Document:

Exhibit
10.3

 

VOTING AND
SUPPORT AGREEMENT

 

This VOTING AND SUPPORT AGREEMENT (this
 “Agreement”) is entered into this 24th day of January 2021, by and among Landcadia Holdings III,
Inc., a Delaware corporation (“Landcadia”), and each of the undersigned (each, a “Holder”
and collectively, the “Holders”). Defined terms used but not otherwise defined herein shall have the respective
meanings ascribed thereto in the Merger Agreement (as defined below).

 

WHEREAS, as of the date hereof, each Holder
 “beneficially owns” (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) and has the sole power
to dispose of (or sole power to cause the disposition of) and the sole power to vote (or sole power to direct the voting of) the
number of shares of common stock, par value $0.01 per share, of HMAN Group Holdings, Inc., a Delaware corporation (“Hillman”,
and such shares, the “Hillman Shares”), set forth on such Holder’s signature page hereto (such Hillman
Shares, together with any other Hillman Shares acquired by such Holder or with respect to which such Holder otherwise becomes entitled
to exercise voting power prior to the Termination Date (as defined below), the “Covered Shares”); and

 

WHEREAS, Hillman, Landcadia and the other
parties named therein will, concurrently with the execution of this Agreement, enter into that certain Agreement and Plan of Merger
(as amended, modified, supplemented or waived from time to time in accordance with its terms, the “Merger Agreement”),
pursuant to which, inter alia, a direct, wholly owned subsidiary of Landcadia will be merged with and into Hillman, with
Hillman surviving as a wholly owned subsidiary of Landcadia (the “Merger”), on the terms and subject to the
conditions set forth therein (the Merger, together with the other transactions contemplated by the Merger Agreement, the “Transactions”).

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending
to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.           
Voting Agreement.

 

As promptly as reasonably practicable (and
in any event within one (1) Business Day) following the time at which the Registration Statement is declared effective under the
Securities Act, each Holder shall duly execute and deliver to Hillman and Landcadia a written consent, in a form reasonably acceptable
to Landcadia and in accordance with the DGCL and Hillman’s Organizational Documents, under which it, he or she irrevocably
and unconditionally consents to Hillman’s execution, delivery and performance of its obligations under the Merger Agreement
and any other Transaction Documents to which Hillman is or will be a party, as well as consummation of the transactions contemplated
thereby (including the Merger). The obligations of the Holders specified in this Section 1 shall apply whether or not the Merger,
any of the Transactions or any action described above is recommended by Hillman’s board of directors.

 

2.            
Representations, Warranties and Agreements.

 

2.1.           
Holders’ Representations, Warranties and Agreements.
Each Holder hereby represents and warrants to Landcadia and acknowledges and agrees with Landcadia as follows:

 

     

     

    

 

2.1.1.     
 If a Holder is not an individual, such Holder has been duly formed or incorporated and is validly existing in good standing
under the Legal Requirements of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver
and perform its obligations under this Agreement. If a Holder is an individual, such Holder has full legal capacity, right and
authority to enter into, deliver and perform his or her obligations under this Agreement.

 

2.1.2.     
If a Holder is not an individual, this Agreement has been duly authorized, validly executed and delivered by such Holder.
If a Holder is an individual, the signature on this Agreement is genuine, and such Holder has legal competence and capacity to
execute the same. This Agreement is enforceable against each Holder in accordance with its terms, except as may be limited or otherwise
affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other Legal Requirements relating
to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

2.1.3.     
The execution, delivery and performance by each Holder of this Agreement and the consummation of the transactions contemplated
herein do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any Lien, charge or encumbrance upon Holder’s Covered Shares
or any other property or assets of any Holder or any of their respective subsidiaries pursuant to the terms of any indenture, mortgage,
deed of trust, loan agreement, lease, license or other agreement or instrument to which any Holder or any of their respective subsidiaries
is a party or by which any Holder or any of their respective subsidiaries is bound or to which Holder’s Covered Shares or
any other property or assets of any Holder or any of their respective subsidiaries is subject, which would reasonably be expected
to impair the legal authority of any Holder to enter into and timely perform its obligations under this Agreement, (ii) if a Holder
is not an individual, result in any violation of the provisions of the Organizational Documents of such Holder or any of its subsidiaries,
(iii) require any consent or approval that has not been given or other action that has not been taken by any third party (including
under any Contract binding upon such Holder), in each case, to the extent such consent, approval or other action would prevent,
enjoin or materially delay the performance by such Person of its, his or her obligations under this Agreement or (vi) result in
any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or
foreign, having jurisdiction over such Holder or any of its subsidiaries or any of their respective properties that would reasonably
be expected to impair the legal authority of any Holder to enter into and timely perform its obligations under this Agreement.

 

2.1.4.      Each
Holder’s signature page hereto sets forth the number of Covered Shares over which such Holder has beneficial ownership
as of the date hereof. As of the date hereof, each Holder is the lawful owner of the Covered Shares denoted as being owned by
such Holder on the signature page hereto and has the sole power to vote (or sole power to direct the voting of) such Covered
Shares. Each Holder has good and valid title to the Covered Shares denoted as being owned by such Holder on the signature
page hereto, free and clear of any and all Liens other than those created or permitted by this Agreement, the Organizational
Documents of Hillman, or those imposed by applicable law, including federal and state securities laws. Except for the Covered
Shares denoted on the signature page hereto, as of the date of this Agreement, Holder is not a beneficial owner or record
holder of any (i) equity securities of Hillman, (ii) securities of Hillman having the right to vote on any matters on which
the holders of equity securities of Hillman may vote or which are convertible into or exchangeable for, at any time, equity
securities of Hillman, or (iii) options or other rights to acquire from Hillman any equity securities or securities
convertible into or exchangeable for equity securities of Hillman except as contemplated by the Merger Agreement or any other
Transaction Document.

 

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2.1.5.     
Each Holder acknowledges and represents that such Holder is a sophisticated stockholder and has (i) conducted his, her or
its own independent review and analysis of, and, based thereon, has formed an independent judgment concerning, the business, assets,
condition, operations and prospects of Landcadia, (ii) had the opportunity to read the Merger Agreement and this Agreement and
has had the opportunity to consult with its, his or her tax and legal advisor, and (iii) received such information as such Holder
deems necessary in order to make an investment decision with respect to the Covered Shares and to enter into this Agreement, including
with respect to Hillman, Landcadia and the Transactions. Without limiting the generality of the foregoing, no Holder has relied
on any statements or other information provided by Hillman or Landcadia in making its decision to enter into, deliver and perform
its obligations under this Agreement. Each Holder further acknowledges that that there have been no representations, warranties,
covenants or agreements made to such Holder by Landcadia or any of its respective officers or directors, expressly or by implication,
other than those representations, warranties, covenants and agreements expressly set forth in this Agreement. Each Holder acknowledges
that the agreements contained herein with respect to the Covered Shares held by such Holder are irrevocable.

 

2.1.6.     
No Holder is currently (and at all times through Closing will refrain from being or becoming) a member of a “group”
(within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of
equity securities of Hillman (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

2.1.7.     
Each Holder understands and acknowledges that Landcadia is entering into the Merger Agreement in reliance upon the execution
and delivery of this Agreement by the Holders.

 

2.1.8.     
No Holder (i) has entered into any voting agreement or voting trust with respect to such Holder’s Covered Shares inconsistent
with the Holders’ obligations pursuant to this Agreement, (ii) has granted a proxy, a consent or power of attorney with respect
to the Holders’ Covered Shares and (iii) has entered into any agreement or taken any action that would make any representation
or warranty of the Holders contained herein untrue or incorrect or have the effect of preventing the Holders from performing any
of their obligations under this Agreement.

 

2.1.9.     
There is no Action pending against any Holder or, to the knowledge of any Holder, threatened against any Holder, before
or, in the case of threatened Actions, that would be before, any arbitrator or Governmental Entity, which in any manner challenges
the beneficial or record ownership of any Holder’s Covered Shares, the validity of this Agreement or the performance by the
Holders of their obligations under this Agreement.

 

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2.2.           
 Representations, Warranties and Agreements of Landcadia.
Landcadia hereby represents and warrants to the Holders and acknowledges and agrees with the Holders as follows:

 

2.2.1.     
Landcadia is duly organized and validly existing under the Legal Requirements of its jurisdiction of formation, with corporate
power and authority to enter into, deliver and perform its obligations under this Agreement.

 

2.2.2.     
This Agreement has been duly authorized, executed and delivered by Landcadia and is enforceable against Landcadia in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other Legal Requirements relating to or affecting the rights of creditors generally and (ii) principles of equity,
whether considered at law or equity.

 

2.2.3.     
The execution, delivery and performance of this Agreement (including compliance by Landcadia with all of the provisions
hereof) and the consummation of the transactions contemplated herein will not (i) conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under, any of the terms of any material contract, or other agreements
or instrument to which Landcadia is a party or by which Landcadia or any of its assets may be bound, (ii) result in any violation
of the provisions of the organizational documents of Landcadia, or (iii) result in any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Landcadia
or any of its properties that would reasonably be expected to impair Landcadia’s ability to perform its obligations under
this Agreement.

 

3.            
Additional Covenants.

 

3.1.           
No Transfers. Each Holder agrees that, prior to the Termination Date, except as contemplated by this Agreement, the
Merger Agreement or any other Transaction Document, it shall not, and shall cause its Affiliates not to, without Landcadia’s
prior written consent (which consent may be given or withheld by Landcadia in its sole discretion): (i) directly or indirectly,
offer for sale, sell (including short sales), transfer, tender, pledge, convert, encumber, assign or otherwise dispose of (including
by gift, merger, tendering into any tender offer or exchange offer or otherwise), either voluntarily or involuntarily (collectively,
a “Transfer”), or enter into any contract, option, derivative, hedging or other agreement or arrangement or
understanding (including any profit-sharing arrangement) with respect to, or consent to, a Transfer of, any or all of the Covered
Shares; (ii) grant any proxies or powers of attorney with respect to any or all of the Covered Shares (except in connection with
voting by proxy at a meeting of stockholders of Hillman as contemplated by Section 1 of this Agreement); (iii) permit to
exist any Lien with respect to any or all of the Covered Shares other than those created by this Agreement. Notwithstanding the
foregoing, this Section 3.1 shall not prohibit a Transfer of Covered Shares by any Holder to an Affiliate of such Holder;
provided that such Transfer shall be permitted only if, prior to or in connection with such Transfer, the transferee agrees in
writing, reasonably satisfactory in form and substance to Landcadia, to assume all of the obligations of such Holder hereunder
and to be bound by the terms of this Agreement; provided further that any Transfer permitted under this Section 3.1 shall
not relieve the Holder of its obligations under this Agreement. Any transfer in violation of this Section 3.1 shall be null
and void ab initio.

 

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3.2.           
 Covered Shares. In the event of a stock dividend or distribution, or any change in the Covered Shares by reason
of any stock dividend or distribution, split-up, recapitalization, combination, conversion, exchange of shares or the like, the
term “Covered Shares” shall be deemed to refer to and include the Covered Shares as well as all such stock dividends
and distributions and any securities into which or for which any or all of the Covered Shares may be changed or exchanged or which
are received in such transaction. Each Holder agrees, while this Agreement is in effect, to notify Landcadia promptly in writing
(including by e-mail) of the number of any additional Covered Shares acquired by such Holder, if any, after the date hereof.

 

3.3.           
Inconsistent Actions. Each Holder agrees, while this Agreement is in effect, not to take or agree or commit to take
any action that would make any representation and warranty of the Holders contained in this Agreement inaccurate or have the effect
of preventing or disabling the Holders from performing its obligations under this Agreement.

 

3.4.           
Standstill Obligations. Each Holder covenants and
agrees that, prior to the Termination Date:

 

3.4.1.     
Each Holder shall be bound by and comply with Sections 6.11 (No Solicitation) and 6.4 (Confidentiality) of the Merger Agreement
(and any relevant definitions contained in any such sections) to the same extent as such provisions apply to Hillman as if such
Holder were a signatory to the Merger Agreement with respect to such provisions.

 

3.4.2.     
Each Holder shall not, nor shall any Holder act in concert with any person to, deposit any of the Covered Shares in a voting
trust or subject any of the Covered Shares to any arrangement or agreement with any person with respect to the voting of the Covered
Shares, except as provided by Section 3.1.

 

3.5.           
Stop Transfers. Each Holder agrees with, and covenants
to, Landcadia that no Holder shall request that Hillman register the transfer (book-entry or otherwise) of any certificate or uncertificated
interest representing any Covered Shares during the term of this Agreement without the prior written consent of Landcadia, in its
sole discretion, other than pursuant to a transfer permitted by Section 3.1.

 

3.6.           
No Inconsistent Agreements. Each Holder hereby covenants
and agrees that, except for this Agreement, no Holder shall, at any time while this Agreement remains in effect, (i) be party or
subject to, or enter into any voting agreement or voting trust with respect to such Holder’s Covered Shares inconsistent
with such Holder’s obligations pursuant to this Agreement, (ii) grant a proxy, a consent or power of attorney with respect
to such Holder’s Covered Shares and (iii) be party or subject to, or enter into any agreement or taken any action that would
make any representation or warranty of the Holders contained herein untrue or incorrect in any material respect or have the effect
of preventing the Holders from performing any of their obligations under this Agreement.

 

3.7.           
Non-Circumvention. Each party hereto agrees that
it shall not, and shall cause its Affiliates not to, indirectly accomplish that which it is not permitted to accomplish directly
under this Agreement pursuant to provisions of this Agreement that have not been terminated pursuant to Section 4.

 

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4.           
 Termination.

 

This Agreement shall terminate and be void
and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further
liability on the part of any party in respect thereof, upon the earlier to occur of (i) the Effective Time, (ii) such date and
time as the Merger Agreement is validly terminated in accordance with its terms and (iii) upon the mutual written agreement of
each of the parties hereto to terminate this Agreement (the earliest such date under clause (i), (ii) and (iii) being referred
to herein as the “Termination Date”); provided that nothing herein will relieve any party from liability for
any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity
to recover losses, liabilities or damages arising from such breach. Landcadia shall promptly notify each Holder of the termination
of the Merger Agreement promptly after the termination of such agreement. Notwithstanding anything to the contrary herein, the
provisions of Section 5 shall survive the termination of this Agreement.

 

5.            
Miscellaneous.

 

5.1.           
Further Assurances. The parties hereto shall execute
and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary
in order to consummate the transactions contemplated by this Agreement.

 

5.1.1.     
Each of the parties hereto acknowledges that Landcadia and others will rely on the acknowledgments, understandings, agreements,
representations and warranties contained in this Agreement. Prior to the Termination Date, each of the parties hereto agrees to
promptly notify the other parties hereto if any of the acknowledgments, understandings, agreements, representations and warranties
made by such party set forth herein are no longer accurate in all material respects.

 

5.1.2.     
Each Holder, from time to time, at Landcadia’s request and without further consideration, shall execute and deliver
such additional documents and take all such further action as may be reasonably necessary under applicable Legal Requirements to
effect the actions and consummate the transactions contemplated by the Merger Agreement and this Agreement on the terms and subject
to the conditions set forth herein and therein.

 

5.1.3.     
Each of the Holders and Landcadia is entitled to rely upon this Agreement and is irrevocably authorized to produce this
Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to
the matters covered hereby.

 

5.1.4.     
Each of the parties hereto shall pay all of their respective expenses in connection with this Agreement and the transactions
contemplated herein.

 

5.1.5.     
Each Holder shall take, or cause to be taken, all actions and do, or cause to be done, all things necessary, proper or advisable
to consummate the transactions contemplated by this Agreement on the terms and conditions described therein no later than immediately
prior to the consummation of the Transactions.

 

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5.1.6.     
 Each Holder further agrees not to commence or participate in, and to take all actions necessary to opt out of any class
in any class Action with respect to, any Action or claim, derivative or otherwise, against Landcadia, Landcadia’s Affiliates,
the Sponsors, Hillman or any of their respective successors and assigns relating to the negotiation, execution or delivery of this
Agreement, the Merger Agreement or any other Transaction Document.

 

5.2.           
Notices. Any notice or communication required or
permitted hereunder shall be in writing and either delivered personally, emailed or sent by overnight mail via a reputable overnight
carrier, and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable
or other rejection notice, if sent by email, or (iii) the next day when sent by overnight carrier to the address below or to such
other address or addresses as such person may hereafter designate by notice given hereunder:

 

(i)              
If to Landcadia:

 

	 	Landcadia Holdings III, Inc.
	 	1501 West Loop South.
	 	Houston, TX 77027
	 	Attention:	Steven L. Scheinthal
	 	 	General Counsel
	 	E-mail:	sscheinthal@ldry.com

 

with a copy (which shall not
constitute notice) to:

 

	 	White & Case LLP
	 	1221 Avenue of the Americas
	 	New York, NY 10020
	 	Attention: 	Joel L. Rubinstein
	 	 	Michael A. Deyong
	 	Email:	 joel.rubinstein@whitecase.com
	 	 	michael.deyong@whitecase.com

 

(ii)             
If to a Holder, to such address or addresses set forth on the signature page hereto next to such Holder’s name.

 

5.3.           
Entire Agreement. This Agreement constitutes the
entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral,
among the parties, with respect to the subject matter hereof, including any commitment letter(s) entered into relating to the subject
matter hereof.

 

5.4.            Modifications
and Amendments. This Agreement may not be amended, modified, supplemented or waived (i) except by an instrument in
writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver is sought, (ii)
without the prior written consent of Landcadia and (iii) in the event that such amendment, modification, supplement or waiver
would reasonably be expected to materially and adversely affect the closing of the Transactions pursuant to the Merger
Agreement, without the prior written consent of Hillman; provided that any rights (but not obligations) of a party under this
Agreement may be waived, in whole or in part, by such party on its own behalf without the prior consent of any other
party.

 

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5.5.           
Assignment. Except for transfers permitted by Section
3.1, neither this Agreement nor any rights, interests or obligations that may accrue to the parties hereunder may be transferred
or assigned without the prior written consent of each of the other parties hereto. Any such assignment without such consent shall
be null and void. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their
respective successors and permitted assigns.

 

5.6.           
Benefit.

 

5.6.1.     
Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns. This Agreement shall not confer rights or remedies upon
any person other than the parties hereto and their respective successors and assigns.

 

5.6.2.     
Each Holder acknowledges and agrees that (i) this Agreement is being entered into in order to induce Landcadia to execute
and deliver the Merger Agreement and without the representations, warranties, covenants and agreements of the Holders hereunder,
Landcadia would not enter into the Merger Agreement, (ii) each representation, warranty, covenant and agreement of the Holders
hereunder is being made also for the benefit of Landcadia, and (iii) Landcadia may directly enforce (including by an action for
specific performance, injunctive relief or other equitable relief in accordance with Section 5.12) each of the covenants and agreements
of Holder under this Agreement.

 

5.6.3.     
Each of the Holders and Landcadia agrees that Hillman is a third-party beneficiary of this Agreement and Hillman may directly
enforce (including by an action for specific performance, injunctive relief or other equitable relief) each of the covenants and
agreements of the Holders under this Agreement, as amended, modified, supplemented or waived in accordance with Section 5.4.

 

5.7.            Capacity;
Fiduciary Duties. The covenants and agreements set forth herein shall not (a) limit or affect any action or
inaction by any Holder or any representative of such Holder serving as a member of the board of directors of Hillman or as an
officer, employee or fiduciary of Hillman, in each case, acting in such person’s capacity as a director, officer,
employee or fiduciary of Hillman, or (b) prevent any Holder or Holder designee, director, officer or employee serving on the
board of directors of Hillman from exercising his or her fiduciary duties while acting in such person’s capacity as a
director of Hillman. Each Holder is entering into this Agreement solely in its capacity as the beneficial owner of such
Holder’s Hillman Shares, and not in such Holder’s capacity as a director, officer or employee of Hillman or any
of Hillman’s Subsidiaries, and nothing in the foregoing sentence shall be deemed to limit, amend, modify or waive (a)
any obligation of any Holder hereunder in such Holder’s capacity as a beneficial owner of such Holder’s Hillman
Shares or (b) any obligation of Hillman under the Merger Agreement or any other Transaction Document.

 

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5.8.           
Governing Law. This Agreement, and all claims or
causes of action (each, an “Action”) based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the Legal Requirements of the State of Delaware, without
giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application
of Legal Requirements of another jurisdiction.

 

5.9.           
Consent to Jurisdiction; Waiver of Jury Trial. Any
Action based upon, arising out of or related to this Agreement or the transactions contemplated hereby may be brought in federal
and state courts located in the State of Delaware, and each of the parties irrevocably submits to the exclusive jurisdiction of
each such court in any such Action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience
of forum, agrees that all claims in respect of the Action shall be heard and determined only in any such court, and agrees not
to bring any Action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court. Nothing
herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by law or to commence
legal proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained
in any Action brought pursuant to this paragraph. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

5.10.       
Severability. If any provision of this Agreement
shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Agreement
shall not in any way be affected or impaired thereby and shall continue in full force and effect.

 

5.11.       
No Waiver of Rights, Powers and Remedies. No failure
or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the
parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any
right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such
right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right,
power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party
to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle
the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute
a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such
notice or demand.

 

5.12.       
Remedies.

 

5.12.1.  The
parties agree that irreparable damage would occur if this Agreement was not performed or the Closing is not consummated in
accordance with its specific terms or was otherwise breached and that money damages or other legal remedies would not be an
adequate remedy for any such damage. It is accordingly agreed that the parties hereto shall be entitled to equitable relief,
including in the form of an injunction or injunctions, to prevent breaches or threatened breaches of this Agreement and to
enforce specifically the terms and provisions of this Agreement, including the Holders’ obligations to vote their
Covered Shares as provided in this Agreement, without proof of actual damages or the inadequacy of monetary damages as a
remedy, in an appropriate court of competent jurisdiction as set forth in Section 5.9, this being in addition to any
other remedy to which any party is entitled at law or in equity, including money damages. The right to specific enforcement
shall include the right of the parties to cause the other parties to cause the transactions contemplated hereby to be
consummated on the terms and subject to the conditions and limitations set forth in this Agreement. The parties hereto
further agree (i) to waive any requirement for the security or posting of any bond in connection with any such equitable
remedy, (ii) not to assert that a remedy of specific enforcement pursuant to this Section 5.12 is unenforceable,
invalid, contrary to applicable law or inequitable for any reason, and (iii) to waive any defenses in any action for specific
performance, including the defense that a remedy at law would be adequate. In connection with any action for which Landcadia
is being granted an award of money damages, the Holders agree that such damages shall include, without limitation, damages
related to the cash consideration that is or was to be paid to Landcadia under the Merger Agreement and such damages are not
limited to an award of out-of-pocket fees and expenses related to the Merger Agreement.

 

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5.12.2. 
The parties acknowledge and agree that this Section 5.12 is an integral part of the transactions contemplated hereby
and without that right, the parties hereto would not have entered into this Agreement.

 

5.12.3. 
In any dispute arising out of or related to this Agreement, or any other agreement, document, instrument or certificate
contemplated hereby, or any transactions contemplated hereby or thereby, the applicable adjudicating body shall award to the prevailing
party, if any, the costs and attorneys’ fees reasonably incurred by the prevailing party in connection with the dispute and
the enforcement of its rights under this Agreement or any other agreement, document, instrument or certificate contemplated hereby
and, if the adjudicating body determines a party to be the prevailing party under circumstances where the prevailing party won
on some but not all of the claims and counterclaims, the adjudicating body may award the prevailing party an appropriate percentage
of the costs and attorneys’ fees reasonably incurred by the prevailing party in connection with the adjudication and the
enforcement of its rights under this Agreement or any other agreement, document, instrument or certificate contemplated hereby
or thereby.

 

5.13.       
Survival of Representations and Warranties. All representations
and warranties made by the parties hereto in this Agreement shall survive the Closing.

 

5.14.        No
Broker or Finder. Each of the Holders represents and warrants to the other parties hereto that no broker, finder
or other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated
hereby in such a way as to create any liability on any other party hereto. Each of the Holders agrees to indemnify and save
the other parties hereto harmless from any claim or demand for commission or other compensation by any broker, finder,
financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of
legal expenses incurred in defending against any such claim.

 

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5.15.       
Headings and Captions. The headings and captions
of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify or affect the meaning
or construction of any of the terms or provisions hereof.

 

5.16.       
Counterparts. This Agreement may be executed in one
or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other parties, it being understood that the parties need
not sign the same counterpart. In the event that any signature is delivered by any form of electronic delivery, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such signature page were an original thereof.

 

5.17.       
Construction. The words “include,”
 “includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form
will be construed to include the plural and vice versa, unless the context otherwise requires. The words “herein,”
 “hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party has not breached
will not detract from or mitigate the fact that such party is in breach of the first representation, warranty, or covenant.

 

5.18.       
Mutual Drafting. This Agreement is the joint product
of the parties hereto and each provision hereof has been subject to the mutual consultation, negotiation and agreement of the parties
hereto and shall not be construed for or against any party.

 

5.19.       
Consent to Disclosure. Each Holder hereby consents
to the publication and disclosure in any (i) Form 8-K filed by Hillman or Landcadia with the SEC in connection with the execution
and delivery of the Merger Agreement and the Registration Statement or (ii) other documents or communications provided by Hillman
or Landcadia to any Governmental Entity or to securityholders of Hillman, in each case, to the extent required by the federal securities
laws or the SEC or any other securities authorities, of each Holder’s name or identity and beneficial ownership of Covered
Shares and the nature of each Holder’s commitments, arrangements and understandings under and relating to this Agreement
and, if deemed appropriate by Hillman or Landcadia, a copy of this Agreement. Without each Holder’s prior written consent,
Hillman and Landcadia shall not use such Holder’s name in any press release issued in connection with the Transactions. Each
Holder will promptly provide any information reasonably requested by Hillman or Landcadia for any regulatory application or filing
made or approval sought in connection with the Transactions (including filings with the SEC).

 

    11

     

    

 

5.20.       
 No Ownership Interest. Nothing contained in this
Agreement shall be deemed to vest in Landcadia any direct or indirect ownership or incidence of ownership of or with respect to
any Covered Shares.

 

5.21.       
No Partnership, Agency or Joint Venture. This Agreement
is intended to create a contractual relationship between the Holders, on the one hand, and Landcadia, on the other hand, and is
not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between or among the
parties.

 

5.22.       
No Recourse. Notwithstanding anything to the contrary
contained herein or otherwise, but without limiting any provision in the Merger Agreement or any other Transaction Document, this
Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate to this
Agreement, or the negotiation, execution or performance of this Agreement or the transactions contemplated hereby, may only be
made against the entities and Persons that are expressly identified as parties to this Agreement in their capacities as such and
no former, current or future stockholders, equity holders, controlling persons, directors, officers, employees, general or limited
partners, members, managers, agents or affiliates of any party hereto, or any former, current or future direct or indirect stockholder,
equity holder, controlling person, director, officer, employee, general or limited partner, member, manager, agent or affiliate
of any of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities
of the parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason
of, the transactions contemplated hereby or in respect of any oral representations made or alleged to be made in connection herewith.
Without limiting the rights of any party against the other parties hereto, in no event shall any party or any of its affiliates
seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages
from, any Non-Recourse Party.

 

[Signature Page Follows]

 

    12

     

    

 

IN WITNESS WHEREOF, Landcadia and each Holder has executed
or caused this Voting and Support Agreement to be executed by its duly authorized representative as of the date set forth below.

 

	 	LANDCADIA
	 	 
	 	Landcadia Holdings III, Inc.
	 	 
	 	By:	/s/
    Steven L. Scheinthal
	 	Name: Steven L. Scheinthal
	 	Title:   Vice President
    and Secretary 

 

[Signature Page
to Voting and Support Agreement]

 

     

     

    

 

	 	HOLDER
	 	 
	 	 
	 	CCMP CAPITAL INVESTORS III, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By: CCMP Capital Associates III, L.P., its general partner
	 	 
	 	By: CCMP Capital Associates GP, LLC, its general partner
	 	 
	 	By:	/s/ Joseph M. Scharfenberger,
Jr.
	 	 	Name: Joseph M. Scharfenberger, Jr.
	 	 	Title: Managing Director

 

	 	Hillman Shares:	316,171
	 	 
	 	Notice Address:	 
	 	c/o CCMP Capital L.P.
	 	277 Park Avenue, 27th Floor
	 	New York, NY 10172
	 	Attention: Joe Scharfenberger Richard Jansen

 

[Signature Page
to Voting and Support Agreement]

 

     

     

    

 

	 	HOLDER
	 	 
	 	CCMP CAPITAL INVESTORS (EMPLOYEE) III, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By: CCMP Capital Associates III, L.P., its general partner
	 	 
	 	By: CCMP Capital Associates GP, LLC, its general partner
	 	 
	 	By:	/s/ Joseph M. Scharfenberger, Jr.
	 	 	Name: Joseph M. Scharfenberger, Jr.
	 	 	Title:   Managing Director

 

	 	Hillman Shares:	18,968
	 	 
	 	Notice Address:	 
	 	c/o CCMP Capital L.P.
	 	277 Park Avenue, 27th Floor
	 	New York, NY 10172
	 	Attention: Joe Scharfenberger Richard Jansen

 

[Signature Page
to Voting and Support Agreement]

 

     

     

    

 

	 	HOLDER
	 	 
	 	CCMP CO-INVEST III A, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By: CCMP Co-Invest III A GP, LLC, its general partner
	 	 
	 	By:	/s/ Joseph M. Scharfenberger,
Jr.
	 	 	Name: Joseph M. Scharfenberger, Jr.
	 	 	Title:  Managing Director

 

	 	Hillman Shares:	101,400
	 	 
	 	Notice Address:	 
	 	c/o CCMP Capital L.P.
	 	277 Park Avenue, 27th Floor
	 	New York, NY 10172
	 	Attention: Joe Scharfenberger Richard Jansen

 

[Signature Page
to Voting and Support Agreement]

 

     

     

    

 

	 	HOLDER
	 	 
	 	OAK HILL CAPITAL
                                         PARTNERS III, L.P.,

	 	a Delaware limited partnership
	 	 
	 	By:	OHCP GenPar III, L.P., its General Partner
	 	 	 
	 	By:	OHCP MGP Partners III, L.P., its General Partner
	 	 	 
	 	By:	OHCP MGP III, Ltd., its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ John Monsky
	 	 	Name: John Monsky
	 	 	Title: General Counsel

 

	 	Hillman Shares:	86,717
	 	 
	 	Notice Address:	 
	 	Oak Hill Capital 
	 	Attn : John Monsky
	 	65 East 55th Street, 32 Floor
	 	New York, NY 10022
	 	212-527-8400

 

[Signature Page
to Voting and Support Agreement]

 

     

     

    

 

	 	HOLDER
	 	 
	 	

        OAK HILL CAPITAL MANAGEMENT
        PARTNERS III, L.P.,

	 	a Delaware limited partnership
	 	 
	 	By:	OHCP GenPar III, L.P., its General
    Partner
	 	 	 
	 	By:	OHCP MGP Partners III, L.P., its General Partner
	 	 	 
	 	By:	OHCP MGP III, Ltd., its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ John Monsky
	 	 	Name: John Monsky
	 	 	Title:   General Counsel

 

	 	Hillman Shares:	2,848
	 	 
	 	Notice Address:	 
	 	Oak Hill Capital 
	 	Attn : John Monsky
	 	65 East 55th Street, 32 Floor
	 	New York, NY 10022
	 	212-527-8400

 

[Signature Page
to Voting and Support Agreement]

 

     

     

    

 

	 	HOLDER
	 	 
	 	OHCP
    III HC RO, L.P.,
	 	a Delaware
    limited partnership
	 	 
	 	By:	OHCP
    GenPar III, L.P., its General Partner
	 	 	 
	 	By:	OHCP MGP Partners III, L.P., its General Partner
	 	 	 
	 	By:	OHCP MGP III, Ltd., its General Partner
	 	 	 

 

	 	By:	/s/ John Monsky
	 	 	Name: John Monsky
	 	 	Title:   General Counsel

 

	 	Hillman Shares:	2,435
	 	 
	 	 
	 	Notice Address:	 
	 	Oak Hill Capital 
	 	Attn : John Monsky
	 	65 East 55th Street, 32 Floor
	 	New York, NY 10022
	 	212-527-8400

 

[Signature Page
to Voting and Support Agreement]gmbt-ex41_11.htm

 

Exhibit 4.1

Execution Version

WARRANT AGREEMENT 
between 
QUEEN’S GAMBIT GROWTH CAPITAL 
and 
CONTINENTAL STOCK TRANSFER & TRUST COMPANY 
WARRANT AGREEMENT 
Dated as of January 19, 2021

THIS WARRANT AGREEMENT (this “Agreement”), dated as of January 19, 2021, is by and between Queen’s Gambit Growth Capital, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent,” also referred to herein as the “Transfer Agent”).

WHEREAS, on January 19, 2021, the Company entered into that certain Private Placement Warrants Purchase Agreement with Queen’s Gambit Holdings LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 5,333,333 warrants (or up to 5,933,333 warrants if the Over-allotment Option (as defined below) in connection with the 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;

WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor or an affiliate of the Sponsor or 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 may be convertible into up to an additional 1,000,000 Private Placement Warrants at a price of $1.50 per warrant;

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 Ordinary Share (as defined below) and one-third of one Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 11,500,000 redeemable warrants (including up to 1,500,000 redeemable warrants subject to the Overallotment Option) to public investors in the Offering (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (each, an “Ordinary Share”), for $11.50 per Ordinary Share, subject to adjustment as described herein;

WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) the registration statement on Form S-1, as amended (File No. 333-251790) (the “Registration Statement”) and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the Ordinary Shares 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, 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.

2.1Form of Warrant. Each Warrant shall be issued in registered form only.

2.2Effect of Countersignature. If a physical certificate is issued, unless and until

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

2.3Registration.

2.3.1Warrant 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 definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 

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

2.3.2Registered 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

 

2.4Detachability of Warrants. The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the fifty-second (52nd) day following the date of the Prospectus or, if such fifty-second (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 Barclays Capital Inc., but in no event shall the Ordinary Shares 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 SEC 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 or waived prior to the filing of the Current Report Form 8-K, and (B) the Company issues a press release and files with the SEC a Current Report on Form 8-K announcing when such separate trading shall begin.

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

2.6Private Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or any of its Permitted Transferees (as defined below), the Private Placement Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination and (iii) shall not be redeemable by the Company pursuant to Sections  6.1 or 6.2 hereof; provided, however, that in the case of clause (ii), the Private Placement Warrants and any Ordinary Shares held by the Sponsor or any of its Permitted Transferees and issued upon exercise of the Private Placement 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 member(s) of the Sponsor or their affiliates, or any affiliates of the Sponsor;

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

(c)in the case of an individual, by virtue of 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 virtue of the laws of the Sponsor’s operating agreement upon dissolution of the Sponsor;

(f)by private sales or transfers made in connection with the consummation of the Company’s initial Business Combination at prices no greater than the price at which the Private Placement Warrants were originally purchased;

(g)in the event of the Company’s liquidation prior to the completion of the Company’s initial Business Combination; or

(h)in the event of the Company’s completion of a liquidation, merger, share exchange, restructuring or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of the Company’s initial Business Combination; provided, however, that, in the case of clauses (a) through (f), these transferees (the “Permitted Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

3

 

3.Terms and Exercise of Warrants. 

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

3.2Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”) and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company's amended and restated memorandum and articles of association (as amended from time to time) (the “Memorandum and Articles”) if the Company fails to complete a Business Combination, and (z) other than with respect to the Private Placement Warrants then held by the Sponsor or its Permitted Transferees, 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. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant then held by the Sponsor or a Permitted Transferee) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant then held by the Sponsor or a Permitted Transferee) not exercised on or before the Expiration Date shall become null and 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.

3.3Exercise of Warrants. 

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

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

(b)[reserved];

(c)with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor, a Permitted Transferee, or the Company’s officers and directors, by surrendering the Warrants in exchange for a number of Ordinary Shares equal to the quotient obtained by dividing (i) the product of (A) the number of Ordinary Shares underlying the Warrants and (B) the excess of the “Fair Market Value,” as defined in this subsection 3.3.1(c), over the exercise price of the Warrants by (ii) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares as reported for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent; or

4

 

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

(e)as provided in Section 7.4 hereof.

3.3.2Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, 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 Ordinary Shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4 hereof. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire without value to the holder, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the Ordinary Shares underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4 hereof. 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 an Ordinary Share, the Company shall round down to the nearest whole number the number of Ordinary Shares to be issued to such holder.

3.3.3Valid Issuance. All Ordinary Shares 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 Ordinary Shares is issued and who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of such Ordinary Shares 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 register of members 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 Ordinary Shares 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 it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% or such other amount as the holder may specify (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of 

5

 

outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case, the number of issued and outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of issued and outstanding Ordinary Shares 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.

4.1Share Dividends. 

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

4.1.2Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of the Company into which the Warrants are convertible), other than (i) as described in subsection 4.1.1 above, (ii) Ordinary Cash Dividends (as defined below), (iii) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination, (iv) to satisfy the redemption rights of the holders of Ordinary Shares in connection with a shareholder vote to approve an amendment to the Company’s Memorandum and Articles (A) in a manner that would affect the substance or timing of the Company’s obligation to redeem 100% of the Ordinary Shares if the Company has not consummated its initial Business Combination within twenty-four (24) months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of the Ordinary Shares or pre-initial Business Combination activity, or (v) in connection with the redemption of the Ordinary Shares upon the Company’s failure to complete its initial Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value of any securities or other assets paid on each Ordinary Share 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 Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4  and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

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

6

 

4.3Adjustments in Exercise and Redemption Trigger Prices. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter. If, (x) in connection with the closing of the initial Business Combination, the Company issues additional Ordinary Shares or securities of the Company which are convertible into, or exchangeable or exercisable for, equity securities of the Company, including any securities issued by the Company which are pledged to secure any obligation of any holder to purchase equity securities of the Company, at an issue price or effective issue price of less than $9.20 per Ordinary Share, 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 Ordinary Shares of the Company issued prior to the Offering and held by the Sponsor or such 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 the initial Business Combination (net of redemptions), and (z) the volume weighted average last reported trading price of the Ordinary Shares during the twenty (20) day trading period starting on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per Ordinary Share, (i) the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of higher of the Market Value and the Newly Issued Price, (ii) the $18.00 per Ordinary Share redemption trigger price described in Section 6.1 hereof shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and (iii) the $10.00 per Ordinary Share redemption price trigger described in Section 6.2 hereof will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

4.4Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding Ordinary Shares (other than a change under subsections 4.1.1 or 4.1.2  or Section 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the 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 Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the 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 Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Company’s Memorandum and Articles or as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (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 Ordinary Shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in 

7

 

this Section 4; provided further, that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of Ordinary Shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the SEC, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each Ordinary Share shall be the volume weighted average last reported trading price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the ninety (90) day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average last reported trading price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in Ordinary Shares covered by subsection 4.1.1 hereof, 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 Ordinary Share issuable upon exercise of the Warrant.

4.5Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Ordinary Shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4 hereof, 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.

4.6No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional Ordinary Shares 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 an Ordinary Share, the Company shall, upon such exercise, round down to the nearest whole number of Ordinary Shares to be issued to such holder.

4.7Form 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 Ordinary Shares as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

4.8Other 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 public accountants or 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 

8

 

adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

5.Transfer and Exchange of Warrants. 

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

5.2Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (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.

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

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

5.5Warrant 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.

5.6Transfer 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.

6.1Redemption of Warrants for Cash When the Price Per Ordinary Share 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 while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price (as defined below) of $0.01 per Warrant, provided that the last reported sales price of the Ordinary Shares has been at least $18.00 per Ordinary Share (subject to adjustment in compliance with Section 4 hereof), on each of  twenty (20) trading days within the thirty (30) trading-day period ending on the third (3rd) trading day prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering the Ordinary Shares 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 Section 7.4 hereof.

6.2Redemption of Warrants for Ordinary Shares When the Price Per Ordinary Share 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 while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, (i) as described in Section 6.3 below, (ii) at a 

9

 

Redemption Price of $0.10 per Warrant upon minimum of thirty (30) days prior written notice of redemption provided that during the 30-day Redemption Period Registered Holders will be able to exercise their Warrants on a cashless basis prior to the redemption and receive that number of Ordinary Shares determined by reference to the table below, based on the Redemption Date and the “Fair Market Value” (as such term is defined in this Section 6.2) of the Ordinary Shares, and (iii) if, and only if, the last reported sale price of the Ordinary Shares equals or exceeds $10.00 per Ordinary Share (subject to adjustment in compliance with Section 4 hereof) on the trading day prior to the date on which the Company sends thenotice of redemption to the Registered Holders. 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 hereof and receive a number of Ordinary Shares determined by reference to the table below, based on the Redemption Date (as defined below) and the “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 “Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares for the ten (10) trading days immediately following 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 Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described in the definition of “Fair Market Value” above ends.

 

 

	
Redemption Date
	
 
	
Fair Market Value of Class A Ordinary Shares
	
 

	
(period to expiration of warrants)
	
≤$10.00
	
$11.00
	
$12.00
	
$13.00
	
$14.00
	
$15.00
	
$16.00
	
$17.00
	
≥$18.00

	
60 months
	
0.261
	
0.281
	
0.297
	
0.311
	
0.324
	
0.337
	
0.318
	
0.358
	
0.361

	
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

10

 

 

If the exact Fair Market Value and Redemption Date (as defined in this Section 6.2) are between two values in the table above or the Redemption Date is between two redemption dates in the table above, the number of Ordinary Shares to be issued for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line interpolation between the number of shares set forth for the higher and lower Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365-day year.

The share prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of Ordinary Shares issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof. The adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of Ordinary Shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of Ordinary Shares deliverable upon exercise of a Warrant as so adjusted. The number of Ordinary Shares in the table above shall be adjusted in the same manner and at the same time as the number of Ordinary Shares issuable upon exercise of a Warrant.

In no event shall the Warrants be exercisable in connection with a Make-Whole Exercise for more than 0.361 Ordinary Shares per whole Warrant (subject to adjustment).

6.3Date Fixed for, and Notice of, Redemption; Redemption Price. In the event that the Company elects to redeem the Warrants pursuant to Sections 6.1 and 6.2 hereof, 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, “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 or 6.2 hereof.

6.4Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or, if in connection with a redemption pursuant to Sections 6.2 or 7.4 hereof, on a “cashless basis” in accordance with such section) 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 Section 7.4 hereof, the notice of redemption shall contain the information necessary to calculate the number of Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in Section 7.4 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.

6.5Exclusion of Private Placement Warrants. The Company agrees that the redemption rights provided in Sections 6.1 and 6.2 hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor or its Permitted Transferees. However, once such Private Placement Warrants are transferred (other than to Permitted Transferees under Section  2.6 hereof), the Company may redeem such Private Placement Warrants pursuant to Sections 6.1 and 6.2 hereof, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement 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 shall become Public Warrants under this Agreement.

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

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

7.2Lost, 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 

11

 

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.

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

7.4Registration of Ordinary Shares; Cashless Exercise at Company’s Option. 

7.4.1Registration of the Ordinary Shares. 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 its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its 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 of the Warrants in accordance with the provisions of this Agreement. Except as provided in subsection 7.4.2 below, for the avoidance of any doubt, unless and until all of the Warrants have been exercised, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1. 

7.4.2Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) as described in subsection 7.4.1 above 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 Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary and (y) use its commercially reasonable efforts to register or qualify the Ordinary Shares issuable upon exercise of the Public Warrants under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available. To exercise the Warrants on a cashless basis, each Registered Holder would pay the Exercise Price by surrendering the Warrants in exchange for a number of Ordinary Shares equal to the lesser of (i) the quotient obtained by dividing (A) the product of (x) the number of the Ordinary Shares underlying the Warrants and (y) the excess of the “Fair Market Value” (as defined in this subsection 7.4.2) over the Exercise Price of the Warrants by (B) the Fair Market Value and (ii) the product of the number of Warrants surrendered and 0.361 (subject to adjustment). Solely for purposes of this subsection 7.4.2, the “Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares for the ten (10) trading days ending on the trading day prior to the date on which the notice of exercise is received by the Warrant Agent.

8.Concerning the Warrant Agent and Other Matters. 

8.1Payment 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 Ordinary Shares 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 Ordinary Shares.

8.2Resignation, Consolidation or Merger of Warrant Agent. 

8.2.1Appointment 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 

12

 

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.

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

8.2.3Merger 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.

8.3Fees and Expenses of Warrant Agent.

8.3.1Remuneration. 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.

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

8.4Liability of Warrant Agent. 

8.4.1Reliance 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 a Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

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

8.4.3Exclusions. 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 Ordinary 

13

 

Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and non-assessable.

8.5Acceptance 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 Ordinary Shares through the exercise of the Warrants.

8.6Waiver. 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. 

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

9.2Notices. 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:

Queen’s Gambit Growth Capital

55 Hudson Yards, 44th Floor

New York, NY 10001

Attention: Victoria Grace

Email: victoria@queensgambitspac.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

Attention: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com 

Email: cgonzalez@continentalstock.com 

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

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9.4Persons 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.

9.5Examination 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.

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

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

9.8Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 50% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

9.9Severability. 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.

Exhibit A — Form of Warrant Certificate

Exhibit B Legend — Private Placement Warrants

[Signature Page Follows]

 

15

 

 

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

QUEEN'S GAMBIT GROWTH CAPITAL

	
By:
	
/s/ Victoria Grace

	
Name:
	
Victoria Grace

	
Title:
	
Chief Executive Officer

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

	
By:
	
/s/ Stacy Aqui

	
Name:
	
Stacy Aqui

	
Title:
	
Vice President

 

[Signature Page to the 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

QUEEN’S GAMBIT GROWTH CAPITAL 

Incorporated Under the Laws of the Cayman Islands

CUSIP [          ]

Warrant Certificate

This Warrant Certificate certifies that, or registered assigns, is the registered holder ofwarrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value per share (“Ordinary Shares”), of Queen’s Gambit Growth Capital, a Cayman Islands exempted company (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 Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable by certified or official bank check payable to the Company (or through “cashless exercise” as provided for in the Warrant Agreement) 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 Ordinary Share. The number of Ordinary Shares 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 is equal to $11.50 per Ordinary Share. The Exercise Price is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

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

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

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

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

 

 

QUEEN'S GAMBIT GROWTH CAPITAL

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY as Warrant Agent

	
By:
	
 

	
Name:
	
 

	
Title:
	
 

 

 

 

[Form of Warrant Certificate] 
[Reverse]

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of January 19, 2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

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

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Ordinary Shares 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 Ordinary Shares 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 an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares to be issued to the holder of the Warrant.

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

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

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

 

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receiveOrdinary Shares and herewith tenders payment for such Ordinary Shares to the order of Queen’s Gambit Growth Capital (the “Company”) in the amount of $in accordance with the terms hereof. The undersigned requests that the register of members of the Company be updated to reflect the issuance of such Ordinary Shares and a certificate for such Ordinary Shares be registered in the name of, whose address isand that such Ordinary Shares be delivered towhose address is. If said number of Ordinary  Shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of, whose address isand 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 6.2 of the Warrant Agreement and the undersigned elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 6.2 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 Ordinary Shares 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 Ordinary Shares 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 Ordinary Shares 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 receiveOrdinary Shares. If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of, whose address isand that such Warrant Certificate be delivered to, whose address is.

[Signature Page Follows]

 

 

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.

 

 

EXHIBIT B 
LEGEND

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

SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS A ORDINARY SHARES 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.”

No.Warrants

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