Date but shall not constitute an exception to the representations and warranties granted in the Warranty Agreement
as of the date of the Put Option or as of the date of this Agreement and therefore shall not limit in any way the liability of
the Sellers and hence the Purchaser’s right for indemnification in case of breach of the representations and warranties granted
as of the date of the Put Option or the date of this Agreement, subject always to the limitations set forth in this Agreement.

 

    29

     

    

 

3.6              
Local Sale Agreements and Pre-Closing Reorganization Arrangements

 

(a)               
Without prejudice to any rights of the Purchaser under the W&I Insurance Policy, and  notwithstanding anything
to the contrary  provided under the Ancillary Agreements (excluding the IP Short Form Assignment Agreement) or the Pre-Closing
Reorganization Arrangements, the representations and warranties made by the Sellers under Article IV of the SPA and ‎Article
II are the only representations and warranties granted by the Sellers to the Purchaser in connection with the Transferred Companies,
the Transferred Intellectual Property and the Business and the Purchaser and its Affiliates shall not be entitled to any claim
for indemnification from the Sellers or their Affiliates in connection with the Transferred Companies, the Transferred Intellectual
Property and the Business other than as provided under and subject to the terms and conditions of this Agreement, the SPA or the
IP Short Form Agreement. For the avoidance of doubt, nothing in this Section 3.6(a) shall restrict the rights of the Purchaser
and the Transferred Companies under the Ancillary Agreements (other than the Local Sale Agreements).

 

Article
IV

MISCELLANEOUS

 

4.1              
Termination.

 

(a)               
This Agreement may be terminated, at any time prior to the Closing, by the written agreement of the Purchaser and the Sellers’
Agent.

 

(b)               
This Agreement shall also automatically terminate upon termination of the SPA in accordance with its terms.

 

(c)               
Upon any termination of this Agreement pursuant to paragraphs (a) or (b) of this Section ‎4.1, all further
obligations of the Parties hereunder, other than pursuant to Section ‎4.2 (Confidentiality), ‎4.3
(Costs and Expenses) and ‎4.14 (Governing Law and Submission to Jurisdiction), or as provided in the
Confidentiality Agreement, shall terminate.

 

4.2              
Confidentiality.

 

(a)               
Each of the Parties shall treat (and shall direct its directors, officers, employees, agents, professional advisors and
other representatives to treat) and shall cause its Affiliates to treat (and that each of its Affiliates shall direct its directors,
officers, employees agents professional advisors and other representatives to treat) the contents of this Agreement and the other
Transaction Documents as confidential and shall refrain from disclosing such information, in whole or part, to any Person without
the consent of the other Party (or the disclosing party, as applicable) except to the extent necessary for enforcement hereof or
as otherwise required by Law or the rules of any stock exchange or requested by any Governmental Authority (in which case, to the
extent practicable and permitted, the disclosing Party shall give prior written notice to the other Party, and if requested by
such other Party, the disclosing Party shall seek to obtain a protective order or similar protection); provided however, that (x) the
Purchaser may disclose and provide copies of this Agreement and the other Transaction Documents to its financing sources, its insurance
broker and the W&I Insurers and to its and their respective professional advisors, and (y) the Seller may disclose and
provide copies of this Agreement and the other Transaction Documents to its Affiliates and to its and their respective professional
advisors, provided that, in each case, such Persons shall have agreed to maintain the confidentiality of this Agreement and such
other Transaction Documents in accordance with the terms of this Section ‎4.2 or shall otherwise be legally obligated
not to disclose and to keep the contents of this Agreement confidential.

 

(b)               
The undertakings set forth in this Section ‎4.2 shall survive for a period of five (5) years following the
Closing.

 

    30

     

    

 

4.3              
Costs and Expenses. Whether or not the transactions contemplated by the SPA are consummated, except as otherwise
expressly provided in the SPA, the Sellers, on the one hand, and the Purchaser, on the other hand, shall bear their own expenses
incurred in connection with the negotiation, preparation and signing of this Agreement and the consummation of the transactions
contemplated in this Agreement and the SPA. For the avoidance of doubt, both Parties expressly recognize that none of these costs
and expenses were or will be taken into account in determining the Purchase Price.

 

4.4              
Professional Advice. Each of the Parties acknowledges and confirms that it was advised by its own lawyers and
other professional advisors and, in such connection, has been able to independently assess the scope of its rights and obligations
under this Agreement and has had the opportunity to negotiate the terms of this Agreement. Consequently, no lawyer or other advisor
shall be deemed to be the sole drafter (rédacteur unique) on behalf of all the Parties and each of the Parties acknowledges
and agrees that this Agreement shall not be deemed a contract of adhesion (contrat d’adhésion) within the meaning
of article 1110 of the French Civil Code.

 

4.5              
 Unforeseeability.

 

(a)               
Each Party hereby acknowledges and agrees that the provisions of article 1195 of the French Civil Code (Code Civil)
shall not apply to it with respect to its obligations under this Agreement, and hereby expressly and irrevocably waives any rights
that it may have under article 1195 of the French Civil Code (Code Civil) and agrees not to make any claim under article
1195 of the French Civil Code (Code Civil) (including in the event of any fluctuation or change of interest rates or market
conditions).

 

(b)               
Each Party further acknowledges, after due consideration, that there are no circumstances that cannot be foreseen at the
time this Agreement is entered into which could make the performance of its obligations excessively onerous and each Party agrees
to bear its own risks in relation thereto.

 

4.6              
Specific Performance. Notwithstanding anything to the contrary in this Agreement, the Purchaser expressly acknowledges
and agrees that the Sellers may seek specific performance in the event of a breach by the Purchaser of its obligations under this
Agreement in accordance with the provisions of article 1221 of the French Civil Code (Code Civil). The Purchaser further
acknowledges and agrees that such specific performance would not result in or constitute a manifest disproportion (disproportion
manifeste) within the meaning of article 1221 of the French Civil Code (Code Civil).

 

4.7              
Express Waivers. The Purchaser expressly and irrevocably waives (i) any right it may have under articles
1217 and 1221 to 1230 of the French Civil Code (Code Civil) to terminate this Agreement, (ii) any right it may have
under articles 1186 and 1187 of the French Civil Code (Code Civil) to claim that this Agreement has lapsed as a result of
any other contract contributing to the completion of the transactions contemplated under this Agreement and the SPA having terminated,
lapsed or being ineffective for any reason whatsoever, (iii) to the fullest extent permitted by applicable Law, the benefits
of article 1130 et seq., 1190, 1602, 1626, 1641 and 1643 of the French Civil Code (Code Civil), and (iv) its right to benefit
from the provisions of article 1223 of the French Civil Code and to accept a partial performance of the Agreement in exchange for
a proportional discount of the price (unless otherwise provided) and, more generally, the Purchaser waives any right to terminate
or rescind this Agreement or any of the transactions contemplated hereby.

 

4.8              
Sellers’ Agent.

 

(a)               
The Sellers hereby irrevocably and exclusively appoint Arkema France as their sole representative (the “Sellers’
Agent”), with full power and authority to, in their name, place and stead, take all actions permitted or required to
be taken by them pursuant to this Agreement, including:

 

(i)                
receive notices under this Agreement;

 

    31

     

    

 

(ii)              
receive any payments made by the Purchaser under this Agreement and allocate any such payment between the Sellers;

 

(iii)            
deliver any notices, certifications, consents, approvals or waivers required or appropriate under this Agreement;

 

(iv)             
amend the terms of this Agreement, to the extent such amendment does not materially affect one Seller more than the other
Sellers;

 

(v)               
handle, contest, dispute, compromise, adjust, settle or otherwise deal with any and all claims by or against or disputes
with the Purchaser under this Agreement; and

 

(vi)             
more generally, exercise the rights of the Sellers on their behalf under this Agreement (including the right to terminate
this Agreement under Section ‎4.1).

 

(b)               
 Any act or decision taken by the Sellers’ Agent in accordance with this Agreement shall bind each of the Sellers.

 

(c)               
References to the “Sellers’ Agent” appearing herein shall be deemed to be qualified by the phrase “(on
behalf of each of the Sellers)”, provided that the Sellers’ Agent’s so acting as the agent for each of the Sellers
neither implies that the Sellers’ Agent shall be deemed to be liable for any obligations of a Seller hereunder nor to establish
any joint and several liability among the Sellers.

 

(d)               
The Sellers’ Agent shall not bear any liability whatsoever, to either any of the Sellers or the Purchaser, in its
capacity as agent of the Sellers under this Agreement, except in case of willful misconduct (faute intentionnelle).

 

4.9              
Notices.

 

(a)               
All notices and other communications required or permitted to be given or made pursuant to this Agreement shall be in writing
in the English language and shall be:

 

(i)                
sent by an overnight courier service of recognized international standing delivering an acknowledgement of receipt (such
as FEDEX or DHL) or registered mail (such as French lettre recommandée avec accusé de réception);

 

(ii)              
sent by email (which shall contain a scanned copy of the signed notice, demand or other communication) (with a confirmation
to be sent by no later than the next Business Day by an overnight courier service of recognized international standing delivering
an acknowledgement of receipt (such as FEDEX or DHL) or registered mail (such as French lettre recommandée avec accusé
de reception)); or

 

(iii)            
delivered by hand delivery against an acknowledgement of receipt dated and signed by the recipient,

 

(b)               
provided that, unless the context requires otherwise, any notice or communication which is received after 6 p.m. (local
time in the place of receipt) on a Business Day or on any day which is not a Business Day shall be deemed received at 9 a.m. (local
time in the place of receipt) on the next Business Day) to the relevant Party at its address set forth on Annex 
 ‎4.9.

 

    32

     

    

 

(c)               
Any notice, demand or other communication made in accordance with paragraph (a) above shall be deemed to have been duly
given or made as follows:

 

(i)                
if sent by an overnight courier service of recognized international standing or registered mail (such as French lettre
recommandée avec accusé de reception), on the date of the first presentation of the courier or mail;

 

(ii)              
if sent by email, on the date indicated on such email; and

 

(iii)            
if delivered by hand, on the date indicated on the corresponding acknowledgement of receipt signed by the recipient.

 

(d)               
A Party may notify the other Parties of a change to its name, relevant addressee, address, or electronic address for the
purposes of this Section ‎4.9 in accordance with provisions of this Section ‎4.9, provided
that such notification shall only be effective:

 

(i)                
on the date specified in the notification as the date on which the change is to take place; or

 

(ii)              
 if no date is specified or the date specified is less than one (1) Business Day after the date on which notice is given,
the date which is one (1) Business Day after notice of any such change has been given.

 

4.10          
Entire Agreement. This Agreement and the other Transaction Documents represent the entire agreement and understanding
of the Parties with reference to the transactions set forth herein and therein and supersede all prior negotiations, discussions,
correspondence, communications, understandings and agreements between the Parties relating to the subject matter hereof and thereof
and all prior drafts of such documents, all of which are merged into the executed version of such documents; provided, however,
that in the event of a conflict between this Agreement and any other Transaction Document (other than the SPA), the provisions
of this Agreement shall govern. No prior drafts of any Transaction Document may be used to show the intent of the Parties in connection
therewith and the transactions contemplated thereby or shall otherwise be admissible into evidence in any Proceeding or other legal
action involving this Agreement.

 

4.11          
No Third Party Rights; Assignment.

 

(a)               
This Agreement shall inure to the benefit of, and be binding upon, the Parties hereto and their respective successors and
permitted assigns; provided, however, that, except as expressly provided herein, none of the Parties shall assign
any of its rights or delegate any of its obligations created under this Agreement without the prior written consent of the other
Parties. Except as expressly provided herein, nothing set forth in this Agreement shall be construed to give any Person other than
the Parties to this Agreement (including any current or former employees, any participant in any benefit plan, or any dependent
or beneficiary thereof) any right, remedy or claim under or with respect to this Agreement or any provision of this Agreement.

 

(b)               
Notwithstanding the provisions of paragraph (a) above, the Parties expressly agree that the Purchaser may assign or transfer,
by way of security or charge, the right to receive any repayment of a portion of the Purchase Price or other payments hereunder
to any direct or indirect provider of finance in connection with the debt financing of all or a part of the Transaction, provided
that under no circumstance shall the obligations or liabilities of the Sellers be increased as a result of any such assignment
or transfer.

 

4.12          
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 to effectuate the
intent of the Parties hereunder.

 

    33

     

    

 

4.13          
Waivers and Amendments. No modification of, or amendment to, this Agreement shall be valid unless in a writing
signed by the Parties hereto referring specifically to this Agreement and stating the Parties’ intention to modify or amend
the same. Any waiver of any term or condition of this Agreement must be in a writing signed by the Party entitled to grant such
waiver referring specifically to the term or condition to be waived, and no such waiver shall be deemed to constitute the waiver
of any other breach of the same or of any other term or condition of this Agreement.

 

4.14          
Governing Law and Submission to Jurisdiction.

 

(a)           
This Agreement shall be governed by, and interpreted and enforced in accordance with, the laws of France (without giving
effect to the conflicts-of-law principles thereof).

 

(b)           All
disputes, controversies or claims (each a “Dispute”) arising out of or in connection with this Agreement
which are not resolved by the Parties shall be finally settled by arbitration under the Rules of Arbitration of the
International Chamber of Commerce (the “Rules”) by three (3) arbitrators (unless the Parties shall have
expressly agreed in writing that a Dispute will be settled by one (1) arbitrator) appointed in accordance with the Rules. The
two arbitrators nominated by the Parties shall agree upon the nomination of the third arbitrator, who shall be the Chair of
the arbitral tribunal, within fifteen (15) days from the date upon which both of them have been duly confirmed by the
International Court of Arbitration of the International Chamber of Commerce (the “ICC Court”). If the two
arbitrators nominated by the Parties fail to nominate a third arbitrator within the above-referenced fifteen (15) day period,
the necessary appointment shall be made by the ICC Court in accordance with the Rules.

 

(c)           
An arbitral tribunal constituted under this Section shall have exclusive jurisdiction over any challenge of a decision on
the grounds that such decision constitutes or is based upon manifest error (erreur grossière).

 

(d)          
The arbitral tribunal shall use its best efforts to render its final award as soon as is reasonably practicable. Without
prejudice to such provisional remedies as may be available under the jurisdiction of a competent court, the arbitral tribunal shall
have full authority to grant injunctive relief and/or specific performance. The arbitral tribunal shall not have the power to decide
the dispute as “amiables compositeurs”. The award of the arbitral tribunal shall be final and binding upon the
Parties, and each Party hereby waives any and all rights to appeal or challenge the award insofar as such waiver can be validly
made.

 

(e)           
The place of arbitration shall be Paris, France. The English language shall be used throughout the proceedings, but documentary
evidence in French may be submitted without translation.

 

[Remainder of page
intentionally left blank]

 

    34

     

    

 

Made in Paris, on the date indicated on
the first page of this Agreement, in two (2) originals, allocated as follows:

 

		-	one (1) original, delivered to Arkema, for the Sellers, which acknowledge that they have a common
interest for the purpose of article 1375 of the French Civil Code; and

 

		-	one (1) original for the Purchaser.

 

	ARKEMA acting in the name and on behalf of the Sellers	 
	 	 
	By:	/s/ Jérôme Schmidgen	 
	 	Name:	Jérôme Schmidgen	 
	 	Title:	Authorized Representative	 

 

[Signature page of
the Warranty Agreement]

 

    35

     

    

 

	TRINSEO S.A.            	 
	 	 
	By:	/s/ Angelo Chaclas	 
	 	Name:	Angelo Chaclas	 
	 	Title: A	uthorized Representative    	 

  

[Signature page of
the Warranty Agreement]

 

    36Exhibit 4.1

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of March 17, 2021, is by and between GX Acquisition Corp. II, a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer
Agent”).

 

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

 

WHEREAS, on March 17,
2021 the Company entered into that certain Private Placement Warrants Purchase Agreement with GX Sponsor II LLC, a Delaware limited
liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 5,666,667
warrants simultaneously with the closing of the Offering bearing the legend set forth in Exhibit B hereto (the
“Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant; and

 

WHEREAS, in order to
finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the
Sponsor or an affiliate of the Sponsor or certain of the Company’s executive officers and directors may, but are not obligated
to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to
an additional 1,000,000 warrants at a price of $1.50 per warrant (the “Working Capital Warrants”); and

 

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

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a registration statements on
Form S-1, File No. 333-253390 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
the Public Warrants and the Common Stock included in the Units; and

 

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

 

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

 

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

  

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

 

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

 

     

     

    

 

2. Warrants.

 

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

 

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

 

2.3 Registration.

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

provided, however, that,
in each case these permitted transferees (the “Permitted Transferees”) must enter into a written
agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

 

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

 

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
except as may be agreed upon by the Company.

 

    3

     

    

 

3. Terms and
Exercise of Warrants.

 

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

 

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

 

3.3 Exercise
of Warrants.

 

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

 

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

  

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

 

    4

     

    

 

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

 

(d) as provided in Section
7.4 hereof.

 

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

 

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

 

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

 

    5

     

    

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection
3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect
the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that
after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)(the “Maximum
Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes
of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates
shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination
of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining,
unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or
exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). For purposes of the Warrant, in determining the number of outstanding shares of
Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most
recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission
as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer
Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the
holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number
of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date
as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant
may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in
such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st)
day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1 Stock
Dividends.

 

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

 

    6

     

    

 

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

 

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

 

4.3 Adjustments
in Exercise Price.

 

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

 

4.3.2 If (i) the
Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common
Stock for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective
issue price of less than $9.20 per share of Common Stock, with such issue price or effective issue price to be determined in good
faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder
shares held by such holder or affiliates, as applicable, prior to such issuance) (the “New Issuance Price”),
(ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of the initial Business Combination on the date of the consummation thereof (net of redemptions) and
(iii) the volume weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day
prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is
below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market
Value and the New Issuance Price and the Redemption Trigger Price (as defined below) shall be adjusted to equal to 180% of the
higher of the Market Value and the Newly Issued Price.

 

    7

     

    

 

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

  

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

 

    8

     

    

 

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

 

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

 

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

 

4.9 No Adjustment.
For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the
conversion ratio of the Company’s Class B common stock (the “Class B Common Stock”) into shares
of Common Stock or the conversion of the shares of Class B Common Stock into shares of Common Stock, in each case, pursuant to
the Company’s Charter, as amended from time to time.

 

5. Transfer
and Exchange of Warrants.

 

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

 

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

 

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

 

    9

     

    

 

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

 

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

 

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

 

6. Redemption.

 

6.1 Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of
the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice
to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant
(the “Redemption Price”), provided that the last sales price of the Common Stock reported has been
at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof) (the “Redemption
Trigger Price”), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third
trading day prior to the date on which notice of the redemption is given and provided that there is an effective registration statement
covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available
throughout the 30-day Redemption Period (as defined in Section 6.2 below) or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1; provided, however, that
if and when the Public Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance
of shares of Common Stock upon exercise of the Public Warrants is not exempt from registration or qualification under applicable
state blue sky laws or the Company is unable to effect such registration or qualification.

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

    11

     

    

 

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

 

8. Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2 Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

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

 

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

 

8.3 Fees
and Expenses of Warrant Agent.

 

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

 

    12

     

    

 

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

 

8.4 Liability
of Warrant Agent.

 

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

 

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

 

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

 

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

 

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

 

9. Miscellaneous
Provisions.

 

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

 

    13

     

    

 

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:

 

GX Acquisition Corp. II

1325 Avenue of the Americas, 25th
Floor

New York, NY 10019

Attention: Jay R. Bloom

 

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

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

9.3 Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. 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 forum for any such action, proceeding or claim. The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions
of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim
for which the federal district courts of the United States of America are the sole and exclusive forum.

 

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

 

9.4 Persons
Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants and, for purposes of Sections 7.4, 9.4 and
9.8, the Representatives, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall
be for the sole and exclusive benefit of the parties hereto and, for purposes of Sections 7.4, 9.4 and 9.8, the Representatives,
and their successors and assigns and of the Registered Holders of the Warrants.

 

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

 

    14

     

    

 

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

 

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

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of curing
any ambiguity, or curing, correcting or supplementing any mistake including to confirm the provisions of this Agreement to the
description of the terms of the Warrants and this Agreement set forth in the Prospectus or any defective provision contained herein
or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may
deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders, and (ii)
to provide for the delivery of Alternative Issuance pursuant to Section 4.4. All other modifications or amendments, including any
amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered
Holders of a majority of the then outstanding Public Warrants. Any amendment solely to the Private Placement Warrants or the Working
Capital Warrants shall require the vote or written consent of a majority of the holders of the then outstanding Private Placement
Warrants or the Working Capital Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the
duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent
of the Registered Holders.

 

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

 

[Signature Page Follows]

 

    15

     

    

 

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

 

	 	GX ACQUISITION CORP. II
	 	 
	 	By:	/s/ Jay R. Bloom
	 	Name:	Jay R. Bloom
	 	Title:	Co-Chairman and 

Co-Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST

 COMPANY, as Warrant Agent
	 	 
	 	By:	/s/ Ana Gois
	 	Name:	Ana Gois
	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD
PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

GX ACQUISITION CORP. II 

Incorporated Under the
Laws of the State of Delaware

 

CUSIP 36260F 113

Warrant Certificate

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

     

     

    

 

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

 

     

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares
of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of            ,
2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer
& Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement
is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights,
limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders” or “holder” meaning the Registered Holders or Registered Holder,
respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the
Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant
Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

     

     

    

 

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

 

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

 

     

     

    

 

EXHIBIT B

 

LEGEND

 

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

 

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

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