Document:

Exhibit 4.1

 

WARRANT
AGREEMENT

 

THIS
WARRANT AGREEMENT (the “Agreement”), dated as of October 10, 2018, is between ARYA Sciences Acquisition Corp., a Cayman
Islands exempted company, (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation
(the “Warrant Agent”).

 

WHEREAS,
the Company has received a binding commitment from ARYA Sciences Holdings, a Cayman Islands exempted limited company (the “Sponsor”)
to purchase 5,437,500 warrants (or up to 5,953,125 warrants if the underwriters in the Public Offering (defined below) exercise
their over-allotment option in full), bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”),
pursuant to a Private Placement Warrants Purchase Agreement (the “Private Placement Warrants Purchase Agreement”);
and

 

WHEREAS,
the Company may issue up to an additional 1,500,000 Warrants, which will be identical to the Private Placement Warrants, in consideration
of certain working capital loans that may be made by the Sponsor or the Company’s officers, directors or affiliates; and

 

WHEREAS,
the Company is engaged in an initial public offering (the “Public Offering”) of units, each unit comprised of one
Class A Ordinary Share (as defined below) and one-half of one Public Warrant (as defined below) (the “Units”) and,
in connection therewith, has determined to issue and deliver up to 7,187,500 Warrants (the “Public Warrants” and,
together with the Private Placement Warrants, the “Warrants”) to the public investors, each such whole Warrant evidencing
the right of the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Class
A Ordinary Share(s)”), for $11.50 per whole share, subject to adjustment as described herein; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form
S-1 (No. 333-227283) (the “Registration Statement”) and prospectus (the “Prospectus”) for the registration,
under the Securities Act of 1933, as amended (the “Act”), of, among other securities, the Warrants; and

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

2.
Warrants.

 

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

 

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

 

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

 

2.4
Registration.

 

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

 

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

 

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2.5
Detachability of Warrants. The securities comprising the Units will not be separately transferable until the 52nd day following
the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks
in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business
Day following such date, or earlier with the consent of Jefferies LLC, as representative of the several underwriters of the Public
Offering (the “Representative”), but in no event will the Representative allow separate trading of the securities
comprising the Units until (A) the Company has filed a Current Report on Form 8-K with the Commission containing an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering, including the proceeds received by the
Company from the exercise of the underwriters’ over-allotment option in the Public Offering, and (B) the Company issues
a press release and files with the Commission a Current Report on Form 8-K announcing when such separate trading shall begin.
After the consummation of an initial Business Combination, all Warrants will automatically begin separate trading.

 

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

 

3.
Terms and Exercise of Warrants

 

3.1
Warrant Price. Each whole Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof,
subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of Class A Ordinary
Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers to the price per share
at which the Class A 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 applied consistently to all of the Warrants.

 

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

 

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3.3
Exercise of Warrants.

 

3.3.1
Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant
Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office
of its successor as Warrant Agent, together with (i) an election to purchase form, duly executed, electing to exercise such Warrants,
as set forth in the Warrant, and (ii) payment in full of the Warrant Price for each 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 Warrants for
the Ordinary Shares and the issuance of such Ordinary Shares, as follows:

 

(a)
by good certified check or good bank draft payable to the order of the Warrant Agent; or

 

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

 

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

 

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(d)
in the event the registration statement required by Section 7.4 hereof is not effective and current within sixty (60) days after
the closing of the Business Combination, by surrendering such Warrants for that number of Class A Ordinary Shares equal to the
quotient obtained by dividing (x) the product of the number of Class A Ordinary Shares underlying the Warrants, multiplied by
the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value;
provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise
price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last
sale price of the Class A Ordinary Shares for the ten (10) trading days ending on the day prior to the date of exercise.

 

3.3.2
Issuance of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a book-entry position or certificate,
as applicable, for the number of Class A Ordinary Shares to which he is entitled, registered in such name or names as may be directed
by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant,
as applicable, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing,
in no event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable and the Company
shall not be obligated to issue Class A Ordinary Shares upon exercise of a Warrant unless the Class A 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 condition in the immediately preceding sentence is not satisfied
with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have
no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full
purchase price for the Unit solely for the Class A Ordinary Shares underlying such Unit. Warrants may not be exercised by, or
securities issued to, any registered holder in any state in which such exercise would be unlawful.

 

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

 

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

 

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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 affect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect
to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 4.9% or 9.8% (as specified by the Holder) (the “Maximum Percentage”) of the Class A
Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of Class A Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Class A Ordinary
Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall
exclude Class A 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 preference 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 issued and outstanding Class A Ordinary Shares, the holder may rely
on the number of issued and outstanding Class A 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 Securities and Exchange
Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or
Continental Stock Transfer & Trust Company setting forth the number of Class A 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 Class A Ordinary Shares then outstanding. In any case, the number of issued and outstanding
Class A 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 Class A 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.

 

4.1
Share Dividends - Split Ups. If after the date hereof, the number of issued and outstanding Class A Ordinary Shares is
increased by a share dividend payable in Class A Ordinary Shares, or by a split up of Class A Ordinary Shares, or other similar
event, then, on the effective date of such share dividend, split up or similar event, the number of Class A Ordinary Shares issuable
on exercise of each Warrant shall be increased in proportion to such increase in issued and outstanding Class A Ordinary Shares.

 

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

 

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4.3
Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a cash
dividend or make a distribution in cash, securities or other assets to the holders of the Class A Ordinary Shares or other shares
of the Company’s capital stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the
Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and the fair market value (as determined by the Company’s Board of Directors, in good faith) of any securities or
other assets paid on each Class A Ordinary Shares in respect of such Extraordinary Dividend; provided, however, that none of the
following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection
4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends
and cash distributions paid on the Class A Ordinary Shares during the 365-day period ending on the date of declaration of such
dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any of the events referred to in other subsections
of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to
the number of Class A Ordinary Shares issuable on exercise of each Warrant) but only with respect to the amount of the aggregate
cash dividends or cash distributions equal to or less than $0.50 per share, (c) any payment to satisfy the conversion rights of
the holders of the Class A Ordinary Shares in connection with a proposed initial Business Combination or (d) any payment in connection
with the Company’s liquidation and the distribution of its assets upon its failure to consummate the Business Combination.
Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend
of $0.35 per share and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Class A Ordinary
Shares during the 365-day period ending on the date of declaration of such $0.35 per share dividend, then the Warrant Price will
be decreased, effectively immediately after the effective date of such $0.35 per share dividend, by $0.25 (the absolute value
of the difference between $0.75 per share (the aggregate amount of all cash dividends and cash distributions paid or made in such
365-day period, including such $0.35 dividend) and $0.50 per share (the greater of (x) $0.50 per share and (y) the aggregate amount
of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).

 

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

 

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4.5
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and
outstanding Class A Ordinary Shares (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the
par value of the Class A 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 Class A Ordinary Shares), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection
with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis
and upon the terms and conditions specified in the Warrants and in lieu of the Class A Ordinary Shares of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock
or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation,
or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder
had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change
in the Class A Ordinary Shares covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1,
4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

 

4.6
Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting
from such adjustment and the increase or decrease, if any, in the number of Class A 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, 4.4 or 4.5, then, in any such event, the Company
shall give written notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the
record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such event.

 

4.7
No Fractional Warrants or Shares. No fractional Warrants will be issued hereunder. Additionally, notwithstanding any provision
contained in this Warrant Agreement to the contrary, the Company shall not issue fractional Class A 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 a share, the Company shall, upon such exercise, round down to
the nearest whole number of Class A Ordinary Shares to be issued to such Warrant holder.

 

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

 

4.9
No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result
of an adjustment to the conversion ratio of the Company’s Class B ordinary shares into Class A Ordinary Shares or the conversion
of Class B ordinary shares into Class A Ordinary Shares, in each case pursuant to the Company’s amended and restated memorandum
and articles of association, as amended from time to time, or for the issuance of Class A Ordinary Shares at a per share price
less than the Warrant Price.

 

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5.
Transfer and Exchange of Warrants.

 

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

 

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

 

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

 

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

 

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

 

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5.6
Private Placement Warrants. The Warrant Agent shall not register any transfer of Private Placement Warrants until 30 days
after the consummation by the Company of an initial Business Combination, except for transfers (i) to the Company’s officers
or directors, any affiliates or family members of any of the Company’s officers or directors, any members or partners of
the Sponsor or their affiliates, or any affiliates of the Sponsor, (ii) 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 one of the individual’s immediate
family, an affiliate of such person or to a charitable organization, (iii) in the case of an individual, by virtue of laws of
descent and distribution upon death of the individual, (iv) in the case of an individual, pursuant to a qualified domestic relations
order, (v) by private sales or transfers made in connection with the Business Combination at prices no greater than the price
at which the Private Placement Warrants were originally purchased, (vi) by virtue of the holder’s organizational documents
upon liquidation or dissolution of the holder, (vii) to the Company for no value for cancellation in connection with the consummation
of the Business Combination, (viii) in the event of the Company’s liquidation prior to the completion of a Business Combination,
or (ix) in the event of completion of a liquidation, merger, share exchange or other similar transaction which results in all
of the Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other property
subsequent to the completion of a Business Combination, in each case (except for clause (vii) or with the prior written consent
of the Company) on the condition that prior to such registration for transfer, the Warrant Agent shall be presented with written
documentation pursuant to which each transferee or the trustee or legal guardian for such transferee (the “ permitted transferees”)
agrees to be bound by the terms of the Private Placement Warrants Purchase Agreement.

 

6.
Redemption.

 

6.1
Redemption. Subject to Section 6.4 hereof, all but not less than all of the outstanding Public Warrants may be redeemed,
at the option of the Company, at any time while they are exercisable and prior to their expiration (so long as there is a current
registration statement in effect with respect to the Class A Ordinary Shares underlying the Warrants), at the office of the Warrant
Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption Price”), provided
that the last sales price of the Class A Ordinary Shares equals or exceeds $18.00 per share (subject to adjustment in accordance
with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period ending on the third business
day prior to the date on which notice of redemption is given.

 

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

 

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

 

6.4
Exclusion of Private Placement Warrants. The Company agrees that the redemption rights provided in this Section 6 shall
not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held
by the initial purchasers or their permitted transferees. However, once such Private Placement Warrants are transferred (other
than to permitted transferees under Section 5.6), the Company may redeem the Private Placement Warrants, 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 6.3. 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.

 

    	 	10	 

     

    

 

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

 

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

 

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

 

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

 

7.4
Registration of Class A 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 reasonable best efforts to file with
the Securities and Exchange Commission a registration statement for the registration, under the Act, of the Class A Ordinary Shares
issuable upon exercise of the Warrants, and it shall use its reasonable best efforts to take such action as is necessary to register
or qualify for sale, in those states in which the Warrants were initially offered by the Company, the Class A Ordinary Shares
issuable upon exercise of the Warrants, to the extent an exemption is not available. The Company will use its reasonable best
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement until the expiration
of the Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees to use its reasonable best
efforts to register such securities under the blue sky laws of the states of residence of the exercising warrant holders to the
extent an exemption is not available. If any such registration statement has not been declared effective by the 60th day following
the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st
day after the closing of the Business Combination and ending upon such registration statement being declared effective by the
Securities and Exchange Commission, and during any other period when the Company shall fail to have maintained an effective registration
statement covering the Class A Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless
basis” as determined in accordance with Section 3.3.1(d). The Company shall provide the Warrant Agent with an opinion of
counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the
Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the Class
A Ordinary Shares issued upon such exercise are transferable without registration under the Act by any holder which (a) is not
an “affiliate” of the Company as defined in Rule 144(a)(1) under the Securities Act, (b) has not been such an “affiliate”
within three months of such transfer, (c) has not acquired such Class A Ordinary shares within one year of such transfer, and
(iii) will not be required to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants
have been exercised on a cashless basis or have expired, the Company shall continue to be obligated to comply with its registration
obligations under the first three sentences of this Section 7.4.

 

    	 	11	 

     

    

 

8.
Concerning the Warrant Agent and Other Matters.

 

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

 

8.2
Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the
Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall
appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by
the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any
Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall
be a corporation organized and existing under the laws of the State of New York, in good standing, and 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.

 

    	 	12	 

     

    

 

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

 

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

 

8.3
Fees and Expenses of Warrant Agent.

 

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

 

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

 

8.4
Liability of Warrant Agent.

 

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

 

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

 

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

 

    	 	13	 

     

    

 

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

 

9.
Miscellaneous Provisions.

 

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

 

9.2
Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the
holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if
sent by certified mail or private courier service within five 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:

 

ARYA
Sciences Acquisition Corp.

51
Astor Place, 10th Floor

New
York, NY 10003

Attn: James Mannix, Secretary

 

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

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with
a copy in each case to:

 

Kirkland
& Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attn: Christian O. Nagler

 

    	 	14	 

     

    

 

and

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, California 94301

Attn: Gregg A. Noel, Esq.

 

and

Jefferies LLC

520
Madison Avenue, 2nd Floor

New
York, NY 10022

Attn: General Counsel

 

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

 

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

 

9.5
Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office
of the Warrant Agent in the United States, for inspection by the registered holder of any Warrant. The Warrant Agent may require
any such holder to submit his Warrant for inspection by it.

 

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

 

    	 	15	 

     

    

 

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

 

9.8
Amendments.

 

This
Agreement may be amended by the parties hereto without the consent of any registered holder or any other party for the purpose
of: (i) curing any ambiguity, (ii) curing, correcting or supplementing any defective provision or mistake contained herein, (iii)
adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem
necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders, and (iv) adjusting
the Warrant Price in accordance with the terms hereof.

 

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 written consent or vote of the registered holders
of at least 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.

 

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

 

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

 

[Signature
Page Follows]

 

    	 	16	 

     

    

 

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

 

	 	ARYA SCIENCES ACQUISITION CORP.
	 	 	 	 
	 	By:	/s/ James Mannix
	 	 	Name:	James Mannix
	 	 	Title:	Secretary
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
    TRUST COMPANY
	 	 	 	 
	 	By:	/s/ Steven Vacante
	 	 	Name:	Steven Vacante
	 	 	Title:	Vice President

  

     

     

    

 

EXHIBIT
A

 

[Form
of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

 

 

THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR

TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

ARYA
SCIENCES ACQUISITION CORP.

 

A
Cayman Islands Exempted Company

 

CUSIP
[●]

 

Warrant
Certificate

 

This
Warrant Certificate certifies that , or registered assigns, is the registered holder of warrant(s) evidenced hereby (the
“Warrants” and each, a “Warrant”) to purchase shares of Class A ordinary shares,
$0.0001 par value (“Ordinary Shares”), of ARYA Sciences Acquisition Corp., 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 in lawful money (or through “cashless exercise” as provided for in the Warrant
Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the
office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement.
Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each
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 set forth in the Warrant Agreement.

 

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

 

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

 

    	 	A-1	 

     

    

 

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.

 

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

 

    	 	A-2	 

     

    

 

[FORM
OF WARRANT CERTIFICATE]

[REVERSE]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise
to receive Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of October 10, 2018 (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) 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.

 

    	 	A-3	 

     

    

 

ELECTION
TO PURCHASE

(TO BE EXECUTED UPON EXERCISE OF WARRANT)

 

The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive Ordinary Shares
and herewith tenders payment for such Ordinary Shares to the order of ARYA Sciences Acquisition Corp. (the “Company”)
in the amount of $[●] in accordance with the terms hereof. The undersigned requests that a certificate for such Ordinary
Shares be registered in the name of [●], whose address is [●] and that such Ordinary Shares be delivered to whose 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 is [●] and that such Warrant Certificate be delivered to [●], whose address is [●].

 

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

 

In
the event that the Warrant is a Private Placement Warrant 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 receive Ordinary 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 is [●] and
that such Warrant Certificate be delivered to [●], whose address is [●].

 

[Signature
Page Follows]

 

    	 	A-4	 

     

    

 

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

 

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

 

[Signature
Page to Election to Purchase]

 

     

     

    

 

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 ARYA SCIENCES ACQUISITION CORP. (THE
“COMPANY”), ARYA SCIENCES HOLDINGS AND THE OTHER INDIVIDUALS PARTY 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.

 

    	 	B-1Exhibit 10.1

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement
(this “Agreement”) is made as of October 10, 2018 by and between ARYA Sciences Acquisition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, No. 333-227283 (“Registration Statement”), for its initial public offering of securities (“IPO”)
has been declared effective as of the date hereof (“Effective Date”) by the U.S. Securities and Exchange Commission
(capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, Jefferies LLC is acting as the representative
of the underwriters (the “Representative”) in the IPO pursuant to an underwriting agreement between the Company and
the underwriters (“Underwriting Agreement”); and

 

WHEREAS, simultaneously with the IPO, the
Company’s sponsor will be purchasing 5,437,500 warrants (“Private Placement Warrants”) from the Company for an
aggregate purchase price of $5,437,500 (and additional amounts of Private Placement Warrants from the Company if the underwriters
exercise their over-allotment option, up to 5,953,125 Private Placement Warrants for an aggregate purchase price of $5,953,125
if the underwriters’ over-allotment option is exercised in full); and

 

WHEREAS, as described in the Registration
Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, as the same
may be amended from time to time (the “Charter”), $125,000,000 of the gross proceeds of the IPO and sale of the Private
Placement Warrants ($143,750,000 if the underwriters’ over-allotment option is exercised in full) will be delivered to the
Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust Account”)
for the benefit of the Company and the holders of the Company’s Class A ordinary shares, par value $0.0001 per share (“Ordinary
Shares”), issued in the IPO as hereinafter provided (the amount to be delivered to the Trustee will be referred to herein
as the “Property”; the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the
“Public Shareholders,” and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”);
and

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $4,062,500, or $4,671,875 if the underwriters’ over-allotment option is exercised in full
is attributable to deferred underwriting discounts and commissions that may become payable by the Company to the underwriters upon
the consummation of an initial business combination (as described in the Registration Statement, a “Business Combination”)
(the “Deferred Discount”); and

 

WHEREAS, the Company and the Trustee desire
to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold the Property.

 

     

     

    

 

NOW THEREFORE, IT IS AGREED:

 

1. Agreements and Covenants of Trustee.
The Trustee hereby agrees and covenants to:

 

(a) Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by
the Trustee in the United States at JP Morgan Chase Bank, N.A. and at a brokerage institution selected by the Trustee that is reasonably
satisfactory to the Company;

 

(b) Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c) In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less,
or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under
the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined
by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the
Company’s instructions hereunder and the Trustee may earn bank credits or other consideration;

 

(d) Collect
and receive, when due, all principal, interest or other income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

(e) Promptly
notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f) Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(g) Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h) Render
to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

(i) Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit
A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer
or Chairman of the Board of Directors of the Company (the “Board”) or other authorized officers of the Company, and
complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including any amounts representing
interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 to pay dissolution expenses, if applicable),
only as directed in the Termination Letter and the other documents referred to therein; or (y) the later of (1) 24 months after
the closing of the Offering and (2) such later date as may be approved by the Company’s shareholders in accordance with the
Company’s Charter, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust
Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B
and the Property in the Trust Account, including any amounts representing interest earned on the funds held in the Trust Account
(less taxes payable and up to $100,000 to pay dissolution expenses, if applicable, it being understood that the Trustee has no
obligation to monitor or question the Company’s position that an allocation has been made for taxes payable), shall be distributed
to the Public Shareholders of record as of such date; provided, however, that in the event the Trustee receives a Termination Letter
in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because it has received
no such Termination Letter by the date specified in clause (y) of this Section 1(i), the Trustee shall keep the Trust
Account open until twelve (12) months following the date the Property has been distributed to the Public Shareholders;

 

    	 	2	 

     

    

 

(j) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the
Company the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company,
which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the
Company shall forward such payment to the relevant taxing authority so long as there is no reduction in the principal amount initially
deposited in the Trust Account; provided, however, that to the extent there is not sufficient cash in the Trust Account
to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company
in writing to make such distribution (it being acknowledged and agreed that any such amount in excess of interest income earned
on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute
presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said
request;

 

(k) Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute to the remitting
brokers on behalf of Public Shareholders redeeming Ordinary Shares the amount required to pay redeemed Ordinary Shares from Public
Shareholders; and

 

(l) Not
make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i), (j) or (k)
above.

 

2. Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a) Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
Chief Financial Officer or other authorized officer of the Company. In addition, except with respect to its duties under Sections
1(i), (j) and (k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any
verbal or telephonic advice or instruction which it in good faith and with reasonable care believes to be given by any one of the
persons authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b) Subject
to the provisions of Section 4 of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with
any claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or
the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall
have the right to conduct and manage the defense against such Indemnified Claim; provided, that the Trustee shall obtain the consent
of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

    	 	3	 

     

    

 

(c) Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made as set forth on
Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is expressly understood
that the Property shall not be used to pay such fees unless the disbursements are made to the Company pursuant to Section 1(i)
solely in connection with the consummation of a Business Combination and Sections 1(j) and (k). The Company shall
pay the Trustee the initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary
of the Effective Date. The Trustee shall refund the Company the annual administration fee (on a pro rata basis) with respect to
any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the
Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

(d) In
connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes (which firm
may be the Trustee) verifying the vote of the Company’s shareholders regarding such Business Combination;

 

(e) In
connection with the Trustee acting as Paying/Disbursing Agent pursuant to Exhibit B, the Company will not give the Trustee
disbursement instructions which would be prohibited under this Agreement;

 

(f) Within
five business days after the Representative, on behalf of the underwriters in the IPO, exercises the over-allotment option (or
any unexercised portion thereof) or such over-allotment option expires, provide the Trustee with a notice in writing (with a copy
to the Representative) of the total amount of the Deferred Discount;

 

    	 	4	 

     

    

 

(g) In
the event the Company is entitled to receive a tax refund on its income tax obligation, and promptly after the amount of such refund
is determined on a final basis, provide the Trustee with notice in writing (with a copy to the Representative) of the amount of
such income tax refund; and

 

(h) If
the Company seeks to amend any provisions of its Charter that would affect the substance or timing of the Company’s Public
Shareholders’ ability to convert or sell their shares to the Company in connection with a Business Combination (in each case,
an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification Letter”)
in the form of Exhibit D providing instructions for the distribution of funds to Public Shareholders who exercise their
conversion option in connection with such Amendment.

 

3. Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a) Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(b) Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given
as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident
thereto;

 

(c) Change
the investment of any Property, other than in compliance with Section 1 hereof;

 

(d) Refund
any depreciation in principal of any Property;

 

(e) Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f) The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice
of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to
its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented
by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written
consent thereto;

 

    	 	5	 

     

    

 

(g) Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement;

 

(h) File
local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income
earned on the Property;

 

(i) Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from fiends not held in the Trust Account);

 

(j) Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein; and

 

(k) Verify
calculations, qualify or otherwise approve Company’s written requests for distributions pursuant to Sections 1(i),
(j) or (k) hereof.

 

4. Trust Account Waiver.
The Trustee has no right of set off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies
in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now
or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Sections 2(b) or (c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust
Account and not against the Property or any monies in the Trust Account.

 

5. Termination. This Agreement shall
terminate as follows:

 

(a) If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that
the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject to
the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

(b) At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of Section 1(i)
hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 2(b).

 

    	 	6	 

     

    

 

6. Miscellaneous.

 

(a) The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account
numbers, and all other identifying information relating to a beneficiary, beneficiary’s bank or intermediary bank. Except
for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable
for any loss, liability or expense resulting from any error in the information or transmission of the funds.

 

(b) This
Agreement shall be governed by and construed and enforced in accordance with 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. This
Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

(c) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i), (j) and (k) hereof (which sections may not be modified, amended or deleted without the
affirmative vote of sixty-five percent (65%) or more of the then issued and outstanding Ordinary Shares and Class B ordinary shares,
par value $0.0001 per share, of the Company voting together as a single class; provided that no such amendment will affect any
Public Shareholder who has properly elected to redeem his Ordinary Shares in connection with a shareholder vote to amend this Agreement
that would affect the substance or timing of the Company’s obligation to redeem 100% of its Ordinary Shares if the Company
does not complete its initial Business Combination within the time frame specified in the Company’s Charter, this Agreement
or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed
by each of the parties hereto.

 

(d) The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New
York, for purposes of resolving any disputes hereunder.

 

    	 	7	 

     

    

 

(e) Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or by facsimile transmission or by e-mail:

 

if to the Trustee, to:

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Steven G. Nelson and Francis E. Wolf, Jr.

E-mail: fwolf@continentalstock.com

 

if to the Company, to:

ARYA Sciences Acquisition Corp.

51 Astor Place, 10th Floor

New York, New York 10003

Attn: James Mannix

E-Mail: james@perceptivelife.com

  

in either case with a copy to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

Attn: Christian O. Nagler

E-Mail: cnagler@kirkland.com

Fax No.: (212) 446-4900

 

and:

 

Jefferies LLC

520 Madison Avenue, 2nd Floor

New York, New York 10022

Attn: General Counsel

Fax No.: (646) 619-4437

  

with a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, California 94301

Attn: Gregg A. Noel and Jonathan B. Ko

E-Mail: Gregg.noel@skadden.com

Fax No.: (650) 470-4570

  

(f) No
party to this Agreement may assign its rights or delegate its obligations hereunder without the prior consent of the other person
or entity.

 

    	 	8	 

     

    

 

(g) Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds
in the Trust Account under any circumstance.

 

(h) This
Agreement is the joint product of the Company and the Trustee and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(i) This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

(j) Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative, on behalf of the several underwriters, are
third party beneficiaries of this Agreement.

 

(k) Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

[Signature Page Follows]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the parties have duly
executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	By:	/s/ Francis E. Wolf
	 	Name:	Francis E. Wolf
	 	Title:	Vice President

 

	 	ARYA SCIENCES ACQUISITION CORP., as Company
	 	 
	 	By:	/s/ James Mannix
	 	Name:	James Mannix
	 	Title:	Secretary

 

    	 	10	 

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(j), (k) and (j)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250	 
	Paying Agent services as required pursuant to Section 1(i)	 	Billed to Company upon delivery of service pursuant to Section 1(i)	 	 	Prevailing rates

	 

 

    	 	11	 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Steven G. Nelson and Francis E. Wolf, Jr.

 

	 	Re:	Trust Account No. [●] Termination Letter

 

Dear Sir or Madam:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between ARYA Sciences Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (“Trustee”), dated as of October 10, 2018 (the “Trust Agreement”), this is to advise you
that the Company has entered into an agreement with [●] (“Target Business”) to consummate a business combination
with Target Business (the “Business Combination”) on or about [●]. The Company shall notify you at least
48 hours in advance of the actual date of the consummation of the Business Combination (the “Consummation Date”). Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to commence to liquidate the Trust Account investments on [●] and to transfer the proceeds
to the above-referenced account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of funds held
in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the
Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution,
the Company will not earn any interest or dividends.

 

On the Consummation Date (i) counsel for
the Company shall deliver to you written notification that the Business Combination has been consummated, (ii) the Company shall
deliver to you (a) [an affidavit] [a certificate] of [●] which verifies the vote of the Company’s shareholders in connection
with the Business Combination and (b) written instructions with respect to the transfer of the funds held in the Trust Account
(“Instruction Letter”) and (iii) the Representative shall deliver to you written instructions for delivery of the Deferred
Discount. You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the counsel’s letter and the Instruction Letter, (x) to the Representative in an amount equal to the Deferred Discount
as directed by the Representative and (y) the remainder in accordance with the terms of the Instruction Letter. In the event that
certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify the
Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

 

In the event that the Business Combination
is not consummated on the Consummation Date described in the notice thereof and the Company has not notified you on or before the
original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company,
the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day immediately following
the Consummation Date as set forth in the notice.

 

	 	Very truly yours,
	 	 
	 	ARYA SCIENCES ACQUISITION CORP. 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		cc:	Jefferies LLC

 

    	 	A-1	 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Steven G. Nelson and Francis E. Wolf, Jr.

 

		Re:	Trust Account No. [●] Termination Letter

 

Dear Sir or Madam:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between ARYA Sciences Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of October 10, 2018 (the “Trust Agreement”), this is to advise
you that the Company has been unable to effect a business combination within the time frame specified in the Company’s amended
and restated memorandum and articles of association, as described in the Company’s prospectus relating to its initial public
offering of securities. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to liquidate the Trust Account investments on [●], and to transfer the total proceeds
to the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has
selected 20[●] as the record date for the purpose of determining the Public Shareholders entitled to receive their share
of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation proceeds while
on deposit in the trust operating account. You agree to be the Paying Agent of record and, in your separate capacity as Paying
Agent, agree to distribute said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust
Agreement and the amended and restated memorandum and articles of association of the Company. Upon the distribution of all the
funds in the trust account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	ARYA SCIENCES ACQUISITION CORP. 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		cc:	Jefferies LLC

 

    	 	B-1	 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis E. Wolf, Jr. and Celeste Gonzalez

 

		Re:	Trust Account No. [●]

 

Dear Sir or Madam:

 

Pursuant to Section 1(j) of the Investment
Management Trust Agreement between ARYA Sciences Acquisition Corp. (the “Company”) and Continental Stock Transfer &
Trust Company, dated as of October 10, 2018 (the “Trust Agreement”), the Company hereby requests that you deliver to
the Company $[●] of the interest income earned on the Property as of the date hereof.

 

The Company needs such funds to pay its tax
obligations. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire
transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	ARYA SCIENCES ACQUISITION CORP. 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		cc:	Jefferies LLC

 

    	 	C-1	 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer

& Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis E. Wolf, Jr. and Celeste Gonzalez

 

		Re:	Trust Account No. [●]

 

Dear Sir or Madam:

 

Reference is made to the Investment Management
Trust Agreement between ARYA Sciences Acquisition Corp. (the “Company”) and Continental Stock Transfer & Trust
Company, dated as of October 10, 2018 (the “Trust Agreement”). Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant to Section 1(k) of the Trust Agreement,
this is to advise you that the Company has sought an Amendment. Accordingly, in accordance with the terms of the Trust Agreement,
we hereby authorize you to liquidate a sufficient portion of the Trust Account on [●] and to transfer $[●] of the proceeds
of the Trust Account to the checking account at [●] for distribution to the stockholders that have requested conversion of
their shares in connection with such Amendment.

 

	 	Very truly yours,
	 	 
	 	ARYA SCIENCES ACQUISITION CORP. 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		cc:	Jefferies LLC

  

 

    	 	D-1

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