Document:

Exhibit 4.5

 

 

 

GLOBAL PARTNERS LP

 

GLP FINANCE CORP.

 

and

 

the
Guarantors named herein

 

 

 

7.00% SENIOR NOTES DUE 2027

 

 

 

SUPPLEMENTAL INDENTURE

AND AMENDMENT -- SUBSIDIARY GUARANTEE

 

DATED AS OF OCTOBER 28, 2020

 

REGIONS BANK

 

Trustee

 

 

 

    

     

    

 

This SUPPLEMENTAL INDENTURE,
dated as of October 28, 2020, is among Global Partners LP, a Delaware limited partnership (the “Company”), GLP Finance
Corp., a Delaware corporation (“Finance Corp.” and, together with the Company, the “Issuers”), each of
the parties identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”) and
Regions Bank, an Alabama state-chartered banking corporation, as successor to Deutsche Bank Trust Company Americas, as Trustee.

 

RECITALS

 

WHEREAS, the Issuers,
the initial Guarantors and the Trustee entered into an Indenture, dated as of July 31, 2019 (the “Indenture”), pursuant
to which the Issuers have issued $400,000,000 in the aggregate principal amount of 7.00% Senior Notes due 2027 (the “Notes”);

 

WHEREAS, Section 9.01(g)
of the Indenture provides that the Issuers, the Guarantors and the Trustee may amend or supplement the Indenture in order to comply
with Section 4.13 or 10.03 thereof, without the consent of the Holders of the Notes; and

 

WHEREAS, all acts and
things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws (or comparable constituent documents)
of the Issuers, of the Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally binding
on the Issuers, the Guarantors and the Trustee, in accordance with its terms, have been duly done and performed;

 

NOW, THEREFORE, to
comply with the provisions of the Indenture and in consideration of the above premises, the Issuers, the Guarantors and the Trustee
covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows:

 

ARTICLE 1 

 

Section 1.01.     
This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be
construed in connection with and as part of, the Indenture for any and all purposes.

 

Section 1.02.     
This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Issuers, the
Guarantors and the Trustee.

 

ARTICLE 2 

 

From this date, in
accordance with Section 4.13 or 10.03 and by executing this Supplemental Indenture, the Guarantors whose signatures appear below
are subject to the provisions of the Indenture to the extent provided for in Article 10 thereunder.

 

ARTICLE 3 

 

Section 3.01.     
Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis
mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without
definition having the same respective meanings ascribed to them as in the Indenture.

 

    

     

    

 

Section 3.02.     
No duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of
this Supplemental Indenture. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made
solely by the Issuers. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions
set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made
applicable to the Trustee with respect hereto.

 

Section 3.03.     
THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 3.04.     
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all
of such executed copies together shall represent the same agreement.

 

[NEXT PAGE IS SIGNATURE PAGE]

 

    

     

    

 

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

 

	 	GLOBAL PARTNERS LP
	 	 
	 	By:	GLOBAL GP LLC,
	 	 	its General Partner

 

	 	By: 	/s/ Daphne H. Foster
	 	 	Name:	Daphne H. Foster
	 	 	Title:	Chief Financial Officer
	 	 
	 	GLP FINANCE CORP.
	 	 
	 	By: 	/s/ Daphne H. Foster
	 	 	Name:	Daphne H. Foster
	 	 	Title:	Chief Financial Officer

 

	 	GUARANTORS
	 	 
	 	global operating llc
	 	 
	 	By:	Global Partners LP,
	 	 	its Sole Member
	 	 
	 	By: 	Global GP LLC,
	 	 	its General Partner

 

	 	By:	 /s/ Daphne H. Foster
	 	 	Name:	Daphne H. Foster
	 	 	Title:	Chief Financial Officer

 

    

     

    

 

	 	GLOBAL COMPANIES LLC
	 	GLobal Energy Marketing LLC
	 	Chelsea Sandwich LLC
	 	Alliance Energy LLC
	 	Cascade Kelly Holdings LLC
	 	BASIN TRANSLOAD, LLC
	 	 
	 	By: 	Global Operating LLC,
	 	 	its Sole Member
	 	 
	 	By:	Global Partners LP,
	 	 	its Sole Member
	 	 
	 	By: 	Global GP LLC,
	 	 	its General Partner

 

	 	By:	 /s/ Daphne H. Foster
	 	
         
	Name:
	Daphne H. Foster

	 	
         
	Title:
	Chief Financial Officer

 

	 	BURSAW OIL LLC
	 	 
	 	By: 	Alliance Energy LLC,
	 	 	its Sole Member
	 	 
	 	By: 	Global Operating LLC,
	 	 	its Sole Member
	 	 
	 	By: 	Global Partners LP,
	 	 	its Sole Member
	 	 
	 	By:	 Global GP LLC,
	 	 	its General Partner

 

	 	
        By:
	/s/ Daphne
                           H. Foster

	 	
         
	Name:
	Daphne H. Foster

	 	
         
	Title:
	Chief Financial Officer

 

    

     

    

 

	 	GLOBAL MONTELLO GROUP CORP.
	 	GLEN HES CORP.
	 	WARREN EQUITIES INC.
	 	WAREX TERMINALS CORPORATION
	 	DRAKE PETROLEUM COMPANY, INC.
	 	PURITAN OIL COMPANY, INC.
	 	MARYLAND OIL COMPANY, INC.
	 	 
	 	By:	 /s/ Daphne H. Foster
	 	 	Name:	Daphne H. Foster
	 	 	Title:	Chief Financial Officer
	 	 
	 	GLOBAL PARTNERS ENERGY CANADA ULC
	 	 
	 	By:	 /s/ Daphne H. Foster
	 	 	Name:	Daphne H. Foster
	 	 	Title:	Chief Financial Officer

 

    

     

    

 

	 	REGIONS BANK,
as Trustee
	 	 
	 	By:	/s/ Kristine Prall
	 	 	Name: Kristine Prall
	 	 	Title: Vice PresidentExhibit 4.4

 

WARRANT AGREEMENT

 

This Warrant Agreement (“Warrant
Agreement”) is made as of _________, 2020, by and between Ventoux CCM Acquisition Corp., a Delaware corporation (the
“Company”), and Continental Stock Transfer & Trust Company (the “Warrant Agent”).

 

WHEREAS, the Company is engaged in a public
offering (the “Public Offering”) of 15,000,000 units (the “Units”) of the Company (and up
to 2,250,000 additional Units if the underwriters’ over-allotment option is exercised in full), each Unit consisting of one
share of common stock, par value $0.0001 per share (the “Common Stock”), one right to receive one-twentieth
of one share of Common Stock, and one warrant (the “Public Warrant” or “Public Warrants”),
each whole Public Warrant entitling its holder to purchase one-half of one share of Common Stock (the “Public Warrant
Shares”);

 

WHEREAS, the Company has received a binding
commitment from Ventoux Acquisition Holdings LLC to purchase up to 4,450,000 warrants and Chardan International Investments, LLC
to purchase up to 2,225,000 warrants, each for a purchase price of $1.00 per warrant, pursuant to the Subscription Agreements,
dated as of _________, 2020 (collectively, the “Subscription Agreements”), and in connection therewith, will
issue and deliver up to 6,675,000 warrants (the “Private Warrants”, together with the Public Warrants, the “Warrants”),
each whole Private Warrant entitling its holder to purchase one share of Common Stock (“Private Warrant Shares”,
and together with the Public Warrant Shares, the “Warrant Shares”);

 

WHEREAS, the Company may issue such additional
warrants to purchase shares of Common Stock hereunder from time to time (together with the Public Warrants and the Private Warrants,
the “Warrants”);

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-251048 (“Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among
other securities, the Public Warrants;

 

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

 

WHEREAS, the Company desires to provide
for the form, terms and provisions of the Warrants, including 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 legally valid and binding obligations of the Company, and to authorize the
execution and delivery of this Warrant 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 Warrant Agreement.

 

2. Warrants.

 

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

 

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

 

2.3 Registration.

 

2.3.1 Warrant Register.
The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of the original issuance
and transfers 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.

 

     

     

    

 

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

 

2.4 Detachability
of Warrants. Each of the securities comprising the Units will begin to trade separately on (i) the 90th day after the effectiveness
of the Registration Statement, or (ii) such earlier date as Chardan Capital Markets, LLC, as representative of the underwriters
(the “Representative”), shall determine is acceptable (such date, the “Detachment Date”).
In no event will separate trading of the securities comprising the Units commence until the Company (i) files a Current Report
on Form 8-K with the SEC including audited balance sheet reflecting the Company’s receipt of the gross proceeds of the Public
Offering and (ii) issues a press release announcing when such separate trading will begin.

 

2.5 Private Warrants.
The Private Warrants (i) will be exercisable either for cash or on a cashless basis at the holder’s option pursuant to Section
3.3 hereof and (ii) will not be redeemable by the Company, in either case as long as the Private Warrants are held by the initial
purchasers or any of their permitted transferees (as prescribed in the Subscription Agreements). The Private Warrants may not be
sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of, the Private Warrants (or any securities underlying the Private Warrants)
for a period of three hundred sixty (360) days following the effective date of the Registration Statement to anyone other than
any member participating in the Public Offering and the officers or partners thereof, if all securities so transferred remain subject
to the lock-up restriction set forth above for the remainder of the time period.

 

3. Terms and Exercise of Warrants.

 

3.1 Warrant Price.
Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of
such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at
$11.50 per full share, subject to the adjustments provided in Section 4 hereof. The term “Warrant Price” as
used in this Warrant Agreement refers to the price per whole share at which shares of Common Stock may be purchased at the time
such Warrant is exercised. The Public Warrants may only be exercised for a whole number of Warrant Shares by a Registered Holder.

 

3.2 Duration of
Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later
to occur of (i) the completion of the Company’s initial business combination and (ii) 12 months following the closing of
the Public Offering, and terminating at 5:00 p.m., New York City time, on the earlier to occur of (i) (A) five years following
the completion of the Company’s initial business combination with respect to the Public Warrants, and (B) five years from
the effective date of the Registration Statement with respect to the Private Warrants purchased by Chardan International Investments,
LLC, provided that once the Private Warrants are not beneficially owned by Chardan Capital Markets, LLC or any of its related
persons anymore, the Private Warrants may not be exercised five years following the completion of the Company's initial business
combination, and (ii) the date fixed for redemption of the Warrants as provided in Section 6 of this Warrant Agreement (“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 Warrant Agreement shall cease at the close of business on the Expiration Date. The Company may extend the duration of
the Warrants by delaying the Expiration Date; provided, however, that the Company will provide written notice of not less than
10 days to Registered Holders of such extension and that such extension shall be identical in duration among all of the then outstanding
Warrants. Notwithstanding the above, the Private Warrants (and the Private Warrant Shares that are issuable upon exercise of the
Private Warrants) to be purchased by Chardan International Investments, LLC have been deemed compensation by Financial Industry
Regulatory Authority, Inc. (“FINRA”) and are therefore subject to a 180-day lock-up described in the following
sentence pursuant to FINRA Rule 5110(e)(1) commencing on the effective date of the Registration Statement as long as Chardan Capital
Markets, LLC or any of its related persons beneficially own these Private Warrants. Pursuant to FINRA Rule 5110(e)(1), the Private
Warrants (and the Private Warrant Shares that are issuable upon exercise of the Private Warrants) purchased by Chardan International
Investments, LLC will not be sold during the offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject
of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of such securities
by any person for a period of 180 days immediately following the effective date of the Registration Statement, except to any underwriter
and selected dealer participating in the initial public offering made pursuant to the Registration Statement and their bona fide
officers or partners, provided that all such securities so transferred remain subject to the lockup restriction above for the remainder
of the time period.

 

    2

     

    

 

3.3 Exercise of
Warrants.

 

3.3.1 Cash Exercise.
Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Company, 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, currently being:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with the subscription form, as set forth
in the Warrant, duly executed, and by paying in full, in lawful money of the United States, by certified or bank cashier’s
check payable to the order of the Warrant Agent or by wire transfer to the Warrant Agent’s bank account, the Warrant Price
for each whole Warrant Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise
of the Warrant, the exchange of the Warrant for the Warrant Shares, and the issuance of the Warrant Shares (such exercise, a “Cash
Exercise”). A Cash Exercise in accordance with this Section 3.3.1 is available to the Registered Holder only during such
times that there is an effective registration statement registering the Warrant Shares, with the prospectus contained therein being
available for the resale of the Warrant Shares.

 

3.3.2 Cashless Exercise.
Subject to Section 2.4, notwithstanding anything contained herein to the contrary, if there is no effective registration statement
registering the Warrant Shares on any day the Registered Holder desires to exercise the Warrants and more than 120 days have passed
since the Company complete its initial business combination, the Registered Holder may exercise the Warrants in whole or in part
in lieu of making a cash payment for whole numbers of Warrant Shares, by providing notice to the Chief Financial Officer of the
Company in a subscription form of its election to utilize cashless exercise, in which event the Company shall issue to the Holder
the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

where:

X = the number of Warrant Shares to be issued to the
Holder.

Y = the number of Warrant Shares with respect to which
this Warrant is being exercised.

A = the fair market value of one share of Common Stock.

B = the Warrant Price.

 

The Registered Holder may not exercise
any Warrants in the absence of a registration statement except pursuant to this Section 3.3.2. For purposes of this Section
3.3.2 and Section 4.1, the fair market value of one share of Common Stock is defined as follows:

 

(i) if the Company’s shares
of Common Stock are listed and traded on the New York Stock Exchange, the NYSE American, the NASDAQ Global Select Market, the NASDAQ
Global Market or the NASDAQ Capital Market (each, a “Trading Market”), the fair market value shall be deemed
the average of the closing price on such Trading Market for the 10 trading days ending on the third trading day immediately prior
to the date the subscription form is submitted to the Company in connection with the exercise of the Warrant; or

 

    3

     

    

 

(ii) if the Company’s shares
of Common Stock are not listed on a Trading Market, but is traded in the over-the-counter market, the fair market value shall be
deemed to be the average of the bid price on such Trading Market for the 10 trading days ending on the third trading day immediately
prior to the date the subscription form is submitted in connection with the exercise of the Warrant; or

 

(iii) if there is no active public
market for the Company’s shares of Common Stock, the fair market value of the shares of Common Stock shall be determined
in good faith by the Company’s board of directors.

 

3.3.3 Fractional Shares.
Notwithstanding any provision to the contrary contained in this Warrant Agreement, the Company shall not be required to issue any
fraction of a Warrant Share in connection with the exercise of Warrants, and in any case where the Registered Holder would be entitled
under the terms of the Warrants to receive a fraction of a Warrant Share upon the exercise of such Registered Holder’s Warrants,
issue or cause to be issued only the largest whole number of Warrant Shares issuable on such exercise (and such fraction of a Warrant
Share will be disregarded); provided, that if more than one Warrant certificate is presented for exercise at the same time by the
same Registered Holder, the number of whole Warrant Shares which shall be issuable upon the exercise thereof shall be computed
on the basis of the aggregate number of Warrant Shares issuable on exercise of all such Warrants.

 

3.3.4 Issuance of
Certificates. No later than three (3) business days following the exercise of any Warrant and the clearance of the funds in
payment of the Warrant Price pursuant to Section 3.3.1 or cashless exercise pursuant to Section 3.3.2, the Company shall issue,
or cause to be issued, to the Registered Holder of such Warrant a certificate or certificates representing (or at the option of
the Registered Holder, deliver electronically through the facilities of the Depository Trust Corporation) the number of full shares
of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and,
if such Warrant shall not have been exercised or surrendered in full, a new countersigned Warrant for the number of shares as to
which such Warrant shall not have been exercised or surrendered. Notwithstanding the foregoing, the Company shall not deliver,
or cause to be delivered, any securities without applicable restrictive legend pursuant to the exercise of a Warrant unless (a)
a registration statement under the Act with respect to the shares of Common Stock issuable upon exercise of such Warrants is effective
and a current prospectus relating to the shares of Common Stock issuable upon exercise of the Warrants is available for delivery
to the Registered Holder of the Warrant or (b) in the opinion of counsel to the Company, the exercise of the Warrants is exempt
from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable
securities laws of the states or other jurisdictions in which the Registered Holder resides. Warrants may not be exercised by,
or securities issued to, any Registered Holder in any state in which such exercise or issuance would be unlawful. In addition,
in no event will the Company be obligated to pay such Registered Holder any cash consideration upon exercise or otherwise “net
cash settle” the Warrant.

 

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

 

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

 

    4

     

    

 

3.3.7 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 3.3.7; however, no holder of a Warrant shall be subject to this subsection 3.3.7 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder
shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together
with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.9% (the
“Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise.
For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its
affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination
of such sentence is being made, but shall exclude the shares of Common Stock that would be issuable upon (x) exercise of the remaining,
unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including,
without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or
exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock,
the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual
report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the SEC as the case
may be, (2) a more recent public announcement by the Company, or (3) any other notice by the Company or the Warrant Agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the
Warrant, the Company shall, within two (2) business days, confirm orally and in writing to such holder the number of shares of
Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such
number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time
to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice;
provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered
to the Company.

 

4. Adjustments.

 

4.1 Stock Dividends,
Splits. If, after the date hereof, and subject to the provisions of Section 4.5 below, the number of outstanding shares of
Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a forward or reverse split of shares of
Common Stock, or other similar event, then, on the effective date of such stock dividend, split or similar event, the number of
shares of Common Stock issuable on exercise of each Warrant shall be increased or decreased in proportion to such increase or decrease
in outstanding shares of Common Stock. A rights offering to all holders of the shares of Common Stock entitling holders to purchase
shares of Common Stock at a price less than the Fair Market Value shall be deemed a stock dividend of a number of shares of Common
Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under
any other equity securities sold in such rights offering that are convertible into or exercisable for the shares of Common Stock)
multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by
(y) the Fair Market Value. For purposes of this subsection 4.1, if the rights offering is for securities convertible into or exercisable
for shares of Common Stock, in determining the price payable for the shares of Common Stock, there shall be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion.

 

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

 

    5

     

    

 

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

 

4.4 Adjustments
in Exercise Price. Whenever the number of shares of Common Stock 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, (a) the numerator of which shall be the number of shares of Common
Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (b) the denominator of which shall
be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.5 Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Sections 4.1, 4.2 or 4.3 hereof or one that solely affects the par value of such shares of
Common Stock), or, in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation
or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization
of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity of the assets
or other property of the Company as an entirety or substantially as an entirety, in connection with which the Company is dissolved,
the Registered 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 shares of Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the Registered Holder would have received if such Registered Holder had exercised his, her or its Warrant(s)
immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Sections
4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 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 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 – 4.5 the Company shall give written notice to each Registered Holder, at the
last address set forth for such Registered 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 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 Warrant
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.

 

 

    6

     

    

 

4.8 Notice of Certain
Transactions. In the event that the Company shall (a) offer to holders of all its shares of Common Stock rights to subscribe
for or to purchase any securities convertible into shares of Common Stock or shares of stock of any class or any other securities,
rights or options, (b) issue any rights, options or warrants entitling all the holders of shares of Common Stock to subscribe for
shares of Common Stock, or (c) make a tender offer, redemption offer or exchange offer with respect to the shares of Common Stock,
the Company shall send to the Registered Holders a notice of such action or offer. Such notice shall be mailed to the Registered
Holders at their addresses as they appear in the Warrant Register, which shall specify the record date for the purposes of such
dividend, distribution or rights, or the date such issuance or event is to take place and the date of participation therein by
the holders of shares of Common Stock, if any such date is to be fixed, and shall briefly indicate the effect of such action on
the shares of Common Stock and on the number and kind of any other shares of stock and on other property, if any, and the number
of shares of Common Stock and other property, if any, issuable upon exercise of each Warrant and the Warrant Price after giving
effect to any adjustment pursuant to this Section 4 which would be required as a result of such action. Such notice shall be given
as promptly as practicable after the Company has taken any such action.

 

5. Transfer and Exchange of Warrants.

 

5.1 Transfer of
Warrants. Prior to the Detachment Date, the Warrants may be transferred or exchanged only together with the Unit in which such
Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore,
each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit.
From and after the Detachment Date, this Section 5.1 will have no further force and effect.

 

5.2 Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant into 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 the Company’s request.

 

5.3 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 a Warrant
surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and shall 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.

 

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

 

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

 

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

 

 

    7

     

    

 

6. Redemption.

 

6.1 Redemption.
Subject to the second sentence of this Section 6.1, all (and not less than all) of the outstanding Warrants may be redeemed, in
whole and not in part, at the option of the Company, at any time from and after the Warrants become exercisable, and prior to their
expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”); provided that the last sales price of the shares of Common Stock has been equal to or greater than $16.50 per
share (subject to adjustment for splits, dividends, recapitalizations and other similar events), for any twenty (20) trading days
within a thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given
and provided further that there is a current registration statement in effect with respect to the shares of Common Stock underlying
the Warrants for each day in the aforementioned 30-day trading period and continuing each day thereafter until the Redemption Date
(defined below). For avoidance of doubt, if and when the warrants become redeemable by the Company under this Section, the Company
may exercise its redemption right, even if it is unable to register or qualify the Warrant Shares for sale under all applicable
state securities laws.

 

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

 

6.3 Exercise After
Notice of Redemption. The Warrants may be exercised in accordance with Section 3 of this Warrant Agreement at any time after
notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date; provided
that the Company may require the Registered Holder who desires to exercise the Warrant to elect cashless exercise as set forth
under Section 3.3.2, and such Registered Holder must exercise the Warrants on a cashless basis if the Company so requires. On and
after the Redemption Date, the Registered Holder of the Warrants shall have no further rights except to receive, upon surrender
of the Warrants, the Redemption Price.

 

6.4 No Other Rights
to Cash Payment. Except for a redemption in accordance with this Section 6, no Registered Holder of any Warrant shall be entitled
to any cash payment whatsoever from the Company in connection with the ownership, exercise or surrender of any Warrant under this
Warrant Agreement.

 

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

 

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

 

7.2 Lost, Stolen
Mutilated or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant Agent
may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms 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 shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Warrant Agreement.

 

7.4 Registration
of shares of Common Stock. The Company agrees that as soon as practicable, but in no event later than thirty (30) business
days after the closing of a Business Combination, it shall use its best efforts to file with the SEC a registration statement
for the registration under the Act of the shares of Common Stock issuable upon exercise of the Warrants, and to cause the same
to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto,
until the expiration of the Warrants in accordance with the provisions of this Warrant Agreement. In addition, the Company agrees
to use its best efforts to register the shares of Common Stock issuable upon exercise of the Warrants under state blue sky laws,
to the extent an exemption is not available.

 

    8

     

    

 

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 shares of Common Stock 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 Registered Holder
of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the Registered
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. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
of Manhattan, City and State of New York, and be authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authorities. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but, if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and, upon request of any successor Warrant Agent,
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties and obligations.

 

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

 

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

 

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 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 Warrant Agreement.

 

8.4 Liability of
Warrant Agent.

 

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

 

 

    9

     

    

  

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 hold it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant 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 Warrant 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 Warrant 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 shares of Common Stock to be issued pursuant
to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when issued be valid and fully paid and
non-assessable.

 

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

 

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

 

9. Miscellaneous Provisions.

 

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

 

9.2 Notices.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the Registered
Holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or overnight courier
service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Ventoux CCM Acquisition Corp.

1 East Putnam Avenue, Floor 4

Greenwich, CT 06830

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

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso

 

    10

     

    

  

Any notice, statement or demand authorized
by this Warrant Agreement to be given or made by the Registered Holder of any Warrant or by the Company to or on the Warrant Agent
shall be delivered by hand or sent by registered or certified mail or overnight courier service, 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

  

Any notice, sent pursuant to this Warrant
Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight
courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day
after registration or certification thereof.

 

9.3 Applicable Law.
The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by
the laws of the State of New York, without giving effect to conflict of laws. Subject to applicable law, the Company and the Warrant
Agent hereby agree that any action, proceeding or claim against either of them arising out of or relating in any way to this Warrant
Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action,
proceeding or claim. The Company and the Warrant Agent hereby waive any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits
brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of
the United States of America are the sole and exclusive forum.

 

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

 

Any such process or
summons to be served upon the Company or the Warrant Agent 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 party receiving such service in any action, proceeding
or claim.

 

9.4 Persons Having
Rights under this Warrant Agreement. Nothing in this Warrant 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 and, for the purposes of Sections 2.5 hereof, the Representative
and the underwriters, 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 Warrant Agreement shall be available at all reasonable times at the office of the
Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant.
The Warrant Agent may require any such Registered Holder to submit his, her or its Warrant for inspection.

 

9.6 Counterparts-
Facsimile Signatures. This Warrant Agreement may be executed in any number of counterparts, and each of such counterparts shall,
for all purposes, be deemed to be an original, and all such counterparts shall together constitute one and the same instrument.
Facsimile signatures shall constitute original signatures for all purposes of this Warrant Agreement.

 

 

    11

     

    

  

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 Warrant Agreement and any Warrant certificate may be amended by the parties hereto by executing a supplemental warrant agreement
(a “Supplemental Agreement”), without the consent of any of the Warrant holders, for the purpose of (i) curing
any ambiguity, or curing, correcting or supplementing any defective provision contained herein, or making any other provisions
with respect to matters or questions arising under this Warrant Agreement that is not inconsistent with the provisions of this
Warrant Agreement or the Warrant certificates, (ii) evidencing the succession of another corporation to the Company and the assumption
by any such successor of the covenants of the Company contained in this Warrant Agreement and the Warrants, (iii) evidencing and
providing for the acceptance of appointment by a successor Warrant Agent with respect to the Warrants, (iv) adding to the covenants
of the Company for the benefit of the Registered Holders or surrendering any right or power conferred upon the Company under this
Warrant Agreement, or (viii) amending this Warrant Agreement and the Warrants in any manner that the Company may deem to be necessary
or desirable and that will not adversely affect the interests of the Registered Holders in any material respect. All other modifications
or amendments to this Warrant Agreement, including any amendment to increase the Warrant Price or shorten the Exercise Period,
shall require the written consent of the Registered Holders of a majority of the then outstanding Warrants. Notwithstanding the
foregoing, the Company may extend the duration of the Exercise Period in accordance with Section 3.2 without such consent.

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    12

     

    

 

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

 

	 	VENTOUX CCM ACQUISITION CORP.
	 	 
	 	By: 	 
	 	 	Name: 	Edward Scheetz
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By: 	 
	 	 	Name: 	 
	 	 	Title: 	 

 

[Signature Page to Warrant Agreement]

 

    13

     

    

 

Exhibit A

Form of Warrant

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]