Document:

Active_67833202_1_SHAREPURCHASEAGREEMENTConformedCopy (1)

Exhibit 10.1 

	
		
	Dated 3 June 2015

	SFDS GLOBAL HOLDINGS B.V. 
COLD FIELD INVESTMENTS LLC. 
and
SMITHFIELD INSURANCE CO. LTD.
(as Sellers) 

and

ALFA, S.A.B. DE C.V.
(as Purchaser)

	

SHARE PURCHASE AGREEMENT
relating to the sale and purchase of certain shares in  
Sigma & WH Food Europe, S.L.

	 
	 

	 
	 

	 
	 

Table of Contents
Contents                                                                                                                                     Page
1            Definitions                                                                                                                            2
2            Sale and purchase of the Shares                                                                                        2
3            Consideration                                                                                                                       3
4             Formalisation of the sale and purchase of the Shares                                                       3
5             Warranties                                                                                                                           4
6             Termination of the Shareholders Agreement; Release                                                       5
7             Confidentiality                                                                                                                     5
8             Other provisions                                                                                                                  6
Schedule 1 Definitions                                                                                                                     10
Schedule 4.2.2(i) Resignation letters                                                                                               12
Schedule 5.1 Sellers’ Warranties                                                                                                     13
Schedule 5.2 Purchaser’s Warranties                                                                                             14
Schedule 6.2 Shareholders’ agreement termination letter                                                               15

i

Share Purchase Agreement
This Agreement is made on 3 June 2015,
between:
		
	(1)
	SFDS Global Holdings B.V., a private company with limited liability incorporated under the laws of The Netherlands whose registered office is at Amsterdam (The Netherlands), Naritaweg, 165, with Spanish tax identification number (N.I.F.) N-0033347-F (“SFDS Global”);

		
	(2)
	Cold Field Investments LLC., a company incorporated under the laws of Delaware whose registered office is at Delaware (USA), Av. Orange, 1209, with Spanish tax identification number (N.I.F.) N-4007219-A (“Cold Field”); and

		
	(3)
	Smithfield Insurance Co. LTD., a company incorporated under the laws of Bermuda whose registered office is at Victoria St. Hamilton, Canon’s Court, 22, with Spanish tax identification number (N.I.F.) N-4131074-I (“Smithfield Insurance”).

SFDS Global, Cold Field and Smithfield Insurance are duly represented herein by Mr Michael Cole, of legal age and U.S. nationality, bearer of passport of his nationality number 432369403 in force, with professional address at 200 Commerce Street, Smithfield Virginia 23430, USA, acting in his capacity as Director of SFDS Global and Smithfield Insurance and Vice President of Cold Field.
SFDS Global, Cold Field and Smithfield Insurance (the “Sellers”); and
		
	(4)
	Alfa, S.A.B. de C.V., a company incorporated under the laws of Mexico whose registered office is at Av. Gómez Morín 1111 Sur, Colonia Carrizalejo, San Pedro Garza García N.L. (México), with Spanish tax identification number (N.I.F.) N-4121209-C (the “Purchaser”).

The Purchaser is duly represented herein by Mr Carlos Jimenez, of legal age and Mexican nationality, bearer of passport of his nationality number G01500567 in force, with professional address at Av. Gómez Morín 1111 Sur, Colonia Carrizalejo, San Pedro Garza García N.L. (México), acting in his capacity as General Counsel and Secretary.
Hereinafter, the Sellers and the Purchaser shall be jointly referred to as the “Parties” and each of them, individually, as a “Party”.
Whereas:
		
	(A)
	Sigma & WH Food Europe, S.L. is a company incorporated under the laws of Spain by virtue of the public deed granted on 17 July 2013 before the Notary of Madrid Mr. Fernando Fernández Medina with number 1,113 of his records, registered with the Commercial Registry of Madrid in volume 31,343, page 20, sheet M-564,197, whose registered office is at Alcobendas (Madrid), Calle Caléndula, 95, Edificio M, Oficina 5, Miniparc II, El Soto de la Moraleja and with Spanish tax identification number B86785458 (the “Company”).

		
	(B)
	As at the date of this Agreement the share capital of the Company amounts to €101,245,490 and is divided into 101,245,490 shares (participaciones sociales) of a nominal value of €1 each, numbered from 1 to 101,245,490 (both inclusive), all of which are fully subscribed and paid up. 

1

		
	(C)
	The Sellers own the following shares in the Company:

		
	(i)
	SFDS Global owns 24,792,399 shares, numbered from 62,256,427 to 87,044,975 and from 100,500,765 to 100,504,614 (all inclusive), representing 24.49 per cent of the Company’s share capital (the "SFDS Global Shares"); 

		
	(ii)
	Cold Field owns 11,625,252 shares, numbered from 50,632,980 to 62,256,426 and from 100,498,960 to 100,500,764 (all inclusive), representing 11.48 per cent of the Company’s share capital (the “Cold Field Shares”); and

		
	(iii)
	Smithfield Insurance, owns 1,399,521 shares, numbered from 49,233,676 to 50,632,979 and from 100,498,743 to 100,498,959 (all inclusive), representing 1.38 per cent of the Company’s share capital (the "Smithfield Insurance Shares"),

all of them by virtue of the public deed of capital increase granted on 10 June 2014 before the Notary of Madrid Mr. Fernando Fernández Medina with number 1,431 of his records, registered with the Commercial Registry of Madrid.
The SFDS Global Shares, Cold Field Shares and the Smithfield Insurance Shares shall be jointly referred to as the "Shares".
		
	(D)
	At the date of this Agreement, Sigma Alimentos España, S.L., a subsidiary of the Purchaser holds the remaining 63,428,318 shares in the Company, representing 62.65 per cent of the Company’s share capital.

		
	(E)
	The Sellers have agreed to sell the Shares and the Purchaser has agreed to purchase the Shares on the terms and conditions of this Agreement.

		
	(F)
	Consequently, the Parties agree to enter into this Agreement in order to set forth their respective obligations in the context of the sale and purchase, pursuant to the following

Clauses

2

		
	1
	Definitions

Capitalised terms in this Agreement shall have the meaning given to them in Schedule 1.
		
	2
	Sale and purchase of the Shares

		
	2.1
	On and subject to the terms of this Agreement, the Sellers (each Seller as to its respective shares in the Company) hereby sell and transfer on the date hereof to the Purchaser, which hereby purchases and acquires on the date hereof, full ownership of the Shares.

		
	2.2
	The Shares are sold and transferred by the Sellers free from Encumbrances and together with all rights and advantages attaching to them (including, without limitation, the right to receive all dividends or distributions declared, made or paid on or after the date hereof).

		
	2.3
	Execution of this Agreement and transfer of the title of ownership to the Shares:

		
	2.3.1
	Pursuant to article 1,450 of the Spanish Civil Code, the sale and purchase of the Shares is agreed and entered into (perfeccionada) by means of the execution of this Agreement and, therefore, it is binding and enforceable between the Parties from the date hereof.

		
	2.3.2
	The formalisation (consumación) of the transfer of the title of ownership to the Shares by the Sellers to the Purchaser shall be effected on the Formalisation Date (as defined in Clause 4.1) by means of the completion of the remaining actions described in Clause 4.

		
	3
	Consideration

		
	3.1
	Basis for the calculation and amount of the Purchase Price

		
	3.1.1
	The Parties have agreed that the aggregate consideration for the sale and purchase of the Shares under this Agreement shall be the amount of US$354,000,000 (three hundred fifty four million dollars, currency of the United States of America) (the “Purchase Price”).

		
	3.1.2
	Therefore, the consideration on a per share basis is US$9.360826875.

		
	3.1.3
	The Parties acknowledge that on a per share basis the Purchase Price represents the USD equivalent (calculated using the currency exchange rate in effect on the settlement date) of the Euro 6.90 per share consideration paid in the tender offer launched by the Company and approved by the Spanish Comisión Nacional del Mercado de Valores on May 21, 2014 over the shares of Campofrío Food Group, S.A.

		
	3.2
	Payment of the Purchase Price

		
	3.2.3
	Simultaneously herewith, the Purchaser has paid the Purchase Price to the Sellers by means of irrevocable bank transfers to the bank accounts notified by the Sellers for that purpose prior to signing this Agreement, according to the following:

		
	(i)
	US$232,077,354.86 (two hundred thirty two million seventy seven thousand three hundred fifty four dollars 86/100) to SFDS Global; 

		
	(ii)
	US$108,821,971.35 (one hundred eight million eight hundred twenty one nine hundred seventy one dollars 35/100) to Cold Field; and

3

		
	(iii)
	US$13,100,673.79 (thirteen million one hundred thousand six hundred seventy three dollar 79/100) to Smithfield Insurance.

		
	3.2.4
	The Sellers hereby declare to have received the Purchase Price in full from the Purchaser and grant to the Purchaser the most formal and accurate receipt of payment for the Purchase Price (carta de pago).

		
	4
	Formalisation of the sale and purchase of the Shares

		
	4.1
	The Sellers shall provide notice in writing to the Purchaser of the date for the formalisation (consumación) of the sale and purchase of the Shares, which shall be a Business Day no earlier than ten Business Days of the date hereof and no later than 26 June 2015 (the “Formalisation Date”). The Sellers’ notice shall be delivered to the Purchaser no later than five Business Days prior to the Formalisation Date.

		
	4.2
	On the Formalisation Date the Parties shall simultaneously (en unidad de acto) carry out the following actions and/or execute and/or deliver the following documents:

		
	4.2.1
	The Parties:

		
	(i)
	formalise this Agreement in a notarial public deed before the public notary of Madrid (Spain) Mr Fernando Fernández Medina – or any other public notary that the Purchaser designates in the absence of the foregoing – (the “Notary Public”), for purposes of article 106.1 of the Spanish Companies Act (Ley de Sociedades de Capital);

		
	(ii)
	notify the Secretary of the Board of directors of the Company of the transfer of the Shares and request him to register the Purchaser as the holder of the Shares in the Company’s Shareholders Registry (Libro Registro de Socios); and

		
	(iii)
	request the Notary Public to make a note of the transfer of the Shares in the first copy of the public deed evidencing the Sellers’ title of ownership to the Shares.

		
	4.2.2
	The Sellers:

		
	(i)
	deliver to the Purchaser the resignation letters of (a) Mr Wan Long, Mr Jiao Shuge, Mr Charles Larry Pope and Mr Michael Cole (the “Resigning Members”) from their position as members, Vice-Chairman and Vice-secretary to the Board of directors of the Company, respectively, and (b) the Resigning Members from their positions as members, Vice-Chairman and Secretary to the Board of directors of Campofrío Food Group, S.A., respectively, a copy of which are attached hereto as Schedule 4.2.2(i); and

		
	(ii)
	fill and deliver to the Notary Public a D1-B form by virtue of which their divestment in the Company is notified to the Spanish General Directorate for Trade and Investment (Dirección General de Comercio e Inversiones).

		
	4.2.3
	The Purchaser:

4

		
	(i)
	fill and deliver to the Notary Public a D1-A form by virtue of which its investment in the Company is notified to the Spanish General Directorate for Trade and Investment (Dirección General de Comercio e Inversiones); and

		
	(ii)
	hold, together with Sigma Alimentos España, S.L., a general shareholders meeting of the Company in order to:

		
	(a)
	change its corporate name and remove the reference to “WH” from the Company’s corporate name; and

		
	(b)
	acknowledge the resignations tendered by the Resigning Members, release them from liability and waive any actions the Company or any of its subsidiaries may have vis-à-vis them in their condition as members of the Company’s and Campofrio Food Group’s Board of directors or as officers.

		
	5
	Warranties

		
	5.1
	The Sellers’ Warranties

Each of the Sellers represents and warrants to the Purchaser that each and all of the Sellers’ Warranties set out in Schedule 5.1 are true, accurate, complete and not misleading as at the date of this Agreement. 
		
	5.2
	The Purchaser’s Warranties

The Purchaser represents and warrants to the Sellers that each and all of the Purchaser’s Warranties set out in Schedule 5.2 are true, accurate, complete and not misleading as at the date of this Agreement.
		
	6
	Termination of the Shareholders Agreement; Release 

		
	6.1
	The Parties acknowledge and agree that pursuant to clause 9.1 of the shareholders agreement entered into between the Sellers, the Company, Sigma Alimentos España, S.L., Sigma Alimentos, S.A. de C.V., WH Group Limited and Smithfield Foods, Inc. on 10 June 2014 (the “Shareholders Agreement”) in relation to the Company and Campofrío Food Group, S.A., the Shareholders Agreement shall be deemed to have been terminated upon the execution of this Agreement.

		
	6.2
	On the Formalisation Date and simultaneously (en unidad de acto) with the actions set out in Clause 4.1, the Sellers, the Company, Sigma Alimentos España, S.L., Sigma Alimentos, S.A. de C.V., WH Group Limited and Smithfield Foods, Inc. execute a letter to acknowledge the termination of the Shareholders Agreement effective upon the execution of this Agreement, a copy of which is attached hereto as Schedule 6.2.

		
	6.3
	The Purchaser acknowledges that as the indirect owner of 62.65 percent of the Company’s share capital, it is already in control of the Company and its subsidiaries, including Campofrío Food Group, S.A. and fully understands the Company’s business, assets, liabilities, financial condition and prospects. Except as set forth on Schedule 5.1 of this Agreement, the Sellers and their affiliates make no representations or warranties to the Purchaser, express or implied, with respect to the Company and/or its subsidiaries and the Purchaser hereby releases and agrees to hold the Sellers and their officers, directors, agents and affiliates harmless from 

5

and against any loss, demand, claim or liability relating to or arising out of (i) the Purchaser’s acquisition of the Shares, or (ii) the Company’s and its subsidiaries’ businesses and operations.  
		
	7
	Confidentiality

		
	7.1
	No announcement, communication or circular in connection with the existence or the subject matter of this Agreement shall be made or issued by or on behalf of any member of the Sellers’ Group or any member of the Purchaser’s Group without the prior written approval of the Sellers and the Purchaser. In particular, the Parties agree that the content of any mandatory disclosure and/or regulatory filing to be made upon the execution of this Agreement shall be previously agreed among them.

		
	7.2
	Clause 7.1 shall not prohibit disclosure or use of any information if and to the extent the disclosure or use is required:

		
	7.2.1
	by law, any governmental or regulatory body or authority or the rules of any stock exchange on which the shares of either Party (or their Affiliates) are listed but the Party with an obligation to make an announcement or communication or issue a circular (or whose Affiliate has such an obligation) shall consult with the other Parties (or shall procure that its Affiliate consults with the other Parties) insofar as is reasonably practicable before complying with such an obligation;

		
	7.2.2
	to vest the full benefit of this Agreement in the Sellers or the Purchaser;

		
	7.2.3
	the information is or becomes publicly available (other than by breach of this Agreement); or

		
	7.2.4
	the other Parties have given prior written approval to the disclosure or use.

		
	8
	Other provisions

		
	8.1
	Whole Agreement

This Agreement contains the whole agreement between the Sellers and the Purchaser relating to the subject matter of this Agreement at the date of this Agreement and supersedes any previous written or oral agreement between the Sellers and the Purchaser in relation to the matters dealt with in this Agreement.
		
	8.2
	Costs

		
	8.2.1
	Each Party shall bear its own legal advising cost, as incurred by it in connection with the preparation, negotiation and entry into of this Agreement. 

		
	8.2.2
	All notarial fees and expenses arising from the execution and raising of this Agreement to public status shall be borne in equal halves by the Sellers, on one hand, and Purchaser, on the other hand. 

		
	8.3
	Counterparts

This Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any party may enter into this Agreement by signing any such counterpart.

6

		
	8.4
	Notices

		
	8.4.1
	Any notice or other communication in connection with this Agreement (each, a “Notice”) shall be:

		
	(i)
	in writing;

		
	(ii)
	delivered by hand, fax, e-mail or courier using an internationally recognised courier company.

		
	8.4.2
	A Notice to the Sellers shall be sent to the following address, or such other person or address as the Sellers may notify to the Purchaser in accordance with this Clause from time to time:

	
		
	SFDS Global Holdings B.V. 

	Address
	Naritaweg 165, 1043 BW Amsterdam, the Netherlands

	Fax:
	+

	E-mail:
	hpvisser@citco.com 

	FAO:
	Mr Hans-Peter (J.P.V.G.) Visser

	Cold Field Investments LLC.

	Address
	200 Commerce Street, Smithfield Virginia 23430, USA

	Fax:
	757-365-1821

	E-mail:
	michaelcole@smithfieldfoods.com

	FAO:
	Mr Michael Cole

	Smithfield Insurance Co. LTD.

	Address
	200 Commerce Street, Smithfield Virginia 23430, USA

	Fax:
	757-365-1821

	E-mail:
	michaelcole@smithfieldfoods.com

	FAO:
	Mr Michael Cole

With a copy to:
	
		
	Address
	Paseo de Gracia, 111, 08008 Barcelona, Spain

	Fax:
	34 933 129 638

	E-mail:
	p.kirchner@cuatrecasas.com

	FAO:
	Mr Pere Kirchner 
Cuatrecasas, Gonçalves Pereira 

		
	8.4.3
	A Notice to the Purchaser shall be sent to the following address, or such other person or address as the Purchaser may notify to the Sellers from time to time:

7

	
		
	Alfa, S.A.B. de C.V.

	Address
	Ave. Gomez Morin 1111 Sur, Colonia Carrizalejo, San Pedro Garza García, N.L. México 66254

	Fax:
	52-81-8748-2519

	E-mail:
	cjimenez@alfa.com.mx

	FAO:
	Mr Carlos Jiménez

With a copy to:
	
		
	Address
	Calle Almagro 40, 28010 Madrid, Spain

	Fax:
	+34913996001

	E-mail:
	alejandro.ortiz@linklaters.com

	FAO:
	Mr Alejandro Ortiz
Linklaters, S.L.P.

		
	8.5
	Invalidity

		
	8.5.1
	If any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, the provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and enforceable and gives effect to the commercial intention of the Parties.

		
	8.5.2
	To the extent it is not possible to delete or modify the provision, in whole or in part, under Clause 8.5.1, then such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be deemed not to form part of this Agreement and the legality, validity and enforceability of the remainder of this Agreement shall not be affected.

		
	8.6
	Governing law and submission to jurisdiction

		
	8.6.1
	This Agreement and the documents to be entered into pursuant to it, and any non-contractual obligations arising out of or in connection with the Agreement and such documents shall be governed by and construed in accordance with the common laws of Spain (derecho común español).

		
	8.6.2
	Each of the Parties irrevocably agrees that the courts of the city of Madrid (Spain) are to have exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Agreement and the documents to be entered into pursuant to it and that accordingly any proceedings arising out of or in connection with this Agreement and the documents to be entered into pursuant to it shall be brought in such courts. Each of the Parties irrevocably submits to the jurisdiction of such courts and waives any objection to proceedings in any such court on the ground of venue or on the ground that proceedings have been brought in an inconvenient forum.

		
	8.7
	Tax Matters

		
	8.7.1
	The Parties agree to cooperate and to provide the necessary information so that each Party can meet their respective income tax filing obligations and respond to inquiries made by various taxing authorities.  No elections shall be made by any Party that 

8

would have an adverse income tax impact on any other Party without the other Party’s consent.

[Intentionally left blank. Signatures page follows]

9

In witness whereof this Agreement has been duly executed on the date first set out above.

/s/ Michael Cole                                           /s/Carlos Jimenez______________
SFDS Global Holdings B.V.                    Alfa, S.A.B. de C.V.
		
	Mr Michael Cole, Director
	Mr Carlos Jimenez, General Counsel & Secretary

/s/ Michael Cole_________________                                   
Cold Field Investments LLC
Mr Michael Cole, Vice President

/s/ Michael Cole_________________                               
Smithfield Insurance Co., Ltd.
Mr Michael Cole, Director

10

Schedule 1 
Definitions

11

	
		
	“Affiliate”
	means, in relation to any person (the “first person”), any person, directly or indirectly through one or more intermediaries, Controlling, Controlled by or under common Control with such first person;

	“Agreement”
	means this sale and purchase agreement;

	“Business Day”
	means a day which is not a Saturday, a Sunday or a public holiday in the city of Madrid (Spain);

	 
	 

	“Cold Field Shares”
	has the meaning given in Recital (C)(ii);

	“Cold Field”
	means Cold Field Investments LLC.;

	“Company”
	means Sigma & WH Food Europe, S.L.;

	“Control”
	means with respect to a person other than an individual (the “first person”) the (i) direct or indirect ownership of more than 50% of the voting rights of such first person; (ii) the right to directly or indirectly nominate, or otherwise cause the appointment of, more than 50% of the members of the board of directors (or similar governing body) of such first person; or (iii) the power (whether directly or indirectly and whether by the ownership of share capital, the possession of voting power, contract or otherwise) to direct or cause the direction of the management and policies of such first person (and the terms “Controlling” and “Controlled” shall have meanings correlative to the foregoing);

	“Encumbrance” 
	means any claim, charge, mortgage, lien, option, equitable right, power of sale, pledge, hypothecation, retention of title, right of pre-emption, right of first refusal or other third party right or security interest of any kind or an agreement, arrangement or obligation to create any of the foregoing;

	“Formalisation Date”
	has the meaning given in Clause 4.1;

	 
	 

	“Notary Public”
	has the meaning given in Clause 4.2.1(i);

	“Notice”
	has the meaning given in Clause 8.4.2;

	“Parties”, “Party”
	has the meaning given in Recital (4);

	“Purchaser’s Group” 
	means the Purchaser and its Affiliates;

	“Purchase Price”
	has the meaning given in Clause 3.1;

	“Purchaser’s Warranties”
	means the warranties and representations given by the Purchaser pursuant to Clause 5.2 and Schedule 5.2;

	“Purchaser”
	means Alfa, S.A.B. de C.V.;

	“Resigning Members”
	has the meaning given in Clause 4.2.2(i);

	“Sellers’ Group”
	means the Sellers and their Affiliates;

	“Sellers’ Warranties”
	means the warranties and representations given by the Sellers pursuant to Clause 5.1 and Schedule 5.1;

	“Sellers”
	has the meaning given in Recital (3);

	“SFDS Global”
	means SFDS Global Holdings B.V.;

	“SFDS Global Shares”
	has the meaning given in Recital (C)(i);

	“Shareholders Agreement”
	has the meaning given in Clause 6.1;

	“Shares”
	has the meaning given in Recital (C);

	“Smithfield Insurance”
	means Smithfield Insurance Co. LTD.;

	“Smithfield Insurance Shares”
	has the meaning given in Recital (C)(iii);

12

Schedule 4.2.2(i) 
Resignation letters
Schedule 5.1 
Sellers’ Warranties
		
	1
	Capacity

The Sellers are each validly incorporated, in existence and duly registered under the laws of their respective jurisdiction, and have full power to conduct their business as conducted as at the date of this Agreement.
		
	2
	Authority to enter into this Agreement

		
	2.4
	The Sellers have the legal right and full power and authority to enter into and perform their obligations under this Agreement and any other documents to be executed by them pursuant to or in connection with this Agreement.

		
	2.5
	The Agreement constitutes valid and binding obligations on the Sellers in accordance with its terms.

		
	2.6
	The Sellers’ representative in this Agreement has the legal right and full power and authority to enter into this Agreement on behalf of the Sellers.

		
	3
	Authorisation

		
	3.3
	The Sellers have taken all corporate actions required them to enter into and perform their obligations under this Agreement and any other documents to be executed by them pursuant to or in connection with this Agreement.

		
	3.4
	The entry into and performance by the Sellers of this Agreement does not and will not (i) breach any provision of their by-laws or other organisational documents, or (ii) result in a breach of any applicable laws or regulations or of any agreement or undertaking by which they are bound or any order, decree or judgment of any court or any governmental or regulatory authority.

		
	3.5
	None of the Sellers is insolvent nor bankrupt, nor unable to pay its debts as they fall due or has proposed or is liable to any arrangement (whether by court process or otherwise) under which its creditors (or any group of them) would receive less than the amounts due to them.

		
	4
	Ownership

		
	4.3
	The Sellers are the exclusive legal owners of the Shares.

		
	4.4
	The Shares include all the economic, voting and other rights attached thereto.

		
	5
	Encumbrances

There are no Encumbrances on, over or affecting any of the Shares and there is no agreement or commitment entered into by any of the Sellers to give or create any such Encumbrance.

13

Schedule 5.2 
Purchaser’s Warranties
		
	1
	Capacity

The Purchaser is validly incorporated, in existence and duly registered under the laws of its jurisdiction, and has full power to conduct its business as conducted as at the date of this Agreement.
		
	2
	Authority to enter into this Agreement

		
	2.7
	The Purchaser has the legal right and full power and authority to enter into and perform its obligations under this Agreement and any other documents to be executed by it pursuant to or in connection with this Agreement.

		
	2.8
	The Agreement constitutes valid and binding obligations on the Purchaser in accordance with its terms.

		
	2.9
	The Purchaser’s representative in this Agreement has the legal right and full power and authority to enter into this Agreement on behalf of the Purchaser.

		
	3
	Authorisation

		
	3.6
	The Purchaser has taken all corporate actions required by it to enter into and perform its obligations under this Agreement and any other documents to be executed by it pursuant to or in connection with this Agreement.

		
	3.7
	The entry into and performance by the Purchaser of this Agreement does not and will not (i) breach any provision of its by-laws or other organisational documents, or (ii) result in a breach of any applicable laws or regulations or of any agreement or undertaking by which it is bound or any order, decree or judgment of any court or any governmental or regulatory authority.

		
	3.8
	The Purchaser is neither insolvent nor bankrupt, nor unable to pay its debts as they fall due or has proposed or is liable to any arrangement (whether by court process or otherwise) under which its creditors (or any group of them) would receive less than the amounts due to them.

14

Schedule 6.2 
Shareholders’ agreement termination letter

15Exhibit
4.4

 

FORM
OF WARRANT AGREEMENT

 

Agreement made as of ______, 2015 between
Electrum Special Acquisition Corporation, a British Virgin Islands company, with offices at c/o The Electrum Group LLC, 700 Madison
Avenue, 5th Floor, New York, NY 10065 (“Company”), and Continental Stock Transfer & Trust Company, a
New York corporation, with offices at 17 Battery Place, New York, New York 10004 (“Warrant Agent”).

 

WHEREAS, on the _____, 2015, the
Company has entered into that certain Private Placement Warrants Purchase Agreement (the “Private Placement Warrants
Purchase Agreement”), with ESAC Holdings LLC (the “Sponsor”), and Ospraie Partners
LLC (“Ospraie”), an entity controlled by Dwight Anderson, a director of the Company, pursuant to which the
Sponsor and Ospraie will purchase 12,450,000 warrants in the aggregate, simultaneously with the closing of the Public
Offering (as defined below) bearing the legend set forth in Exhibit B hereto (the “Private Warrants”), at
a price of $0.50 per Private Placement Warrant, to purchase one-half of one ordinary share of the Company, no par
value (“Ordinary Share”), at $5.75 per half share, subject to adjustment as described herein, upon consummation
of such private placement (“Private Offering”); and

 

WHEREAS, the Company is engaged in a public
offering (“Public Offering”) of Units and, in connection therewith, will issue and deliver up to 15,000,000 warrants
to purchase one-half of one share of the Company’s Ordinary Shares, at $5.75 per half share, subject to adjustment as described
herein (“Public Warrants” and together with the Private Warrants, the “Warrants”) to the public investors
in the Company’s proposed initial public offering (the “Offering“”); and

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-203599 (“Registration
Statement”), and prospectus (the “Prospectus”) for the registration, under the Securities Act of 1933, as amended
(“Act”) of, among other securities, the Public Warrants to be issued in the Offering; and

 

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

 

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

 

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

 

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

 

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

 

2.           Warrants.

 

2.1           Form
of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the
Board or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the
Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve
in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as
if he or she had not ceased to be such at the date of issuance. All of the Public Warrants shall initially be represented by one
or more book-entry certificates deposited with The Depository Trust Company (the “Depositary”) and registered in the
name of Cede & Co., a nominee of the Depositary (each a “Book-Entry Warrant Certificate”).

 

    	 

    	 

    

 

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

 

2.3           Effect
of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid
and of no effect and may not be exercised by the holder thereof.

 

2.4           Registration.

 

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

 

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

 

2.5           Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the fifty-second (52nd)
day after the date hereof or, if such 52nd day is not on a day on which banks in New York City are generally open for
business (including Saturdays, Sundays or federal holidays) (a “Business Day”), then on the immediately succeeding
Business Day following such date, unless Cantor Fitzgerald & Co. informs the Company of its decision to allow earlier separate
trading, but in no event will separate trading of the securities comprising the Units begin until (i) the Company files a Current
Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
Offering and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing when such separate trading
shall begin.

 

2.6           Private
Warrant Attributes. The Private Warrants will be issued in the same form as the Public Warrants but they (i) will be exercisable
either for cash or on a cashless basis at the holder’s option pursuant to Section 3.3.1(c) and (ii) will not be redeemable
by the Company, in either case as long as such warrants are held by the initial purchasers or their affiliates and permitted transferees
(as prescribed in Section 5.6 hereof). The provisions of this Section 2.6 may not be modified, amended or deleted without the prior
written consent of Cantor Fitzgerald & Co.

 

3.           Terms
and Exercise of Warrants.

 

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

 

    	2

    	 

    

 

3.2           Duration
of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later of _______,
2016, one year from the date of this agreement, 30 days after the consummation by the Company of a share exchange, share reconstruction
and amalgamation, purchase of all or substantially all of the assets, contractual arrangement, or other similar business combination
with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement
and Prospectus), and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years after the consummation
by the Company of a Business Combination, (ii) the liquidation of the Company, and (iii) the Redemption Date as provided in
Section 6.2 of this Agreement (“Expiration Date”); provided, however, that the exercise of any Warrant shall be subject
to the satisfaction of any applicable conditions, as set forth in Section 7.4 below. Except with respect to the right to receive
the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on
the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date;
provided, however, that the Company will provide written notice to registered holders of the Warrants of such extension of not
less than 20 days.

 

3.3           Exercise
of Warrants.

 

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

 

(a)          In
lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent (or as
otherwise agreed to by the Company); or

 

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

 

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

 

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

 

    	3

    	 

    

 

3.3.2           Issuance
of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates for the
number of full Ordinary Shares to which he is entitled, registered in such name or names as may be directed by him, her or it,
and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such
Warrant shall not have been exercised. Subject to Section 4.7 of this Agreement, a registered holder of Warrants may exercise its
Warrants only for a whole number of Ordinary Shares (i.e., only an even number of Warrants may be exercised at any given time by
a registered holder). Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise.
Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

 

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

 

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

 

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

 

    	4

    	 

    

 

4.           Adjustments.

 

4.1           Share
Dividends - Split Ups. If after the date hereof, the number of outstanding Ordinary Shares is increased by a share dividend
payable in Ordinary Shares, or by a split up of the Ordinary Shares, or other similar event, then, on the effective date of such
share dividend, split up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding Ordinary Shares. A rights offering to all holders of the Ordinary Shares entitling
holders to purchase Ordinary Shares at a price less than the “Fair Market Value” (as defined below) shall be deemed
a share dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such
rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for the Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Ordinary Shares paid in such
rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1, (i) if the rights offering is for securities
convertible into or exercisable for the Ordinary Shares, in determining the price payable for the Ordinary Shares, there shall
be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (ii) “Fair Market Value” means the volume weighted average price of the Ordinary Shares as reported during the
ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trades on the applicable
exchange or in the applicable market, regular way, with the right to receive such rights.

 

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

 

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

 

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

 

    	5

    	 

    

 

4.5           Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in
the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in
which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders
shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants
and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would
have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative
Issuance” ); provided, however, that (i) if the holders of the Ordinary Shares 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 Ordinary
Shares 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 Ordinary Shares (other than a tender, exchange or redemption offer made
by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Company’s
amended and restated memorandum and articles of association or as a result of the repurchase of Ordinary Shares by the Company
if a proposed initial Business Combination is presented to the shareholders 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) 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) 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) more than 50% of the outstanding
Ordinary Shares, 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 shareholder 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 Ordinary Shares
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 Ordinary Shares in the applicable event is payable
in the form of Ordinary Shares 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 SEC, the Warrant Price shall be
reduced by an amount (in dollars) 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) (but in no event less than zero) 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 Ordinary Share shall be the volume weighted average price of the Ordinary Shares as reported during the ten (10)
trading day period ending on the trading day prior to the 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 Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all
other cases, the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending
on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results
in a change in Ordinary Shares covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2,
4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per
share issuable upon exercise of such Warrant.

 

    	6

    	 

    

 

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

 

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

 

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

 

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

 

5.           Transfer
and Exchange of Warrants.

 

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

 

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

 

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

 

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

 

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

 

    	7

    	 

    

 

5.6           Private
Warrants. The Warrant Agent shall not register any transfer of Private Warrants until 30 days after the consummation by
the Company of a Business Combination, except for transfers (1) as gift to such person’s immediate family or to a
trust, the beneficiary of which is a member of such person’s immediate family, an affiliate of such person or to a
charitable organization, (2) 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   Ospraie or to any member(s) of the Sponsor or any of
their affiliates, (3) by virtue of the laws of descent and distribution upon death of such person; (4) pursuant to a
qualified domestic relations order, (5) to any descendent of Thomas Kaplan, Eric Vincent and Dwight Anderson, (6) through
private sales or transfers made in connection with the consummation of the Company’s initial Business Combination at
prices no greater than the price at which the Warrants were originally purchased, (7) in the event of the Company’s
liquidation prior to consummation of the Company’s initial Business Combination, or (8) to the Company for no value for
cancellation in connection with the consummation of an initial Business Combination, in each case (except for clause 8) on
the condition that prior to such registration for transfer, the Warrant Agent shall be presented with written documentation
pursuant to which each transferee or the trustee or legal guardian for such transferee agrees to be bound by the restrictions
on transfer set forth in the Private Placement Warrants Purchase Agreement pursuant to which the original holder of the
Private Warrants purchased such securities.

 

6.           Redemption.

 

6.1           Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred
to in Section 6.2, at the price of $.01 per Warrant (“Redemption Price”), provided that the last sales price of the
Ordinary Shares has been at least $24.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty
(20) trading days within any thirty (30) trading day period (“30-Day Trading Period”) ending on the third Business
Day prior to the date on which notice of redemption is given and provided further that there is a current registration statement
in effect with respect to the Ordinary Shares underlying the Warrants commencing five Business Days prior to the 30-Day Trading
Period and continuing each day thereafter until the Redemption Date (defined below).

 

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

 

6.3           Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2
hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their
Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information
necessary to calculate the number of Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market
Value” 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. The Company agrees that the redemption rights provided in this Section 6 shall not
apply to the Private Warrants if at the time of the redemption such Private Warrants continue to be held by the
Sponsor, Ospraie or their permitted transferees. However, once such Private Warrants are transferred (other than to permitted
transferees under Section 5.6), the Company may redeem the Private Warrants, provided that the criteria for redemption
are met, including the opportunity of the holder of such Private Warrants to exercise the Private Warrants prior to
redemption pursuant to Section 6 hereof. Private Warrants that are transferred to persons other than permitted
transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants under this
Agreement.

 

    	8

    	 

    

 

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

 

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

 

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

 

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

 

7.4           Registration
of Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than the closing of a Business Combination,
it shall use its best efforts to file with the SEC a post-effective amendment to the Registration Statement, or a new registration
statement, for the registration, under the Act, of the Ordinary Shares issuable upon exercise of the Warrants, and it shall use
its best efforts to take such action as is necessary to qualify for sale, in those states in which the Warrants were initially
offered by the Company, the Ordinary Shares issuable upon exercise of the Warrants. In either case, the Company will use its best
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement until the expiration
of the Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees to use its best efforts to
register such securities under the blue sky laws of the states of residence of the exercising warrant holders to the extent an
exemption is not available. If any such post-effective amendment or registration statement has not been declared effective by the
90-day anniversary following the closing of the Business Combination, holders of the Warrants shall have the right, during the
period beginning on the 91st day after the closing of the Business Combination and ending upon such post-effective amendment
or registration statement being declared effective by the SEC, and during any other period after such date of effectiveness when
the Company shall fail to have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise
of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(d).
The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with
securities law experience) stating that (i) the issuance of Ordinary Shares upon exercise of the Warrants on a cashless basis in
accordance with this Section 7.4 is not required to be registered under the Act and (ii) the Ordinary Shares issued upon such exercise
will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144
under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend. For the avoidance of any doubt,
unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue to be obligated to comply
with its registration obligations under the first three sentences of this Section 7.4.

 

8.          Concerning
the Warrant Agent and Other Matters.

 

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

 

    	9

    	 

    

 

8.2           Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

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

 

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

 

8.3           Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4           Liability
of Warrant Agent.

 

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

 

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

 

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

 

    	10

    	 

    

 

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

 

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

 

9.          Miscellaneous
Provisions.

 

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

 

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

 

Electrum Special Acquisition Corporation

c/o The Electrum Group, LLC

700 Madison Avenue, 5th Floor

New York, NY 10065

Attn: Eric N. Vincent, Chief Executive Officer

 

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

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Greenberg Traurig, LLP

The MetLife Building

200 Park Avenue

New York, New York 10166

Attn: Alan A. Annex, Esq.

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Stuart Neuhauser, Esq.

 

    	11

    	 

    

 

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

 

9.4           Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant Agreement or of any
covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and 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 his Warrant for inspection by it.

 

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

 

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

 

9.8           Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders
of   65% of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders.

 

9.9           Severability.
This Warrant 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 Warrant 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 Warrant
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

Exhibit A Form of Warrant
Certificate

Exhibit B Legend –
Private Warrants

 

    	12

    	 

    

 

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

 

	 	ELECTRUM SPECIAL ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	13

    	 

    

 

	
         

         

        NUMBER

        ________-
	
        Exhibit A

         

        (SEE REVERSE SIDE FOR LEGEND) 

        THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO THE EXPIRATION DATE (DEFINED BELOW)
	
         

         

        WARRANTS

 

ELECTRUM SPECIAL ACQUISITION CORPORATION

 

CUSIP G3105C 112

 

WARRANT

 

THIS CERTIFIES THAT, for value received

 

is the registered holder of a warrant or warrants (the “Warrant”),
expiring at 5:00 p.m., New York City time, on the five year anniversary of the completion by Electrum Special Acquisition Corporation,
a British Virgin Islands company (the “Company”), of a, share exchange, share reconstruction and amalgamation, purchase
of all or substantially all of the assets, contractual arrangement, or other similar business combination with one or more businesses
or entities (a “Business Combination”), to purchase one-half (1/2) of one fully paid and non-assessable ordinary share,
no par value (“Shares”), of the Company for each Warrant evidenced by this Warrant Certificate. The Warrant entitles
the holder thereof to purchase from the Company, commencing on the later of (a) _________, 2015 12 months from the date of the
final prospectus and (b) thirty (30) days after the Company’s completion a Business Combination, such number of Shares of
the Company at the price of $5.75 per half share (the “Warrant Price”); provided however, that a Warrant may not be
exercised for a fractional share, so that only an even number of Warrants may be exercised at any given time, upon surrender of
this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent, Continental Stock Transfer
& Trust Company, but only subject to the conditions set forth herein and in the Warrant Agreement between the Company and Continental
Stock Transfer & Trust Company. In no event will the Company be required to net cash settle any warrant exercise. The Warrant
Agreement provides that upon the occurrence of certain events the Warrant Price and the number of Shares purchasable hereunder,
set forth on the face hereof, may, subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate
refers to the price per Share at which Shares may be purchased at the time the Warrant is exercised.

 

Upon any exercise of the Warrant for less
than the total number of full Shares provided for herein, there shall be issued to the registered holder hereof or the registered
holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised.

 

Warrant Certificates, when surrendered at
the office or agency of the Warrant Agent by the registered holder hereof in person or by 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 and evidencing in the aggregate a like number of
Warrants.

 

Upon due presentment for registration of
transfer of the Warrant Certificate at the office or agency 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 in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any applicable tax
or other governmental charge.

 

The Company and the Warrant Agent may deem
and treat the registered holder as the absolute owner 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 registered holder, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

This Warrant does not entitle the registered
holder to any of the rights of a shareholder of the Company.

 

    	 

    	 

    

 

The Company reserves the right to call the
Warrant at any time prior to its exercise with a notice of call in writing to the holders of record of the Warrant, giving at least
30 days’ notice of such call, at any time while the Warrant is exercisable, if the last sale price of the Shares has been
at least $24.00 per share on each of 20 trading days within any 30 trading day period (the “30-day trading period”)
ending on the third business day prior to the date on which notice of such call is given and if, and only if, there is a current
registration statement in effect with respect to the Shares underlying the Warrants commencing five business days prior to the
30-day trading period and continuing each day thereafter until the date of redemption. The call price of the Warrants is to be
$.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the notice
of call shall be canceled on the books of the Company and have no further value except for the $.01 call price.

 

	By	 	 	 
	 	President	 	Secretary

 

SUBSCRIPTION FORM

To Be Executed by the Registered Holder in Order to Exercise Warrants

 

The undersigned Registered Holder irrevocably elects to exercise
______________ Warrants represented by this Warrant Certificate, and to purchase the ordinary shares issuable upon the exercise
of such Warrants, and requests that Certificates for such shares shall be issued in the name of

 

	 
	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	 
	 
	 
	 
	 
	(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
	and be delivered to
	 
	(PLEASE PRINT OR TYPE NAME AND ADDRESS)
	 

 

and, if such number of Warrants shall not be all the Warrants
evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the name
of, and delivered to, the Registered Holder at the address stated below:

 

	Dated: 	 	 	 
	 	 	(SIGNATURE)
	 	 	 
	 	 	 
	 	 	(ADDRESS)
	 	 	 
	 	 	 
	 	 	 
	 	 	(TAX IDENTIFICATION NUMBER)

 

ASSIGNMENT

To Be Executed by the Registered Holder in Order to Assign Warrants

 

For Value Received, _______________________ hereby sell, assign,
and transfer unto

 

    	 

    	 

    

  

	 
	(PLEASE TYPE OR PRINT NAME AND ADDRESS)
	 
	 
	 
	 
	 
	(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)
	and be delivered to
	 
	(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

 

______________________ of the Warrants represented by this Warrant
Certificate, and hereby irrevocably constitute and appoint _________________________________ Attorney to transfer this Warrant
Certificate on the books of the Company, with full power of substitution in the premises.

 

	Dated: 	 	 	 
	 	 	(SIGNATURE)

 

The
signature to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant Certificate
in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or
trust company or a member firm of the NYSE Amex, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock Exchange.

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