Document:

Exhibit 10.1

 

MOMENTUS INC.

 

September 17, 2021

 

Paul C. Ney, Jr. 

Sent via Docusign

 

Re:
EMPLOYMENT AGREEMENT

 

Dear Paul:

 

This Employment Agreement
(the “Agreement”) between you (referred to hereinafter as the “Executive” or “you”)
and Momentus Inc. (the “Company”), a Delaware corporation, sets forth the terms and conditions that shall govern
Executive’s employment (referred to hereinafter as “Employment” or the “Employment Period”)
with the Company, effective as of September 27, 2021 (the “Effective Date”).

 

1.
Duties and Scope of Employment.

 

(a) At-Will
Employment. Executive’s Employment with the Company is for no specified period and constitutes “at will” employment.
Except as otherwise set forth herein, Executive is free to terminate Employment at any time, with or without advance notice, and for any
reason or for no reason. Similarly, the Company is free to terminate Executive’s Employment at any time, with or without advance
notice, and with or without Cause (as defined below). Furthermore, although terms and conditions of Executive’s Employment with
the Company may change over time, nothing shall change the at-will nature of Executive’s Employment.

 

(b) Position
and Responsibilities. During the Employment Period, the Company agrees to employ Executive in the position of Chief Legal Officer
in the Legal Department. Executive will report to John Rood, Chief Executive Officer, or to such other Person as the Board subsequently
may determine (“Executive’s Supervisor”). Executive will be working remotely, based out of Tennessee.
Executive will perform the duties and have the responsibilities and authority customarily performed and held by an employee in Executive’s
position or as otherwise may be assigned or delegated to Executive by Executive’s Supervisor.

 

(c) Obligations
to the Company. During the Employment Period, Executive shall perform Executive’s duties faithfully and to the best of Executive’s
ability and will devote Executive’s full business efforts and time to the Company. During the Employment Period, without the prior
written approval of Executive’s Supervisor, Executive shall not render services in any capacity to any other Person and shall not
act as a sole proprietor, advisor or partner of any other Person or own more than five percent (5%) of the stock of any other corporation.
Notwithstanding the foregoing, Executive may (i) serve on civic, non-profit, or charitable boards or committees, deliver lectures, fulfill
speaking engagements, teach at educational institutions, or manage personal investments without advance written consent of Executive’s
Supervisor; provided that such activities do not individually or in the aggregate interfere with the performance of Executive’s
duties under this Agreement or create a potential business or fiduciary conflict. Executive shall comply with the Company’s policies
and rules, as they may be in effect from time to time during Executive’s Employment.

 

(d) No Conflicting
Obligations. Executive represents and warrants to the Company that Executive is under no obligations or commitments, whether
contractual or otherwise, that are inconsistent with Executive’s obligations under this Agreement or that would otherwise
prohibit Executive from performing Executive’s duties with the Company. In connection with Executive’s Employment,
Executive shall not use or disclose any trade secrets or other proprietary information or intellectual property in which Executive
or any other Person has any right, title or interest and Executive represents and warrants to the Company that Executive’s
Employment will not infringe or violate the rights of any other Person. Executive represents and warrants to the Company that
Executive has returned all property and confidential information belonging to any prior employer.

 

     

     

    

 

2.
Base Salary and Incentive Compensation.

 

(a) Base
Salary. The Company shall pay Executive, as compensation for Executive’s services, a base salary at a gross annual rate
of USD $450,000.00, less all required tax withholdings and other applicable deductions, in accordance with the Company’s standard
payroll procedures. The annual compensation specified in this Section 2(a), together with any modifications in such compensation that
the Company may make from time to time, is referred to in this Agreement as the “Base Salary.” Executive’s
Base Salary will be subject to review and adjustments that will be made based upon the Company’s normal performance review practices.
Effective as of the date of any change to Executive’s Base Salary, the Base Salary as so changed shall be considered the new Base
Salary for all purposes of this Agreement.

 

(b) Cash
Incentive Bonus. Executive will be eligible to be considered for an annual cash incentive bonus (the “Cash Bonus”)
each calendar year during the Employment Period based upon the achievement of certain objective or subjective criteria (collectively,
the “Performance Goals”). In compliance with all relevant legal requirements and based on Executive’s
level within the Company, the Performance Goals for Executive’s Cash Bonus for a particular year will be established by, and in
the sole discretion of, the Board or any Compensation Committee of the Board (the “Committee”). The initial
target amount for any such Cash Bonus will be up to 50% of Executive’s Base Salary (the “Target Bonus Percentage”),
less all required tax withholdings and other applicable deductions. The target amount of the Cash Bonus for 2021 will be prorated based
on actual salary earned during 2021. The determinations of the Board or the Committee, as applicable, with respect to such Cash Bonus
or the Target Bonus Percentage shall be final and binding. Executive’s Cash Bonus or Target Bonus Percentage for any year subsequent
to 2021 may be adjusted up or down, as determined in the sole discretion of the Board or the Committee. Executive shall not earn a Cash
Bonus unless Executive is employed by the Company on the date when such Cash Bonus is actually paid by the Company.

 

(c) Equity
Award. Subject to the approval of the Board or the Committee and Executive’s continuous Employment through the date of grant,
Executive will be granted an award of a number of Restricted Stock Units (“RSUs” and such award, the “Equity
Award”) with respect to shares (each, a “Share”) of Company Class A Common Stock with a grant
date fair value of USD $3,000,000.00 (the “Award Value”). The number of Shares subject to the Equity Award will
be equal to: (x) the Award Value divided by (y) the fair market value of a Share on the date of grant, as determined by the Board or the
Committee in good faith, rounded down to the nearest whole Share. Unless otherwise determined by the Board or the Committee, Executive
will vest in 25% of the RSUs and Shares subject to the Equity Award upon the each of the first four anniversaries of the date of grant,
subject to Executive’s continued service through each vesting date, in each case, as described in the RSU agreement. The Equity
Award, if granted, will be subject to such settlement and other terms and conditions of the Plan and the Company’s standard form
of RSU agreement for use with the Plan, which Executive will be required to sign.

 

3. Employee
Benefits. During the Employment Period, Executive shall be eligible to (a) receive paid time off
(“PTO”) in accordance with the Company’s PTO policy, as it may be amended from time to time and (b)
participate in the employee benefit plans maintained by the Company and generally available to similarly situated employees of the
Company, subject in each case to the generally applicable terms and conditions of the plan or policy in question and to the
determinations of any Person or committee administering such employee benefit plan or policy. The Company reserves the right to
cancel or change the employee benefit plans, policies and programs it offers to its employees at any time.

 

4. Reimbursement
of Expenses. The Company will reimburse Executive for necessary and reasonable business expenses incurred in connection with Executive’s
duties hereunder upon presentation of an itemized account and appropriate supporting documentation, all in accordance with the Company’s
generally applicable expense reimbursement policies as in effect from to time.

 

5. Rights Upon
Termination. Except as expressly provided in Section 6, upon the termination of Executive’s Employment, Executive
shall only be entitled to: (a) any accrued but unpaid Base Salary and PTO, (b) all other benefits earned and expenses to be
reimbursed as described in this Agreement or under any Company-provided plans, policies, and arrangements, each in accordance with
the governing documents and policies of any such benefits, reimbursements, plans, policies and arrangements, (c) any payments of or
with respect to equity awards of the Company or any affiliate in accordance with the terms of such awards, and (d) such other
compensation or benefits from the Company as may be required by law (collectively, the “Accrued
Benefits”). All Accrued Benefits shall be paid in accordance with applicable law and the terms of the applicable plan,
program or agreement (if any) governing such payment or benefit.

 

    -2-

     

    

 

6.
Termination Benefits.

 

(a) Termination
Without Cause; Resignation for Good Reason. If Executive’s Termination Date (as defined below) occurs (i) due to termination
by the Company for a reason other than Cause or (ii) due to resignation by Executive on account of Good Reason (as defined below), then,
subject to Section 7 (other than with respect to the Accrued Benefits), Executive will be entitled to the following:

 

(i) Accrued
Benefits. The Company will pay Executive all Accrued Benefits.

 

(ii) Severance
Payment. Executive will receive continuing payments of severance pay, which will total in the aggregate an amount equal to (A)
6 months of Executive’s Base Salary as in effect immediately prior to the Termination Date (without any reduction therein that constitutes
Good Reason), plus (B) Executive’s annual Cash Bonus as in effect immediately prior to the Termination Date (without any reduction
therein that constitutes Good Reason) paid at 100% of its target amount, but prorated based on the days elapsed in such calendar year
through the Termination Date, which will be payable over a period of 6 months from Executive’s Termination Date in accordance with
the Company’s regular payroll procedures, less all required tax withholdings and other applicable deductions. Payments pursuant
to this Section 6(a)(ii) shall commence on the Release Deadline (as defined in Section 7(a)) provided that the first payment shall include
any amounts that would have been paid to Executive if payment had commenced on Executive’s Termination Date.

 

(iii) Equity.
The Equity Award to the extent then outstanding and unvested shall vest in full; provided, however, that if Executive remains in Employment
through the consummation of a Change in Control and if the successor to the Company or any affiliate of such successor does not agree
to assume, substitute or otherwise continue the Equity Award at the time of the Change in Control, then the Equity Award shall vest in
full immediately prior to, and contingent upon, the consummation of such Change in Control..

 

(b) Disability; Death.
If Executive’s Termination Date occurs due to Executive becoming Disabled or Executive’s death, then Executive or Executive’s
estate (as the case may be) will be entitled to:

 

(i) Accrued
Benefits. The Company will pay Executive or Executive’s estate (as the case may be), all Accrued Benefits.

 

(ii) Equity.
The Equity Award to the extent then outstanding and unvested shall vest as to that number of Shares that would have vested had Executive
remained in continuous Employment until the 12 month anniversary of the Termination Date.

 

(c) Voluntary
Resignation; Termination for Cause. If Executive’s Termination Date occurs due to (i) Executive’s voluntary resignation
other than for Good Reason or (ii) the Company’s termination of Executive’s Employment with the Company for Cause, then Executive
will receive the Accrued Benefits, but will not be entitled to any other compensation or benefits from the Company.

 

(d) Exclusive
Remedy. In the event of the termination of Executive’s Employment with the Company (or any affiliate or successor), the
severance payments and benefits set forth in this Section 6 are intended to be and are exclusive and in lieu of any other rights or remedies
to which Executive may otherwise be entitled, whether at law, tort or contract, in equity, or under this Agreement other than the Accrued
Benefits.

 

(e) No
Duty to Mitigate. Executive will not be required to mitigate the amount of any payment or benefit contemplated by this Agreement,
nor will any earnings that Executive may receive from any other source reduce any such payment or benefit.

 

    -3-

     

    

 

7.
Conditions to Receipt of Termination Benefits.

 

(a) Release
of Claims Agreement. The receipt of any severance payments or benefits pursuant to Section 6 of this Agreement (other than Accrued
Benefits) is subject to Executive (or Executive’s representative, if applicable) signing and not revoking a separation agreement
and release of claims in a form acceptable to the Company (the “Release”), which must become effective no later
than the sixtieth (60th) day following Executive’s Termination Date (the “Release Deadline”). If the Release
is not effective by the Release Deadline, Executive will forfeit any right to severance payments or benefits under Section 6 of this Agreement
(other than Accrued Benefits). Subject to the foregoing, to become effective, the Release must be executed by Executive (or Executive’s
representative in the event of Executive’s death or Disability) and any revocation periods (as required by statute, regulation,
or otherwise) must have expired without Executive (or Executive’s representative, if applicable) having revoked the Release. Without
regard to any special timing provisions set forth in Section 6 of this Agreement, any severance payments or benefits under Section 6 (other
than Accrued Benefits) that are Deferred Payments (as defined in Section 8(a)) will be paid or commence on the first payroll date following
the date on which the Release becomes effective unless the Release Deadline would have occurred in a subsequent calendar year to the date
on which the Release becomes effective, in which case the severance payments and benefits that are Deferred Payments shall be paid or
commence on the first payroll period of the calendar year following the calendar year in which the Termination Date occurs. For the avoidance
of doubt, Accrued Benefits are not subject to the provisions of this Section 7(a).

 

(b) Restrictive
Covenants. The receipt of any severance payments or benefits pursuant to Section 6 will be subject to Executive not violating
the provisions of Section 11. In the event Executive breaches the provisions of Section 11, all continuing payments and benefits to which
Executive may otherwise be entitled pursuant to Section 6 will immediately cease.

 

(c) Confidential
Information Agreement. Executive’s receipt of any severance payments or benefits under Section 6 will be subject to Executive
continuing to comply with the terms of the Confidentiality Agreement (as defined in Section 13 below).

 

8.
Section 409A.

 

(a) Notwithstanding
anything to the contrary in this Agreement, no severance payment or benefit to be paid or provided to Executive, if any, pursuant to this
Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation
not exempt under Section 409A (as defined below) (each, a “Deferred Payment”) will be paid or otherwise provided
until Executive has a “separation from service” within the meaning of Section 409A and for purposes of this Agreement, any
reference to “termination of employment,” “termination” or any similar term shall be construed to mean a “separation
from service” within the meaning of Section 409A.

 

(b) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section
409A at the time of Executive’s termination of employment (other than due to death), then the Deferred Payments, if any, that are
payable within the first six (6) months following Executive’s separation from service, will become payable on the first payroll
date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service.
All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit.
Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the
six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable
in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be
payable in accordance with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under
this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(c) Without
limitation, any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth
in Section 1.409A-1(b)(4) of the Treasury Regulations is not intended to constitute a Deferred Payment for purposes of Section 8(a) above.

 

    -4-

     

    

 

(d) Without
limitation, any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service
pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) is
not intended to constitute a Deferred Payment for purposes of Section 8(a) above. Any payment intended to qualify under this exemption
must be made within the allowable time period specified in Section 1.409A- 1(b)(9)(iii) of the Treasury Regulations. “Section
409A Limit” means two (2) times the lesser of: (i) Executive’s annualized compensation based upon the annual rate
of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable year of his or her separation from
service as determined under Treasury Regulations Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with
respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the
Code for the year in which Executive’s separation from service occurred.

 

(e) Notwithstanding the
payment provisions of Section 6, in the event and to the extent that the form of the severance benefit or payment to be provided after
a Change in Control is different than the form of such severance benefit or payment to be provided prior to a Change in Control and if
the applicable severance benefit or payment is a Deferred Payment, then the form of post-Change in Control severance benefit or payment
shall be given effect only to the extent permitted by Section 409A and if not so permitted, such post-Change in Control severance benefit
or payment shall be provided in the same form that applies prior to the Change in Control.

 

(f) To
the extent that reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation”
for purposes of Section 409A, (i) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following
the calendar year in which the expense was incurred by Executive, (ii) any right to reimbursement or in-kind benefits shall not be subject
to liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided
in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in any other
calendar year.

 

(g) The
payments and benefits provided under this Agreement are intended to be exempt from or comply with the requirements of Section 409A so
that none of the payments or benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any
ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The Company and Executive agree to work together
in good faith to consider amendments to this Agreement and to take such reasonable actions that are necessary, appropriate or desirable
to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.

 

9. Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

Cause.
“Cause” means: (i) any material breach by Executive of any material written agreement between Executive and
the Company; (ii) any failure by Executive to comply with the Company’s material written policies or rules as they may be in effect
from time to time; (iii) neglect or persistent unsatisfactory performance of Executive’s duties; (iv) Executive’s repeated
failure to follow reasonable and lawful instructions from the Board or Executive’s Supervisor; (v) Executive’s indictment
for, conviction of, or plea of guilty or nolo contendere to, any felony or crime that results in, or is reasonably expected to result
in, a material adverse effect on the business or reputation of the Company; (vi) Executive’s commission of or participation in
an act of fraud against the Company; (vii) Executive’s commission of or participation in an act that results in material damage
to the Company’s business, property or reputation; (viii) Executive’s unauthorized use or disclosure of any proprietary information
or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of his relationship
with the Company; or (ix) Executive’s termination by the Company’s Security Director, a member of the Company’s Board
who is serving in such role. Executive will not be terminated for Cause without the Company first providing Executive with written notice
of the acts or omissions constituting the grounds for Cause within sixty (60) days of the initial existence of the grounds for Cause
and, if capable of cure, a cure period of thirty (30) days following the date Executive receives such notice during which such condition
must not have been cured.

 

    -5-

     

    

 

(a) Change in Control.
“Change in Control” means the occurrence of any of the following:

 

(i) The
consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if the Company’s
stockholders immediately prior to such merger, consolidation or reorganization cease to directly or indirectly own immediately after such
merger, consolidation or reorganization at least a majority of the combined voting power of the continuing or surviving entity’s
securities outstanding immediately after such merger, consolidation or reorganization;

 

(ii) The
consummation of the sale, transfer or other disposition of all or substantially all of the Company’s assets (other than (A) to
a corporation or other entity of which at least a majority of its combined voting power is owned directly or indirectly by the
Company, (B) to a corporation or other entity owned directly or indirectly by the shareholders of the Company in substantially the
same proportions as their ownership of the Common Stock of the Company or (C) to a continuing or surviving entity described in
Section 9(b)(i) in connection with a merger, consolidation or reorganization which does not result in a Change in Control under
Section 9(b)(i));

 

(iii) A
change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any
twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to
the date of the appointment or election; or

 

(iv) The
consummation of any transaction as a result of which any “person” (as defined below) becomes the “beneficial owner”
(as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), directly
or indirectly, of securities of the Company representing at least fifty percent (50%) of the total voting power represented by the Company’s
then outstanding voting securities. For purposes of this Section 9(h), the term “person” shall have the same
meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude:

 

(1) a
trustee or other fiduciary holding securities under an employee benefit plan of the Company or an affiliate;

 

(2) a
corporation or other entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their
ownership of the Common Stock of the Company;

 

(3) the Company;
and

 

(4) a
corporation or other entity of which at least a majority of its combined voting power is owned directly or indirectly by the Company.

 

A transaction shall
not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding
company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before
such transactions. In addition, if any person (as defined above) is considered to be in effective control of the Company, the acquisition
of additional control of the Company by the same person will not be considered to cause a Change in Control. If required for compliance
with Section 409A of the Code, in no event will a Change in Control be deemed to have occurred if such transaction is not also a “change
in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets
of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).

 

(b) Code.
“Code” means the Internal Revenue Code of 1986, as amended.

 

(c) Disability.
“Disability” or “Disabled” means that Executive is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which
has lasted, or can be expected to last, for a continuous period of not less than 1 year.

 

    -6-

     

    

 

(d) Good
Reason. “Good Reason” means Executive’s termination of Employment within 30 days following the
expiration of any cure period (discussed below) following the occurrence of one or more of the following, without Executive’s consent:

(i) A material
reduction of Executive’s duties, authority or responsibilities, relative to Executive’s duties, authority or
responsibilities in effect immediately prior to such reduction; provided, however, that a reduction in duties, authority or
responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the General
Counsel and Corporate Secretary of the Company remains as such following a change in control but is not made the General Counsel and
Corporate Secretary of the acquiring corporation) will not constitute Good Reason;

 

(ii) A
material reduction in Executive’s Base Salary (except where there is a reduction applicable to all similarly situated executive
officers generally); provided, that a reduction of less than ten percent (10%) will not be considered a material reduction in Base Salary;

 

(iii) A
material change in the geographic location of Executive’s primary work facility or location; provided, that a relocation of less
than fifty (50) miles from Executive’s then-present work location will not be considered a material change in geographic location;
or

 

(iv) A material breach
by the Company of a material provision of this Agreement.

 

Executive will
not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for
Good Reason within sixty (60) days of the initial existence of the grounds for Good Reason and, if capable of cure, a cure period of thirty
(30) days following the date the Company receives such notice during which such condition must not have been cured.

 

(e) Governmental
Authority. “Governmental Authority” means any federal, state, municipal, foreign or other government,
governmental department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal.

 

(f) Person.
“Person” shall be construed in the broadest sense and means and includes any natural person, a partnership,
a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization
and other entity or Governmental Authority.

 

(g) Section
409A. “Section 409A” means Section 409A of the Code, and the final regulations and any guidance promulgated
thereunder or any state law equivalent.

 

(h) Termination
Date. “Termination Date” means the date on which Executive’s employment with the Company (or any
successor) terminates for any reason. For purposes of the payment of severance payments and benefits pursuant to Section 6 hereof, the
Termination Date shall also be required to constitute a “separation of service” from the Company (or any successor) within
the meaning of Section 409A.

 

10.
Golden Parachute.

 

(a) Anything
in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company or otherwise
(“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of
the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall
be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax; or
(y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable
federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate),
results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment. Any reduction made pursuant to
this Section 10(a) shall be made in accordance with the following order of priority: (i) stock options whose exercise price exceeds
the fair market value of the optioned stock (“Underwater Options”) (ii) Full Credit Payments (as defined
below) that are payable in cash, (iii) non-cash Full Credit Payments that are taxable, (iv) non-cash Full Credit Payments that are
not taxable, (v) Partial Credit Payments (as defined below) and (vi) non-cash employee welfare benefits. In each case, reductions
shall be made in reverse chronological order such that the payment or benefit owed on the latest date following the occurrence of
the event triggering the excise tax will be the first payment or benefit to be reduced (with reductions made pro-rata in the event
payments or benefits are owed at the same time). “Full Credit Payment” means a payment, distribution or
benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if
reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section 280G of the Code) by one dollar,
determined as if such payment, distribution or benefit had been paid or distributed on the date of the event triggering the excise
tax. “Partial Credit Payment” means any payment, distribution or benefit that is not a Full Credit
Payment.

 

    -7-

     

    

 

(b) A
nationally recognized certified public accounting firm selected by the Company (the “Accounting Firm”) shall
perform the foregoing calculations related to the Excise Tax. If a reduction is required pursuant to Section 10(a), the Accounting Firm
shall administer the ordering of the reduction as set forth in Section 10(a). The Company shall bear all expenses with respect to the
determinations by such accounting firm required to be made hereunder.

 

(c) The
Accounting Firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation,
to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered.
Any good faith determinations of the Accounting Firm made hereunder shall be final, binding, and conclusive upon Executive and the Company.

 

11. Restrictive
Covenants. The agreements and obligations of Executive in this Section 11 are in addition to and not in lieu the provisions
of any other restrictive covenant agreement to which Executive is a party with the Company or its affiliates.

 

(a) Non-Solicitation.
During the period beginning on Executive’s Termination Date and continuing until the first anniversary thereof, Executive or Executive’s
affiliates shall not directly or indirectly, personally or through others, solicit, recruit or attempt to solicit or recruit (on Executive’s
own behalf or on behalf of any other Person) either (i) any current employee or any consultant of the Company or any of the Company’s
affiliates, (ii) any former employee or consultant of the Company or any of the Company’s affiliates who left the Company’s
(or such affiliate’s) service within the preceding six (6) months, or (iii) the business of any customer, supplier, lender or investor
of the Company or any of the Company’s affiliates on whom Executive called or with whom Executive became acquainted during Executive’s
Employment; provided, however, that any advertisement or solicitation made in a trade or industry publication or otherwise made to the
general public and not directed at or targeting any employee or key customer of the Company or any affiliate shall not constitute a violation
of this Section 11(a). Executive represents that Executive is (A) familiar with the foregoing covenants not to solicit, and (B) fully
aware of Executive’s obligations hereunder, including, without limitation, the reasonableness of the length of time, scope and geographic
coverage of these covenants.

 

(b) Non-Disparagement.
Executive shall not make any remarks disparaging the conduct or character of the Company, any of the Company’s affiliates, or any
of the Company’s or any Company affiliates’ current or former employees, officers, directors, successors or assigns.

 

(c) Non-Disclosure.
Except if required by law, Executive shall not disclose to others this Agreement or its terms, except that Executive may disclose such
information to Executive’s spouse, and to Executive’s attorney or accountant in order for such individuals to render services
to Executive.

 

12. Arbitration.
To the fullest extent permitted by applicable law, Executive and the Company agree that any and all disputes, demands, claims, or controversies
(“claims”) relating to, arising from or regarding Executive’s employment, including claims by the Company,
claims against the Company, and claims against any current or former parent, affiliate, subsidiary, successor or predecessor of the Company,
and each of the Company’s and these entities’ respective officers, directors, agents or employees, shall be resolved by final
and binding arbitration before a single arbitrator in San Jose, California (or another mutually agreeable location). This does not prevent
either Executive or the Company from seeking and obtaining temporary or preliminary injunctive relief in court to prevent irreparable
harm to Executive’s or its confidential information or trade secrets pending the conclusion of any arbitration. This arbitration
agreement does not apply to any claims that have been expressly excluded from arbitration by a governing law not preempted by the Federal
Arbitration Act and does not restrict or preclude Executive from communicating with, filing an administrative charge or claim with, or
providing testimony to any governmental entity about any actual or potential violation of law or obtaining relief through a government
agency process. The parties hereto agree that claims shall be resolved on an individual basis only, and not on a class, collective, or
representative basis on behalf of other employees to the fullest extent permitted by applicable law (“Class Waiver”).
Any claim that all or part of the Class Waiver is invalid, unenforceable, or unconscionable may be determined only by a court. In no case
may class, collective or representative claims proceed in arbitration on behalf of other employees.

 

The parties agree that
the arbitration shall be conducted by a single neutral arbitrator through JAMS in accordance with JAMS Employment Arbitration Rules and
Procedures (available at www.jamsadr.com/rules-employment-arbitration). Except as to the Class Waiver, the arbitrator shall determine
arbitrability. The Company will bear all JAMS arbitration fees and administrative costs in excess of the amount of administrative fees
and costs that Executive otherwise would have been required to pay if the claims were litigated in court. The arbitrator shall apply the
applicable substantive law in deciding the claims at issue. Claims will be governed by their applicable statute of limitations and failure
to demand arbitration within the prescribed time period shall bar the claims as provided by law. The decision or award of the arbitrator
shall be final and binding upon the parties. This arbitration agreement is enforceable under and governed by the Federal Arbitration Act.
In the event that any portion of this arbitration agreement is held to be invalid or unenforceable, any such provision shall be severed,
and the remainder of this arbitration agreement will be given full force and effect. By signing the offer letter, Executive acknowledges
and agrees that Executive has read this arbitration agreement carefully, are bound by it and are WAIVING ANY RIGHT TO HAVE A TRIAL BEFORE
A COURT OR JURY OF ANY AND ALL CLAIMS SUBJECT TO ARBITRATION UNDER THIS ARBITRATION AGREEMENT.

 

    -8-

     

    

 

13. Confidentiality
Agreement. Executive’s acceptance of this offer of Employment and Executive’s Employment with the Company is contingent
upon the execution and delivery to an officer of the Company of the Company’s Confidential Information and Invention Assignment
Agreement, a copy of which is attached hereto as Attachment A for Executive’s review and execution (the “Confidentiality
Agreement”), prior to or on the Effective Date.

 

14.
Employment Conditions.

 

(a) Right
to Work. For purposes of federal immigration law, Executive will be required, if Executive has not already, to provide to
the Company documentary evidence of Executive’s identity and eligibility for employment in the United States. Such
documentation must be provided to the Company within three (3) business days of the Effective Date, or our Employment relationship
with Executive may be terminated.

 

(b) Verification
of Information. This Agreement is also contingent upon the successful verification of the information Executive provided to the
Company during Executive’s application process, as well as a general background check performed by the Company to confirm Executive’s
suitability for Employment. By accepting this Agreement, Executive warrants that all information provided by Executive is true and correct
to the best of Executive’s knowledge, Executive agrees to execute any and all documentation necessary for the Company to conduct
a background check and Executive expressly releases the Company from any claim or cause of action arising out of the Company’s verification
of such information.

 

15.
Successors.

 

(a) Company’s
Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For all purposes under
this Agreement, the term “Company” shall include any successor to the Company’s business or assets that
become bound by this Agreement or any affiliate of any such successor that employs Executive.

 

(b) Executive’s
Successors. This Agreement and all of Executive’s rights hereunder shall inure to the benefit of, and be enforceable by,
Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 

16.
Miscellaneous Provisions.

 

(a) Indemnification.
The Company shall indemnify Executive to the maximum extent permitted by applicable law and the Company’s Bylaws with respect to
Executive’s service and Executive shall also be covered under a directors and officers liability insurance policy paid for by the
Company to the extent that the Company maintains such a liability insurance policy now or in the future.

 

(b) Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

(c) Notice.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when
personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In Executive’s
case, mailed notices shall be addressed to Executive at the home address that Executive most recently communicated to the Company in writing.
In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the
attention of its Secretary.

 

    -9-

     

    

 

(d) Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either
party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver
of any other condition or provision or of the same condition or provision at another time.

 

(e) Entire
Agreement. This Agreement and the Confidentiality Agreement contain the entire understanding of the parties with respect to
the subject matter hereof and supersede all other prior or contemporaneous discussions, understandings and agreements, whether oral
or written, between them relating to the subject matter hereof.

 

(f) Withholding
Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other deductions required to be
withheld by law.

 

(g) Choice
of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the State of Tennessee without giving
effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable
in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended
to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended
without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement shall
continue in full force and effect. If any provision of this Agreement is rendered illegal by any present or future statute, law, ordinance
or regulation (collectively, the “Law”) then that provision shall be curtailed or limited only to the minimum
extent necessary to bring the provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue
in full force and effect without impairment or limitation.

 

(h) No
Assignment. This Agreement and all of Executive’s rights and obligations hereunder are personal to Executive and may not
be transferred or assigned by Executive at any time. The Company may assign its rights under this Agreement to any entity that assumes
the Company’s obligations hereunder in connection with any sale or transfer to such entity of all or a substantial portion of the
Company’s assets.

 

(i) Acknowledgment.
Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s personal
attorney, has had sufficient time to, and has carefully read and fully understood all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

(j) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Execution of a facsimile copy will have the same force and effect as execution of an original,
and a facsimile signature will be deemed an original and valid signature.

 

(k) Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this letter, securities
of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to Executive
by applicable securities law or any other law or the Company’s Certificate of Incorporation or Bylaws by email or any other electronic
means. Executive hereby consents to (i) conduct business electronically, (ii) receive such documents and notices by such electronic delivery
and (iii) sign documents electronically and to participate through an on-line or electronic system established and maintained by the Company
or a third party designated by the Company.

 

[Signature Page Follows]

 

    -10-

     

    

 

After you have
had an opportunity to review this Agreement, please feel free to contact me if you have any questions or comments. To indicate your acceptance
of this Agreement, please sign and date this letter in the space provided below and return it to the Company.

 

	 	Very truly yours,
	 	 	 
	 	MOMENTUS INC.
	 	 	 
	 	By:	/s/ John
    Rood
	 	 	(Signature)
	 	Name:	John Rood
	 	Title:	CEO

 

	ACCEPTED AND AGREED:	 
	 	 
	PAUL C. NEY, JR.	 
	 	 
	/s/ PAUL C. NEY, JR.	 
	(Signature)	 
	 	 
	9/18/2021	 
	Date	 

 

Attachment A: Confidential Information. and Invention
Assignment Agreement

 

    -11-

     

    

ATTACHMENT A

 

CONFIDENTIAL INFORMATION AND INVENTION ASSIGNMENT AGREEMENTExhibit 4.1

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT (this
 “Agreement”), dated as of September 29, 2021, is by and between Artemis Strategic Investment Corporation,
a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation, as warrant agent (in such capacity, the “Warrant Agent”, and also referred to herein as the “Transfer
Agent”).

 

WHEREAS, the Company is engaged
in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such
unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
and one-half of one redeemable Public Warrant (as defined below) (the “Units”) and, in connection therewith,
has determined to issue and deliver up to 8,750,000 warrants (or up to 10,062,500 warrants if the Over-allotment Option (as defined below)
is exercised in full) to public investors in the Offering (the “Public Warrants”);

 

WHEREAS, the Company entered
into the Private Placement Warrants Purchase Agreement with Artemis Sponsor, LLC, a Delaware limited liability company (the “Sponsor”),
pursuant to which the Sponsor agreed to purchase an aggregate of 8,950,000 warrants (or up to 10,000,000 warrants if the Over-allotment
Option is exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable)
bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase
price of $1.00 per Private Placement Warrant;

 

WHEREAS, in order to finance
the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the Sponsor or affiliates
of the Sponsor or the Company’s officers and directors may, but are not obligated to, loan to the Company funds as the Company may
require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,500,000 warrants at a price of $1.00 per
warrant (the “Working Capital Warrants” and, together with the Private Placement Warrants and the Public Warrants,
the “Warrants”);

 

WHEREAS,
the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement
on Form S-1 (File No. 333-253092) (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units
and the Public Warrants and Common Stock comprising the Units;

 

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

 

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

 

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

 

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

 

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

 

    

    

    

 

2.             Warrants.

 

2.1            Form of
Warrant. Each Warrant shall be issued in registered form only, and, if a physical certificate is issued, 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 Chairperson of the Company’s board of directors (the “Board”), either of the Company’s
Co-Chief Executive Officers, or the President, Chief Financial Officer, Secretary or other principal officer of the Company. In the event
the person whose signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the
Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of
issuance. All of the Public Warrants shall initially be represented by one or more book-entry certificates (each, a “Book-Entry
Warrant Certificate”).

 

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

 

2.3            Registration.

 

2.3.1            Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration of
original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, 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. All of the Book-Entry Warrant Certificates shall be deposited with The Depository
Trust Company (the “Depositary”) and registered in the name of Cede & Co., as nominee of the Depositary.
Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through,
records maintained by (i) the Depositary or its nominee for each Book-Entry Warrant Certificate or (ii) institutions that have
accounts with the Depositary (each such institution, with respect to a Warrant in its account, a “Participant”).

 

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

 

2.3.2            Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on
a Definitive 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. The Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the
date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York
City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business
Day following such date, or earlier (the “Detachment Date”) with the consent of Barclays Capital Inc. and BMO
Capital Markets Corp., as representatives of the several underwriters, but in no event shall the Common Stock and the Public Warrants
comprising the Units be separately traded until (A) the Company has filed a current report on Form 8-K with the Commission containing
an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received
by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment
Option”) if the Over-allotment Option is exercised prior to the filing of the Form 8-K, 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.

 

    2

    

    

 

2.5           Fractional
Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one share
of Common Stock and one-half of one Public Warrant. If, upon the detachment of Public Warrants from Units or otherwise, a holder of Warrants
would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number of Warrants to be issued to
such holder.

 

2.6           Private
Placement Warrants and Working Capital Warrants. The Private Placement Warrants and the Working Capital Warrants shall be identical
to the Public Warrants, except that so long as they are held by the Sponsor or any Permitted Transferees (as defined below) as applicable,
the Private Placement Warrants and the Working Capital Warrants: (i) may be exercised for cash or on a “cashless basis”,
pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until the date that is 30 days
after the completion by the Company of an initial Business Combination (as defined below) and (iii) shall not be redeemable by the
Company; provided, however, that in the case of (ii), the Private Placement Warrants and the Working Capital Warrants and
any shares of Common Stock held by the Sponsor or any Permitted Transferees, as applicable, and issued upon exercise of the Private Placement
Warrants and the Working Capital Warrants may be transferred by the holders thereof:

 

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

 

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

 

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

 

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

 

(e)            by
private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation
of an initial Business Combination at prices no greater than the price at which the Warrants were originally purchased;

 

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

 

(g)            by
virtue of the laws of the State of Delaware or the limited liability company agreement of the Sponsor upon dissolution of the Sponsor;
or

 

(h)            in
the event that, subsequent to the Company's consummation of an initial Business Combination (as defined below), the Company completes
a liquidation, merger, capital stock exchange or other similar transaction which results in all of the Company's stockholders having the
right to exchange their Common Stock for cash, securities or other property.

 

    3

    

    

 

provided, however, that, in the case of clauses
(a) through (e) or (g), these transferees (the "Permitted Transferees") enter into a written agreement
with the Company agreeing to be bound by the transfer restrictions in this Agreement and the other restrictions contained in the letter
agreement, dated as of the date hereof, by and among the Company, the Sponsor and the Company's officers and directors.

 

2.7           Working
Capital Warrants. Each of the Working Capital Warrants shall be identical to the Private Placement Warrants.

 

3.             Terms
and Exercise of Warrants.

 

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

 

3.2           Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the date that is 30 days after the first date on which the Company completes a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
and terminating on the earlier to occur of: (x) at 5:00 p.m., New York City time on the date that is five years after the date on
which the Company completes its initial Business Combination, (y) the liquidation of the Company or (z) other than with respect
to the Private Placement Warrants and the Working Capital Warrants then held by the Sponsor or any Permitted Transferees with respect
to a redemption pursuant to Section 6.1, or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment
in compliance with Section 4 hereof), Section 6.2, on the Redemption Date (as defined below) as provided in Section 6.3
hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall
be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective
registration statement. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to
a Private Placement Warrant or a Working Capital Warrant then held by the Sponsor or any Permitted Transferees in connection with a redemption
pursuant to Section 6.1 or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance
with Section 4 hereof), Section 6.2) in the event of a redemption (as set forth in Section 6 hereof),
each outstanding Warrant (other than a Private Placement Warrant or a Working Capital Warrant then held by the Sponsor or any Permitted
Transferees in the event of a redemption pursuant to Section 6.1 or, if the Reference Value equals or exceeds $18.00 per share
(subject to adjustment in compliance with Section 4 hereof), Section 6.2) not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. 
New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the
Expiration Date; provided that the Company shall provide at least 20 days prior written notice of any such extension to Registered
Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.

 

3.3           Exercise
of Warrants.

 

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

 

    4

    

    

 

(a)            in
lawful money of the United States, in good certified check or good bank draft payable to the Warrant Agent or by wire transfer of immediately
available funds;

 

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

 

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

 

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

 

(e)            as
provided in Section 7.4 hereof.

 

3.3.2         Issuance
of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in
payment of the Warrant Price (if payment is pursuant to subsection 3.3.1 (a)), the Company shall issue to the Registered Holder
of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which he, she or
it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised
in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which such
Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation
shall be made to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate or a Participant, as appropriate,
evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated
to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is
then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4.
No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless
the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification
under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the
two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise
such Warrant and such Warrant may have no value and expire 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 shares of Common Stock underlying such Unit. In no event will the
Company be required to net cash settle the Warrant exercise. Subject to Section 4.6 of this Agreement, a Registered Holder
of Warrants may exercise its Warrants only for a whole number of Common Stock. The Company may require holders of Public Warrants to settle
the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless
basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share
of Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such holder.

 

    5

    

    

 

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

 

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

 

3.3.5            Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she
or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s
Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such
person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess
of 4.9% or 9.8% (or such other amount as a holder may specify)(the “Maximum Percentage”) of the shares of Common
Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock beneficially owned by such person and 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 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 stock or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number
of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the
Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other
public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other
notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time,
upon the written request of the holder of the Warrant, the Company shall, within two 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 61st day after such notice is delivered
to the Company.

 

    6

    

    

 

4.             Adjustments.

 

4.1           Stock
Dividends.

 

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

 

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

 

    7

    

    

 

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

 

4.3           Adjustments
in Warrant Price.

 

4.3.1            Whenever
the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1
or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon
the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares
of Common Stock so purchasable immediately thereafter.

 

4.4           Raising
of the Capital in Connection with the Initial Business Combination. If (x) the Company issues additional shares of Common Stock
or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue
price or effective issue price (as applicable, the “Newly Issued Price”) of less than $9.20 per share of Common
Stock (with such issue price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance
to the Sponsor or their affiliates, without taking into account any shares of Class B Common Stock (as defined below),
of the Company held by the Sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from
such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s
initial Business Combination on the date of the completion of the Company’s initial Business Combination (net of redemptions), and
(z) the volume-weighted average trading price of the Common Stock during the 20 trading-day period starting on the trading day prior
to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”)
is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value
and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2
shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00
per share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of
the Market Value and the Newly Issued Price.

 

    8

    

    

 

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 under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the
par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another entity or
conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any
sale or conveyance to another entity of the assets or other property of the Company as an entirety or substantially as an entirety in
connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive,
upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or
other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his,
her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided,
however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount
of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other
assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average
of the kind and amount received per share by the holders of the Common Stock in such consolidation or merger that affirmatively make
such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common
Stock (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by stockholders
of the Company as provided for in the Charter or as a result of the redemption of shares of Common Stock by the Company if a proposed
initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which, upon completion
of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under
the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within
the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate
or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more
than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance,
the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such
Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the
Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after
the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4;
provided further that if less than 70% of the consideration receivable by the holders of the Common Stock in the applicable event
is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted
in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered
Holder properly exercises the Warrant within 30 days following the public disclosure of the consummation of such applicable event by
the Company pursuant to a current report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount
(in dollars) equal to the difference (but in no event less than zero) of (i) the Warrant Price in effect prior to such reduction
minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below).
The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation of the
applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”).

 

    9

    

    

 

For
purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price
of each share of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten trading-day period
ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility
obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable
event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining
term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Common
Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted
average price of the Common Stock as reported during the ten trading-day period ending on the trading day prior to the effective date
of the applicable event. If any reclassification or reorganization also results in a change in shares of Common Stock covered by subsection
4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3
and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par
value per share issuable upon exercise of the Warrant.

  

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

 

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

 

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

 

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

 

4.10         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 common stock (the “Class B Common Stock”)
into shares of Common Stock or the conversion of the shares of Class B Common Stock into shares of Common Stock, in each
case, pursuant to the Charter.

 

    10

    

    

 

5.             Transfer
and Exchange of Warrants.

 

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

 

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

 

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

 

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

 

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

 

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

 

6.             Redemption.

 

6.1           Redemption
of Warrants When the Price Per Share of Common Stock Equals or Exceeds $18. Subject to Section 6.5 hereof, not less than
all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of
the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at the price
of $0.01 per Warrant (the “Redemption Price”); provided that (a) the Reference Value equals or exceeds
$18.00 per share (subject to adjustment in compliance with Section 4 hereof), and (b) there is an effective registration
statement covering the issuance of the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating
thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below).

 

    11

    

    

 

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

 	 	 	Fair Market Value of Class A Common Stock	 
	Redemption Date (period to 

expiration of warrants)	 	<10.00	 	11.00	 	12.00	 	13.00	 	14.00	 	15.00	 	16.00	 	17.00	 	>/18.00
	 
	60 months	 	0.261	 	0.281	 	0.297	 	0.311	 	0.324	 	0.337	 	0.348	 	0.358	 	0.361	 
	57 months	 	0.257	 	0.277	 	0.294	 	0.310	 	0.324	 	0.337	 	0.348	 	0.358	 	0.361	 
	54 months	 	0.252	 	0.272	 	0.291	 	0.307	 	0.322	 	0.335	 	0.347	 	0.357	 	0.361	 
	51 months	 	0.246	 	0.268	 	0.287	 	0.304	 	0.320	 	0.333	 	0.346	 	0.357	 	0.361	 
	48 months	 	0.241	 	0.263	 	0.283	 	0.301	 	0.317	 	0.332	 	0.344	 	0.356	 	0.361	 
	45 months	 	0.235	 	0.258	 	0.279	 	0.298	 	0.315	 	0.330	 	0.343	 	0.356	 	0.361	 
	42 months	 	0.228	 	0.252	 	0.274	 	0.294	 	0.312	 	0.328	 	0.342	 	0.355	 	0.361	 
	39 months	 	0.221	 	0.246	 	0.269	 	0.290	 	0.309	 	0.325	 	0.340	 	0.354	 	0.361	 
	36 months	 	0.213	 	0.239	 	0.263	 	0.285	 	0.305	 	0.323	 	0.339	 	0.353	 	0.361	 
	33 months	 	0.205	 	0.232	 	0.257	 	0.280	 	0.301	 	0.320	 	0.337	 	0.352	 	0.361	 
	30 months	 	0.196	 	0.224	 	0.250	 	0.274	 	0.297	 	0.316	 	0.335	 	0.351	 	0.361	 
	27 months	 	0.185	 	0.214	 	0.242	 	0.268	 	0.291	 	0.313	 	0.332	 	0.350	 	0.361	 
	24 months	 	0.173	 	0.204	 	0.233	 	0.260	 	0.285	 	0.308	 	0.329	 	0.348	 	0.361	 
	21 months	 	0.161	 	0.193	 	0.223	 	0.252	 	0.279	 	0.304	 	0.326	 	0.347	 	0.361	 
	18 months	 	0.146	 	0.179	 	0.211	 	0.242	 	0.271	 	0.298	 	0.322	 	0.345	 	0.361	 
	15 months	 	0.130	 	0.164	 	0.197	 	0.230	 	0.262	 	0.291	 	0.317	 	0.342	 	0.361	 
	12 months	 	0.111	 	0.146	 	0.181	 	0.216	 	0.250	 	0.282	 	0.312	 	0.339	 	0.361	 
	9 months	 	0.090	 	0.125	 	0.162	 	0.199	 	0.237	 	0.272	 	0.305	 	0.336	 	0.361	 
	6 months	 	0.065	 	0.099	 	0.137	 	0.178	 	0.219	 	0.259	 	0.296	 	0.331	 	0.361	 
	3 months	 	0.034	 	0.065	 	0.104	 	0.150	 	0.197	 	0.243	 	0.286	 	0.326	 	0.361	 
	0 months	 	—	 	—	 	0.042	 	0.115	 	0.179	 	0.233	 	0.281	 	0.323	 	0.361	 

 

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

 

    12

    

    

 

The share prices set forth
in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant
or the Warrant Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable upon exercise of a Warrant
is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant
immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so
adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time as the number of shares issuable
upon exercise of a Warrant. If the Warrant Price of a warrant is adjusted, (a) in the case of an adjustment pursuant to Section 4.3.2
hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment multiplied
by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00
and (b) in the case of an adjustment pursuant to Section 4.1.2 hereof, the adjusted share prices in the column headings
shall equal the share prices immediately prior to such adjustment less the decrease in the Warrant Price pursuant to such Warrant Price
adjustment. In no event shall the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 shares of Common Stock
per Warrant (subject to adjustment).

 

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

 

6.4           Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 6.2
of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof
and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except
to receive, upon surrender of the Warrants, the Redemption Price.

 

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

 

    13

    

    

 

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

 

7.1           No
Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent
or to receive notice as 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 shall, in the case of a mutilated Warrant,
include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or
destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

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

 

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

 

7.4.1         Registration
of the Common Stock. The Company agrees that as soon as practicable, but in no event later than 15 Business Days after the closing
of its initial Business Combination, it shall use its best efforts to file with the Commission a registration statement registering, under
the Securities Act, the issuance of the shares of Common Stock issuable upon exercise of the Warrants. The Company shall use its best
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus
relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement
has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants shall
have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such
registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained
an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants
on a “cashless basis”, by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or
any successor rule) or another exemption) for that number of shares of Common Stock equal to the lesser of (A) the quotient obtained
by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the Fair
Market Value (as defined below) less the Warrant Price by (y) the Fair Market Value and (B) 0.361. Solely for purposes of this
subsection 7.4.1, “Fair Market Value” shall mean the volume-weighted average price of the Common Stock
as reported during the ten trading-day period ending on the trading day prior to the date that notice of exercise is received by the Warrant
Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise”
is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise”
of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall
be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless basis”
in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the shares of
Common Stock issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not
be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until
all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations
under the first three sentences of this subsection 7.4.1.

 

    14

    

    

 

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

 

8.             Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2           Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

    15

    

    

 

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

 

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

 

8.3           Fees
and Expenses of Warrant Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

    16

    

    

 

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

 

9.             Miscellaneous
Provisions.

 

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

 

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

 

Artemis Strategic Investment Corporation

3310 East Corona Avenue

Phoenix, Arizona 85040

Attention: Thomas Granite

Email: tgranite@artemisspac.com

 

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

 

Continental Stock
Transfer & Trust Company

One State Street,
30th Floor

New York, NY 10004

Attention: Compliance
Department

 

in each case, with
copies to:

 

White &
Case LLP

1221 Avenue of the
Americas

New York, NY 10020

Attn: Gary Kashar, Esq.,
Joel L. Rubinstein, Esq.

Email:
gkashar@whitecase.com, joel.rubinstein@whitecase.com

 

and

 

Barclays Capital Inc.

745 Seventh Avenue

New York, NY 10019

Attn: Director of Litigation, Office of
the General Counsel

Fax No: (646) 834-8133

 

    17

    

    

 

and

 

BMO Capital Markets Corp.

3 Times Square

New York, NY 10036

Attn: Legal Department

Fax
No: (212) 702-1205

 

and

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attn: Roshni Banker Cariello, Esq.

Email: roshni.cariello@davispolk.com

 

9.3           Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York. 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. Notwithstanding the foregoing,
this Section 9.3 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.

 

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

 

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

 

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

 

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

 

    18

    

    

 

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

 

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

 

[Signature Page Follows]

 

    19

    

    

 

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

 

	 	ARTEMIS STRATEGIC INVESTMENT CORPORATION
	 	 
	 	 
	 	By:	/s/ Thomas Granite
	 	Name: 	Thomas Granite
	 	Title: 	Chief Financial Officer, Treasurer and Secretary
	 	 
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
	 	as Warrant Agent
	 	 
	 	 
	 	By:	/s/ Douglas Reed
	 	Name: 	Douglas Reed
	 	Title: 	Vice President of Account Administration

 

[Signature Page to Warrant
Agreement]

 

    

    

    

 

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

ARTEMIS STRATEGIC INVESTMENT CORPORATION

Incorporated Under the Laws of the State of Delaware

 

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 common
stock, $0.0001 par value per share (“Class A Common Stock”), of Artemis Strategic Investment Corporation,
a Delaware corporation (the “Company”). Each whole Warrant entitles the holder, upon exercise during the period
set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares
of Class A Common Stock as set forth below, at the exercise price (the “Warrant 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 Warrant Price at the office or agency of
the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this
Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

The
initial Warrant Price per share of Class A Common Stock for any Warrant is equal to $11.50 per share. The Warrant 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. The Warrants may be redeemed, subject to certain
conditions, as set forth in the Warrant Agreement.

 

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.

 

    

    

    

 

	 	ARTEMIS STRATEGIC INVESTMENT CORPORATION
	 	 
	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 
	 	 
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
	 	as Warrant Agent
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

    

    

 

[Form of Warrant Certificate]

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive
shares of Class A Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of September 29,
2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer &
Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby
incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation
of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the
Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the Warrant 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 shares of Class A Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a
prospectus thereunder relating to the shares of Class A Common Stock is current, except through “cashless exercise”
as provided for in the Warrant Agreement.

 

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

 

    

    

    

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required
cashless exercise pursuant to Section 6.4 of the Warrant Agreement, the number of shares of Class A Common Stock
that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) or Section 6.4
of the Warrant Agreement, as applicable.

 

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

 

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

 

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

 

[Signature Page Follows]

 

    

    

    

 

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 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR
RULE)).

 

    

    

    

 

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 ARTEMIS STRATEGIC INVESTMENT CORPORATION (THE “COMPANY”) AND ARTEMIS SPONSOR, LLC AND THE OTHER PARTIES
THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS 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 SHARES
OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION
RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00334-of-00352.parquet"}]]