Document:

EX-10.4

 Exhibit 10.4 

Execution Version 

PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT 

THIS PRIVATE PLACEMENT WARRANTS PURCHASE AGREEMENT (as it may from time to time be amended and including all exhibits referenced herein, this
“Agreement”), dated as of October 27, 2021, is entered into by and between Anthemis Digital Acquisitions I Corp, a Cayman Islandsexempted company (the “Company”), and Anthemis Digital
Acquisitions I Sponsor LP, a Cayman Islands exempted limited partnership (the “Purchaser”). 
 WHEREAS, the Company
intends to consummate an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one Class A ordinary share of the Company, par value $0.0001 per share (each, a
“Share”), and one-half of one redeemable warrant, each whole warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, as set forth in the
Company’s Registration Statement on Form S-1, filed with the U.S. Securities and Exchange Commission (the “SEC”), File Number 333-259986,
under the Securities Act of 1933, as amended (the “Securities Act”). 
 WHEREAS, the Purchaser has agreed to
purchase an aggregate of 7,000,000 warrants (and up to 7,800,000 redeemable warrants depending on the extent to which the underwriter in the Public Offering exercises its option to purchase additional units) (the “Private Placement
Warrants”), each Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50 per Share, at a price of $1.50 per warrant, subject to adjustment. 

NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows: 

AGREEMENT 

Section 1. Authorization, Purchase and Sale; Terms of the Private Placement Warrants. 

A. Authorization of the Private Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement
Warrants to the Purchaser. 
 B. Purchase and Sale of the Private Placement Warrants. 

(i) On the date of the consummation of the Public Offering (the “IPO Closing Date”), the Company shall issue
and sell to the Purchaser, and the Purchaser shall purchase from the Company, 7,000,000 Private Placement Warrants at a price of $1.50 per warrant for an aggregate purchase price of $10,500,000 (the “Purchase Price”).
The Purchaser shall pay the Purchase Price by wire transfer of immediately available funds in the following amounts: (i) $2,500,000 to the Company at a financial institution to be chosen by the Company, and (ii) $8,000,000 to the trust account
maintained by Continental Stock Transfer & Trust Company, acting as trustee (the “Trust Account”), in each case in accordance with the Company’s wiring instructions, at least one (1) business day
prior to the IPO Closing Date. On the IPO Closing Date, subject to the receipt of funds pursuant to the immediately prior sentence, the Company, at its option, shall deliver a certificate evidencing the Private Placement Warrants purchased onsuch
date duly registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form. 

  
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 (ii) On the date of the closing of the option to purchase additional units, if any, in
connection with the Public Offering or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the “Option Closing Date”), and each Option Closing Date (if any) and the IPO Closing
Date (a “Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to 800,000 Private Placement Warrants (or, to the extent the option to purchase
additional units is not exercised in full, a lesser number of Private Placement Warrants in proportion to portion of the option that is exercised) at a price of $1.50 per warrant for an aggregate purchase price of up to $1,200,000 (the
“Option Purchase Price”), The Purchaser shall pay the Option Purchase Price in accordance with the Company’s wire instruction by wire transfer of immediately available funds to the Trust Account, at least one
(1) business day prior to the Option Closing Date. On the Option Closing Date, subject to the receipt of funds pursuant to the immediately prior sentence, the Company shall, at its option, deliver a certificate evidencing the Private Placement
Warrants purchased on such date duly registered in the Purchaser’s name to the Purchaser or effect such delivery in book-entry form. 

C. Terms of the Private Placement Warrants. 

(i) Each Private Placement Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent
on or prior to the IPO Closing Date, in connection with the Public Offering (the “Warrant Agreement”). 

(ii) On or prior to the IPO Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the
“Registration Rights Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private Placement Warrants and the Shares underlying the Private Placement
Warrants. 
 Section 2. Representations and Warranties of the Company. As a material inducement to the Purchaser to enter
into this Agreement and purchase the Private Placement Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that: 

A. Incorporation and Corporate Power. The Company is an exempted company duly incorporated, validly existing and in good standing under
the laws of the Cayman Islands and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement. 

B. Authorization; No Breach. 

(i) The execution, delivery and performance of this Agreement and the Private Placement Warrants have been duly authorized by the Company as
of the Closing Date. This Agreement constitutes the valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general
applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or law). Upon issuance in accordance with, and payment pursuant to, the terms of the Warrant Agreement
and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the Company, enforceable in accordance with their terms as of the Closing Date. 

  
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 (ii) The execution and delivery by the Company of this Agreement and the Private Placement
Warrants, the issuance and sale of the Private Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not
and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the creation of any lien, security interest, charge or encumbrance upon
the Company’s share capital or assets under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or
governmental body or agency pursuant to the memorandum and articles of association of the Company (in effect on the date hereof or as may be amended prior to completion of the Public Offering) or any material law, statute, rule or regulation to
which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws. 

C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement and the
amended and restated memorandum and articles of association of the Company, and upon registration in the Company’s register of members, the Shares issuable upon exercise of the Private Placement Warrants will be duly and validly issued as fully
paid and non-assessable. On the date of issuance of the Private Placement Warrants, the Shares issuable upon exercise of the Private Placement Warrants shall have been reserved for issuance in accordance with
the terms of this Agreement. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, and upon registration in the Company’s register of members, the Purchaser will have good title to the Private
Placement Warrants purchased by it and the Shares issuable upon exercise of such Private Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other
agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser. 

D. Governmental Consents. No permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions contemplated hereby. 

E. Regulation D Qualification. Neither the Company nor, to its actual knowledge, any of its affiliates, members, officers, directors or
beneficial shareholders of 20% or more of its outstanding securities, has experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act. 

Section 3. Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into this
Agreement and issue and sell the Private Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date) that: 

A. Organization and Requisite Authority. The Purchaser possesses all requisite power and authority necessary to carry out the
transactions contemplated by this Agreement. 
 B. Authorization; No Breach. 

(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity or
law). 

  
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 (ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of
and compliance with the terms hereof by the Purchaser does not and shall not as of each Closing Date (a) conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of, (b) constitute a default under,
(c) result in the creation of any lien, security interest, charge or encumbrance upon the Purchaser’s equity or assets under, (d) result in a violation of, or (e) require authorization, consent, approval, exemption or other
action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to the Purchaser’s organizational documents in effect on the date hereof or as may be amended prior to completion of the
contemplated Public Offering, or any material law, statute, rule or regulation to which the Purchaser is subject, or any agreement, instrument, order, judgment or decree to which the Purchaser is subject, except for any filings required after the
date hereof under federal or state securities laws. 
 C. Investment Representations. 

(i) The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable upon
such exercise (collectively, the “Securities”) for its own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof. 

(ii) The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D, and the
Purchaser has not experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act. 
 (iii)
The Purchaser understands that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that the Company is relying upon
the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such
Securities. 
 (iv) The Purchaser did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502(c) under the Securities Act. 
 (v) The Purchaser has been furnished with all materials relating to the
business, finances and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers
and directors of the Company. The Purchaser understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision with respect to the acquisition of the Securities. 
 (vi) The Purchaser understands that no United States federal or state agency
or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities passed upon or
endorsed the merits of the offering of the Securities. 

  
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 (vii) The Purchaser understands that: (a) the Securities have not been and are not
being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and
(b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the
terms and conditions of any exemption thereunder; and (c) Rule 144 adopted pursuant to the Securities Act will not be available for resale transactions of Securities prior to a Business Combination and may not be available for resale
transactions of Securities after a Business Combination. 
 (viii) The Purchaser has such knowledge and experience in financial and business
matters, knowledge of the high degree of risk associated with investments in the securities of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities and is able to
bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current
or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investments in the Securities. 

(ix) The Purchaser understands that the Private Placement Warrants shall bear the legend substantially in the form set forth in the Warrant
Agreement. 
 Section 4. Conditions of the Purchaser’s Obligations. The obligations of the Purchaser to purchase and
pay for the Private Placement Warrants are subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 

A. Representations and Warranties. The representations and warranties of the Company contained in Section 2 shall be true and
correct at and as of the Closing Date as though then made. 
 B. Performance. The Company shall have performed and complied with all
agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date. 

C. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement. 
 D. Warrant Agreement and Registration Rights Agreement. The
Company shall have entered into the Warrant Agreement, in the form of Exhibit A hereto, and the Registration Rights Agreement, in the form of Exhibit B hereto, in each case on terms satisfactory to the Purchaser. 

Section 5. Conditions of the Company’s Obligations. The obligations of the Company to the Purchaser under this Agreement
are subject to the fulfillment, on or before each Closing Date, of each of the following conditions: 
 A. Representations and
Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such Closing Date as though then made. 

B. Performance. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this
Agreement that are required to be performed or complied with by the Purchaser on or before such Closing Date. 

  
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 C. Corporate Consents. The Company shall have obtained the consent of its Board of
Directors authorizing the execution, delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder. 

D. No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement. 
 E. Warrant Agreement. The Company shall have entered into
the Warrant Agreement. 
 Section 6. Miscellaneous. 

A. Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by
or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not
assign this Agreement, other than assignments by the Purchaser to affiliates thereof (including, without limitation one or more of its members). 

B. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. 
 C. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, none of which need
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. Signatures to this Agreement transmitted via facsimile or e-mail shall be
valid and effective to bind the party so signing. 
 D. Descriptive Headings; Interpretation. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

E. Governing Law. This Agreement shall be deemed to be a contract made under the laws of the State of New York and for all purposes
shall be construed in accordance with the internal laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the laws of another jurisdiction. 

F. Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument
executed by the parties hereto. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 

 

			
	COMPANY:
	
	ANTHEMIS DIGITAL ACQUISITIONS I CORP
		
	By:	 	/s/ Mei Lim    
		 	Name: Mei Lim
		 	Title: Chief Financial Officer

  

			
	PURCHASER:
	
	ANTHEMIS DIGITAL ACQUISITIONS I SPONSOR LP
		
	By:	 	/s/ Mei Lim
		 	Name: Mei Lim
		 	Title: Chief Financial Officer

 Signature Page to Private Placement Warrants Purchase Agreement 

 EXHIBIT A 

Warrant Agreement 

 Execution Version 

WARRANT AGREEMENT 

between 
 ANTHEMIS DIGITAL
ACQUISITIONS I CORP 
 and 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY 

Dated October 27, 2021 
 THIS
WARRANT AGREEMENT (this “Agreement”), dated October 27, 2021, is by and between Anthemis Digital Acquisitions I Corp, a Cayman Islands exempted company (the “Company”), and Continental
Stock Transfer & Trust Company, a New York limited purpose trust company, as warrant agent (in such capacity, the “Warrant Agent”). 

WHEREAS, it is proposed that the Company enter into that certain Private Placement Warrants Purchase Agreement, with Anthemis Digital
Acquisitions I Sponsor LP, a Cayman Islands exempted limited partnership (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 7,000,000 warrants (or up to 7,800,000 warrants depending on the
extent to which the underwriters in the Offering (defined below) exercise their Overallotment Option (as defined below)) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable), bearing the
legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one
Ordinary Share (as defined below) at a price of $11.50 per share, subject to adjustment as described herein; and 
 WHEREAS, in order to
finance the Company’s transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a
“Business Combination”), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up
to $1,500,000 of such loans may be convertible into up to an additional 1,000,000 Private Placement Warrants at a price of $1.50 per Private Placement Warrant; and 

WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of up to 23,000,000 units
(including up to 3,000,000 units to the extent the Over-allotment Option is exercised) of the Company’s equity securities, each such unit comprised of one Ordinary Share and one-half of a Public Warrant
(as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 11,500,000 redeemable warrants (including up to 1,500,000 redeemable warrants to the extent the Over-allotment Option is
exercised) to public investors in the Offering (the “Public Warrants” and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to
purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”), for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A
holder of the Warrants will not be able to exercise any fraction of a Warrant; and 
 WHEREAS, the Company has filed with the Securities and
Exchange Commission (the “Commission”) registration statement on Form S-1, File No. 333-259986, and a prospectus (the
“Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”),of the Units, the Public Warrants and the Ordinary Shares included in the Units;
and 

  
 B-1 

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

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

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

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

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

2. Warrants. 
 2.1.
Form of Warrant. Each Warrant shall initially be issued in registered form only. 
 2.2. Effect of Countersignature. If
a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a certificated Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3. Registration. 

2.3.1. Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”),
for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective
holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall
be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a
“Participant”). 
 If the Depositary subsequently ceases to make its book-entry settlement system available
for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants
available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the
Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificates”) which shall be in the form annexed hereto as Exhibit A. 

  
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 Physical certificates, if issued, shall be signed by, or bear the facsimile signature of,
the Chairman or Co-Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or other principal officer of the Company. In the
event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had
not ceased to be such at the date of issuance. 
 2.3.1. Registered Holder. Prior to due presentment for
registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner
of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 2.4.
Detachability of Warrants. The Ordinary Shares 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 Credit Suisse Securities (USA) LLC, but in no event shall the Ordinary Shares and the Public Warrants comprising the Units be separately traded until (A) the Company has
filed (i) 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 then received by the Company from the exercise
by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Current Report on Form 8-K and (ii) a second or amended Current Report on Form 8-K to provide updated financial information to reflect the exercise of the underwriters’ Over-allotment
Option, if the Over-allotment Option is exercised following the initial filing of such Current Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading shall
begin. 
 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 Ordinary Share and a fraction of one whole Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down
to the nearest whole number the number of Warrants to be issued to such holder. 
 2.6. Private Placement Warrants. 

 

  
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 2.6.1. The Private Placement Warrants shall be identical to the Public
Warrants, except that (i) the Private Placement Warrants may be exercised for cash or on a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) the Private Placement Warrants (and Ordinary Shares issuable upon
exercise of the Private Placement Warrants) may be subject to certain transfer restrictions contained in the letter agreement by and between the Company and each of the Sponsor and other parties thereto, as may be amended from time to time,
including that any permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions contained in such letter agreement, (iii) the Private Placement Warrants shall not be redeemable by
the Company pursuant to Section 6.1 hereof and (iv) the holders of the Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of suchwarrants) are entitled to registration rights.

 3. Terms and Exercise of Warrants. 

3.1. Warrant Price. Each whole 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 Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent
permitted or required hereunder) described in the prior sentence at which Ordinary Shares may be purchased at the time a Warrant is exercised. 

The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not
less than fifteen Business Days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or applicable law); provided that the Company shall provide at least three Business Days’ prior
written notice of such reduction to Registered Holders of the Warrants; and provided further, that any such reduction shall be identical among all of the Warrants. 

3.2. Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A)
commencing on the date that is thirty (30) days after the first date on which the Company completes a Business Combination and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is five
(5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s amended and restated memorandum and articles of association, as amended from
time to time, if the Company fails to complete a Business Combination, and (z) other than with respect to the Private Placement Warrants, 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section
6.2 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
respectto an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant) in the event
of a redemption (as set forth in Section 6 hereof), each Warrant (other thana Private Placement Warrant in the event of a redemption) not exercised on or before the Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date;
provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among
all the Warrants. 
 3.3. Exercise of Warrants. 

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

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

  
 B-4 

 (b) in the event of a redemption pursuant to
Section 6.1 hereof in which the Company’s board of directors (the “Board”) has elected to require all holders of the Public Warrants to exercise such Public Warrants on a “cashless basis,” by
surrendering the Public Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Public Warrants, multiplied by the difference between the Warrant
Price and the “Fair Market Value”, as defined in this subsection 3.3.1(b), by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.1, the “Fair Market
Value” shall mean the average last reported sale price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the date on which the notice of redemption is sent to the holders of the
Warrants pursuant to Section 6.2 hereof; 
 (c) with respect to any Private Placement Warrant, by
surrendering the Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Sponsor Exercise Fair
Market Value” (as defined in this subsection 3.3.1(c)) less the Warrant Price by (y) the Sponsor Exercise Fair Market Value.Solely for purposes of this subsection 3.3.1(c), the “Sponsor Exercise Fair
Market Value”shall mean the average last reported sale price of the Ordinary Shares for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of exercise of the Private Placement Warrant
is sent to the Warrant Agent; or 
 (d) as provided in Section 7.4 hereof. 

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

  
 B-5 

 3.3.3. Valid Issuance. All Ordinary Shares issued upon the proper
exercise of a Warrant in conformity with this Agreement and the Amended and Restated Memorandum and Articles of Association of the Company, and upon registration in the Register of Members of the Company, shall be validly issued, fully paid and
nonassessable. 
 3.3.4. Date of Issuance. Each person in whose name any book-entry position or certificate, as
applicable, for Ordinary Shares is issued and who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which the Warrant, or book-entry
position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is
a date when the register of members of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share
transfer books or book-entry system are open. 
 3.3.5. Maximum Percentage. A holder of a Warrant may notify the
Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If
the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person
(together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with
respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its
affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely on the
number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report
on Form 8- K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or American Stock Transfer & Trust Company, as transfer agent
(in such capacity, the “Transfer Agent”), setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two
Business Days, confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case, the number of issued and outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of
equity securities of the Company by the holder and its affiliates since the date as of which such number of issued and outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase
or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is
delivered to the Company. 

  
 B-6 

 4. Adjustments. 

4.1. Share Capitalizations. 

4.1.1. Sub-Divisions. If after the date hereof, and subject to the provisions
of Section 4.6 below, the number of issued and outstanding Ordinary Shares is increased by a capitalization or share dividend of Ordinary Shares, or by a sub-division of Ordinary
Shares or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in
proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering made to all holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the “Historical Fair Market Value” (as
defined below) shall be deemed a capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights
offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the 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 Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average price of the Ordinary Shares during the ten
(10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares shall
be issued at less than their par value. 
 4.1.2. Extraordinary Dividends. If the Company, at any time while the
Warrants are outstanding and unexpired, pays to all holders of the Ordinary Shares a dividend or make a distribution in cash, securities or other assets on account of such Ordinary Shares (or other shares 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 Ordinary Shares in connection with a proposed initial Business
Combination, (d) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to modify the
substance or timing of the Company’s obligation to provide holders of Ordinary Shares the right to have their shares redeemed in connection with the Company’s initial Business Combinationor to redeem 100% of the Company’s public
shares if it does not complete its initial Business Combination within the time period required by the Company’s Amended and Restated Memorandum and Articles of Association, as amended from time to time, or (ii) with respect to any other
provision relating to the rights of holders of Ordinary Shares, (e) as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval or
(f) in connection with the redemption of public shares 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 Ordinary Share in respect of such Extraordinary Dividend. For purposes of this
subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on
the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution to the extent it does not exceed $0.50 (which amount 

  
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 shall be adjusted to appropriately reflect any of the events referred to in other
subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant). 

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

4.3. Adjustments in Exercise Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted,
as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately
thereafter. 
 4.4. Raising of the Capital in Connection with the Initial Business Combination. If (x) the Company issues
additional Ordinary Shares 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 of less than $9.20 per Ordinary Share (with such issue
price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Class B ordinary shares, par value $0.0001 per share, of the
Company held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and
interest thereon, available for the funding of the 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 Ordinary Shares during the twenty (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, and the $18.00 per share redemption trigger price described in
Section 6.1 shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. If the adjustment in the immediately preceding sentence would otherwise result in an
increase in the Warrant Price (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations, Extraordinary Dividends and similar events) hereunder, no adjustment shall be made. 

4.5. Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and
outstanding Ordinary Shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation
of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the issued and outstanding Ordinary
Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the
Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon
the exercise of the rights represented thereby, the kind and amount of shares or 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 

  
 B-8 

 would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event
(the “Alternative Issuance”); provided, however, that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable
upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount
received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the
Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Company’s amended and restated memorandum and articles of
association or as a result of the redemption of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under circumstances in which, upon completion of such tender or
exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) 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) 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) securities representing more than 50% of the aggregate voting power represented by the issued and outstanding equity securities of the Company, the holder of a Warrant shall be entitled to receive as the Alternative Issuance,
the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such
offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the
adjustments provided for in this Section 4; provided further that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of shares in the
successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading
or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current
Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus
(ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means (i) for Public
Warrants, the value of a Public 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 (assuming zero dividends) (
“Bloomberg”) and (ii) for Private Placement Warrants, the value of a Private Placement Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for an uncapped
American Call on Bloomberg, in each case, as calculated by an accounting, appraisal, investment banking firm or consultant of nationally recognized standing that is, in the good faith judgment of the Board, qualified to make such calculation. For
purposes of calculating such amount, (i) Section 6 of this Agreement shall be taken into account, (ii) the price of each Ordinary Share shall be the volume weighted average price of the Ordinary Shares duringthe
ten (10) trading day period ending on the trading day prior to the effective date of the applicable event,and (iii) 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 holdersof the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the
volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in
Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.5. The provisions of this
Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event shall the Warrant Price be reduced to less than the par value per share
issuable upon exercise of such Warrant. 

  
 B-9 

 4.6. Notices of Changes in Warrant. Upon every adjustment of the Warrant Price
or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the
number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections
4.1, 4.2, 4.3, 4.4 or 4.5, 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 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 Ordinary Shares 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 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 the preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to
(i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, 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 Class B ordinary shares (the “Class B Ordinary Shares”) into Ordinary Shares or the conversion of the shares of Class B
Ordinary Shares into Ordinary Shares, in each case, pursuant to the Company’s amended and restated memorandum and articles of association. 

5. Transfer and Exchange of Warrants. 

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

  
 B-10 

 5.2. Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant
Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal
aggregate number of Warrants; provided, however, that except as otherwise provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and only to the Depositary, to another nominee of
the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case, initially, of the Private
Placement Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend. 
 5.3. 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 Public Warrants for Cash or Ordinary Shares. Not less than all of the outstanding Public Warrants may be redeemed
for cash, 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 Public Warrants, as described in Section 6.2 below, at a
Redemption Price of $0.01 per Public Warrant, provided that (a) the Reference Value (as defined below) equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and
(b) there is an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Public Warrants, and a current prospectus relating thereto, available throughout the
30-day Redemption Period (as defined in Section 6.2 below), or the Company has elected to require the exercise of the Public Warrants on a “cashless basis” pursuant to
subsection 3.3.1(b) hereof. 
 6.2. Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event
that the Company elects to redeem the Public Warrants pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by
first 

  
 B-11 

 class mail, postage prepaid, by the Company not less than 30 days prior to the Redemption
Date (the “30- day Redemption Period”) to the Registered Holders of the Public Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are
redeemed pursuant to Section 6.1 and (b) “Reference Value” shall mean the last reported sale price of the Ordinary Shares on the trading day prior to the date on which we send the notice of
redemption to the Registered Holder. 
 6.3. Exercise After Notice of Redemption. The Public Warrants may be exercised for cash (or
on a “cashless basis” in accordance with subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the
Redemption Date. In the event that the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain the information
necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and after the
Redemption Date, the record holder of the Public Warrants shall have no further rights except to receive, upon surrender of the Public Warrants, the Redemption Price. 

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

7.1. No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of
the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election
of directors of the Company or any other matter. 
 7.2. Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost,
stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new
Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or
destroyed Warrant shall be at any time enforceable by anyone. 
 7.3. Reservation of Ordinary Shares. The Company shall at all times
reserve and keep available a number of its authorized but unissued Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

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

7.4.1. Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later
than twenty (20) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the
Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of its initial Business Combination
and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement
has not been declared effective by the sixtieth (60th) Business Day following the closing of the Business 

  
 B-12 

 Combination, holders of the Public Warrants shall have the right, during the period
beginning on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have
maintained an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Public Warrants, to exercise such Public Warrants on a “cashless basis,” by exchanging the Public Warrants (in
accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Public Warrants,
multiplied by the excess of the “Fair Market Value” (as defined below) less the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall
mean the volume-weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day priorto the date that notice of exercise is received by the Warrant Agent from the holder of such
Warrantsor 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 Public 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 Ordinary Shares issued upon such exercise shall be freely tradable under United Statesfederal
securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 underthe Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for
the avoidance of doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

 7.4.2. Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise of a
Public Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public
Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so
elects, the Company shall (x) not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in this
Agreement to the contrary, and (y) use its commercially reasonable efforts to register or qualify for sale the Ordinary Shares issuable upon exercise of the Public Warrant under applicable blue sky laws 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 Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares. 

8.2. Resignation, Consolidation, or Merger of Warrant Agent. 

8.2.1. Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign
its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or
otherwise, the Company 

  
 B-13 

 shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the
Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his,
her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any
successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing under the laws of the State of New York, in good standing and having its principal office in the United States
of America, 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
anysuccessor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and allinstruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights,
immunities, duties, and obligations. 
 8.2.2. Notice of Successor Warrant Agent. In the event a successor
Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Ordinary Shares not later than the effective date of any such appointment. 

8.2.3. Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with
which it may be consolidated or any entity 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, the President, the Chief Financial Officer, Chief Operating Officer, the General Counsel, the Secretary or the Chairman or Co-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. 

  
 B-14 

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

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

 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 Ordinary Shares through the exercise of the Warrants. 
 8.6. Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust
Agreement, dated as of the date hereof, by and between the Company and Continental Stock Transfer & Trust Company, 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: 

  
 B-15 

 Anthemis Digital Acquisitions I Corp 

122 Hudson Street, 3rd Floor 
 New
York, New York 10013 
 Attention: Mei Lim 

with a copy to: 

Latham & Watkins LLP 

1271 Sixth Americas 
 New York,
New York 10020 
 Attn: Marc Jaffe 

Ryan deFord 
 and 

Latham & Watkins LLP 

811 Main Street, Suite 3700 

Houston, Texas 77002 
 Attn: Ryan
J. Maierson 
 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, New York 10004 

Attention: Compliance Department 

9.3. Applicable Law and Exclusive Forum. 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. Subject to applicable law, 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 the exclusive forum for any such action, proceeding or claim.
The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or
duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. 

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

  
 B-16 

 9.4. Persons Having Rights under this Agreement. Nothing in this Agreement
shall be construed to confer upon, or give to, any person, corporation or other entity 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 United States of America, 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. 
 9.8. Amendments. This Agreement may be amended by the parties hereto without the consent of any
Registered Holder (i) for the purpose of curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, or defective
provision contained herein, (ii) removing or reducing the Company’s ability to redeem the Public Warrants, or (iii) amending the definition of “Ordinary Cash Dividend” as contemplated by and in accordance with the second
sentence of subsection 4.1.2 or adding or changing any 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 rights
of the Registered Holders under this Agreement and (iv) to provide for the delivery of Alternative Issuance pursuant to Section 4.5. All other modifications or amendments, including any modification or amendment to
increase the Warrant Price or shorten the Exercise Period, (a) with respect to the terms of the Public Warrants or any provision of this Agreement with respect to the Public Warrants, shall require the vote or written consent of the Registered
Holders of at least 50% of the then-outstanding Public Warrants and (b) with respect to the terms of the Private Placement Warrants or any provision of this Agreement with respect to the Private Placement Warrants shall require the vote or
written consent of at least, 50% of the then- outstanding Private Placement 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. 

  
 B-17 

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

			
	ANTHEMIS DIGITAL ACQUISITIONS I CORP
		
	By:	 	/s/ Mei Lim
		 	Name: Mei Lim
		 	Title: CFO
	
	CONTINENT AL STOCK TRANSFER & TRUST
	COMPANY, as Warrant Agent
		
	By:	 	/s/ Erika Young
		 	Name: Erika Young
		 	Title: Vice President

  
 [Signature Page to
Warrant Agreement] 

 EXHIBIT A TO WARRANT AGREEMENT 

[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

 Anthemis Digital Acquisitions I Corp 

Incorporated Under the Laws of the Cayman Islands 

CUSIP [•] 
 Warrant
Certificate 
 This Warrant Certificate certifies that [    ], or registered assigns, is the
registered holder of [ ] warrant(s) (the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value ( “Ordinary Shares “), of
Anthemis Digital Acquisitions I Corp, a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to
receive from the Company that number of fully paid and nonassessable Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money
(or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant
Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Each whole Warrant is initially exercisable for one fully paid and nonassessable Ordinary Share. Fractional shares shall not be issued upon
exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number the number of Ordinary Shares to
be issued to the Warrant holder. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. 

The initial Exercise Price per one Ordinary Share for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment
upon the occurrence of certain events as set forth in the Warrant Agreement. 
 Subject to the conditions set forth in the Warrant
Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. 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. 

 

			
	ANTHEMIS DIGITAL ACQUISITIONS I CORP
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 CONTINENTAL STOCK TRANSFER & TRUST

COMPANY, as Warrant Agent

		
	By:	 	 
		 	Name:
		 	Title:

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [    ] Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of
October 27, 2021 (the “Warrant Agreement”), duly executed and deliveredby 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 tothe Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

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

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the issuance of the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through
“cashless exercise” as provided for in the Warrant Agreement or another exemption from registration is available. 
 The
Warrant Agreement provides that upon the occurrence of certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face hereof may, subject to certainconditions, be adjusted. If, upon exercise of a Warrant,
the holder thereof would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest wholenumber of Ordinary Shares to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for
this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

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

Election to Purchase 
 (To Be
Executed Upon Exercise of Warrant) 
 The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant
Certificate, to receive [            ] Ordinary Shares and herewith tenders payment for such Ordinary Shares to the order of Anthemis Digital Acquisitions I Corp (the
“Company”) in the amount of $[            ] in accordance with the terms hereof. The undersigned requests that a certificate for such Ordinary Shares be
registered in the name of [        ], whose address is [            ] and that such Ordinary Shares be delivered to
[            ] whose address is [            ]. If said [ ] number of Ordinary Shares is less than all of the Ordinary Shares
purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of [            ], whose
address is [            ] and that such Warrant Certificate be delivered to [            ], whose address
is[            ]. 
 In the event that the Warrant is a Private Placement
Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection
3.3.1(c) of the Warrant Agreement. 
 In the event that the Warrant is to be exercised on a “cashless” basis pursuant to
Section 7.4 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

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

[Signature Page Follows] 

 Date:    , 2021 

 

			
	 
	(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). 

 EXHIBIT B TO WARRANT AGREEMENT 

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 (THE “LETTER AGREEMENT”) BY AND BETWEEN
ANTHEMIS DIGITAL ACQUISITIONS I CORP (THE “COMPANY”), AND EACH OF ANTHEMIS DIGITAL ACQUISITIONS I SPONSOR LP, AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR
TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DESCRIBED IN
SECTION 7(D) OF THE LETTER AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED BY THIS
CERTIFICATE AND CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION AND SHAREHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY. 

NO. [                ] WARRANT 

 EXHIBIT B 

Registration Rights Agreement 

 Execution Version 

REGISTRATION RIGHTS AGREEMENT 
 THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of October 27, 2021, is made and entered into by and among Anthemis Digital Acquisitions I Corp, a Cayman Islands exempted limited partnership (the
“Company”), Anthemis Digital Acquisitions I Sponsor LP, a Cayman Islands limited liability company (the “Sponsor”), and the undersigned parties listed under Holder on the signature page hereto (each
such party, together with the Sponsor and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the
“Holders”). 
 RECITALS 

WHEREAS, the Sponsor currently owns 7,187,500 Class B ordinary shares of the Company, par value $0.0001 per share (the
“Class B Ordinary Shares”), (and the other Holders currently own an aggregate of zero Class B Ordinary Shares, which were received from the Sponsor; 

WHEREAS, the Class B Ordinary Shares are convertible into Class A ordinary shares of the Company, par value $0.0001 per share (the
“Ordinary Shares”), at the time of the initial Business Combination on a one-for-one basis, subject to adjustment, on the terms and conditions
provided in the Company’s amended and restated memorandum and articles of association, as may be amended from time to time; 
 WHEREAS, on
October 27, 2021, the Company and the Sponsor entered into that certain Private Placement Warrants Purchase Agreement, pursuant to which the Sponsor agreed to purchase 7,000,000 warrants (or up to 7,800,000 warrants if the Underwriter’s (as
defined below) option to purchase additional units in connection with the Company’s initial public offering is exercised in full) (the “Private Placement Warrants”), in a private placement transaction occurring
simultaneously with the closing of the Company’s initial public offering; 
 WHEREAS, in order to finance the Company’s transaction costs
in connection with an intended Business Combination (as defined below), the Sponsor or certain of the Company’s officers or directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of
such loans may be convertible into warrants at a price of $1.50 per warrant at the option of the lender (the “Working Capital Warrants”); and 

WHEREAS, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration
rights with respect to certain securities of the Company, as set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual
representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

  
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 ARTICLE 1 

DEFINITIONS 
 1.1 Definitions. The terms
defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below: 
 “Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the principal executive officer or principal financial officer of
the Company, after consultation with counsel to the Company, (i) would be required to be made in any 
 Registration Statement or Prospectus in order
for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary
prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business
purpose for not making such information public. 
 “Agreement” shall have the meaning given in the Preamble. 

“Board” shall mean the Board of Directors of the Company. 

“Business Combination” shall mean any merger, share exchange, asset acquisition, share purchase, reorganization or other similar
business combination with one or more businesses, involving the Company. 
 “Commission” shall mean the U.S. Securities and Exchange
Commission. 
 “Company” shall have the meaning given in the Preamble. 

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

“Demanding Holder” shall have the meaning given in subsection 2.1.1. 

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

“Form S-1” shall have the meaning given in subsection 2.1.1. 

“Form S-3” shall have the meaning given in subsection 2.3.1. 

“Founder Shares” shall mean the Class B Ordinary Shares and shall be deemed to include the Ordinary Shares issuable upon
conversion thereof. 
 “Founder Shares Lock-up Period” shall mean, with respect to the
Founder Shares, the period ending on the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) if the last reported sales price of the Ordinary
Shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 120 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the
Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property. 
 “Holders”
shall have the meaning given in the Preamble. 
 “Insider Letter” shall mean that certain letter agreement, dated as of the date
hereof, by and between the Company, the Sponsor and each of the Company’s officers, directors and director nominees. 
 “Maximum Number of
Securities” shall have the meaning given in subsection 2.1.4. 
 “Misstatement” shall mean an untrue statement
of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light of
the circumstances under which they were made) not misleading. 

  
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 “Ordinary Shares” shall have the meaning given in the Recitals hereto. 

“Permitted Transferees” shall mean a person or entity to whom a Holder of Registrable Securities is permitted to transfer such
Registrable Securities prior to the expiration of the Founder Shares Lock-up Period or Private Placement Lock-up Period, as the case may be, under the Insider Letter and
any other applicable agreement between such Holder and the Company, and to any transferee thereafter. 
 “Piggyback Registration”
shall have the meaning given in subsection 2.2.1. 
 “Private Placement Lock-up
Period” shall mean, with respect to Private Placement Warrants that are held by the initial purchasers of such Private Placement Warrants or their Permitted Transferees, and any of the Ordinary Shares issued or issuable upon the
exercise or conversion of the Private Placement Warrants and that are held by the initial purchasers of the Private Placement Warrants or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial
Business Combination. 
 “Private Placement Warrants” shall have the meaning given in the Recitals hereto. 

“Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements
and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus. 
 “Registrable
Security” shall mean (a) the Founder Shares (including any Ordinary Shares or other equivalent equity security issued or issuable upon the conversion of any such Founder Shares or exercisable for Ordinary Shares), (b) the Private
Placement Warrants (including any Ordinary Shares issued or issuable upon the exercise of any such Private Placement Warrants), (c) the Working Capital Warrants (including any Ordinary Shares issued or issuable upon the conversion of working capital
loans), (d) any outstanding Ordinary Shares or any other equity security (including the Ordinary Shares issued or issuable upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, and
(e) any other equity security of the Company issued or issuable with respect to any such Ordinary Shares by way of a share capitalization or share split or in connection with a combination of shares, recapitalization, merger, consolidation or
reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (i) a Registration Statement with respect to the sale of such securities shall have
become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (ii) such securities shall have been otherwise transferred, new
certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act;
(iii) such securities shall have ceased to be outstanding; or (iv) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction. 

“Registration” shall mean a registration effected by preparing and filing a registration statement or similar document in compliance
with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective. 

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

  
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 (A)    all registration and filing fees (including fees with respect to filings required
to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Ordinary Shares are then listed; 

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

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

(E)    reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in
connection with such Registration; and 
 (F)    reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration. 

“Registration Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of
this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such
registration statement. 
 “Requesting Holder” shall have the meaning given in subsection 2.1.1. 

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

“Shelf” shall have the meaning given in subsection 2.3.1. 

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

“Subsequent Shelf Registration” shall have the meaning given in subsection 2.3.2. 

“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not
as part of such dealer’s market-making activities. 
 “Underwritten Registration” or “Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public. 

“Working Capital Warrants” shall have the meaning given in the Recitals hereto. 

ARTICLE 2 
 REGISTRATIONS

 2.1 Demand Registration. 

2.1.1    Request for Registration. Subject to the provisions of subsection 2.1.4 and Section 2.4
hereof, at any time and from time to time on or after the date the Company consummates the Business Combination, the Holders of at least a majority in interest of the then-outstanding number of Registrable Securities (the “Demanding
Holders”) may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of
distribution thereof (such written demand a 

  
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 “Demand Registration”). The Company shall, within five (5) days of the
Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s
Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so
notify the Company, in writing, within three (3) business days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such
Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but not more than forty five (45) days
immediately after the Company’s receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances shall the
Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that a
Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form
S-1”) has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement. 

2.1.2    Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this
Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been
declared effective by the Commission and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further, that if, after such Registration Statement has been declared
effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or any other governmental agency the
Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated and (ii) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the
Company in writing, but in no event later than five (5) days, of such election; provided, further, that the Company shall not be obligated or required to file another Registration Statement until the Registration Statement that
has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated. 

2.1.3    Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4
hereof, if a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities
pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such
Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable
Securities through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration. 

  
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 2.1.4    Reduction of Underwritten Offering. If the managing Underwriter or
Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that
the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to sell and the Ordinary Shares, if any, as to which a Registration has been
requested pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten
Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the
“Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata
based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities of the Demanding
Holders and Requesting Holders that are included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of
Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i)and (ii), the Ordinary Shares or other equity securities of other persons or entities that the Company is
obligated to register in a Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities. 

2.1.5    Demand Registration Withdrawal. A
majority-in-interest of the Demanding Holders initiating a Demand Registration or a
majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from a Registration
pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the
Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, (i) the Company may effect any
Underwritten Registration pursuant to any then effective Registration Statement, including a Form S-3, that is then available for such offering and (ii)    the Company shall be responsible
for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5. 

2.2 Piggyback Registration. 

2.2.1    Piggyback Rights. If, at any time on or after the date the Company consummates a Business Combination, the Company
proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or
for the account of shareholders of the Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed in
connection with any employee share option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity
securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than seven (7) days
before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within
three (3) business 

  
 6 

 days after receipt of such written notice (such Registration a “Piggyback
Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed
Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company
included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through
an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. 

2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of the Ordinary Shares that the Company desires to sell, taken
together with (i) the Ordinary Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the
Registrable Securities as to which registration has been requested pursuant Section 2.2 hereof, and (iii) the Ordinary Shares, if any, as to which Registration has been requested pursuant to separate written
contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then: 
 (a) If the Registration
is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number
of Securities; and (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to subsection 2.2.1, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B),
Ordinary Shares, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities; and
(D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities that the Company desires to sell; 

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

  
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 2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to
withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the
effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration (or in the case of an Underwritten Registration pursuant to Rule 415 under the Securities Act, at least two business days prior to the
time of pricing of the applicable offering). The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement
filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the
Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3. 
 2.2.4
Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration effected under
Section 2.1 hereof. 
 2.3 Shelf Registrations. 

2.3.1 The Holders of Registrable Securities may at any time, and from time to time, request in writing that the Company, pursuant to Rule 415 under the
Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or similar short form registration statement that
may be available at such time (“Form S-3”), or if the Company is ineligible to use Form S-3, on Form S-1;
a registration statement filed pursuant to this subsection 2.3.1 (a “Shelf”) shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally
available to, and requested by, any Holder. Within three (3) days of the Company’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on a Shelf, the Company shall promptly give written
notice of the proposed Registration to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such Registration shall
so notify the Company, in writing, within three (3) business days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more than ten (10) days after the Company’s initial receipt
of such written request for a Registration on a Shelf, the Company shall register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities
of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders; provided, however, that the Company shall not be obligated to effect any such Registration pursuant to
this subsection 2.3.1 if the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other
equity securities (if any) at any aggregate price to the public of less than $10,000,000. The Company shall maintain each Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective
amendments, and supplements as may be necessary to keep such Shelf continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities included on
such Shelf. In the event the Company files a Shelf on Form S-1, the Company shall use its commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon as practicable after the Company is eligible to use Form S-3. 

  
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 2.3.2 If any Shelf ceases to be effective under the Securities Act for any reason at any time while
Registrable Securities included thereon are still outstanding, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including
obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the
withdrawal of any order suspending the effectiveness of such Shelf or file an additional registration statement (a “Subsequent Shelf Registration”) registering the resale of all Registrable Securities including on such Shelf,
and pursuant to any method or combination of methods legally available to, and requested by, any Holder. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf
Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf Registration continuously effective, available for use and in compliance with the
provisions of the Securities Act until such time as there are no longer any Registrable Securities included thereon. Any such Subsequent Shelf Registration shall be on Form S-3 to the extent that the Company
is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form. In the event that any Holder holds Registrable Securities that are not registered for resale on a delayed or continuous basis, the
Company, upon request of a Holder shall promptly use its commercially reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s option, a Shelf (including by means of a post-effective
amendment) or a Subsequent Shelf Registration and cause the same to become effective as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration shall be subject to the terms hereof; provided, however, the
Company shall only be required to cause such Registrable Securities to be so covered once annually after inquiry of the Holders. 
 2.4 Restrictions on
Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the
effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good
faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to
firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration
Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such
Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty
(30) days; provided, however, that the Company shall not defer its obligation in this manner more than once in any 12-month period. Notwithstanding anything to the contrary contained in this
Agreement, no Registration shall be effected or permitted and no Registration Statement shall become effective, with respect to any Registrable Securities held by any Holder, until after the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be. 

  
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 ARTICLE 3 

COMPANY PROCEDURES 
 3.1 General
Procedures. If at any time on or after the date the Company consummates a Business Combination the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to
permit the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible: 

3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold; 

3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or
supplement to the Prospectus; 
 3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without
charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such
Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the
Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders; 

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

3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such
Registration Statement; 
 3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of
the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of
any stop order or to obtain its withdrawal if such stop order should be issued; 
 3.1.8 at least five (5) days prior to the filing of any Registration
Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus (other than by way of a document incorporated by reference) furnish a copy thereof to each seller of such Registrable Securities or its counsel; 

  
 10 

 3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required
to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in
Section 3.4 hereof; 
 3.1.10 permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant
retained by such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance
reasonably satisfactory to the Company, prior to the release or disclosure of any such information; 
 3.1.11 obtain a “cold comfort” letter from
the Company’s independent registered public accountants in the event of an Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter
may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders; 

3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel
representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such
opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the
participating Holders; 
 3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing Underwriter of such offering; 
 3.1.14 make available to its security holders, as soon as reasonably practicable, an
earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission); 
 3.1.15 if the
Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary “road show”
presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and 
 3.1.16 otherwise, in good faith, cooperate reasonably
with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration. 
 3.2 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as
Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel
representing the Holders. 
 3.3 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for
equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved by the Company
and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under
the terms of such underwriting arrangements. 

  
 11 

 3.4 Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a
Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it
being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be
resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or
suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights
under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities.
The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section 3.4. 

3.5 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under
the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the
Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to
time to enable such Holder to sell Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission, to the extent that such rule or such successor rule is available to the Company), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification
of a duly authorized officer as to whether it has complied with such requirements. 
 ARTICLE 4 

INDEMNIFICATION AND CONTRIBUTION 
 4.1
Indemnification. 
 4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and
directors and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material
fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers
and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder. 

  
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 4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is
participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall
indemnify the Company, its directors and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable
attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein;
provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and
limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person
who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company. 

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

4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the
indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such
provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason. 

4.1.5 If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the
indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and indemnified party shall be determined by 

  
 13 

 reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net
proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth
in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection
4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such
fraudulent misrepresentation. 
 ARTICLE 5 

MISCELLANEOUS 
 5.1 Notices. Any notice or
communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person
or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above
shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic
mail, telecopy, telegram or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication
under this Agreement must be addressed, if to the Company, to: 122 Hudson Street, 3rd Floor, New York, New York 10013, Attention: Mei Lim, with copies to; Latham & Watkins LLP, 1271 Sixth Avenue, New York, New York 10020, Attention: Marc
Jaffe and Ryan deFord; and to Latham & Watkins LLP, 811 Main Street, Suite 3700, Houston, Texas 77002, Attention: Ryan J. Maierson, and, if to any Holder, at such Holder’s address or facsimile number as set forth in the Company’s
books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as
provided in this Section 5.1. 
 5.2 Assignment; No Third Party Beneficiaries. 

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

5.2.2 Prior to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable
Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee agrees to become bound by the transfer restrictions set forth in this Agreement, the Warrant Agreement or any other applicable letter agreements between the
Company and such Holder. 
 5.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and
its successors and the permitted assigns of the Holders, which shall include Permitted Transferees. 

  
 14 

 5.2.4 This Agreement shall not confer any rights or benefits on any persons that are not parties hereto,
other than as expressly set forth in this Agreement and Section 5.2 hereof. 
 5.2.5 No assignment by any party hereto of such
party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1
hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this
Agreement). Any transfer or assignment made other than as provided in this Section 5.2 shall be null and void. 
 5.3
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 that is valid and enforceable. 
 5.4 Counterparts. This Agreement may be executed in multiple counterparts (including facsimile or PDF
counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced. 

5.5 Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties,
whether oral or written. 
 5.6 Governing Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO,
THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO
THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. 
 5.7 WAIVER OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR THE
ACTIONS OF THE SPONSOR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF. 
 5.8 Amendments and Modifications. Upon the
written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a
holder of the shares of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party
hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any
rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party. 

  
 15 

 5.9 Titles and Headings. Titles and headings of sections of this Agreement are for convenience only
and shall not affect the construction of any provision of this Agreement. 
 5.10 Waivers and Extensions. Any party to this Agreement may waive any
right, breach or default which such party has the right to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may be
made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or
succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations
or acts. 
 5.11 Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Holders may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or
in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under
this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute
or otherwise. 
 5.12 Term. This Agreement shall terminate upon the earlier of (i) the tenth anniversary of the date of this Agreement and
(ii) the date as of which no Registrable Securities remain outstanding. The provisions of Section 3.5 and Article V shall survive any termination. 

[SIGNATURE PAGES FOLLOW] 

  
 16 

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

			
	COMPANY:
	ANTHEMIS DIGITAL ACQUISITIONS I CORP
		
	By:	 	/s/ Mei Lim 
	Name:	 	Mei Lim
	Title:	 	 Chief Financial Officer 

  

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	HOLDERS:
	
	ANTHEMIS DIGITAL ACQUISITIONS I SPONSOR LP
		
	By:	 	/s/ Mei Lim 
	Name:	 	Mei Lim
	Title:	 	 Chief Financial Officer

  

  
 [Signature Page to
Registration Rights Agreement]pirs_9-30x21ex101

    1  EXHIBIT 10.1  EMPLOYMENT AGREEMENT    This Employment Agreement (the “Agreement”) is made and entered into by and between Ahmed  Mousa (“Executive”) and Pieris Pharmaceuticals, Inc., a Nevada corporation (the “Company”)  (together referred to herein as the “Parties”), effective as of October 6, 2021 (the “Effective Date”).      R E C I T A L S    WHEREAS, the Company currently employs Executive as Senior Vice President, Corporate  Operations, General Counsel and Corporate Secretary, overseeing the legal, intellectual property  and quality assurance functions, as well as the Company’s Boston facility,    WHEREAS, the Company desires to promote Executive to Chief Business Officer of the Company  and employ Executive as Chief Business Officer (in addition to Executive’s current roles within  the Company described above) and Executive desires to accept such employment, subject to the  terms and conditions contained in this Agreement,     NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein,  and for other good and valuable consideration, the receipt and adequacy of which is hereby  acknowledged, the parties agree as follows:  1. Employment.   (a) Term of Agreement.  This Agreement shall become effective on the Effective Date  and shall continue unless terminated in accordance with the terms and conditions contained in  Sections 3 and 4 of this Agreement (the “Term”).  Executive’s employment in the new position  shall begin on October 7, 2021, unless otherwise agreed to in writing by the Parties (the “Start  Date”), and at all times shall be “at-will.”  (b) Position and Duties.  Subject to the terms and conditions of this Agreement, the  Company agrees to employ Executive during the Term as Senior Vice President, Chief Business  Officer, General Counsel and Corporate Secretary of the Company and as such Executive shall  report to the Chief Executive Officer of the Company.  Executive shall perform such duties and  bear the responsibilities as are customarily associated with this position as well as such other duties  as shall be specified and designated from time to time by the Company’s Chief Executive Officer,  his designee, and/or the Company’s board of directors (the “Board”).  (c) Location.  Executive may perform services for the Company at any location in the  United States; provided, however, that the Company may from time to time require Executive to  travel to other locations in connection with the Company’s business on a reasonable basis  (including the Company’s offices located in Boston, Massachusetts).   (d) Exclusivity.    

 

    2  (i) During the Term, Executive shall devote all of Executive’s business time  and energies to the business and affairs of the Company and its Affiliates and to the faithful  and diligent performance of the duties and responsibilities described herein. During the  Term, Executive shall not (A) accept any other employment or consultancy or (B) serve on  the board of directors or similar body of any entity, unless such position is approved by the  Chief Executive Officer as set forth in subsection (d)(ii) below (which such approval shall  continue until such time as the Company provides notice to Executive that, in its reasonable  judgment, such position is with a Competing Entity, interferes with Executive’s duties to  the Company or places Executive in a Competing Position with, or otherwise conflicts  with, the interests of the Company, at which time the Company and Executive will discuss  such conflict and the parties will use reasonable efforts to reach agreement on its  resolution); provided that Executive may engage in civic and not-for-profit activities, so  long as such activities, in the aggregate, do not conflict with the interests of the Company  or materially interfere with the performance of Executive’s duties to the Company and do  not otherwise conflict with subsection (d)(ii) below.   (ii) During Executive’s employment by the Company, Executive agrees not to  acquire, assume or participate in, directly or indirectly, any financial position, investment  or interest known by Executive to be adverse or antagonistic to the Company, its business  or prospects, financial or otherwise or in any Competing Entity, directly or indirectly;  provided, however, Executive may accept equity compensation related to the positions or  business activities engaged in which have been approved by the Company pursuant to  subsection (d)(i) above.  Ownership by Executive, as a passive investment, of less than two  percent (2%) of the outstanding shares of capital stock of any corporation with one or more  classes of its capital stock listed on a national securities exchange or publicly traded on a  national securities exchange or in the over-the-counter market shall not constitute breach  of this Section 1(d).  (iii) The Executive hereby represents to the Company that: (A) the execution  and delivery of this Agreement by Executive and the Company and the performance by  Executive of Executive’s duties hereunder do not and shall not constitute a breach of,  conflict with, or otherwise contravene or cause a default under, the terms of any other  agreement or policy to which Executive is a party or otherwise bound or any judgment,  order or decree to which Executive is subject; (B) in entering into this Agreement and  carrying out Executive’s duties under this Agreement, Executive will not disclose to the  Company any trade secret, confidential or proprietary information belonging to any other  Person, including any previous employer, and that Executive shall not bring with Executive  any such information to the Company; (C) Executive is not bound by any agreement with  any previous employer or other party to refrain from competing with the business of, which  would be violated by Executive’s employment with the Company; and (D) all facts  Executive has presented or will present to the Company in connection with entering into  this Agreement and an employment relationship with the Company are accurate and true,  and this includes all oral and written statements Executive has made to the Company  (including, but not limited to, those pertaining to any agreements Executive previously  entered into containing restrictive covenants, Executive’s prior work experience, and  Executive’s prior exposure to trade secrets, confidential and proprietary information), and  Executive understands that the Company will rely upon the accuracy and truth of the  

 

    3  representations and warranties of Executive set forth herein and Executive consents to such  reliance.  2. Compensation and Related Matters.  (a) Base Salary.  Executive’s annual base salary (“Base Salary”) will be $385,000 in  U.S. Dollars, less payroll deductions and all required withholdings, payable in accordance with  the Company’s normal payroll practices in effect from time to time.  The Board or a committee of  the Board shall review Executive’s Base Salary at least annually to determine if adjustments  upward to Executive’s Base Salary, if any, will be made solely at the discretion of the Board or a  committee of the Board.    (b) Bonus. Executive shall also be eligible for an annual discretionary bonus of up to  40% of Executive’s then-current Base Salary (the “Target Bonus Amount”) as determined by the  Board or a committee of the Board in its sole discretion, based upon the Board’s or a committee  of the Board’s evaluation (in its sole discretion) of the achievement of specific individual and/or  Company-wide performance goals as chosen and determined by the Board or a committee of the  Board in its sole discretion. The annual discretionary bonus, if any, shall be payable, less  authorized deductions and required withholdings, no later than March 15th of the calendar year  immediately following the calendar year in which it was earned.  The Target Bonus Amount of  any annual discretionary bonus for which Executive is eligible shall be reviewed by the Board or  a committee of the Board from time to time.  (c) Equity. Executive shall remain subject to the terms of any outstanding equity  awards.  (d) Benefits.  During the Term, the Company shall provide Executive with coverage  under all employee benefit programs, plans and practices as are in effect from time to time, and  which the Company makes available from time to time to its senior executive officers, with at least  the same opportunity to participate as the other senior executive officers of the Company,  including, without limitation, if applicable, retirement, pension, medical, dental, hospitalization,  life insurance, short and long term disability, accidental death and dismemberment and travel  accident coverage.  (e) Vacation and Fringe Benefits.  Executive shall be subject to the Company’s  Unlimited Paid Time Off Policy, as applicable to all of the other Company employees and as may  be amended from time to time.   (f) Business Expenses.  During the Term, the Company shall reimburse Executive for  all reasonable business expenses incurred in the conduct of Executive’s duties hereunder in  accordance with the applicable expense reimbursement policies.  (g) Clawback. Any amounts paid pursuant to this Agreement shall be subject to  recoupment in accordance with any clawback policy that the Company has adopted or is required  in the future to adopt pursuant to the listing standards of any national securities exchange or  association on which the Company’s securities are listed or as is otherwise required by the Dodd- Frank Wall Street Reform and Consumer Protection Act or other applicable law.  

 

    4  3. Termination.  (a) At-Will Employment. The Company and Executive acknowledge that Executive’s  employment is and shall continue to be “at-will,” as defined under applicable law.  This means  that it is not for any specified period of time and can be terminated by any of the parties hereto at  any time, with or without advance notice (other than as stated herein), and for any or no particular  reason or cause.  It also means that Executive’s job duties, title and responsibility, compensation  and benefits, as well as the personnel policies and procedures in effect, may be changed with  prospective effect, with or without notice, at any time in the sole discretion of the Company.  This  “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as  an employee and may not be changed, except in an express writing signed by Executive and a duly  authorized member of the Board.  If Executive’s employment terminates for any reason, Executive  shall not be entitled to any payments, benefits, damages, awards or compensation other than as  provided by this Agreement.     (b) Deemed Resignation.  Upon termination of Executive’s employment for any  reason, Executive shall be deemed to have resigned from all offices and directorships, if any, then  held with the Company or any of its Affiliates, and, at the Company’s request, Executive shall  execute such documents as are necessary or desirable to effectuate such resignations.    4. Obligations Upon Termination of Employment.  (a) Executive’s Obligations.  (i) Notice Period.  Anything in this Agreement notwithstanding, Executive  may voluntarily terminate Executive’s employment hereunder upon not less than sixty (60)  days prior written notice of Executive delivered to the Company, or upon such shorter  notice as Executive and the Company shall agree.  (ii) Confidentiality.  Executive shall not during the Term and thereafter, without  the prior written consent of the Company, knowingly (A) divulge, disclose or make  accessible any Confidential Information (as defined below) to any other person, firm,  partnership, corporation or other entity or (B) use any Confidential Information for  Executive’s own purposes or for the benefit of any other person, firm, partnership,  corporation or other entity (other than the Company), except (x) during the Term, in the  business of and for the benefit of the Company or (y) when required to do so by a court of  competent jurisdiction, by any governmental agency having supervisory authority over the  business of the Company, or by any administrative body or legislative body (including a  committee thereof) with jurisdiction to order Executive to divulge, disclose or make  accessible such Confidential Information or by state, federal, foreign or local law, rule or  regulation; provided that, in the event that Executive is so required to disclose Confidential  Information, Executive shall, prior to making any such disclosure, provide the Company  with prompt written notice of such requirement so that the Company may seek an  appropriate protective order. For purposes of this Agreement, “Confidential Information”  shall mean all confidential Company data, analyses, reports, interpretations, forecasts,  documents and information concerning the affairs of the Company and its Affiliates,  including, without limitation, confidential financial data, strategic business plans,  

 

    5  computer programs and documentation, product development data (or other proprietary  product data), customer lists and customer information, discoveries, practices, policies,  processes, methods, marketing plans, prospects, opportunities and other proprietary  information and trade secrets in whatever form, tangible or intangible; provided that  Confidential Information shall not include (x) information that has become generally  available to the public other than as a result of disclosure by Executive in a manner violative  of this Section 4, or (y) information that is rightly received by Executive without restriction  on disclosure from a third party legally entitled to possess and disclose such information  without restriction (other than information that Executive may learn or has learned by  reason of his association with any Affiliate).  Upon conclusion of the Term or at any point  prior on request of the Company, Executive shall immediately return to the Company all  Confidential Information, including copies, reproductions and summaries thereof, in  Executive’s possession and shall erase all such Confidential Information from all media in  Executive’s possession, and, if the Company so requests, shall certify in writing that  Executive has done so.  All Confidential Information is and shall remain the property of  the Company and its Affiliates.  (iii) Trade Secrets.  For purposes of this Agreement, the term “trade secrets” shall  be given its broadest possible interpretation under applicable law and shall mean all forms  and types of financial, business, scientific, technical, economic, or engineering  information, including patterns, plans, compilations, program devices, formulas, designs,  prototypes, methods, techniques, processes, procedures, programs, or codes, whether  tangible or intangible, and whether or how stored, compiled, or memorialized physically,  electronically, graphically, photographically, or in writing that (A) the Company has taken  reasonable measures to keep secret, and that (B) derives independent economic value,  actual or potential, from not being generally known to, and not being readily ascertainable  through proper means by, another person who can obtain economic value from the  disclosure or use of the information.  (iv) Non-Competition.  During the Term and twelve (12) months thereafter,  Executive agrees that, without the prior written consent of the Board (which the Board may  grant or withhold in its discretion): Executive shall not serve in or otherwise occupy a  Competing Position at, or have any financial interest in, any Competing Entity, except that  Executive’s passive ownership of less than two (2%) percent of the stock of a publicly- held corporation whose stock is traded on a national securities exchange shall not, by itself,  be deemed a breach of this Section 4(a)(iv).  For the avoidance of doubt, nothing in this  paragraph shall in any way limit Executive’s ability to practice law after termination of  Executive’s employment with the Company.  (v) Non-Solicitation. During the Term and for twelve (12) months thereafter,  Executive agrees that, without the prior written consent of the Board, Executive shall not,  on his or her own behalf or on behalf of any person or entity, directly or indirectly, (A)  solicit for employment any employee who has been employed by the Company or any  Affiliate at any time during the twelve (12) months immediately preceding such solicitation  or offer or (B) solicit for the business of or provide services to any client, customer, or  vendor of the Company or any Affiliate for which Executive or any subordinate provided  services during the Term.   

 

    6  (vi) Intellectual Property. All Intellectual Property (as defined below) and  Technology (as defined below) created, developed, obtained or conceived of by Executive  during the Term, and all business opportunities presented to Executive during the Term  shall be owned by and belong exclusively to the Company, provided that they directly  relate to the business of the Company, as of the date of such creation, development,  obtaining or conception, and Executive shall (A) promptly disclose to the Company any  such Intellectual Property or Technology or any viable business opportunity presented by  a third party to Executive during the Term and which the Company has not rejected and  (B) execute and deliver to the Company, without additional compensation, such  instruments (such as assignments of any Intellectual Property to the Company) as the  Company may require from time to time to evidence its ownership of any such Intellectual  Property or Technology or business opportunity. For purposes of this Agreement, (x) the  term “Intellectual Property” shall mean and include any and all trademarks, trade names,  service marks, service names, patents, copyrights and applications therefor and (y) the term  “Technology” shall mean and include any and all trade secrets, proprietary information,  inventions, discoveries, know-how, formulae, processes and procedures.  (vii) Non-disparagement.  During the Term and at all times thereafter, unless as  required by law, including through a valid subpoena, Executive shall not make, or cause to  be made, any statement or communicate any information (whether oral or written) that  disparages or reflects negatively on the Company or its Affiliates, officers, directors, board  members, investors, shareholders, agents or employees.  (viii) Response to Legal Process.  During the Term and for twelve (12) months  thereafter, Executive may respond to a lawful and valid subpoena or other legal process  but shall give the Company the earliest possible notice thereof, and shall, as much in  advance of the return date as possible, make available to the Company and its counsel the  documents and other information sought, and shall assist such counsel with his or her  reasonable requests in resisting or otherwise responding to such process.  (ix) Notice Pursuant to Defend Trade Secrets Act. Notwithstanding any  provision of this Agreement prohibiting the disclosure of trade secrets or other Confidential  Information, Executive understands that Executive may not be held criminally or civilly  liable under any federal or state trade secret law for the disclosure of a trade secret that (i)  is made (A) in confidence to a federal, state or local government official, either directly or  indirectly, or to an attorney representing Executive, and (B) solely for the purpose of  reporting or investigating a suspected violation of law, or (ii) is made in a complaint or  other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In  addition, if Executive files a lawsuit or other court proceeding against the Company for  retaliating against Executive for reporting a suspected violation of law, Executive may  disclose the trade secret to the attorney representing Executive and use the trade secret in  the court proceeding, so long as Executive files any document containing the trade secret  under seal and does not disclose the trade secret, except pursuant to court order.  (x) Survival of Provisions.  The provisions of this Section 4(a) shall survive the  termination or expiration of the applicable Executive’s employment with the Company and  shall be fully enforceable thereafter.  If it is determined by a court of competent jurisdiction  

 

    7  that any restriction in this Section 4(a) is excessive in duration or scope or is unreasonable  or unenforceable under the laws of that jurisdiction, it is the intention of the parties that  such restriction may be modified or amended by the court to render it enforceable to the  maximum extent permitted by the law of that jurisdiction.  (xi) Injunctive Relief. Executive and the Company agree that the restrictions  contained in Sections 4(a) hereof are a reasonable and necessary protection of the  immediate interests on the Company, that any violation of these restrictions would cause  substantial injury to the Company and that the Company would not have entered into this  Agreement without receiving the additional consideration offered by Executive in binding  himself to these restrictions. In the event of the breach or threatened breach by Executive  of any of such restrictions, the Company shall be entitled to apply to any court of competent  jurisdiction for an injunction restraining Executive for such breach or threatened breach,  including, but not limited to, a civil seizure order under the Defend Trade Secrets Act;  provided that the right of the Company to apply for an injunction shall not be construed as  prohibiting the Company from pursuing any other available remedies for such breach or  threatened breach. In the event that, notwithstanding the foregoing, a restriction, or any  portion thereof, contained in Section 4(a) is deemed to be unreasonable by a court of  competent jurisdiction, whether due to the passage of time, change of circumstances or  otherwise, Executive and the Company agree that such restriction, or portion thereof, shall  be modified in order to make it reasonable and shall be enforced accordingly.  (b) Company’s Obligations.  (i) Payments of Accrued Obligations upon Termination of Employment.  Upon  a termination of Executive’s employment for any reason, Executive (or Executive’s estate  or legal representative, as applicable) shall be entitled to receive, within ten (10) days after  the date Executive terminates employment with the Company (or such earlier date as may  be required by applicable law): (A) any portion of Executive’s Base Salary earned through  Executive’s termination date not theretofore paid; (B) any expenses owed to Executive  under Section 2(f) above; (C) any accrued but unused vacation pay owed to Executive  pursuant to Section 2(e) above; and (D) any amount arising from Executive’s participation  in, or benefits under, any employee benefit plans, programs or arrangements under Section  2(d) above, which amounts shall be payable in accordance with the terms and conditions  of such employee benefit plans, programs or arrangements.  (ii) Separation Benefits upon a Covered Termination Other Than During a  Change in Control Period.  If Executive experiences a Covered Termination at any time  other than during a Change in Control Period, and if Executive executes and does not  revoke during any applicable revocation period a general release of all claims against the  Company and its Affiliates in a form acceptable to the Company (a “Release of Claims”)  within the sixty (60) day period immediately following Executive’s Separation from  Service and in compliance with applicable law, following such Covered Termination, then  in addition to any accrued obligations payable under Section 4(b)(i) above, the Company  shall provide Executive with the following:   

 

    8  (A) Separation Pay. Nine (9) months (the “Separation Pay  Period”) of Executive’s Base Salary in effect as of Executive’s termination  date (the “Separation Pay”), provided, however, that for a Covered  Termination other than during a Change in Control Period, the Separation  Pay shall represent seventy-five percent (75%) of Executive’s Base Salary.   Such amount will be subject to applicable withholdings and payable in  twelve equal installments (the “Separation Pay Installments”) on the first  regular payroll date following the date the Release of Claims becomes  effective and irrevocable or if the payment is subject to Section 409A, the  date set forth in Section 10 hereof.    (B) Bonus.  Any annual discretionary bonus that the Company  awarded to Executive in the year prior to the termination but which  Company still had not paid to Executive as of the termination date.  Such  amount will be subject to applicable withholdings and payable in a single  lump sum cash payment on the first regular payroll date following the date  the Release of Claims becomes effective and irrevocable or if the payment  is subject to Section 409A, the date set forth in Section 10 hereof.  For the  avoidance of doubt, Executive shall not be entitled to a pro-rated bonus for  the year of termination.    (C) Equity Awards.  With respect to the then outstanding equity  awards that remain subject to vesting or other forfeiture restrictions as of  the termination date (the “Unvested Awards”), such Unvested Awards shall  remain subject to their original vesting schedules.   (D) Continued Healthcare.  The Company shall notify Executive  of any right to continue group health plan coverage sponsored by the  Company or an Affiliate immediately prior to Executive’s date of  termination pursuant to the provisions of applicable law including, but not  limited to, the provisions of the Consolidated Omnibus Budget  Reconciliation Act of 1985, as amended (“COBRA”).  If Executive elects  to receive such continued healthcare coverage, the Company shall directly  pay, or reimburse Executive for, the premium for Executive and Executive’  s covered dependents, less the amount of Executive’s monthly premium  contributions for such coverage prior to termination, for the period  commencing on the first day of the first full calendar month following the  date the Release of Claims becomes effective and irrevocable through the  earlier of (i) the last day of the nine (9) full calendar months following the  date the Release of Claims becomes effective and irrevocable and (ii) the  date Executive and Executive’s covered dependents, if any, become eligible  for healthcare coverage under another employer’s plan(s).  Executive shall  notify the Company immediately if Executive becomes covered by a group  health plan of a subsequent employer.  After the Company ceases to pay  premiums pursuant to this subsection, Executive may, if eligible, elect to  continue healthcare coverage at Executive’s expense in accordance the  provisions of COBRA or other applicable law.  

 

    9  (iii) Separation Benefits upon a Covered Termination During a Change in  Control Period.  If Executive experiences a Covered Termination during a Change in  Control Period, and if Executive executes and does not revoke during any applicable  revocation period a Release of Claims within a reasonable period of time specified by the  Company, following such Covered Termination, then in addition to any accrued  obligations payable under Section 4(b)(i) above, the Company shall provide Executive with  the following:  (A) Separation Pay.  Twelve (12) months of Separation Pay.   Such amount will be subject to applicable withholdings and payable in  twelve equal installments on the first regular payroll date following the date  the Release of Claims becomes effective and irrevocable or if the payment  is subject to Section 409A, the date set forth in Section 10 hereof.    (B) Bonus.  Executive’s Target Bonus Amount in effect as of the  termination date; plus any annual discretionary bonus that the Company  awarded to Executive in the year prior to the termination but which  Company still had not paid to Executive as of the termination date.  Such  amount will be subject to applicable withholdings and payable in a single  lump sum cash payment on the first regular payroll date following the date  the Release of Claims becomes effective and irrevocable or if the payment  is subject to Section 409A, the date set forth in Section 10 hereof.    (C) Equity Awards. With respect to the Unvested Awards, one- hundred percent (100%) of the Unvested Awards shall, as applicable, vest  and have any forfeiture restrictions lapse, as of the date the Release of  Claims becomes effective and irrevocable; provided, however, that if the  equity award is subject to Section 409A and payable upon vesting or lapse  of restriction, as applicable, payment of such equity award shall be made on  the date set forth in Section 10 hereof.  (D) Continued Healthcare.  The Company shall notify Executive  of any right to continue group health plan coverage sponsored by the  Company or an Affiliate immediately prior to Executive’s date of  termination pursuant to the provisions of applicable law including, but not  limited to, the provisions of COBRA.  If Executive elects to receive such  continued healthcare coverage, the Company shall directly pay, or  reimburse Executive for, the premium for Executive and Executive’ s  covered dependents, less the amount of Executive’s monthly premium  contributions for such coverage prior to termination, for the period  commencing on the first day of the first full calendar month following the  date the Release of Claims becomes effective and irrevocable through the  earlier of (i) the last day of the twelve (12) full calendar months following  the date the Release of Claims becomes effective and irrevocable and (ii)  the date Executive and Executive’s covered dependents, if any, become  eligible for healthcare coverage under another employer’s plan(s).   Executive shall notify the Company immediately if Executive becomes  

 

    10  covered by a group health plan of a subsequent employer.  After the  Company ceases to pay premiums pursuant to this subsection, Executive  may, if eligible, elect to continue healthcare coverage at Executive’s  expense in accordance the provisions of COBRA or other applicable law.  (iv) No Other Severance.  The provisions of this Section 4(b) shall supersede in  their entirety any severance payment or other arrangement provided by the Company,  including, without limitation, any severance plan of the Company.   (c) Release of Claims.  The Company shall provide a form Release of Claims to  Executive within five (5) business days of Executive’s termination date.    (d) No Requirement to Mitigate; Separation Pay Offset; Survival.    (i) Executive shall not be required to mitigate the amount of any payment  provided for under this Agreement by seeking other employment or in any other manner.    (ii) In the case of Covered Termination Other Than During a Change in Control  Period under Section 4(b)(ii)(A), if Executive accepts a Bona Fide Offer of Employment  (as defined below) from another Person during the Separation Pay Period, Executive shall  no longer be entitled to each of the Separation Pay Installments under Section 4(b)(ii)(A).   Instead, in addition to the Separation Pay Installments Executive previously paid to  Executive (and in lieu of the Separation Pay Installments not yet paid):  (A) If Executive accepts a Bona Fide Offer of Employment on  or before the nine (9) month anniversary of the commencement of the  Separation Pay Period, then Executive shall be entitled to an amount equal  to six (6) months, less the number of Separation Pay Installments previously  paid to Executive; or  (B) If Executive accepts a Bona Fide Offer of Employment after  the nine (9) month anniversary of the commencement of the Separation Pay  Period, then Executive shall not be entitled to receive any further Separation  Pay Installments.    For the sake of clarity, under no circumstances shall Executive receive less than nine (9)  months of Separation Pay in the case of a Covered Termination Other Than During a  Change in Control Period.    (iii) Executive shall notify the Company in writing of Executive’s acceptance of  a Bona Fide Offer of Employment within two (2) business days of such offer.  Executive  further agrees that the compensation paid in connection with any such Bona Find Offer of  Employment will be negotiated in good faith and as the result of arm’s-length bargaining  and not with the effect of diminishing the Company’s right to reduce the Separation Pay  under this Agreement.    (iv) Notwithstanding anything to the contrary in this Agreement, the termination  of Executive’s employment shall not impair the rights or obligations of any party.  

 

    11  5. Limitation on Payments. Notwithstanding anything in this Agreement to the  contrary, if any payment or distribution Executive would receive pursuant to this Agreement or  otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section  280G of the Internal Revenue Code of 1986, as amended (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 the Company shall cause to be determined, before any amounts of the Payment are paid to  Executive, which of the following alternative forms of payment would maximize Executive’s  after-tax proceeds: (x) payment in full of the entire amount of the Payment (a “Full Payment”), or  (y) payment of only a part of the Payment so that Executive receives that largest Payment possible  without being subject to the Excise Tax (a “Reduced Payment”), whichever of the foregoing  amounts, taking into account the applicable federal, state and local income taxes and the Excise  Tax (all computed at the highest marginal rate, net of the maximum reduction in federal income  taxes which could be obtained from a deduction of such state and local taxes), results in  Executive’s receipt, on an after-tax basis, of the greater amount of the Payment, notwithstanding  that all or some portion the Payment may be subject to the Excise Tax.    (a) The independent registered public accounting firm engaged by the Company for  general audit purposes as of the day prior to the effective date of the Change in Control shall make  all determinations required to be made under this Section 5.  If the independent registered public  accounting firm so engaged by the Company is serving as accountant or auditor for the individual,  group or entity effecting the Change in Control, the Company shall appoint a nationally recognized  independent registered public accounting firm to make the determinations required hereunder.  The  Company shall bear all expenses with respect to the determinations by such independent registered  public accounting firm required to be made hereunder.  (b) The independent registered public accounting firm engaged to make the  determinations hereunder shall provide its calculations, together with detailed supporting  documentation, to the Company and Executive at such time as requested by the Company or  Executive.  If the independent registered public accounting firm determines that no Excise Tax is  payable with respect to a Payment, either before or after the application of the Reduced Payment,  it shall furnish the Company and Executive with an opinion reasonably acceptable to Executive  that no Excise Tax will be imposed with respect to such Payment.  Any good faith determinations  of the accounting firm made hereunder shall be final, binding and conclusive upon the Company  and Executive.  6. Successors.  (a) Company’s Successors.  Any successor to the Company (whether direct or indirect  and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially  all of the Company’s business and/or assets shall assume the obligations under this Agreement and  agree expressly to perform the obligations under this Agreement in the same manner and to the  same extent as the Company would be required to perform such obligations in the absence of a  succession.  For all purposes under this Agreement, the term “Company” shall include any  successor to the Company’s business and/or assets which executes and delivers the assumption  agreement described in this Section 6(a) or which becomes bound by the terms of this Agreement  by operation of law.  

 

    12  (b) Executive’s Successors.  The terms of this Agreement and all rights of Executive  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.  7. Notices.  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 one  day following mailing via Federal Express or similar overnight courier service.  In the case of  Executive, mailed notices shall be addressed to Executive at Executive’s home address that the  Company has on file for Executive.  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 the Chairman of  the Compensation Committee of the Company.  8. Dispute Resolution.  To ensure the timely and economical resolution of disputes  that arise in connection with this Agreement, Executive and the Company agree that any and all  disputes, claims, or causes of action arising from or relating to the enforcement, breach,  performance or interpretation of this Agreement, Executive’s employment, or the termination of  Executive’s employment, shall be resolved to the fullest extent permitted by law by final, binding  and confidential arbitration, by a single arbitrator, in Boston, Massachusetts, conducted by Judicial  Arbitration and Mediation Services, Inc. (“JAMS”) under the applicable JAMS employment rules.   By agreeing to this arbitration procedure, both Executive and the Company waive the right  to resolve any such dispute through a trial by jury or judge or administrative proceeding.   The arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the  dispute and to award such relief as would otherwise be permitted by law; and (ii) issue a written  arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement  of the award.  The arbitrator shall be authorized to award any or all remedies that Executive or the  Company would be entitled to seek in a court of law.  The Company shall pay all JAMS’ arbitration  fees in excess of the amount of court fees that would be required if the dispute were decided in a  court of law.  Nothing in this Agreement is intended to prevent either Executive or the Company  from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any  such arbitration.  Notwithstanding the foregoing, Executive and the Company each have the right  to resolve any issue or dispute over intellectual property rights by Court action instead of  arbitration.  9. Miscellaneous Provisions.  (a) Withholdings and Offsets.  The Company shall be entitled to withhold from any  amounts payable under this Agreement any federal, state, local or foreign withholding or other  taxes or charges which the Company is required to withhold. The Company shall be entitled to  rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall  arise.    (b) Waiver.  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.  

 

    13  (c) Whole Agreement.  Except as expressly provided for in Section 2(c), this  Agreement represents the entire understanding of the parties hereto with respect to the subject  matter hereof and supersede all prior arrangements and understandings regarding same, including,  without limitation, any severance plan of the Company.  (d) Choice of Law.  The validity, interpretation, construction and performance of this  Agreement shall be governed by the laws of the Commonwealth of Massachusetts.  (e) Severability.  The finding by a court of competent jurisdiction of the  unenforceability, invalidity or illegality of any provision of this Agreement shall not render any  other provision of this Agreement unenforceable, invalid or illegal.  Such court shall have the  authority to modify or replace the invalid or unenforceable term or provision with a valid and  enforceable term or provision which most accurately represents the intention of the parties hereto  with respect to the invalid or unenforceable term or provision.  (f) Interpretation; Construction.  The headings set forth in this Agreement are for  convenience of reference only and shall not be used in interpreting this Agreement.  This  Agreement has been drafted by legal counsel representing the Company, but Executive has been  encouraged to consult with, and has consulted with, Executive’s own independent counsel and tax  advisors with respect to the terms of this Agreement.  The parties hereto acknowledge that each  party hereto and its counsel has reviewed and revised, or had an opportunity to review and revise,  this Agreement, and any rule of construction to the effect that any ambiguities are to be resolved  against the drafting party shall not be employed in the interpretation of this Agreement.   (g) Representations; Warranties.  Executive represents and warrants that Executive is  not restricted or prohibited, contractually or otherwise, from entering into and performing each of  the terms and covenants contained in this Agreement, and that Executive’s execution and  performance of this Agreement will not violate or breach any other agreements between Executive  and any other person or entity and that Executive has not engaged in any act or omission that could  be reasonably expected to result in or lead to an event constituting “Cause” for purposes of this  Agreement.  (h) Counterparts.  This Agreement may be executed in counterparts, each of which  shall be deemed an original, but all of which together will constitute one and the same instrument.  10. Section 409A.  The intent of the parties is that the payments and benefits under this  Agreement comply with or be exempt from Section 409A of the Code and the Department of  Treasury regulations and other interpretive guidance issued thereunder, including without  limitation any such regulations or other guidance that may be issued after the Effective Date,  (“Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be  interpreted to be in compliance therewith.  If the Company determines that any provision of this  Agreement would cause Executive to incur any additional tax or interest under Section 409A (with  specificity as to the reason therefor), the Company and Executive shall take commercially  reasonable efforts to reform such provision to try to comply with or be exempt from Section 409A  through good faith modifications to the minimum extent reasonably appropriate to conform with  Section 409A, provided that any such modifications shall not increase the cost or liability to the  Company.  To the extent that any provision hereof is modified in order to comply with or be  

 

    14  exempt from Section 409A, such modification shall be made in good faith and shall, to the  maximum extent reasonably possible, maintain the original intent and economic benefit to  Executive and the Company of the applicable provision without violating the provisions of Section  409A.  (a) Separation from Service.  Notwithstanding any provision to the contrary in this  Agreement, no amount that is subject to Section 409A of the Code shall be payable pursuant to  Section 4 unless Executive’s termination of employment constitutes a “separation from service”  with the Company within the meaning of Section 409A (“Separation from Service”) and, except  as provided under Section 10(b) of this Agreement, any such amount shall be paid, or in the case  of installments, commence payment, on the sixtieth (60th) day following Executive’s Separation  from Service.  Any installment payments that would have been made to Executive during the sixty  (60) day period immediately following Executive’s Separation from Service but for the preceding  sentence shall be paid to Executive on the sixtieth (60th) day following Executive’s Separation  from Service and the remaining payments shall be made as provided in this Agreement.  (b) Specified Employee.  Notwithstanding any provision to the contrary in this  Agreement, if Executive is deemed at the time of his or her separation from service to be a  “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed  commencement of any portion of the benefits to which Executive is entitled under this Agreement  is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code,  such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (a)  the expiration of the six (6)-month period measured from the date of Executive’s Separation from  Service or (b) the date of Executive’s death.  Upon the first day of the seventh month following  the date of the Executive’s separation from service, all payments deferred pursuant to this Section  10(b) shall be paid in a lump sum to Executive, and any remaining payments due under this  Agreement shall be paid as otherwise provided herein.  (c) Expense Reimbursements.  To the extent that any reimbursements payable pursuant  to this Agreement are subject to the provisions of Section 409A, any such reimbursements payable  to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of  the year following the year in which the expense was incurred, the amount of expenses reimbursed  in one year shall not affect the amount eligible for reimbursement in any subsequent year, and  Executive’s right to reimbursement under this Agreement will not be subject to liquidation or  exchange for another benefit.  (d) Installments.  For purposes of Section 409A (including, without limitation, for  purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any  installment payments under this Agreement shall be treated as a right to receive a series of separate  payments and, accordingly, each such installment payment shall at all times be considered a  separate and distinct payment.  11. Definition of Terms.  The following terms referred to in this Agreement shall have  the following meanings:  (a) Affiliates.  “Affiliates” means any of the Company’s subsidiaries or joint ventures  currently existing or which shall be established during Executive’s employment by the Company.  

 

    15  (b) Bona Fide Offer of Employment.  “Bona Fide Offer of Employment” means an  offer to provide services in any capacity to another Person that during the first twelve (12) months  of providing such services shall entitle Executive to earn a base salary that equals or exceeds  Executive’s annual Base Salary in effect as of his termination date.    (c) Cause.  “Cause” means the occurrence of any of the following events, as determined  by the Board or a committee designated by the Board, in its sole discretion: (i) Executive’s  commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the  laws of the United States or any state thereof; (ii) Executive’s attempted commission of, or  participation in, a fraud against the Company; (iii) Executive’s material violation of any contract  or agreement between Executive and the Company or of any statutory duty owed to the Company,  including this Agreement; (iv) Executive’s unauthorized use or disclosure of the Company’s  confidential information or trade secrets; or (v) Executive’s gross misconduct.  (d) Change in Control.  “Change in Control” means:  Ownership.  Any “Person” (as such term is used in Sections 13(d) and 14(d) of the  Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes the  “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange Act), directly or  indirectly, of securities of the Company representing 50% or more of the total  voting power represented by the Company’s then outstanding voting securities  (excluding for this purpose any such voting securities held by the Company or its  Affiliates or by any employee benefit plan of the Company) pursuant to a  transaction or a series of related transactions which the Board of Directors does not  approve; or  Merger/Sale of Assets.  (A) A merger or consolidation of the Company whether or  not approved by the Board of Directors, other than a merger or consolidation which  would result in the voting securities of the Company outstanding immediately prior  thereto continuing to represent (either by remaining outstanding or by being  converted into voting securities of the surviving entity or the parent of such  corporation) more than 50% of the total voting power represented by the voting  securities of the Company or such surviving entity or parent of such corporation, as  the case may be, outstanding immediately after such merger or consolidation; or  (B) the sale or disposition by the Company of all or substantially all of the  Company’s assets in a transaction requiring stockholder approval.  Notwithstanding  the foregoing, a “Change in Control” must also constitute a “change in control  event” as defined in Treasury Regulation §1.409A-3(i)(5).  (e) Change in Control Period.  “Change in Control Period” means the period beginning  with the agreement which if consummated is a Change in Control and ending twelve (12) months  after the effective date of a Change in Control.  (f) Covered Termination.  “Covered Termination” shall mean the termination of  Executive’s employment (i) by the Company other than for Cause, or (ii) by Executive for Good  Reason.  

 

    16  (g) Competing Entity.  “Competing Entity” shall mean any other person or entity  engaged or actively planning to be engaged in the business of developing, manufacturing or  marketing next generation protein therapeutics for respiratory, autoimmune, or oncology  conditions.  (h) Competing Position.  “Competing Position” shall mean engaging, directly or  indirectly, in any manner or capacity, as adviser, principal, agent, affiliate, promoter, partner,  officer, director, employee, stockholder, owner, co-owner, consultant, or member of any  association or otherwise, in any Competing Entity.  (i) Good Reason.  “Good Reason” means Executive’s resignation from all positions  he or she then holds with the Company if, without Executive’s consent: (i) (A) there is a material  diminution in Executive’s duties and responsibilities with the Company or in job title; (B) there is  a material reduction of Executive’s base salary; provided, however, that a material reduction in  Executive’s base salary pursuant to a salary reduction program affecting all or substantially all of  the employees of the Company and that does not adversely affect Executive to a greater extent  than other similarly situated employees shall not constitute Good Reason; or (C) Executive is  required to relocate Executive’s primary work location to a facility or location that would increase  Executive’s one-way commute distance by more than fifty (50) miles from Executive’s primary  work location as of immediately prior to such change, (ii) Executive provides written notice  outlining such conditions, acts or omissions to the Company within thirty (30) days immediately  following such material change or reduction, (iii) such material change or reduction is not  remedied by the Company within thirty (30) days following the Company’s receipt of such written  notice and (iv) Executive’s resignation is effective not later than thirty (30) days after the  expiration of such thirty (30) day cure period.  (j) “Person” means without limitation, an individual, a partnership, a limited liability  company, a corporation, an association, a joint stock company, a trust, a joint venture, an  unincorporated organization and a governmental entity or any department, agency or political  subdivision thereof.     

 

    17  IN WITNESS HEREOF, the Parties have signed this Agreement as of the date first above  written.    PIERIS PHARMACEUTICALS, INC.    _________________________________  By:  Name:  Title:      AHMED MOUSA      _/s/ Ahmed Mousa__________________

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