Document:

Exhibit 10.18

 

Final Form

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS
AGREEMENT (this “Agreement”), dated as of [●], 2021, is made and entered into by and among Sunlight
Financial Holdings Inc., a Delaware corporation f/k/a Spartan Acquisition Corp. II (the “Company”), Spartan
Acquisition Sponsor II LLC, a Delaware limited liability company (the “Spartan Sponsor”), Tiger Infrastructure
Partners Sunlight Feeder LP, a Delaware limited partnership (“Tiger IPSF”), Tiger Infrastructure Partners
Co-Invest B LP, a Delaware limited partnership (together with Tiger IPSF, “Tiger”), FTV V, L.P., a Delaware
limited partnership (“FTV”), and the undersigned parties listed under Holder on the signature pages hereto
(each such party, together with the Spartan Sponsor, FTV, Tiger and any Person (as defined below) who hereafter becomes a party
to this Agreement pursuant to Section 7.2 of this Agreement, a “Holder” and collectively,
the “Holders”).

 

RECITALS

 

WHEREAS, on November
24, 2020, the Company, the Spartan Sponsor and certain other security holders named therein (the “Existing Holders”)
entered into that certain Registration Rights Agreement (the “Existing Registration Rights Agreement”),
pursuant to which the Company granted the Spartan Sponsor and such other Existing Holders certain registration rights with respect
to certain securities of the Company;

 

WHEREAS, on January
23, 2021, the Company, SL Invest I Inc., a Delaware corporation, SL Invest II LLC, a Delaware limited liability company, SL Financial
Investor I LLC, a Delaware limited liability company, SL Financial Investor II LLC, a Delaware limited liability company, SL Financial
Holdings Inc., a Delaware corporation, SL Financial LLC, a Delaware limited liability company, Sunlight Financial LLC, a Delaware
limited liability company (“Sunlight”), FTV-Sunlight, Inc., a Delaware corporation, and Tiger Co-Invest
B Sunlight Blocker LLC, a Delaware limited liability company, entered into that certain Business Combination Agreement and Plan
of Reorganization (the “BCA”), pursuant to which, among other things, the parties to the BCA will undertake
certain merger transactions as contemplated thereby and, as a result of such transactions, Sunlight will become an indirectly controlled
subsidiary of the Company (the “Business Combination”);

 

WHEREAS, after the
closing of the Business Combination, certain Holders will own shares of the Company’s Class A common stock, par value
$0.0001 per share (the “Class A Common Stock”), the Spartan Sponsor will own warrants to purchase
shares of Class A Common Stock (the “Private Placement Warrants”) and certain Holders will own Class EX
Units of Sunlight (“Class EX Units”), which will be exchangeable for shares of Class A Common
Stock pursuant to the terms of that certain Fifth Amended and Restated Limited Liability Company Agreement of Sunlight, dated as
of the date hereof; and

 

WHEREAS, the Company
and the Existing Holders desire to terminate the Existing Registration Rights Agreement and enter into this Agreement with the
Holders, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of
the Company and certain board nomination rights, as set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

ARTICLE I

DEFINITIONS

 

1.1 Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth
below:

 

“Affiliate”
means, with respect to any specified Person, a Person that directly or indirectly Controls or is Controlled by, or is under common
Control with, such specified Person. For purposes of this Agreement, no party to this Agreement shall be deemed to be an Affiliate
of another party to this Agreement solely by reason of the execution and delivery of this Agreement and the Company and its subsidiaries
will not be deemed to be an Affiliate of Spartan Sponsor, Tiger or FTV.

 

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“Agreement”
shall have the meaning given in the Preamble.

 

“BCA”
shall have the meaning given in the Recitals hereto.

 

“Beneficially
Own” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act, and any Person’s
beneficial ownership of securities shall be calculated in accordance with the provisions of such Rule as in effect as of such time.
The terms “Beneficial Owner” and “Beneficially Own” and “Beneficial
Ownership” shall have correlative meanings. For the avoidance of doubt, for purposes of this Agreement, each of the
Principal Stockholders is deemed to Beneficially Own the shares of Common Stock owned by it, notwithstanding the fact that such
shares or other securities are subject to this Agreement.

 

“Board”
shall mean the board of directors of the Company.

 

“Board Observer”
shall have the meaning given in Section 5.2 of this Agreement.

 

“Business Combination”
shall have the meaning given in the Recitals hereto.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Control”
(including the terms “Controls,” “Controlled,” “Controlled by”
and “under common Control with”) means the possession, direct or indirect, of the power to (a) direct
or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract
or otherwise or (b) vote ten percent (10%) or more of the securities having ordinary voting power for the election of directors
of an entity.

 

“Class A
Common Stock” shall have the meaning given in the Recitals hereto.

 

“Class C
Common Stock” means the shares of Class C common stock, par value $0.0001 per share, of the Company.

 

“Closing”
shall have the meaning given such term in the BCA.

 

“Common Stock”
means the Class A Common Stock and the Class C Common Stock, collectively.

 

“Company”
shall have the meaning given in the Preamble.

 

“Demanding
Holder” shall mean any of Spartan Sponsor, FTV and Tiger.

 

“Effectiveness
Period” shall have the meaning given in subsection 3.1.1 of this Agreement.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Existing Holders”
shall have the meaning given in the Recitals hereto.

 

“Existing Registration
Rights Agreement” shall have the meaning given in the Recitals hereto.

 

“Form S-3”
shall mean a Registration Statement on Form S-3 or any similar short-form registration statement that may be available at
such time.

 

“FTV”
shall have the meaning given in the Preamble.

 

“FTV Director”
shall have the meaning given in Section 5.1(b)(ii).

 

“Holder Indemnified
Persons” shall have the meaning given in subsection 4.1.1 of this Agreement.

 

“Holders”
shall have the meaning given in the Preamble.

 

“Maximum Number
of Securities” shall have the meaning given in subsection 2.1.4 of this Agreement.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus
only, in the light of the circumstances under which they were made) not misleading.

 

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“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality,
domestic or foreign and any subdivision thereof or other entity, and also includes any managed investment account.

 

“Piggyback
Registration” shall have the meaning given in subsection 2.2.1 of this Agreement.

 

“Private Placement
Warrants” shall have the meaning given in the Recitals hereto.

 

“Pro Rata”
shall have the meaning given in subsection 2.1.4 of this Agreement.

 

“Principal
Stockholders” shall mean the Spartan Sponsor, FTV and Tiger.

 

“Principal
Stockholder Trigger Event” means, with respect to any Principal Stockholder, such Principal Stockholder and its Affiliates
collectively having Beneficial Ownership of less than fifty percent (50%) of the number of shares of Common Stock as such Persons
owned immediately following the Closing (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like).

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) the Private Placement Warrants (including any shares of Common Stock issued or issuable
upon the exercise of any such Private Placement Warrants), (b) any outstanding shares of Class A Common Stock held by
a Holder at any time, whether held on the date hereof or acquired after the date hereof, (c) any equity securities (including
the shares of Common Stock issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion
of any working capital loans in an amount up to $1,500,000 made to the Company by a Holder, (d) any shares of Class A
Common Stock issued or issuable upon exchange of Class EX Units and Class C Common Stock issued to a Holder under the
BCA and (e) any other equity security of the Company issued or issuable with respect to any such shares of Common Stock by
way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or
reorganization; provided, however, that, as to any particular Registrable Securities, such securities shall cease
to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance
with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities
not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of
such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding;
or (D) such securities have been sold without registration pursuant to Rule 144 (or any successor rule promulgated thereafter
by the Commission) and the transferee thereof does not receive “restricted securities” as defined in Rule 144.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and any such registration
statement having been declared effective by, or become effective pursuant to rules promulgated by, the Commission.

 

"Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration and
filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority and any
securities exchange on which the Class A Common Stock is then listed);

 

(B) fees and expenses of
compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection
with blue sky qualifications of Registrable Securities);

 

(C) printing, messenger,
telephone and delivery expenses;

 

(D) reasonable fees and
disbursements of counsel for the Company;

 

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(E) reasonable fees and
disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration;

 

(F) reasonable fees and
expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating an Underwritten
Demand to be registered for offer and sale in the applicable Underwritten Offering or in the case of a Piggyback Registration,
by the holders of fifty percent (50%) or more of the Registrable Securities participating in the offering;

 

(G) all expenses with respect
to a road show that the Company is obligated to participate in pursuant to the terms of this Agreement; and

 

(H) any liability insurance
or other premiums for insurance obtained for the benefit of the Company purchased by the Company (but not the Holders) in connection
with any Registration or offering pursuant to the terms of this Agreement, regardless of whether such Registration Statement is
declared effective.

 

“Registration
Statement” shall mean any registration statement under the Securities Act that covers the Registrable Securities
pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including
post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by
reference in such registration statement.

 

“Requesting
Holder” shall have the meaning given in subsection 2.1.3 of this Agreement.

 

“Rule 144”
shall mean Rule 144 promulgated under the Securities Act.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf Registration”
shall have the meaning given in subsection 2.1.1.

 

“Spartan Sponsor”
shall have the meaning given in the Preamble.

 

“Spartan Sponsor
Director” shall have the meaning given in Section 5.1(b)(i).

 

“Sunlight”
shall have the meaning given in the Recitals.

 

“Suspension
Event” shall have the meaning given in Section 3.4 of this Agreement.

 

“Tiger”
shall have the meaning given in the Preamble.

 

“Tiger Director”
shall have the meaning given in Section 5.1(b)(iii).

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten
Demand” shall have the meaning given in subsection 2.1.3 of this Agreement.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment
underwriting for distribution to the public.

 

“VWAP”
means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for such security on
the principal national securities exchange on which Registrable Securities are listed for the five (5) trading days immediately
preceding, but excluding, such date.

 

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ARTICLE II

REGISTRATIONS

 

2.1 Registration.

 

2.1.1 Shelf Registration.
The Company agrees that, within thirty (30) calendar days after the consummation of the Business Combination, the Company will
file with the Commission (at the Company’s sole cost and expense) a Registration Statement registering the Registrable Securities
for resale from time to time pursuant to Rule 415(a)(1)(i) (a “Shelf Registration”).

 

2.1.2 Effective Registration.
The Company shall use its reasonable best efforts to cause such Registration Statement to become effective by the Commission as
soon as reasonably practicable after the initial filing of the Registration Statement in accordance with Section 2.1.1
of this Agreement. Subject to the limitations contained in this Agreement, the Company shall effect any Shelf Registration on such
appropriate registration form of the Commission (a) as shall be selected by the Company and (b) as shall permit the resale
or other disposition of the Registrable Securities by the Holders from time to time. If the initial Registration Statement (the
“Initial Shelf”) filed by the Company pursuant to subsection 2.1.1 is on Form S-1, upon the
Company becoming eligible to register the Registrable Securities for resale by the Holders on Form S-3, the Company shall
use its reasonable best efforts to amend the Initial Shelf to a Registration Statement on Form S-3 or file a Registration
Statement on Form S-3 in substitution of the Initial Shelf (the “Replacement S-3 Shelf”) and cause
the Replacement S-3 Shelf to be declared effective as soon as practicable thereafter. The Company shall use its reasonable best
efforts to cause a Registration Statement filed pursuant to subsection 2.1.1 to remain effective, and to be supplemented
and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another
registration statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable
Securities have ceased to be Registrable Securities.

 

2.1.3 Underwritten Offering.
Subject to the provisions of subsection 2.1.4 of this Agreement, any Demanding Holder may make a written demand to
the Company for an Underwritten Offering pursuant to a Registration Statement filed with the Commission in accordance with subsection
2.1.1 of this Agreement or a new Registration Statement if such Demanding Holders’ Registrable Securities are not then
registered by a Registration Statement filed with the Commission in accordance with subsection 2.1.1 or permitted to be
offered in an Underwritten Offering pursuant to a Registration Statement filed with the Commission in accordance with subsection
2.1.1 (an “Underwritten Demand”). The Company shall, within ten (10) days of the Company’s
receipt of the Underwritten Demand, notify, in writing, all other Holders of such demand, and each Holder who thereafter wishes
to include all or a portion of such Holder’s Registrable Securities of the same class to be sold by the initiating Holder
in such Underwritten Offering pursuant to an Underwritten Demand (each such Holder that includes all or a portion of such Holder’s
Registrable Securities in such Underwritten Offering, a “Requesting Holder”) shall so notify the Company,
in writing, within two (2) days (one (1) day if such offering is an overnight or bought Underwritten Offering) after the receipt
by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s),
such Requesting Holder(s) shall be entitled to have their Registrable Securities of the same class to be sold by the initiating
Holder included in the Underwritten Offering pursuant to an Underwritten Demand. All such Holders proposing to distribute their
Registrable Securities through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting
agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Demanding Holders initiating
the Underwritten Offering; provided, however that no such Holder shall be required to make any representations or
warranties to or agreements with the Company or the Underwriters other than representations, warranties or agreements that are
customary or required by the Underwriters, regarding such Holder’s authority to enter into such underwriting agreement and
to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other
representation required by law. Notwithstanding the foregoing, the Company is not obligated to effect more than (a) of one
(1) Underwritten Demand for Spartan Sponsor, (b) three (3) Underwritten Demands for FTV and Tiger in the aggregate
and (c) is not obligated to effect an Underwritten Offering pursuant to this subsection 2.1.3 within ninety (90) days
after the closing of an Underwritten Offering.1 Notwithstanding the foregoing, no Underwritten Demand will be effective
hereunder unless the net proceeds (net of underwriting fees and commissions) to the Holders from the sale of the Registrable Securities
included in such request exceed $40,000,000 based on the VWAP as of the time of such request or such request includes all Registrable
Securities owned by the requesting Holders at such time.

 

 

 

	1	Principal Stockholders to discuss a coordination committee.

 

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2.1.4 Reduction of Underwritten
Offering. If the managing Underwriter or Underwriters in an Underwritten Offering pursuant to an Underwritten Demand, in good
faith, advises or advise the Company, the Demanding Holders, the Requesting Holders and other Persons holding Class A Common
Stock or other equity securities of the Company that the Company is obligated to include pursuant to separate written contractual
arrangements with such Persons (if any) in writing that the dollar amount or number of Registrable Securities or other equity securities
of the Company requested to be included in such Underwritten Offering exceeds the maximum dollar amount or maximum number of equity
securities of the Company that can be sold in the Underwritten Offering without adversely affecting the proposed offering price,
the timing, the distribution method or the probability of success of such offering (such maximum dollar amount or maximum number
of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include
in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting
Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder
(if any) has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Demanding
Holders and Requesting Holders have requested be included in such Underwritten Offering (such proportion is referred to herein
as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Class A Common
Stock or other equity securities of the Company that the Company desires to sell and that can be sold without exceeding the Maximum
Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clauses (i) and (ii), Class A Common Stock or other equity securities of the Company held by other Persons
that the Company is obligated to include pursuant to separate written contractual arrangements with such Persons and that can be
sold without exceeding the Maximum Number of Securities. Notwithstanding anything to the contrary in this Agreement, any Demanding
Holders initiating an Underwritten Offering pursuant to subsection 2.1.3 of this Agreement that is not able to sell
at least seventy percent (70%) of the Registrable Securities requested to be included in such Underwritten Demand shall not have
such Underwritten Demand counted towards such Person’s maximum number of Underwritten Demands the Company is obligated to
effect pursuant to Section 2.1.3.

 

2.1.5 Registration Withdrawal.
The Demanding Holders initiating an Underwritten Offering pursuant to subsection 2.1.3 of this Agreement shall have the right to
withdraw from such Underwritten Offering for any or no reason whatsoever upon written notification to the Company of their intention
to withdraw from such Underwritten Offering prior to the pricing of such Underwritten Offering or, if applicable, at least three
(3) business days prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Underwritten
Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses
incurred in connection with an Underwritten Offering prior to its withdrawal under this subsection 2.1.5 and if a Holder
determines to withdraw prior to launch of such Underwritten Offering, its Demand for an Underwritten Offering shall not count as
an Underwritten Demand by such Holder for purposes of the penultimate sentence of subsection 2.1.3.

 

2.2 Piggyback Registration.

 

2.2.1 Piggyback Rights.
If the Company proposes to (i) file a Registration Statement under the Securities Act with respect to an offering of equity
securities of the Company, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities
of the Company, for its own account or for the account of stockholders of the Company, other than a Registration Statement (A) filed
in connection with any employee stock option or other benefit plan, (B) for an exchange offer or offering of securities solely
to the Company’s existing stockholders, (C) for an offering of debt that is convertible into equity securities of the
Company or (D) for a dividend reinvestment plan, or (ii) consummate an Underwritten Offering for its own account or for
the account of stockholders of the Company other than the Holders pursuant to a then-effective Registration Statement, then the
Company shall give written notice of such proposed action to all of the Holders of Registrable Securities as soon as practicable
(but in the case of filing a Registration Statement, not less than ten (10) days before the anticipated filing date of such Registration
Statement), which notice shall (x) describe the amount and type of securities to be included, the intended method(s) of distribution
and the name of the proposed managing Underwriter or Underwriters, if any, and (y) offer to all of the Holders of Registrable
Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing
within (a) five (5) days in the case of filing a Registration Statement and (b) two (2) days in the case of an Underwritten
Offering (unless such offering is an overnight or bought Underwritten Offering, then one (1) day), in each case after receipt of
such written notice (such Registration, a “Piggyback Registration”). The Company shall, in good faith,
cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing
Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant
to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar
securities of the Company included in such Piggyback Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to include Registrable
Securities in an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary
form with the Underwriter(s) selected for such Underwritten Offering by the Company; provided, however, that no such
Holder shall be required to make any representations or warranties to or agreements with the Company or the Underwriters other
than representations, warranties or agreements that are customary or required by the Underwriters, regarding such Holder’s
authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf,
its intended method of distribution and any other representation required by law.

 

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2.2.2 Reduction of Piggyback
Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing
that the dollar amount or number of shares of the equity securities of the Company that the Company desires to sell, taken together
with (i) the shares of equity securities of the Company, if any, as to which Registration or Underwritten Offering has been
demanded pursuant to separate written contractual arrangements with Persons other than the Holders of Registrable Securities hereunder,
(ii) the Registrable Securities as to which Registration or Underwritten Offering has been requested pursuant to subsection 2.2.1
of this Agreement and (iii) the shares of equity securities of the Company, if any, as to which Registration or Underwritten
Offering has been requested pursuant to separate written contractual piggyback registration rights of other stockholders of the
Company, exceeds the Maximum Number of Securities, then:

 

(a) If the Registration
or Underwritten Offering is undertaken for the Company’s account, the Company shall include in any such Registration or Underwritten
Offering (A) first, the Class A Common Stock or other equity securities of the Company that the Company desires to sell,
which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their
rights to register their Registrable Securities pursuant to subsection 2.2.1 of this Agreement, Pro Rata, which can
be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (A) and (B), Class A Common Stock or other equity
securities of the Company, if any, as to which Registration or Underwritten Offering has been requested pursuant to written contractual
piggyback registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;
or

 

(b) If the Registration
or Underwritten Offering is pursuant to a request by Persons other than the Holders of Registrable Securities, then the Company
shall include in any such Registration or Underwritten Offering (A) first, Class A Common Stock or other equity securities
of the Company, if any, of such requesting Persons, other than the Holders of Registrable Securities, which can be sold without
exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to subsection 2.2.1 of this Agreement, Pro Rata, which can be sold without exceeding the Maximum
Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (A) and (B), Class A Common Stock or other equity securities of the Company that the Company
desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C),
Class A Common Stock or other equity securities of the Company for the account of other Persons (other than those specified
in clause (A)) that the Company is obligated to register pursuant to separate written contractual arrangements with such Persons,
which can be sold without exceeding the Maximum Number of Securities.

 

2.2.3 Piggyback Registration
Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or
no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention
to withdraw from such Piggyback Registration at least three (3) business days prior to the effectiveness of the Registration Statement
filed with the Commission with respect to such Piggyback Registration or prior to the launch of the Underwritten Offering with
respect to such Piggyback Registration, as applicable. The Company (whether on its own good faith determination or as the result
of a request for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement
filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration
Statement or abandon an Underwritten Offering in connection with a Piggyback Registration at any time prior to the launch of such
Underwritten Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4 Unlimited Piggyback
Registration Rights. For purposes of clarity, any Registration or Underwritten Offering effected pursuant to Section 2.2
of this Agreement shall not be counted as an Underwritten Offering pursuant to an Underwritten Demand effected under Section 2.1
of this Agreement.

 

2.3 Restrictions on
Registration Rights. If (A) the Holders have requested an Underwritten Offering pursuant to an Underwritten Demand and
the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (B) the
Holders have requested an Underwritten Offering pursuant to an Underwritten Demand and in the good faith judgment of the Board
that such Underwritten Offering would be seriously detrimental to the Company and the Board concludes as a result that it is essential
to defer the filing of such Registration Statement or the undertaking of such Underwritten Offering at such time, then in each
case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith
judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed or to undertake
such Underwritten Offering in the near future and that it is therefore essential to defer the filing of such Registration Statement
or undertaking of such Underwritten Offering. In such event, the Company shall have the right to defer such filing or offering
for a period of not more than thirty (30) days; provided, however, that the Company shall not defer its obligation
in this manner more than once in any twelve (12) month period.

 

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ARTICLE III

COMPANY PROCEDURES

 

3.1 General Procedures.
The Company shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities
in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible
and to the extent applicable:

 

3.1.1 prepare and file
with the Commission, within the time frame required by subsection 2.1.1 or in the case of a Registration Statement filed
pursuant to subsection 2.1.3, as soon as practicable, a Registration Statement with respect to such Registrable Securities
and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective, including filing
a replacement Registration Statement, if necessary, until all Registrable Securities covered by such Registration Statement have
been sold or are no longer outstanding (such period, the “Effectiveness Period”);

 

3.1.2 prepare and file
with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus,
as may be reasonably requested by the Demanding Holders or any Underwriter or as may be required by the rules, regulations or instructions
applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the
Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance
with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or are no longer
outstanding;

 

3.1.3 prior to filing a
Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any,
and the Holders of Registrable Securities included in such Registration or Underwritten Offering, and such Holders’ legal
counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement
(in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus (including each preliminary
Prospectus) and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration
or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders; provided, that the Company will not have any obligation to provide any document pursuant to this
clause that is available on the Commission’s EDGAR system;

 

3.1.4 prior to any Registration
of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of
Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and
(ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company
and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included
in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any
such jurisdiction where it is not then otherwise so subject;

 

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3.1.5 cause all such Registrable
Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company
are then listed;

 

3.1.6 provide a transfer
agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such
Registration Statement;

 

3.1.7 advise each seller
of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop
order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

3.1.8 during the Effectiveness
Period, furnish a conformed copy of each filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or
Prospectus, promptly after such filing of such documents with the Commission to each seller of such Registrable Securities or its
counsel; provided, that the Company will not have any obligation to provide any document pursuant to this clause that is
available on the Commission’s EDGAR system;

 

3.1.9 notify the Holders
at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act;

 

3.1.10 subject to the provisions
of this Agreement, notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered
under the Securities Act of the happening of any event as a result of which a Misstatement exists, and then to use best efforts
to correct such Misstatement as soon as possible and otherwise as set forth in Section 3.4 of this Agreement;

 

3.1.11 permit a representative
of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate,
at each such Person’s own expense, in the preparation of the Registration Statement or the Prospectus, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney
or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter
into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure
of any such information;

 

3.1.12 obtain comfort letters
from the Company’s independent registered public accountants in the event of an Underwritten Offering, in customary form
and covering such matters of the type customarily covered by comfort letters as the managing Underwriter may reasonably request,
and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.13 on the date the
Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and customary negative assurance
letter, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the placement
agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect
of which such opinion is being given as the placement agent, sales agent, or Underwriter may reasonably request and as are customarily
included in such opinions and negative assurance letters, and reasonably satisfactory to such placement agent, sales agent or Underwriter;

 

3.1.14 in the event of
any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form,
with the managing Underwriter of such offering;

 

3.1.15 make available to
its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months
beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule
promulgated thereafter by the Commission);

 

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3.1.16 use its reasonable
efforts to make available senior executives of the Company to participate in customary “road show” presentations that
may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.17 otherwise, in good
faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.

 

3.2 Registration Expenses.
The Registration Expenses in respect of all Registrations shall be borne by the Company. It is acknowledged by the Holders that
the Holders shall bear all Underwriters’ commissions and discounts, brokerage fees and all reasonable fees and expenses of
any legal counsel representing the Holders, other than as set forth in the definition of Registration Expenses.

 

3.3 Requirements for
Participation in Underwritten Offerings. No Person may participate in any Underwritten Offering for equity securities of the
Company pursuant to a Registration initiated by the Company hereunder unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes
all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary
documents as may be reasonably required under the terms of such underwriting arrangements.

 

3.4 Suspension of Sales.
Notwithstanding anything to the contrary in this Agreement, the Company shall be entitled to (A) delay or postpone the (i) initial
effectiveness of any Registration Statement or (ii) launch of any Underwritten Offering, in each case, filed or requested
pursuant to this Agreement, and (B) from time to time to require the Holders not to sell under any Registration Statement
or Prospectus or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its
subsidiaries is pending or an event has occurred, which negotiation, consummation or event, the Board reasonably believes, upon
the advice of legal counsel, would require additional disclosure by the Company in the applicable Registration Statement or Prospectus
of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which
in the Registration Statement or Prospectus would be expected, in the reasonable determination of the Board, upon the advice of
legal counsel, to cause the Registration Statement or Prospectus to fail to comply with applicable disclosure requirements (each
such circumstance, a “Suspension Event”); provided, however, that the Company may not delay
or suspend a Registration Statement, Prospectus or Underwritten Offering on more than two occasions, for more than sixty (60) consecutive
calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt of any written
notice from the Company of a Suspension Event while a Registration Statement or Prospectus filed pursuant to this Agreement is
effective or if as a result of a Suspension Event a Misstatement exists, each Holder agrees that (i) it will immediately discontinue
offers and sales of Registered Securities under each Registration Statement filed pursuant to this Agreement until the Holder receives
copies of a supplemental or amended Prospectus (which the Company agrees to promptly prepare) that corrects the relevant Misstatements
or omissions and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company
that it may resume such offers and sales and (ii) it will maintain the confidentiality of information included in such written
notice delivered by the Company unless otherwise required by law or subpoena. If so directed by the Company, the Holders will deliver
to the Company or, in Holders’ sole discretion destroy, all copies of each Prospectus covering Registrable Securities in
Holders’ possession; provided, however, that this obligation to deliver or destroy shall not apply (A) to
the extent the Holders are required to retain a copy of such Prospectus (x) to comply with applicable legal, regulatory, self-regulatory
or professional requirements or (y) in accordance with a bona fide pre-existing document retention policy or (B) to copies
stored electronically on archival servers as a result of automatic data back-up.

 

3.5 Reporting Obligations.
As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the
Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to Section 13(a) or 15(d) of the Exchange Act.
The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell shares of Registrable Securities held by such Holder without registration under
the Securities Act within the limitation of the exemptions provided by Rule 144 (or any successor rule promulgated thereafter
by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder
a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

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ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The Company agrees
to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each Person
who controls such Holder (within the meaning of the Securities Act) (collectively, the “Holder Indemnified Persons”)
against all losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees and inclusive of all
reasonable attorneys’ fees arising out of the enforcement of each such Persons’ rights under this Section 4.1)
resulting from any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary
Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by or on behalf of
such Holder Indemnified Person specifically for use therein.

 

4.1.2 In connection with
any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company
in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall, severally and not jointly, indemnify the Company, its directors
and officers and agents and each Person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including reasonable attorneys’ fees and inclusive of all reasonable attorneys’
fees arising out of the enforcement of each such Persons’ rights under this Section 4.1) resulting from any untrue
or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any
amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, but only
to the extent that the same are made in reliance on and in conformity with information relating to the Holder so furnished in writing
to the Company by or on behalf of such Holder specifically for use therein. In no event shall the liability of any selling Holder
hereunder be greater in amount than the net proceeds received by such Holder from the sale of Registrable Securities pursuant to
such Registration Statement giving rise to such indemnification obligation.

 

4.1.3 Any Person entitled
to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which
it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party; provided, further, that
the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have to an
indemnified party otherwise than under subsections 4.1.1 and 4.1.2 above)) and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect
to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to those
available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other
of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation and does not include a statement as to, or an admission of fault, culpability or a failure
to act by or on behalf of any indemnified party.

 

4.1.4 The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of
securities.

 

4.1.5 If the indemnification
provided under Section 4.1 of this Agreement is held by a court of competent jurisdiction to be unavailable to an indemnified
party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu
of indemnifying the indemnified party, shall to the extent permitted by law contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by a court of law by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by such indemnifying party or such indemnified party and the indemnifying party’s and
indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action;
provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the
amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by
a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations
set forth in subsections 4.1.1, 4.1.2 and 4.1.3 of this Agreement, any legal or other fees, charges or
expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it
would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation
or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5.
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution pursuant to this subsection 4.1.5 from any Person who was not guilty of such fraudulent misrepresentation.

 

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ARTICLE V

GOVERNANCE RIGHTS

 

5.1 Designees.

 

(a) Upon the Closing, the
Board shall initially consist of nine (9) directors, including Matthew Potere, [Spartan Sponsor Director], [Independent Director
1]2, [Tiger Director], [FTV Director], [Independent Director 2]3, [Independent Director 3]4, [Independent
Director 4]4 and [Independent Director 5]4 (the “[Initial Directors]”). The Board
will be divided into three (3) classes serving staggered three-year terms. Class I, Class II and Class III directors will
serve until the Company’s annual meetings of shareholders in 2022, 2023 and 2024, respectively. [●], [●] and [●]
will be assigned to Class I, [●], [●] and [●] will be assigned to Class II, and [●], [●] and [●]
will be assigned to Class III. From and after the Closing, the rights of the Principal Stockholders to designate directors to the
Board and its committees shall be as set forth in the remainder of this Section 5.1.

 

(b) From and after the
Closing, the Company will use reasonable best efforts, including taking all necessary action (to the extent permitted by applicable
law and to the extent such action is consistent with the fiduciary duties of the directors under Delaware law) to cause the following
nominees to be elected to serve as directors on the Board:4

 

(i) if the Spartan Sponsor
and its Affiliates collectively Beneficially Own at least fifty percent (50%) of the number of shares of Common Stock as such Persons
owned immediately following the Closing (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like), one (1) nominee designated by the Spartan Sponsor (the “Spartan Sponsor Director”);

 

(ii) if FTV and its
Affiliates collectively Beneficially Own at least fifty percent (50%) of the number of shares of Common Stock as such Persons owned
immediately following the Closing (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like),
one (1) nominee designated by FTV (the “FTV Director”); and

 

 

(iii) if Tiger and
its Affiliates collectively Beneficially Own at least fifty percent (50%) of the number of shares of Common Stock as such Persons
owned immediately following the Closing (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like), one (1) nominee designated by Tiger (the “Tiger Director”).

 

 

 

	2	Designated by Spartan Sponsor and mutually agreed to by Sunlight’s equityholders. 
	3	Designated by Sunlight’s equityholders. 
	4	To discuss rights related to Board committees.

 

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The initial Spartan Sponsor
Director shall be [●]. The initial FTV Director shall be [●]. The initial Tiger Director shall be [●].

 

For the avoidance of doubt,
the rights granted to the Principal Stockholders to designate members of the Board are additive to, and not intended to limit in
any way, the rights that Principal Stockholders or any of their respective Affiliates may have to nominate, elect or remove directors
under the Company’s certificate of incorporation, bylaws or the Delaware General Corporation Law.

 

The Company agrees, to
the fullest extent permitted by applicable law (including with respect to any applicable fiduciary duties under Delaware law),
that taking all necessary corporate action to effectuate the above will include (A) including the Persons designated pursuant
to this Section 5.1(b) in the slate of nominees recommended by the Board for election at any meeting of stockholders
called for the purpose of electing directors, (B) nominating and recommending each such individual to be elected as a director
as provided herein, (C) soliciting proxies or consents in favor thereof, and (D) without limiting the foregoing, otherwise
using its reasonable best efforts to cause such nominees to be elected to the Board, including providing at least as high a level
of support for the election of such nominees as it provides to any other individual standing for election as a director.

 

(c) In the event that a
vacancy is created on the Board at any time by the death, disability, resignation or removal of a Spartan Sponsor Director, a FTV
Director or a Tiger Director, then (i) the Spartan Sponsor, with respect to a vacancy created by the death, disability, resignation
or removal of a Spartan Sponsor Director, (ii) FTV, with respect to a vacancy created by the death, disability, resignation
or removal of a FTV Director, or (iii) Tiger, with respect to a vacancy created by the death, disability, resignation or removal
of a Tiger Director, will be entitled to designate an individual to fill the vacancy so long as the total number of Persons that
will serve on the Board as designees of the Spartan Sponsor, FTV or Tiger, as applicable, immediately following the filling of
such vacancy will not exceed the total number of Persons the Spartan Sponsor, FTV or Tiger, as applicable, is entitled to designate
pursuant to Section 5.1(b) on the date of such replacement designation. The Company will take all necessary
action (to the extent permitted by applicable law and to the extent such action is consistent with the fiduciary duties of the
directors under Delaware law) to cause such replacement designee to become a member of the Board.

 

(d) In the event that a
Spartan Sponsor Director, a FTV Director or a Tiger Director is then on the Board and Spartan, FTV or Tiger, respectively, is no
longer entitled to designate a director pursuant to Section 5.1(b), to the extent requested by the Board, Spartan,
FTV or Tiger, as applicable, shall promptly use its reasonably best efforts to cause the Spartan Sponsor Director, FTV Director
or Tiger Director, as applicable, to resign from service on the Board (and all committees thereof on which such director serves),
and promptly thereafter the Company shall take all necessary action to cause the Board to reduce the size of the Board by one (1).

 

5.2 Observer Rights.
Each Principal Stockholder shall have the right to appoint one (1) non-voting board observer (each, a “Board Observer”)
for so long as each Principal Stockholder, respectively, is entitled to designate a director pursuant to Section 5.1(b).
Each Board Observer shall have the right to (i) attend all meetings of the Board in a non-voting, observer capacity and (ii) receive
copies of all notices, minutes, consents and other materials that the Company provides to the Board in the same manner as such
materials are provided to the Board; provided, that, (x) a Principal Stockholder’s right to appoint a Board Observer
is non-transferable and shall automatically be terminated without any further action required upon the occurrence of a Principal
Stockholder Trigger Event, (y) a Board Observer shall not be entitled to vote on any matter submitted to the Board nor to
offer any motions or resolutions to the Board, and a Board Observer’s presence or absence at any meeting of the Board will
not be relevant for purposes of determining whether there is a quorum, and (z) the Company may withhold information or materials
from a Board Observer and exclude a Board Observer from any executive sessions and/or all or any portion of any meeting or discussion
of the Board, in each case of this clause (z), if the Board determines in good faith that access to such information and/or materials
or attendance at such meeting or portion thereof would (A) adversely affect the attorney-client privilege between the Company
and its counsel or (B) adversely affect the Company or its Affiliates under governmental regulations or other applicable laws.
The Company shall provide virtual access to any meeting of the Board for any Board Observer. Each Board Observer shall be subject
to the same obligations as the members of the Board with respect to confidentiality and conflicts of interest (and shall provide,
prior to attending any meetings or receiving any information or materials, such reasonable assurances to such effect as may be
requested by the Company).

 

5.3 Restrictions on
Other Agreements. No Principal Stockholder will, directly or indirectly, grant any proxy or enter into or agree to be bound
by any voting trust, agreement or arrangement of any kind with respect to its shares of Common Stock if and to the extent the terms
thereof conflict with the provisions of this Agreement (whether or not such proxy, voting trust, agreement or agreements are with
other Principal Stockholders, holders of shares of Common Stock that are not parties to this Agreement or others).

 

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ARTICLE VI

LOCK-UP

 

6.1 Lock-Up. Each
of Tiger and FTV agrees that (A) eighty percent (80%) of the Registrable Securities received by it pursuant to the Business
Combination shall be restricted from Transfer (as defined below) under this Agreement until the date that is one (1) year after
Closing or earlier if, subsequent to Closing, (i) the last sale price of the Class A Common Stock equals or exceeds $12.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any twenty (20)
trading days within any 30-trading day period commencing at least 150 days after Closing or (ii) the Company consummates
a liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having
the right to exchange their shares of Common Stock for cash, securities or other property; and (B) the remaining twenty percent
(20%) of Registrable Securities received by it pursuant to the Business Combination shall be restricted from Transfer under this
Agreement until the date that is six (6) months after the date of Closing or earlier if, subsequent to Closing, (i) the
last sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any twenty (20) trading days within any 30-trading day period ending at least
ninety (90) days after Closing or (ii) the Company consummates a liquidation, merger, stock exchange or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property. For purposes of this Section 6.1, “Transfer” shall mean the (a) sale
of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of
or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with
respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and
regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b).

 

ARTICLE VII

MISCELLANEOUS

 

7.1 Notices. Any
notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery or (iii) transmission by hand delivery, facsimile or email. Each notice
or communication that is mailed, delivered or transmitted in the manner described above shall be deemed sufficiently given, served,
sent, and received, in the case of mailed notices, on the third (3rd) business day following the date on which it is
mailed, in the case of notices delivered by courier service or hand delivery, at such time as it is delivered to the addressee
(with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation,
and in the case of notices delivered by facsimile or email, at such time as it is successfully transmitted to the addressee. Any
notice or communication under this Agreement must be addressed, if to the Company, to: Attention: General Counsel, 101 N. Tryon
Street, Suite 1000, Charlotte, NC 28246, or by email at: notices@sunlightfinancial.com, and, if to any Holder, to the address of
such Holder as it appears in the applicable register for the Registrable Securities or such other address as may be designated
in writing by such Holder (including on the signature pages hereto). Any party may change its address for notice at any time and
from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30)
days after delivery of such notice as provided in this Section 7.1.

 

7.2 Assignment; No Third
Party Beneficiaries.

 

7.2.1 This Agreement and
the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.

 

7.2.2 This Agreement and
the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors.

 

7.2.3 This Agreement shall
not confer any rights or benefits on any Persons that are not parties hereto or do not hereafter become a party to this Agreement
pursuant to Section 7.2 of this Agreement.

 

7.2.4 No assignment by
any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless
and until the Company shall have received (i) written notice provided in accordance with Section 7.1 of this Agreement,
(ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and
provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement) and (iii) such
assignee is transferred at least twenty-five percent (25%) of the number of Registrable Securities as such Persons owned immediately
following the Closing. Any transfer or assignment made other than as provided in this Section 7.2 shall be null and
void.

 

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7.3 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

7.4 Governing Law; Venue.
NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS
ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

 

7.5 Amendments and Modifications.
Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the
time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a
holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such
capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other
party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement
shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or
remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder
or thereunder by such party.

 

7.6 Other Registration
Rights. The Company represents and warrants that no Person, other than (a) a Holder of Registrable Securities, (b) the
parties to those certain Subscription Agreements, dated as of January 23, 2021, by and between the Company and certain investors,
and (c) the holders of the Company’s warrants pursuant to that certain Warrant Agreement, dated as of November 24, 2020,
by and between the Company and Continental Stock Transfer & Trust Company, has any right to require the Company to register
any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for
the sale of securities for its own account or for the account of any other Person. Further, the Company represents and warrants
that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the
event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail. The
Company shall not, without the prior consent of each of the Principal Stockholders that as of the time of determination Beneficially
Own at least fifty percent (50%) of the number of shares of Common Stock as such Persons owned immediately following the Closing
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), hereafter enter into any agreement
with respect to its securities that is inconsistent in any material respect with, or provides registration rights that are senior
in priority to, the rights granted to the Holders by this Agreement.

 

7.7 Term. This Agreement
shall terminate upon the earlier of (i) the tenth (10th) anniversary of the date of this Agreement and (ii) with
respect to any Holder, the date as of which such Holder ceases to hold any Registrable Securities. The provisions of Article IV
shall survive any termination.

 

[SIGNATURE PAGES FOLLOW]

 

    	15

    	

    

 

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

 

	 	 	COMPANY:
	 	 	 
	 	 	
        SUNLIGHT FINANCIAL HOLDINGS INC.,

a Delaware corporation

	 	 	 
	 	 	By:	 	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

Signature Page to Investor Rights Agreement

 

    	16

    	

    

  

	 	 	HOLDERS:
	 	 	 
	 	 	
        SPARTAN ACQUISITION SPONSOR II LLC,

a Delaware limited liability company

	 	 	 
	 	 	By: 	 	 
	 	 	 	 	Name:	 	Geoffrey Strong
	 	 	 	 	Title:	 	Chief Executive Officer
	 	 	 
	 	 	John M. Stice
	 	 	 
	 	 	Jan C. Wilson

 

	 	 	Tiger
Infrastructure Partners Sunlight Feeder LP, a Delaware limited partnership
	 	 	 
	 	 	By	 	Tiger Infrastructure Associates GP LP, its general partner
	 	 	 	 	 
	 	 	By: 	 	Emil Henry IV LLC, its general partner
	 	 	 	 	 
	 	 	By:	 	Henry Tiger Holdings II LLC, its sole member
	 	 	 	 	 
	 	 	By:	 	Emil Henry LLC, its managing member
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	Name:  Emil W. Henry, Jr.
	 	 	 	 	Title:    Managing Member

 

	 	 	Tiger Infrastructure Partners Co-Invest B LP, a Delaware limited partnership
	 	 	 
	 	 	By:	 	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	
        FTV V, L.P.,

a Delaware limited partnership

	 	 	 
	 	 	By:	 	 
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 
	 	 	 	 	 	 	 
	 	 	[●]
	 	 	By:	 	 
	 	 	 	 	Name:	 	 
	 	 	 	 	
        Title:

         
	 	 

 

 

Signature Page to Investor Rights Agreement

 

    	17

    	

    

 

Address for Notice:

 

Signature Page to Investor Rights Agreement

 

    	18Exhibit 4.1

 

WARRANT
AGREEMENT

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of March 16, 2021, is by and between Golden Arrow Merger Corp., a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York limited purpose trust company, as warrant agent (the “Warrant
Agent” and, in its capacity as transfer agent, referred to herein as the “Transfer Agent”).

 

WHEREAS, on March 16, 2021, the Company
entered into that certain Private Placement Warrant Purchase Agreement with Golden Arrow Sponsor, LLC, a Delaware limited liability
company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase 4,500,000 warrants (or 5,000,000
warrants if the Over-allotment Option (as defined below) in connection with the Company’s Offering (as defined below) is
exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable),
bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”), at a purchase
price of $1.50 per Private Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one share
of Common Stock (as defined below) at a price of $11.50 per share, subject to adjustment as described herein;

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination involving the Company and one or more businesses or entities (a “Business Combination”),
the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated
to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an
additional 1,000,000 Private Placement Warrants at a price of $1.50 per warrant at the option of the lender (the “Working
Capital Warrants”);

 

WHEREAS, the Company is engaged in an initial
public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised
of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), and
one-third of one redeemable Public Warrant (as defined below) (the “Units”) and, in connection therewith,
has determined to issue and deliver 8,333,333 warrants (or up to 9,583,333 warrants if the Over-allotment Option is exercised in
full) to public investors in the Offering (the “Public Warrants” and, together with the Private Placement
Warrants and the Working Capital Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof
to purchase one share of Common Stock for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are
exercisable. A holder of the Public Warrants will not be able to exercise any fraction of a Warrant;

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1 (File No.
333-253465) and a prospectus (the “Prospectus”), for the registration under the Securities Act of 1933,
as amended (the “Securities Act”), of the Units and the Public Warrants and the Common Stock included
in the Units;

 

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;

 

     

     

    

 

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 (if a physical certificate is issued), 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 initially be issued in registered form only.

 

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

 

2.3  Registration.

 

2.3.1  Warrant Register. The
Warrant Agent shall maintain books (the “Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book entry form, 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 institutions that have accounts
with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in
its account, a “Participant”).

 

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

 

    2

     

    

 

Physical certificates, if issued, shall
be signed by, or bear the facsimile signature of, the Chief Executive Officer, the Chief Financial Officer, the Secretary or other
principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have
ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the
same effect as if he or she had not ceased to be such at the date of issuance.

 

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

 

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

 

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

 

2.6  Private Placement Warrants; Working
Capital Warrants. The Private Placement Warrants and the Working Capital Warrants shall be identical to the Public Warrants,
except that so long as they are held by any of the Sponsor or its Permitted Transferees (as defined below) the Private Placement
Warrants and the Working Capital Warrants, (i) may be exercised for cash or on a “cashless basis,” pursuant to subsection
3.3.1(c) hereof, (ii) including the shares of Common Stock issuable upon exercise of the Private Placement Warrants or the
Working Capital Warrants, may not be transferred, assigned or sold until the date that is thirty (30) days after the completion
by the Company of an initial Business Combination, and (iii) shall not be redeemable by the Company pursuant to Section 6.1
hereof, and (iv) shall only be redeemable by the Company pursuant to Section 6.2 if the Reference Value (as defined below)
is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof); provided, however, that in the
case of clause (ii), the Private Placement Warrants, the Working Capital Warrants and any shares of Common Stock held by the Sponsor
or any of its Permitted Transferees that are issued upon exercise of the Private Placement Warrants or Working Capital Warrants
may be transferred by the holders thereof:

 

(a)  to the Company’s officers
or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor
or any affiliates of the Sponsor;

 

    3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(h)  in the event of the Company’s
liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the
Company’s completion of its initial Business Combination;

 

provided, however, that, in each case (except
for clauses (f) through (h)) prior to such registration for transfer, the Warrant Agent shall be presented with written documentation
pursuant to which any such transferee (the “Permitted Transferees”) must enter into a written agreement
with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

3.  Terms and Exercise of Warrants.

 

3.1  Warrant Price. Each Warrant
shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from
the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided
in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price”
as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless
exercise,” to the extent permitted hereunder) at which shares of Common Stock may be purchased at the time a Warrant is exercised.
The Company in its sole discretion may lower the Warrant Price (including by allowing “cashless exercise”) at any time
prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company
shall provide at least three (3) Business Days prior written notice of such reduction to Registered Holders of the Warrants and,
provided further that any such reduction shall be identical among all of the Warrants.

 

    4

     

    

 

3.2  Duration of Warrants. A Warrant
may be exercised only during the period (the “Exercise Period”) (A) commencing on the later of: (i) the
date that is thirty (30) days after the first date on which the Company completes a Business Combination, or (ii) the date that
is twelve (12) months from the date of the closing of the Offering, and (B) terminating at the earliest to occur of (x) 5:00 p.m.,
New York City time, on the date that is five (5) years after the date on which the Company completes its initial Business Combination,
(y) the liquidation of the Company in accordance with the Company’s amended and restated certificate of incorporation, as
amended from time to time, if the Company fails to complete a Business Combination, or (z) other than with respect to the Private
Placement Warrants and Working Capital Warrants to the extent then held by the Sponsor or its Permitted Transferees with respect
to a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to
adjustment in compliance with Section 4 hereof), Section 6.2 hereof, 5:00 p.m., New York City time on the Redemption
Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”); provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth
in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available.
Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement
Warrant or a Working Capital Warrant then held by the Sponsor or its Permitted Transferees in connection with a redemption pursuant
to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance
with Section 4 hereof), Section 6.2 hereof) in the event of a redemption (as set forth in Section 6 hereof),
each outstanding Warrant (other than a Private Placement Warrant then held by the Sponsor or its Permitted Transferees in the event
of a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to
adjustment in compliance with Section 4 hereof), Section 6.2 hereof) not exercised on or before the Expiration Date
shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New
York City time, on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying
the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice of any such
extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among
all the Warrants.

 

3.3  Exercise of Warrants.

 

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

 

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

 

    5

     

    

 

(b)  in the event of a redemption pursuant
to Section 6.2 hereof in which the Company’s board of directors (the “Board”) has elected
to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants
for that number of shares of Common Stock equal to the lesser of (A) the quotient obtained by dividing (x) the product of
the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as
defined in this subsection 3.3.1(b)) over the Warrant Price by (y) the Fair Market Value and (B) 0.361. Solely for
purposes of this subsection 3.3.1(b), Section 6.2 and Section 6.4, the “Fair Market Value”
shall mean the average last reported sale price of the Common Stock for the ten (10) trading days ending on the third trading day
prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;

 

(c)  with respect to any Private Placement
Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working Capital Warrant is held by any of the
Sponsor or its Permitted Transferees, by surrendering the Warrants for that number of shares of Common Stock equal (i) if in connection
with a redemption of Private Placement Warrants or Working Capital Warrants pursuant to Section 6.2 hereof, as provided
in Section 6.2 hereof with respect to a Make-Whole Exercise (as defined below) and (ii) in all other scenarios, to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess
of the “Sponsor Exercise Fair Market Value”, as defined in this subsection 3.3.1(c), over the Warrant Price
by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Sponsor
Exercise Fair Market Value” shall mean the average last reported sale price of the Common Stock for the ten (10)
trading days ending on the third trading day prior to the date on which notice of exercise of the Private Placement Warrant or
Working Capital Warrant is sent to the Warrant Agent;

 

(d)  on a cashless basis, as provided
in Section 6.2 hereof with respect to a Make-Whole Exercise; or

 

(e)  on a cashless basis, as provided
in Section 7.4 hereof.

 

3.3.2  Issuance of Shares of Common
Stock upon Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of
the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such
Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which he, she or
it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been
exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock
as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver
any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless
(a) a registration statement under the Securities Act with respect to the shares of Common Stock underlying the Public Warrants
is then effective and (b) a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under
Section 7.4 or a valid exemption from registration being available. No Warrant shall be exercisable and the Company shall
not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant
exercise has been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of
the state of residence of the Registered Holder of the Warrants. Subject to Section 4.6 of this Agreement, a Registered
Holder of Public Warrants may exercise its Public Warrants only for a whole number of shares of Common Stock. The Company may require
holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason
of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of
such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number,
the number of shares of Common Stock to be issued to such holder.

 

    6

     

    

 

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

 

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

 

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

 

4.  Adjustments.

 

4.1  Stock Dividends.

 

4.1.1  Split-Ups. If after the
date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased
by a stock capitalization or stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other
similar event, then, on the effective date of such stock capitalization or stock dividend, split-up or similar event, the number
of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding
shares of Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at
a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a stock dividend of a number
of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for the Common
Stock) and (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y)
the Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible
into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any
consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical
Fair Market Value” means the volume weighted average price of the Common Stock as reported during the ten (10) trading day
period ending on the trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or
in the applicable market, regular way, without the right to receive such rights. No shares of Common Stock shall be issued at less
than their par value.

 

    7

     

    

 

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

 

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

 

4.3  Adjustments in Exercise Price.

 

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

 

4.3.2  If (x) the Company issues additional
shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for capital raising
purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less
than $9.20 per share of Common Stock, with such issue price or effective issue price to be determined in good faith by the Board
(and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any shares of Class B common
stock of the Company, par value $0.0001 per share (the “Class B common stock”), held by the Sponsor or
its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the
funding of an initial Business Combination on the date of the consummation of such initial Business Combination (net of redemptions),
and (z) the volume weighted average trading price of the Common Stock during the twenty (20) trading day period starting on the
trading day prior to the day on which the Company consummates an initial Business Combination (such price, the “Market
Value”) is below $9.20 per share, the Warrant Price will be adjusted (to the nearest cent) to be equal to 115% of
the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices (as described
in Sections 6.1 and 6.2) will be adjusted (to the nearest cent) to be equal to 100% and 180%, respectively, of the higher
of the Market Value and the Newly Issued Price.

 

    8

     

    

 

4.4  Replacement of Securities upon
Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than
a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock),
or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company as another
entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another
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 holders of the Warrants shall thereafter have the right to purchase and receive, upon
the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of
shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger
or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received
if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”);
provided, however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to
the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of
securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be
deemed to be the weighted average of the kind and amount received per share by the holders of the Common Stock in such consolidation
or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and
accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in connection
with redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate
of incorporation or as a result of the repurchase of shares of Common Stock by the Company if a proposed initial Business Combination
is presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange
offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or
any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning
of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or
associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than
50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance,
the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder
if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer
and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments
(from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided
for in this Section 4; provided, further, that if less than 70% of the consideration receivable by the holders
of the Common Stock in the applicable event is payable in the form of common stock in the successor entity that is listed for trading
on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or
quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following
the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed
with the Commission, the Warrant Price shall be reduced by an amount (in dollars) (but in no event less than zero) equal to the
difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below)
minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means
the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for
a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such
amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be
the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from
the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable
event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining
term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the
Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the
volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day
prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in shares
of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections
4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be
reduced to less than the par value per share issuable upon exercise of the Warrant.

 

    9

     

    

 

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

 

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

 

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

 

4.8  Other Events. In case any
event shall occur affecting the Company as to which none of the provisions of the 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 registered public accountants, investment banking or other appraisal firm of recognized national
standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary
to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms
of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this
Section 4.8 as a result of any issuance of securities in connection with a Business Combination. The Company shall adjust
the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

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

 

5.  Transfer and Exchange of Warrants.

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

6.  Redemption.

 

6.1  Redemption of Warrants When the
Price per Share of Common Stock Equals or Exceeds $18.00. Subject to Section 6.5 hereof, not less than all of the outstanding
Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent,
upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.01
per Warrant, provided that (a) the Reference Value (as defined below) equals or exceeds $18.00 per share (subject to adjustment
in compliance with Section 4 hereof) and (b) there is an effective registration statement covering the issuance of the shares
of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day
Redemption Period (as defined in Section 6.3 below) or the Company has elected to require the exercise of the Warrants on
a “cashless basis” pursuant to subsection 3.3.1.

 

6.2  Redemption of Warrants When the
Price per Share of Common Stock Equals or Exceeds $10.00. Subject to Section 6.5 hereof, not less than all of the outstanding
Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent,
upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10
per Warrant, provided that (a) the Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance with
Section 4 hereof), (b) if the Reference Value is less than $18.00 per share (subject to adjustment in compliance with Section
4 hereof), (c) the Private Placement Warrants are also concurrently called for redemption on the same terms as the outstanding
Public Warrants, and (d) there is an effective registration statement covering the issuance of the shares of Common Stock issuable
upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as
defined in Section 6.3 below). During the 30-day Redemption Period in connection with a redemption pursuant to this Section
6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to
subsection 3.3.1 and receive a number of shares of Common Stock determined by reference to the table below, based on the
Redemption Date (calculated for purposes of the table as the period to expiration of the Warrants) and the “Redemption Fair
Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely
for purposes of this Section 6.2, the “Redemption Fair Market Value” shall mean the average of
the last reported sales price for the ten (10) trading days ending on the third trading day prior to the date on which the notice
of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant
to this Section 6.2, the Company shall provide the Registered Holders with the Redemption Fair Market Value no later than
one (1) Business Day after the ten (10) trading day period described above ends.

 

    11

     

    

 

	Redemption Date 	 	Fair Market Value of Class A Common Stock	 
	(period to expiration of warrants)	 	≤$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	≥$18.00	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

The exact Redemption Fair Market Value and
Redemption Date may not be set forth in the table above, in which case, if the Redemption Fair Market Value is between two values
in the table or the Redemption Date is between two redemption dates in the table, the number of shares of Common Stock to be issued
for each Warrant exercised in a Make-Whole Exercise will be determined by a straight-line interpolation between the number of shares
set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based
on a 365- or 366-day year, as applicable.

 

The stock prices set forth in the column
headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant
is adjusted pursuant to Section 4 hereof. In the event of a Warrant Price adjustment pursuant to Section 4.3.1, the
adjusted stock prices in the column headings shall equal the stock prices immediately prior to such adjustment, multiplied by a
fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment
and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. If the Warrant Price
is adjusted pursuant to Section 4.3.2, the adjusted stock prices set forth in the column headings of the table above shall be multiplied
by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which
is $10.00. In no event will the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 shares of Common
Stock per Warrant (subject to adjustment).

 

6.3  Date Fixed for, and Notice of,
Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the Warrants, pursuant to Sections
6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption Date”). Notice
of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the
Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed
at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement,
(a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to
Sections 6.1 or 6.2 and (b) “Reference Value” shall mean the last reported sale price of
the Company’s Class A common stock for any twenty (20) trading days within a thirty (30) trading day period ending on the
third trading day prior to the date on which the notice of redemption is sent to the warrant holders.

 

    12

     

    

 

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

 

6.5  Exclusion of Private Placement
Warrants; Working Capital Warrants. The Company agrees that (a) the redemption rights provided in Section 6.1 hereof shall
not apply to the Private Placement Warrants and the Working Capital Warrants if at the time of the redemption such Private Placement
Warrants continue to be held by the Sponsor or its Permitted Transferees and (b) if the Reference Value equals or exceeds $18.00
per share (subject to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section 6.2 hereof
shall not apply to the Private Placement Warrants or the Working Capital Warrants if at the time of the redemption such Private
Placement Warrants or Working Capital Warrants continue to be held by the Sponsor or its Permitted Transferees. However, once such
Private Placement Warrants or Working Capital Warrants are transferred (other than to Permitted Transferees in accordance with
Section 2.6 hereof), the Company may redeem the Private Placement Warrants and the Working Capital Warrants pursuant to
Sections 6.1 or 6.2 hereof, provided that the criteria for redemption are met, including the opportunity of the holder
of such Private Placement Warrants or Working Capital Warrants to exercise the Private Placement Warrants or Working Capital Warrants
prior to redemption pursuant to Section 6.4 hereof. Private Placement Warrants that are transferred to persons other than
Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and Working Capital Warrants, and shall become
Public Warrants under this Agreement, including for purposes of Section 9.8 hereof.

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

7.4.1  Registration of the Common
Stock. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business Days after the closing
of its initial Business Combination, it shall use commercially reasonable efforts to file with the Commission a registration statement
for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants. The Company
shall use commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the
provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th)
Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period
beginning on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such
registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have
maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise
such Warrants on a “cashless basis,” pursuant to subsection 3.3.1, by exchanging the Warrants (in accordance
with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of shares of Common Stock
equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y)
the Fair Market Value and (B) 0.361. Solely for purposes of this subsection 7.4.1, “Fair Market Value”
shall mean the volume-weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the
trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or his,
her or its securities broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall
be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the
Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law
firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with this
subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon
such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term
is defined in Rule 144 under the Securities Act (or any successor statute)) of the Company and, accordingly, shall not be required
to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of
the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations
under the first three sentences of this subsection 7.4.1.

 

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

 

    14

     

    

 

8.  Concerning the Warrant Agent
and Other Matters.

 

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

 

8.2  Resignation, Consolidation, or
Merger of Warrant Agent.

 

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

 

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

 

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

 

8.3  Fees and Expenses of Warrant
Agent.

 

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

 

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

 

    15

     

    

 

8.4  Liability of Warrant Agent.

 

8.4.1  Reliance on Company Statement.
Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any
fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by
a statement signed by the Chief Executive Officer, the Chief Financial Officer, the Secretary or the 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, fraud or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and
reasonable outside 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, fraud or bad faith.

 

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

 

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

 

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

 

9.  Miscellaneous Provisions.

 

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

 

    16

     

    

 

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

 

Golden Arrow Merger Corp.

10 E. 53rd Street, 13th Floor

New York, NY 10022

Attn: Timothy Babich

Email: tim.babich@nexxus-holdings.com

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Compliance Department

 

With a copy in each case to:

 

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn: Alan I. Annex and Jason T. Simon, Esq.

Email: annexa@gtlaw.com and simonj@gtlaw.com

 

and

 

Kirkland& Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attn: Christian Nagler, Esq.

Email: nagler@kirkland.com 

 

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 a non-exclusive
forum for any such action, proceeding or claim. The Company hereby waives any objection that such courts represent an inconvenient
forum.

 

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

 

    17

     

    

 

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

 

9.6  Counterparts; Electronic Signatures.
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. A signature
to this Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

 

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

 

9.8  Amendments. This Agreement
may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of curing any ambiguity or
to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement
set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the Registered Holders, and (ii) to provide for the delivery
of Alternative Issuance pursuant to Section 4.4. All other modifications or amendments, including any amendment to increase
the Warrant Price or shorten the Exercise Period and any amendments to the terms of only the Private Placement Warrants or Working
Capital Warrants, shall require the vote or written consent of the Registered Holders of 50% of the then outstanding Public Warrants
and, solely with respect to any amendment to the terms of the Private Placement Warrants or Working Capital Warrants or any provision
of this Agreement with respect to the Private Placement Warrants or Working Capital Warrants, 50% of the then-outstanding Private
Placement Warrants or Working Capital Warrants, respectively. Notwithstanding the foregoing, the Company may lower the Warrant
Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent
of the Registered Holders.

 

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

 

9.10  Business Continuity Plan.
The Warrant Agent shall maintain plans for business continuity, disaster recovery, and backup capabilities and facilities designed
to ensure the Warrant Agent’s continued performance of its obligations under this Agreement, including, without limitation,
loss of production, loss of systems, loss of equipment, failure of carriers and the failure of the Warrant Agent’s or its
supplier’s equipment, computer systems or business systems (“Business Continuity Plan”). Such Business
Continuity Plan shall include, but shall not be limited to, testing, accountability and corrective actions designed to be promptly
implemented, if necessary. In addition, in the event that the Warrant Agent has knowledge of an incident affecting the integrity
or availability of such Business Continuity Plan, then the Warrant Agent shall, as promptly as practicable, but no later than twenty-four
(24) hours (or sooner to the extent required by applicable law or regulation) after the Warrant Agent becomes aware of such incident,
notify the Company in writing of such incident and provide the Company with updates, as deemed appropriate by the Warrant Agent
under the circumstances, with respect to the status of all related remediation efforts in connection with such incident. The Warrant
Agent represents that, as of the date of this Agreement, such Business Continuity Plan is active and functioning normally in all
material respects.

 

9.11  Confidentiality. The Warrant
Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including
inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation
or the carrying out of this Warrant Agreement, including the fees for services, shall remain confidential, and shall not be voluntarily
disclosed to any other person, except as may be required by law or regulation, including, without limitation, pursuant to requests
from the Securities and Exchange Commission and subpoenas from state or federal government authorities (e.g., in divorce and criminal
actions).

 

Exhibit A – Form of Warrant Certificate

 

Exhibit B – Legend

 

[Signature Page Follows]

 

    18

     

    

 

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

 

	 	Golden Arrow Merger Corp.
	 	 
	 	By:	/s/ Timothy Babich                   
	 	Name: 	Timothy Babich
	 	Title:	Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	/s/ Steven Vacante
	 	Name:	Steven Vacante
	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT
A 

 

Form of Warrant Certificate

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE NULL AND VOID IF
NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

Golden Arrow Merger Corp.

Incorporated Under the Laws of the State of Delaware

 

CUSIP 380799 114

 

Warrant Certificate

 

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

 

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

 

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

 

    A-1

     

    

 

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

 

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

 

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

 

This Warrant Certificate shall be governed
by and construed in accordance with the internal laws of the State of New York.

 

	 	GOLDEN ARROW MERGER CORP.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &

TRUST COMPANY, AS WARRANT AGENT
	 	 	 
	 	By:	 
	 	 	Name: 	                  
	 	 	Title:	 

 

    A-2

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive                       
shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of March 16, 2021 (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York
corporation, as warrant agent (or successor warrant agent) (collectively, the “Warrant Agent”), which Warrant
Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description
of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders
(the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively)
of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined
terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    A-3

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event that the Warrant has been called
for redemption by the Company pursuant to Section 6.1 or Section 6.2 of the Warrant Agreement and the Company
has required cashless exercise pursuant to Section 6.4 of the Warrant Agreement, the number of shares of Common Stock
that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.4
of the Warrant Agreement.

 

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

 

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

 

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

 

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

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 (OR ANY SUCCESSOR RULE) under the SECURITIES
exchange act, OF 1934, AS AMENDED).

 

    A-4

     

    

 

EXHIBIT
B

 

LEGEND

 

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

 

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

 

 

B-1

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