Document:

Exhibit 10.23

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into, as of February
9, 2021 (the “Effective Date”), by and between Westrock Coffee Holdings, LLC and William Ford (“Executive”).

 

WHEREAS,
the Company and Executive desire to enter into this Agreement to set forth the terms of Executive’s service to the Company.

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual promises contained herein and other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the parties agree as follows:

 

1.            Employment
Period. The Company agrees to employ Executive, and Executive agrees to serve the Company and its Affiliates (as defined below),
subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the third anniversary
of the Effective Date, unless earlier terminated in accordance with the terms of this Agreement (the “Employment Period”);
provided that commencing on the second anniversary of the Effective Date, and on each annual anniversary thereafter (such date
and each annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”), unless previously terminated,
the Employment Period shall be automatically extended so as to terminate two years from such Renewal Date, unless at least 180 days prior
to the Renewal Date either the Company or Executive shall give notice to the other party that the Employment Period shall not be so extended
(a “Notice of Non-Renewal”). For purposes of this Agreement, the term “Affiliate” means an entity controlled
by, controlling or under common control with the Company.

 

2.            Position
and Duties; Location; Standard of Services.

 

(a)            Position
and Duties. During the Employment Period, Executive shall serve as Group President, Operations of the Company, and of its subsidiary,
Westrock Coffee Company, LLC, and shall perform customary and appropriate duties as may be reasonably assigned to Executive from time
to time by the Chief Executive Officer of the Company (the “CEO”). Executive shall have such responsibilities, power
and authority as those normally associated with such position in public companies of a similar stature. Executive shall report solely
and directly to the CEO.

 

(b)            Location.
During the Employment Period, Executive’s principal place of employment shall be the Company’s headquarters in Little Rock, Arkansas,
subject to reasonable business travel at the Company’s request.

 

(c)            Standard
of Services. During the Employment Period, Executive agrees to devote substantially all of Executive’s business attention and time
to the business and affairs of the Company and its Affiliates and to use Executive’s reasonable best efforts to perform faithfully and
efficiently such responsibilities.

 

     

     

    

 

3.            Compensation
and Employee Benefits.

 

(a)            Annual
Base Salary. During the Employment Period, Executive shall receive an annual base salary (the “Annual Base Salary”)
of no less than $300,000, payable in accordance with the Company’s regular payroll practices. The Annual Base Salary shall be reviewed
at least annually by the CEO for possible increase, as determined in the discretion of the CEO. The term “Annual Base Salary”
as used in this Agreement shall refer to the Annual Base Salary as it may be so adjusted from time to time.

 

(b)           Annual
Bonus. During the Employment Period, Executive shall have the opportunity to earn, for each fiscal year of the Company, an
annual bonus (the “Annual Bonus”) pursuant to the terms of the Company’s Annual Cash Bonus Plan (or such
other annual incentive plan that may be in effect for senior executives of the Company from time to time, the “Annual Bonus
Plan”). Initially, Executive’s “Personal Factor” (as such term in defined in the Annual Bonus Plan)
shall be 85%. Executive’s Personal Factor may be increased from time to time by the CEO. Executive’s Annual Bonus
opportunity is expected to be as follows, provided that such opportunities may be adjusted in a manner comparable to that
applicable to other similarly situated executives of the Company for unusual or extraordinary circumstances, as determined by the
CEO:

 

(1)            Minimum
Threshold. 50% of the product of Executive’s Personal Factor multiplied by Executive’s Annual Base Salary;

 

(ii)           Target
Opportunity. 100% of the product of Executive’s Personal Factor multiplied by Executive’s Annual Base Salary; and

 

(iii)          Maximum
Threshold. 150% of the product of Executive’s Personal Factor multiplied by Executive’s Annual Base Salary.

 

The performance goals applicable to the Annual
Bonus shall be based on EBITDA and determined by the Board of Directors of the Company (the “Board”) or a committee
thereof in consultation with the CEO. If the Company has adopted a stretch bonus pool for the applicable fiscal year (the “Stretch
Pool”) and performance exceeds the maximum threshold, 10% of the excess EBITDA shall be allocated to an executive bonus plan
to be allocated by the CEO, provided that if Executive participates in the Stretch Pool, Executive’s allocations shall be subject
to the approval of the Committee, in consultation with Executive. In no event shall Executive’s Annual Bonus be paid after March 15
of the year following the year in which it was earned.

 

(c)            Long-Term
Incentive Awards. Executive shall be eligible to participate in the Company’s equity incentive plan, as in effect from time to time.

 

(d)            Other
Employee Benefit Plans. During the Employment Period, Executive shall be entitled to participate in the employee benefit plans, practices,
policies and programs, as in effect from time to time, that are generally applicable to other senior executives of the Company (including
retirement, deferred compensation and health and welfare benefits) on the same terms as are applicable to other senior executives of
the Company.

 

(e)            Review
for New Peer Group. Executive’s compensation and benefits generally shall be subject to review by the CEO for upward adjustment at
the same time as other senior executives of the Company following the Effective Date (and at least annually thereafter) to ensure that
his compensation and benefits are commensurate with market practices for the Company’s peer group following the Effective Date.

 

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(f)            Business
Expenses. Executive shall be entitled to receive prompt reimbursement for all business expenses
(including travel, entertainment, professional dues and subscriptions) incurred by Executive, in accordance with the Company’s policies
as in effect from time to time.

 

4.            Termination
of Employment.

 

(a)            Death
or Disability. Executive’s employment shall terminate automatically upon Executive’s death during the Employment
Period. If the Board determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to
the definition of Disability set forth below), it may provide Executive with written notice in accordance with Section 11(b) of
its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company and its Affiliates
shall terminate effective on the 30th day after Executive’s receipt of such notice (the “Disability Effective
Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance
of Executive’s duties. For purposes of this Agreement, “Disability” shall mean the absence of Executive from
Executive’s duties with the Company on a full-time basis for 120 consecutive days, or for 180 days (which need not be consecutive)
within a 365. day period, as a result of incapacity due to mental or physical illness.

 

(b)            With
or Without Cause. The Company may terminate Executive’s employment during the Employment Period either with or without Cause.
For purposes of this Agreement, “Cause” shall mean:

 

(i)              Executive’s
willful failure to substantially perform his duties;

 

(ii)       any
act of fraud, misappropriation, dishonesty, malfeasance or embezzlement by Executive in connection with the performance of his duties
to the Company;

 

(iii)            Executive’s
material violation of any policies of the Company or any restrictive covenants applicable to Executive; or

 

(iv)            Executive’s
conviction of, or entering a plea of nolo contendere to, a felony.

 

For purposes of this provision, no act or failure
to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad
faith or without reasonable belief that Executive’s action or omission was in the best interests of the Company and its Affiliates. If
an action or omission constituting Cause is curable, Executive may be terminated under such clauses only if Executive has not cured such
action or omission within 30 days following written notice thereof from the Company. Further, Executive shall not be deemed to be discharged
for Cause unless and until there is delivered to Executive a copy of a resolution duly adopted by the affirmative vote of the Board,
at a meeting called and duly held for such purpose (after reasonable notice is provided to Executive and Executive is given an opportunity,
together with counsel for Executive, to be heard before the Board), finding in good faith that Executive is guilty of the conduct set
forth above and specifying the particulars thereof in detail. Any such determination shall be made by the board of directors (or equivalent
governing body) of the ultimate parent entity of the Company or its successor and shall be subject to de novo review by a court
of law pursuant to the dispute provisions of Section 11(a).

 

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(c)            With
or Without Good Reason. Executive’s employment may be terminated by Executive either with or without Good Reason. For purposes of
this Agreement, “Good Reason” shall mean Executive’s voluntary
resignation after any of the following actions are taken by the Company or any of its Affiliates without Executive’s written consent:

 

(i)            A
material diminution in Executive’s title, authority, duties or responsibilities or a requirement that Executive report to any person
or entity other than the CEO;

 

(ii)            A
material reduction in the Annual Base Salary or Annual Bonus opportunity;

 

(iii)       A
relocation of Executive’s primary place of employment by more than 25 miles from Executive’s primary place of employment as set forth
in this Agreement; or

 

(iv)            The
Company’s violation of the terms of this Agreement.

 

In order to invoke a termination for Good Reason,
Executive shall provide written notice to the Company of the existence of one or more of the conditions giving rise to Good Reason within
90 days following Executive’s knowledge of the initial existence of such condition or conditions, and the Company shall have 30 days
following receipt of such written notice (the “Cure Period”) during which it may remedy the condition. In the event
that the Company fails to remedy the condition constituting Good Reason during the Cure Period, Executive must terminate employment,
if at all, within 90 days following the Cure Period in order for such termination to constitute a termination for Good Reason. Executive’s
mental or physical incapacity following the occurrence of an event described above shall not affect Executive’s ability to terminate
employment for Good Reason.

 

(d)            Retirement.
Executive’s employment may be terminated by Executive due to Retirement. For purposes of this Agreement, “Retirement”
shall mean Executive’s voluntary resignation at a time when the sum of Executive’s age and years of service equal at least
70, provided that Executive has attained at least age 55 with at least 10 years of service with the Company or any predecessor
or successor entity.

 

(e)            Notice
of Termination. Any termination by the Company with or without Cause, or by Executive with or without Good Reason or due to Retirement,
shall be communicated by Notice of Termination to the other party hereto given in accordance with Section 11(b). For purposes of
this Agreement, a “Notice of Termination” means a written notice that (i) indicates the specific termination provision
in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) specifies the Date of Termination
(as defined below), which date shall be not more than 30 days after the delivery of such notice.

 

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(f)            Date
of Termination. “Date of Termination” means (i) if Executive’s employment is terminated by the Company
with Cause, or by Executive with Good Reason, the date of receipt of the Notice of Termination or any later date specified therein within
30 days following such notice, (ii) if Executive’s employment is terminated by the Company without Cause, or by Executive
without Good Reason (including due to Retirement), the 30’” day following receipt of the Notice of Termination or any later
date specified therein or (iii) if Executive’s employment is terminated by reason of death or Disability, the Date of Termination
shall be the date of death of Executive or the Disability Effective Date, as the case may be.

 

5.            Obligations
of the Company upon Termination. (a) Good Reason; Other Than for Cause, Death or Disability. If, during the Employment
Period, the Company terminates Executive’s employment other than for Cause, death or Disability, or Executive terminates employment for
Good Reason, then, subject to Executive’s execution within 50 days following the Date of Termination, and non revocation, of a release
of claims in the form attached as Exhibit A (the “Release”), the Company and its Affiliates shall pay to
Executive the following:

 

(i)            the
sum of (A) the portion of the Annual Base Salary due for the period through the Date of Termination to the extent not theretofore
paid, (B) any accrued but unpaid vacation and (C) Executive’s business expenses that have not been reimbursed by the Company
as of the Date of Termination that were incurred by Executive on or prior to the Date of Termination (the sum of the amounts described
in clauses (A), (B) and (C) shall be hereinafter referred to as the “Accrued Obligations”), which Accrued
Obligations shall be paid in a lump sum in cash within 60 days following the Date of Termination;

 

(ii)            any
unpaid Annual Bonus earned by Executive in respect of the fiscal year of the Company that was completed on or prior to the Date of Termination
(the “Unpaid Annual Bonus”), which Unpaid Annual Bonus shall be paid in a lump sum in cash no later than March 15
following the year in which it was earned);

 

(iii)            a
prorated Annual Bonus in respect of the fiscal year of the Company in which the Date of Termination occurs, with such amount to equal
the product of (A) 100% of the product of Executive’s Personal Factor multiplied by Executive’s Annual Base Salary for the
fiscal year in which the Date of Termination occurs, and (B) a fraction, (I) the numerator of which is the number of days in
the fiscal year of the Company in which the Date of Termination occurs through the Date of Termination, and (II) the
denominator of which is 365 (the “Prorated Annual Bonus”), which Prorated Annual Bonus shall be paid in a lump sum in
cash on the first regular payroll date following the effective date of the Release, provided that if the period for consideration
and revocation of the Release spans two calendar years, then the payment will be made no sooner than the first regular payroll date in
the second calendar year;

 

(iv)            an
amount equal to the sum of (x) the Annual Base Salary and (y) 100% of the product of Executive’s Personal Factor multiplied
by Executive’s Annual Base Salary as in effect for the fiscal year of the Company in which the Date of Termination occurs, which
amount shall be paid in a lump sum in cash on the first regular payroll date following the effective date of the Release, provided
that if the period for consideration and revocation of the Release spans two calendar years, then the payment will be made no sooner
than the first regular payroll date in the second calendar year;

 

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(v)            a
cash payment equal to 125% of the full amount of premiums for health insurance coverage for one year following Date of Termination, determined
based on the level of coverage for Executive and his dependents as of the Date of Termination, which shall be paid on the first regular
payroll date following the effective date of the Release, provided that if the period for consideration and revocation of the
Release spans two calendar years, then the payment will be made no sooner than the first regular payroll date in the second calendar
year; and

 

(vi)            to
the extent not theretofore paid or provided, the Company and its Affiliates shall timely pay or provide, in accordance with the terms
of the applicable plan, program, policy, practice or contract, to Executive any other amounts or benefits required to be paid or provided
or that Executive is eligible to receive under any plan, program, policy, practice or contract of the Company or its Affiliates through
the Date of Termination (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).

 

For the avoidance of doubt, if applicable, any
amount payable pursuant to Section 5(a) shall be determined without regard to any reduction in compensation that resulted in
Executive’s termination of employment for Good Reason. If Executive does not execute the Release within 50 days following the Date of
Termination, or if Executive revokes the Release, Executive shall be entitled to only the Accrued Obligations and Other Benefits. Other
than as set forth in this Section 5(a), in the event of a termination of Executive’s employment by the Company without Cause (other
than due to death or Disability) or by Executive for Good Reason, the Company and its Affiliates shall have no further obligation to
Executive under this Agreement.

 

(b)            Death;
Disability; Retirement. If Executive’s employment is terminated by reason of Executive’s death, Disability or Retirement during the
Employment Period, this Agreement shall terminate without further obligations to Executive, other than for payment of the Accrued Obligations,
the Unpaid Annual Bonus and the Prorated Annual Bonus and the timely payment or provision of the Other Benefits. The Accrued Obligations,
the Unpaid Annual Bonus and the Prorated Annual Bonus shall be paid to Executive’s estate (in the event of death) or Executive or his
legal representative (in the event of Disability), as applicable, on the same schedule as contemplated by Sections 5(a)(i)-(iii).

 

(c)            Other
Termination. If Executive’s employment is terminated during the Employment Period for a reason other than those governed by Section 5(a) or
(b) (including upon the expiration of the Employment Period following a Notice of Non-Renewal when Executive is not Retirement-eligible),
this Agreement shall terminate without further obligations to Executive, other than for payment of the Accrued Obligations and Unpaid
Annual Bonus on the same schedule as contemplated by Sections 5(a)(i)-(ii) and the timely payment or provision of the Other Benefits.

 

(d)            Full
Settlement. The payments and benefits provided under this Section 5 shall be in full satisfaction of the obligations of the
Company and its Affiliates to Executive under this Agreement or any other plan, agreement, policy or arrangement of the Company and its
Affiliates upon his termination of employment.

 

6.            No
Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of any
amounts payable to Executive under Section 5 and such amounts shall not be reduced whether or not Executive obtains other employment.

 

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7.            Restrictive
Covenants.

 

(a)            Confidential
Information. Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information,
knowledge or data relating to the Company or its Affiliates, and their respective businesses, which shall have been obtained by Executive
during Executive’s employment by the Company or any of its Affiliates and which shall not be or become public knowledge (other than by
acts by Executive or representatives of Executive in violation of this Agreement) (collectively, “Confidential Information”).
After termination of Executive’s employment with the Company, Executive shall not, without the prior written consent of the Company
or as may otherwise be required by law or legal process, communicate or divulge any such Confidential Information to anyone other than
the Company and those designated by it. Notwithstanding the foregoing, “Confidential Information” shall not include (i) information
that at the time of disclosure is already known to the receiving party without any restriction on its disclosure; (ii) information
that is or subsequently comes into the possession of the receiving party from a third party without violation of any contractual or legal
obligation; (iv) information that is independently developed by the receiving party without the use of Confidential Information
or breach of this Agreement; and (v) information that is otherwise required to be disclosed under applicable laws, regulations or
judicial or regulatory process.

 

(b)            Inventions
and Patents. Executive agrees that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings,
reports and all similar or related information that relate to the actual or anticipated business, research and development or existing
or future products or services of the Company or any of its Affiliates, and that are conceived, developed or made by Executive during
his employment with the Company or any of its Affiliates (”Work Product”) belong to the Company and its Affiliates.
Executive shall promptly disclose such Work Product to the Company and its Affiliates and perform all actions reasonably requested by
the Company and its Affiliates (whether during or after the Employment Period) to establish and confirm such ownership (including assignments,
consents, powers of attorney and other instruments). To the fullest extent permitted by applicable law, all intellectual property (including
patents, trademarks and copyrights) that are made, developed or acquired by Executive in the course of Executive’s employment with the
Company or any of its Affiliates shall be and remain the absolute property of the Company and its Affiliates, and Executive shall assist
the Company and its Affiliates in perfecting and defending their rights to such intellectual property.

 

(c)            Nonsolicitation.
During the period commencing on the Effective Date and ending on the first anniversary of the Date of Termination (the “Restricted
Period”), Executive shall not directly or indirectly (i) except in the good faith performance of his duties to the Company,
induce or attempt to induce any employee or independent contractor of the Company or any of its Affiliates to leave the Company or such
Affiliate, or in any way interfere with the relationship between the Company or any such Affiliate, on the one hand, and any employee
or-independent contractor thereof, on the other hand, (ii) hire any person who was an employee or independent contractor
of the Company or any of its Affiliates until 12 months after such individual’s relationship with the Company or such Affiliate has been
terminated or (iii) except in the good faith performance of his duties to the Company, induce or attempt to induce any customer
(whether former or current), supplier, licensee or other business relation of the Company or any of its Affiliates to cease doing business
with the Company or such Affiliate, or in any way interfere with the relationship between any such customer, supplier, licensee or business
relation, on the one hand, and the Company or any of its Affiliates, on the other hand. Notwithstanding the foregoing, nothing in this
Section 7(c) shall prohibit any advertisement or general solicitation (or hiring as a result thereof) that is not specifically
targeted at Company’s or its Affiliates’ employees.

 

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(d)            Noncompetition. Executive acknowledges that, in the course of his employment with the Company, he has become familiar, or will become familiar, with
the Company’s and its Affiliates’ trade secrets and with other Confidential Information concerning the Company, its Affiliates and their
respective predecessors, and that his services have been and will be of special, unique and extraordinary value to the Company and its
Affiliates. Therefore, Executive agrees that, during the Restricted Period, Executive shall not, directly or indirectly, own, manage,
operate, control, be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation)
or render services to any person, firm, corporation or other entity, in whatever form, engaged in any business of the same type as any
business in which the Company or any of its Affiliates is engaged on the Date of Termination or in which they have proposed, on or prior
to such date, to be engaged in on or after such date and in which Executive has been involved to any extent (other than de minimis
activities) at any time during the one-year period ending with the Date of Termination, in any locale of any country in which the
Company or any of its Affiliates conducts business. Nothing herein shall prohibit Executive from being a passive owner of not more than
4.9% of the outstanding equity interest in any entity which is publicly traded, so long as Executive has no active participation in the
business of such entity.

 

(e)            Nondisparagement.
From and following the Effective Date, (i) Executive shall not make, either directly or by or through another person, any oral or
written negative, disparaging or adverse statements or representations of or concerning the Company or any of its Affiliates, any of
their clients or businesses or any of their current or former directors, officers or employees and (ii) the Company and its Affiliates
shall not make, either directly or by or through another person, any oral or written negative, disparaging or adverse statements or representations
of or concerning Executive; provided, however, that, subject to Section 7(a), nothing herein shall prohibit either
party from disclosing truthful information if legally required (whether by oral questions, interrogatories, requests for information
or documents, subpoena, civil investigative demand or similar process).

 

(f)            Return
of Property. Executive acknowledges that all documents, records, files, lists, equipment, computer, software or other property (including
intellectual property) relating to the businesses of the Company or any of its Affiliates, in whatever form (including electronic), and
all copies thereof, that have been or are received or created by Executive while an employee of the Company or any of its Affiliates
are and shall remain the property of the Company and its Affiliates, and Executive shall immediately return such property to the Company
upon the Date of Termination and, in any event, at the Company’s request. Executive further agrees that any property situated on
the premises of, and owned by, the Company or any of its Affiliates, including disks and other storage media, filing cabinets or other
work areas, is subject to inspection by personnel of the Company and its Affiliates at any time with or without notice. Notwithstanding
the foregoing, Executive may retain his personal contacts and personal compensation data.

 

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(g)            Trade
Secrets; Whistleblower Rights. The Company hereby informs Executive that, notwithstanding any provision of this Agreement to the
contrary, an individual 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 in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or
(ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Further, an individual
who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer’s trade
secrets to the attorney and use the trade secret information in the court proceeding if the individual files any document containing
the trade secret under seal and does not disclose the trade secret, except pursuant to court order. In addition, notwithstanding
anything in this Agreement to the contrary, nothing in this Agreement shall impair Executive’s rights under the whistleblower
provisions of any applicable federal law or regulation or, for the avoidance of doubt, limit Executive’s right to receive an award
for information provided to any government authority under such law or regulation.

 

(h)            Executive
Covenants Generally.

 

(1)            Executive’s
covenants as set forth in this Section 7 are from time to time referred to herein as the “Executive Covenants.”
If any of the Executive Covenants is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such Executive
Covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining
Executive Covenants shall not be affected thereby; provided, however, that if any of the Executive Covenants is finally held to
be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be
enforceable, such Executive Covenant shall be deemed to be modified to the minimum extent necessary to modify such scope in order to
make such provision enforceable hereunder.

 

(ii)            Executive
acknowledges that the Company and its Affiliates have (A) expended and will continue to expend substantial amounts of time, money
and effort to develop business strategies, employee, customer and other relationships and goodwill to build an effective organization,
and (B) a legitimate business interest in and right to protect their Confidential Information, goodwill and employee, customer
and other relationships.

 

(iii)            Executive
understands that the Executive Covenants may limit Executive’s ability to earn a livelihood in a business similar to the business of
the Company, and Executive represents that his experience and capabilities are such that he has other opportunities to earn a livelihood
and adequate means of support for himself and his dependents.

 

(iv)            Any
termination of (A) Executive’s employment, (B) the Employment Period or (C) this Agreement shall have no
effect on the continuing operation of this Section 7.

 

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(v)            Executive
acknowledges that the Company would be irreparably injured by a violation of this Section 7 and that it is impossible to measure
in money the damages that will accrue to the Company by reason of a failure by Executive to perform any of his obligations under this
Section 7. Accordingly, if the Company institutes any action or proceeding to enforce any of the provisions of this Section 7,
to the extent permitted by applicable law, Executive hereby waives the claim or defense that the Company has an adequate remedy at law,
and Executive shall not urge in any such action or proceeding the defense that any such remedy exists at law. Furthermore, in addition
to other remedies that may be available, the Company shall be entitled (without the necessity of showing economic loss or other actual
damage) to specific performance and other injunctive relief, without the requirement to post bond, in any court of competent jurisdiction
for any actual or threatened breach of any of the covenants set forth in this Section 7. The Restricted Period shall be tolled during
(and shall be deemed automatically extended by) any period during which Executive is in violation of the provisions of Section 7(c) or
(d), as applicable.

 

8.            Treatment
of Certain Payments.

 

(a)            So
long as each of the Company and each entity that is treated as a single entity with the Company for purposes of Section 280G of
the Internal Revenue Code of 1986, as amended (the “Code”) qualifies as a corporation described in either Section 280G(b)(5)(A)(i) or
Section 280G(b)(5)(A)(ii)(I) of the Code, the Company shall use customary, reasonable and good faith efforts to avoid all,
or any portion, of any payments or benefits provided under this Agreement or otherwise, either alone or together with other payments
or benefits that Executive receives or is entitled to receive from the Company or any of its Affiliates (“Payments”),
from constituting an “excess parachute payment” within the meaning of Section 280G of the Code, including by seeking a
vote of stockholders of the Company or any other applicable entity in a manner and form that is intended to comply with the stockholder
approval procedures set forth in Section 280G(b)(5)(B) of the Code (the “280G Stockholder Approval Procedure”).

 

(b)            In
the event that the 280G Stockholder Approval Procedure is not available to the Company, anything in this Agreement to the contrary notwithstanding,
in the event that the Accounting Firm (as defined below) shall determine that receipt of all Payments would subject Executive to the
excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable
pursuant to the Agreement (the “Agreement Payments”) so that the Parachute Value (as defined below) of all Payments,
in the aggregate, equals the Safe Harbor Amount (as defined below). The Agreement Payments shall be so reduced only if the Accounting
Firm determines that Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Agreement Payments
were so reduced. If the Accounting Firm determines that Executive would not have a greater Net After-Tax Receipt (as defined below) of
aggregate Payments if the Agreement Payments were so reduced, Executive shall receive all Agreement Payments to which Executive is entitled
hereunder.

  

(c)            If
the Accounting Firm determines that aggregate Agreement Payments should be reduced so that the Parachute Value of all Payments, in the
aggregate, equals the Safe Harbor Amount, the Company shall promptly give Executive notice to that effect and a copy of the detailed
calculation thereof. All determinations made by the Accounting Firm under this Section 8 shall be binding upon the Company and its
Affiliates and Executive and shall be made as soon as reasonably practicable and in no event later than 15 days following the Date of
Termination. For purposes of reducing the Agreement Payments so that the Parachute Value of all Payments, in the aggregate, equals the
Safe Harbor Amount, only amounts payable under the Agreement (and no other Payments) shall be reduced. The reduction of the amounts payable
hereunder, if applicable, shall be made by reducing the payments and benefits under the following sections in the following order: (i) cash
payments that may not be valued under Treas. Reg. 1.280G-1, Q&A-24(c) (“24(c)”), (ii) equity based payments
that may not be valued under 24(c), (iii) cash payments that may be valued under 24(c), (iv) equity-based payments that may
be valued under 24(c) and (v) other types of benefits. With respect to each category of the foregoing, such reduction shall
occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code
and next with respect to payments that are deferred compensation, in each case, beginning with payments or benefits that are to be paid
the farthest in time from the determination of the Accounting Firm. All reasonable fees and expenses of the Accounting Firm shall be
borne solely by the Company.

 

    -10-

     

    

 

(d)            As
a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of Executive pursuant
to this Agreement which should not have been so paid or distributed (each, an “Overpayment”) or that additional amounts
that will have not been paid or distributed by the Company to or for the benefit of Executive pursuant to this Agreement could have been
so paid or distributed (each, an “Underpayment”), in each case, consistent with the calculation of the Reduced Amount
hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against the
Company or Executive that the Accounting Firm believes has a high probability of success determines that an Overpayment has been made,
any such Overpayment paid or distributed by the Company to or for the benefit of Executive shall be repaid by Executive to the Company
(as applicable) together with interest at the applicable federal rate provided for in Section 7872(0(2) of the Code; provided,
however, that no such repayment shall be required if and to the extent such deemed repayment would not either reduce the amount
on which Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the
event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred,
any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive together with interest at the applicable
federal rate provided for in Section 7872{0(2) of the Code.

 

(e)            To
the extent requested by Executive, the Company shall cooperate with Executive in good faith in valuing, and the Accounting Firm shall
take into account the value of, services provided or to be provided by Executive (including Executive’s agreeing to refrain from performing
services pursuant to a covenant not to compete or similar covenant, before, on or after the date of a change in ownership or control
of the Company (within the meaning of Q&A-2(b) of the final regulations under Section 280G of the Code), such that payments
in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and Q&A 40 to Q&A-44 of
the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment”
within the meaning of Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of
the final regulations under Section 280G of the Code.

 

    -11-

     

    

 

(f)            The
following terms shall have the following meanings for purposes of this Section 8:

 

(i)            ”Accounting
Firm” shall mean a nationally recognized certified public accounting firm or other professional organization that is recognized
as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Company prior to
the transaction resulting in the application (or potential application) of Section 280G of the Code for purposes of making the applicable
determinations hereunder, which firm shall not, without Executive’s consent, be a firm serving as accountant or auditor for the Person
effecting such transaction.

 

(ii)            “Net
After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of
the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable
state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws
which applied to Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Accounting
Firm determines to be likely to apply to Executive in the relevant tax year(s).

 

(iii)            “Parachute
Value” of a Payment shall mean the present value as of the date of the change of control for purposes of Section 280G of
the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2) of the Code,
as determined by the Accounting Firm for purposes of determining whether and to what extent the excise tax under Section 4999 of
the Code will apply to such Payment.

 

(iv)            “Safe
Harbor Amount” shall mean 2.99 times Executive’s “base amount,” within the meaning of Section 280G(b)(3) of
the Code.

 

9.            Successors.
This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise
than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s
legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and
assigns. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its businesses
and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

10.            Indemnification.
The Company shall indemnify Executive and hold him harmless to the fullest extent permitted by the laws of the State of Delaware against
and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses, losses and damages resulting
from Executive’s good-faith performance of his duties and obligations with the Company and its Affiliates. The Company shall cover Executive
under directors’ and officers’ liability insurance both during and, while potential liability exists, after employment in the same amount
and to the same extent as the Company covers its other officers and directors. These obligations shall survive the termination of Executive’s
employment with the Company and its Affiliates. If any proceeding is brought or threatened against Executive in respect of which indemnity
may be sought against the Company or its Affiliates pursuant to the foregoing, Executive
shall notify the Company promptly in writing of the institution of such proceeding and the Company and its Affiliates shall assume the
defense thereof and the employment of counsel and payment of all fees and expenses; provided,
however, that if a conflict of interest exists
between the Company or the applicable Affiliate and Executive such that it is not legally practicable for the Company or the applicable
Affiliate to assume Executive’s defense, Executive shall be entitled to retain separate counsel, and the Company or the applicable Affiliate
shall assume payment of all reasonable fees and expenses of such counsel.

 

    -12-

     

    

 

 

11.            Miscellaneous.
(a) Governing Law and Dispute Resolution. This Agreement shall be governed by and construed in accordance with the laws of
the State of Arkansas, without reference to principles of conflict of laws, provided that rights to indemnification shall be governed
by and in accordance with the laws of the State of Delaware. The parties irrevocably submit to the jurisdiction of any state or federal
court sitting in or for Little Rock, Arkansas with respect to any dispute arising out of or relating to this Agreement or the Release,
and each party irrevocably agrees that all claims in respect of such dispute or proceeding shall be heard and determined in such courts.
The parties hereby irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the
venue of any dispute arising out of or relating to this Agreement or the transactions contemplated hereby brought in such court or any
defense of inconvenient forum for the maintenance of such dispute or proceeding. Each party agrees that a judgment in any such dispute
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. THE PARTIES HEREBY WAIVE A TRIAL
BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTER CLAIM BROUGHT OR ASSERTED BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY
MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT. The Company shall reimburse Executive for all reasonable legal
fees and expenses incurred by Executive in seeking to obtain or enforce any right or benefit provided under this Agreement.

 

(b)           Notices.
All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If
to Executive: To the most recent address on file with the Company.

 

If to the Company:

 

Westrock Coffee Holdings, LLC

300 Concord Parkway South

Concord, NC 28027

Attn: General Counsel

Email: bob.mckinney@westrockcoffee.com

Phone: 704-743-6249

 

or to such other
address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

 

    -13-

     

    

 

(c)           Acknowledgements.
Prior to execution of this Agreement, Executive was advised by the Company of Executive’s right to seek independent advice from an attorney
of Executive’s own selection regarding this Agreement. Executive acknowledges that he has entered into this Agreement knowingly and voluntarily
and with full knowledge and understanding of the provisions of this Agreement after being given the opportunity to consult with counsel.
Executive further represents that, in entering into this Agreement, Executive is not relying on any statements or representations made
by any of the directors, officers, employees or agents of the Company that are not expressly set forth herein, and that Executive is
relying only upon Executive’s own judgment and any advice provided by Executive’s attorney.

 

(d)           Invalidity.
If any term or provision of this Agreement or the application thereof to any person or circumstance shall to any extent be invalid or
unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those
to which it is invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and
be enforced to the fullest extent permitted by law.

 

(e)            Survivability.
The provisions of this Agreement that by their terms call for performance subsequent to the termination of either Executive’s employment
or this Agreement (including the terms of Sections 5, 7, 8 and 10) shall so survive such termination.

 

(f)            Section Headings;
Construction. The section
headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation
hereof. For purposes of this Agreement, the term “including” shall mean “including, without limitation.”

 

(g)           Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

 

(h)           Tax
Withholding. The Company may withhold from any amounts payable under this Agreement such Federal,
state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 

(i)            Section 409A.

 

(i)            General.
It is intended that payments and benefits made or provided under this Agreement shall not result in penalty taxes or accelerated taxation
pursuant to Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception, the separation
pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception. For purposes of
the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement
shall be treated as a separate payment of compensation. All payments to be made upon a termination of employment under this Agreement
may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid
the imposition of penalty taxes on Executive pursuant to Section 409A of the Code. In no event may Executive, directly or indirectly,
designate the calendar year of any payment under this Agreement, and to the extent required by Section 409A of the Code, any payment
that may be paid in more than one taxable year (depending on the time that Executive
executes the Release) shall be paid in the later taxable year.

 

    -14-

     

    

 

(ii)           Reimbursements
and In-Kind Benefits. Notwithstanding anything to the contrary in this Agreement, all reimbursements
and in-kind benefits provided under this Agreement that are subject to Section 409A of the Code shall be made in accordance with
the requirements of Section 409A of the Code, including, where applicable, the requirement that (A) any reimbursement is for
expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement); (B) the amount
of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other calendar year; (C) the reimbursement of an eligible expense will
be made no later than the last day of the calendar year following the year in which the expense is incurred; and (D) the right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

(iii)          Delay
of Payments. Notwithstanding any other provision of this Agreement to the contrary, if
Executive is considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with
the methodology established by the Company and its Affiliates as in effect on the Termination Date), any payment that constitutes nonqualified
deferred compensation within the meaning of Section 409A of the Code that is otherwise due to Executive under this Agreement during
the six-month period immediately following Executive’s separation from service (as determined in accordance with Section 409A of
the Code) on account of Executive’s separation from service shall be accumulated and paid to Executive on the first business day of the
seventh month following his separation from service (the “Delayed Payment Date”),
to the extent necessary to prevent the imposition of tax penalties on Executive under Section 409A of the Code. If Executive
dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to
the personal representative of his estate on the first to occur of the Delayed Payment Date or 30 calendar days after the date of Executive’s
death.

 

(j)            Amendments.
No provision of this Agreement shall be modified or amended except by an instrument in writing duly executed by the parties hereto. No
custom, act, payment, favor or indulgence shall be deemed a waiver by the Company of any of Executive’s obligations hereunder or release
Executive therefrom. No waiver by any party of any breach by the other party of any term or provision hereof shall be deemed to be an
assent or waiver by any party to or of any succeeding breach of the same or any other term or provision. This Agreement is personal to
and shall not be assignable by any party, but shall inure to the benefit of the parties hereto and their respective heirs, beneficiaries,
successors and assigns.

 

(k)            Entire
Agreement. This Agreement constitutes the entire agreement of the parties hereto in respect of the terms and conditions of Executive’s
employment with the Company and its Affiliates, including his severance entitlements, and, as of the Effective Date, supersedes and cancels
in their entirety all prior understandings, agreements and commitments, whether written or oral, relating to the terms and conditions
of employment between Executive, on the one hand, and the Company or its Affiliates, on the other hand. For the avoidance of doubt, this
Agreement does not limit the terms of any benefit plans (including equity award agreements) of the Company or its Affiliates that
are applicable Executive, except to the extent that the terms of this Agreement are more favorable to Executive.

 

[Signature
page follows]

 

    -15-

     

    

 

IN
WITNESS WHEREOF, Executive has hereunto set Executive’s hand and each of the Company has caused
these presents to be executed in its name on its behalf, all as of the date first above written.

 

	 	EXECUTIVE
	 	 
	 	/s/ William Ford
	 	William Ford
	 	 
	 	WESTROCK COFFEE HOLDINGS, LLC
	 	 
	 	By:	/s/ Scott T. Ford
	 	 	Scott T. Ford
	 	 	Chief Executive Officer

 

[Signature
Page to Employment Agreement]

 

    

     

    

 

Exhibit A

 

GENERAL RELEASE
OF CLAIMS

 

THIS
GENERAL RELEASE OF CLAIMS (this “Release”) is executed by William Ford (“Executive”)
as of the date set forth on the signature page hereto. For purposes of this Release, reference is made to the Employment
Agreement (the “Employment Agreement”)
between Westrock Coffee Holdings, LLC (the “Company”)
and Executive, dated as of____________________2021. Terms that are capitalized but not defined herein shall have the meanings
set forth in the Employment Agreement.

 

1.      General
Release and Waiver of Claims.

 

(a)            Release.
In consideration of the payments and benefits afforded under the Employment Agreement, and after consultation with counsel, Executive
and each of Executive’s respective heirs, executors, administrators, representatives, agents, successors and assigns (collectively,
the “Releasors”) hereby irrevocably and unconditionally release and forever discharge the Company and its Affiliates
and each of its officers, employees, directors and agents (“Releasees”) from any and all claims, actions, causes of
action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character (collectively, “Claims”)
that the Releasors may have arising out of Executive’s employment relationship with and service as an employee, officer or director
of the Company and its Affiliates, and the termination of any such relationship or service, in each case up to and including the date
Executive executes this Release. Executive acknowledges that the foregoing sentence includes Claims arising under Federal, state or local
laws, statutes, orders or regulations that relate to the employment relationship or prohibiting employment discrimination, including
Claims under Title VII of the Civil Rights Act of 1964; The Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United
States Code; the Employee Retirement Income Security Act of 1974; the Immigration Reform and Control Act; the Sarbanes-Oxley Act of 2002;
the Americans with Disabilities Act of 1990; the Family and Medical Leave Act; the Equal Pay Act; the Fair Credit Reporting Act; Occupational
Safety and Health Act; the federal Fair Labor Standards Act; and any other federal, state or local civil, human rights, bias, whistleblower,
discrimination, retaliation, compensation, employment, labor or other local, state or federal law, regulation or ordinance.

 

(b)           Exceptions
to Release. Notwithstanding anything contained herein to the contrary, this Release
specifically excludes and shall not affect: (i) the obligations of the Company or its Affiliates set forth in the Employment
Agreement and to be performed after the date hereof, including without limitation under in Sections 5, 8 and 10 thereof, or under
any other benefit plan, agreement, arrangement or policy of the Company or its Affiliates that is applicable to Executive and that,
in each case, by its terms, contains obligations that are to be performed after the date hereof by the Company or its Affiliates;
(ii) any indemnification or similar rights Executive has as a current or former officer, director, employee or agent of the
Company or its Affiliates, including, without limitation, any and all rights thereto under applicable law, the certificate of
incorporation, bylaws or other governance documents or such entities, or any rights with respect to coverage under any directors’
and officers’ insurance policies and/or indemnification agreements; (iii) any Claim the Releasors may have as the holder or
beneficial owners of securities of the Company or its Affiliates or other rights relating to securities or equity awards in respect
of the common stock of the Company or its Affiliates; (iv) rights to accrued but unpaid salary, paid time off, vacation or
other compensation due through the date of termination of employment; (v) any unreimbursed business expenses;
(vi) benefits or the right to seek benefits under applicable workers’ compensation and/or unemployment compensation statutes;
and (vii) any Claims that may arise in the future from events or actions occurring after the date Executive executes this
Release or that Executive may not by law release through an agreement such as this.

 

    A-1 

     

    

 

(c)           Specific
Release of ADEA Claims. In further consideration of the payments and benefits provided
to Executive under the Employment Agreement, the Releasors hereby unconditionally release and forever discharge the Releasees from any
and all Claims that the Releasors may have as of the date Employee signs this Release arising under the Federal Age Discrimination in
Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”).
By signing this Release, Executive hereby acknowledges and confirms the following: (i) Executive was advised by the Company in connection
with Executive’s termination of employment to consult with an attorney of Executive’s choice prior to signing this Release
and to have such attorney explain to Executive the terms of this Release, including, without limitation, the terms relating to Executive’s
release of claims arising under ADEA, and Executive has in fact consulted with an attorney; (ii) Executive was given a period of
not fewer than [twenty-one (21)] [forty-five (45)] calendar days to consider the terms of this Release and to consult with an attorney
of Executive’s choosing with respect thereto; and (iii) Executive knowingly and voluntarily accepts the terms of this Release.
Executive also understands that Executive has seven (7) calendar days following the date on which Executive signs this Release within
which to revoke the release contained in this Section 1(c), by providing the Company a written notice of Executive’s revocation
of the release and waiver contained in this Section 1(c).

 

(d)            No
Assignment. Executive represents and warrants that Executive has not assigned any of the
Claims being released under this Release.

 

2.       Proceedings. Executive
has not filed, and agrees not to initiate or cause to be initiated on Executive’s behalf, any complaint, charge, claim or
proceeding against the Releasees with respect to any Claims released under Section 1(a) or (c) before any local,
state or federal agency, court or other body (each, individually, a “Proceeding”), and
agrees not to participate voluntarily in any Proceeding involving such Claims; provided, however, and
subject to the immediately following sentence, nothing set forth here in intended to or shall interfere with Executive's right to
participate in a Proceeding with any appropriate federal, state, or local government agency enforcing discrimination laws, nor shall
this Release prohibit Executive from cooperating with any such agency in its investigation. Executive waives any right Executive may
have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding involving such Claims, provided
that the foregoing shall not apply to any legally protected whistleblower rights (including under Rule 21F under the Securities
Exchange Act of 1934, as amended). For the avoidance of doubt, the term Proceeding shall not include any complaint, charge, claim or
proceeding with respect to the obligations of the Company to Executive under the Employment Agreement or in respect of any other
matter described in Section 1(b), and Executive retains all of Executive's rights in connection with the same.

 

3.       Severability
Clause. In the event any provision or part of this Release is found to be invalid or unenforceable,
only that particular provision or part so found, and not the entire Release, will be inoperative.

 

    A-2

     

    

 

4.       No
Admission. Nothing contained in this Release will be deemed or construed as an admission
of wrongdoing or liability on the part of the Releasees.

 

5.      Governing
Law and Venue. All matters affecting this Release, including the validity thereof, are
to be governed by, and interpreted and construed in accordance with, the laws of the State of Arkansas applicable to contracts executed
in and to be performed in that State, provided that rights to indemnification shall be governed by and in accordance with the
laws of the State of Delaware.

 

6.      Counterparts.
This Release may be executed in counterparts and each counterpart will be deemed an original.

 

7.       Notices.
All notices, requests, demands or other communications under this Release shall be in writing and shall be deemed to have been
duly given when delivered in person or deposited in the United States mail, postage prepaid, by registered or certified mail, return
receipt requested, to the party to whom such notice is being given as follows:

 

	As to Employee:	 	Executive's last address on the books and records of the Company
	 	 	 
	As to the Company:	 	[ADDRESS AS OF DATE OF RELEASE]

 

Any party may change
his, her or its address or the name of the person to whose attention the notice or other communication shall be directed from time to
time by serving notice thereof upon the other party as provided herein.

 

EXECUTIVE ACKNOWLEDGES
THAT EXECUTIVE HAS READ THIS RELEASE AND THAT EXECUTIVE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT EXECUTIVE HEREBY
EXECUTES THE SAME AND MAKES THIS RELEASE AND THE RELEASE PROVIDED FOR HEREIN VOLUNTARILY AND OF EXECUTIVE'S OWN FREE WILL.

 

    A-3

     

    

 

IN WITNESS WHEREOF, Executive has executed
this Release on the date set forth below.

 
	/s/ William Ford	 
	William Ford	 

 

Dated
as of: 2/9/21

 

    A-4EX-4.8

 Exhibit 4.8 

Representative’s Warrant Agreement 

THE REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE, OR BE THE
SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT OR THE UNDERLYING SECURITIES FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS IMMEDIATELY
FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE,
DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF, THIS PURCHASE WARRANT OR THE UNDERLYING SECURITIES FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE EFFECTIVE DATE TO ANYONE
OTHER THAN (I) THE BENCHMARK COMPANY, LLC OR ANY UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF THE BENCHMARK COMPANY, LLC, OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [    ] [     ], 2022. VOID AFTER 5:00 P.M., EASTERN
TIME, [    ] [     ], 2027. 
 WARRANT TO PURCHASE COMMON STOCK 

HEART TEST LABORATORIES, INC. 
  

			
	Warrant Shares:	  	Initial Issuance Date: [     ] [     ], 2022
		  	Initial Exercise Date: [     ] [     ], 2022

 THIS WARRANT TO PURCHASE COMMON STOCK (the “Warrant”) certifies that, for value received, The
Benchmark Company, LLC, or its assigns (the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after [     ] [
    ], 20221 (the “Initial Exercise Date”) and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior to [     ] [    
], 20272 at 5:00 p.m. (New York time) (the “Termination Date”) but not thereafter, to subscribe for and purchase from HEART TEST LABORATORIES, INC., a Texas corporation (the
“Company”), up to [______] shares of common stock, par value $0.001 per share (“Common Stock”), of the Company (the “Warrant Shares”), as subject to adjustment hereunder. The purchase price of one
share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1. Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms
have the meanings indicated in this Section 1: 
 “Affiliate” means any Person that, directly or indirectly through
one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the
Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of a share of Common Stock for such date (or the nearest preceding
date) on the OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on the OTCQB or OTCQX and if prices for the Common Stock are then reported on the OTC Pink Open Market (or a similar organization or
agency succeeding to its functions of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair market value of the Common Stock as determined by an independent appraiser selected in
good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 
  

 

	1 	 Date that is six (6) months from the effective date of the offering. 

	2 	 Date that is five (5) years from the effective date of the offering. 

 “Business Day” means any day other than Saturday, Sunday or other day on
which commercial banks in The City of New York are authorized or required by law to remain closed; provided that banks shall not be deemed to be authorized or obligated to be closed due to a “shelter in place,” “non-essential employee” or similar closure of physical branch locations at the direction of any governmental authority if such banks’ electronic funds transfer systems (including for wire transfers)
are open for use by customers on such day. 
 “Commission” means the United States Securities and Exchange Commission. 

“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire Common Stock.

 “Effective Date” means the effective date of the registration statement on Form
S-1, as amended (File No. 333- 265024) (the “IPO Registration Statement”), pursuant to which this Warrant is initially issued. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or
interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Trading Day” means a day on which the New York Stock Exchange is open for trading. 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing). 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by
Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of a share of Common Stock for such date (or the nearest
preceding date) on the OTCQB or OTCQX as applicable, (c) if Common Stock is not then listed or quoted for trading on the OTCQB or OTCQX and if prices for the Common Stock are then reported on the OTC Pink Open Market (or a similar organization
or agency succeeding to its functions of reporting prices), the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date), or (d) in all other cases, the fair market value of the Common Stock as
determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

  
 2 

 Section 2. Exercise. 

a) Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of
the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the date of exercise as aforesaid, the Holder
shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c)
below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of
this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number
of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within two
(2) Business Days of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

b) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $[____], subject to adjustment hereunder
(the “Exercise Price”). 
 c) Cashless Exercise. In lieu of exercising this Warrant by payment by wire transfer or
cashier’s check pursuant to Section 2(a) above, this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive the number of Warrant Shares
EQUAL to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

	 	(A) =	 as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of
Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior
to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (x) the VWAP on the Trading
Day immediately preceding the date of the applicable Notice of Exercise or (y) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable
Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading
hours” on a Trading Day) pursuant to Section 2(a) hereof, which Bid Price shall be shown on supporting documents provided by the Holder to the Company within two (2) Trading Days of delivery of the Notice of Exercise or (iii) the
VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading
hours” on such Trading Day; 

  

	 	(B) =	 the Exercise Price of this Warrant, as adjusted hereunder; and 

 

	 	(X) =	 the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms
of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. 

 If Warrant Shares
are issued in such a “cashless exercise,” the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being
exercised, and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to this Section 2(c). 

  
 3 

 d) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be
transmitted by its transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible
for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the Holder prior to
the Warrant Share Delivery Date (as defined below), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is two (2) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share
Delivery Date”). If the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company, at the expense of the Company, any legal opinions or other documentation required by it to deliver such Warrant
Shares without legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including with respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the
transfer agent shall have received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable to the issuance of unlegended
Warrant Shares upon a cashless exercise of this Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named
therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes
required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by
the second Trading Day following the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common
Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after the second Trading Day following such
Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. 
 ii. Delivery of
New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a
new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

iii. Rescission Rights. If the Company fails to cause its transfer agent to deliver to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the Holder shall be required to return any Warrant Shares or Common Stock subject to any such
rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant
(including, issuance of a replacement warrant certificate evidencing such restored right). 
 iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder the Warrant
Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total 

  
 4 

 
purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a
Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding
sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of
the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either (a) pay a cash adjustment in respect of such final fraction in an
amount equal to such fraction multiplied by the Exercise Price or (b) round up to the next whole share if such fraction is greater than or equal to one-half or round down to the next whole share if such
fraction is less than one-half. 
 vi. Charges, Taxes and Expenses. Issuance
of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto. The Company shall pay all transfer agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation
performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

vii. Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the
timely exercise of this Warrant, pursuant to the terms hereof. 
 viii. Signature. This Section 2 and the
exercise form attached hereto set forth the totality of the procedures required of the Holder in order to exercise this Purchase Warrant. Without limiting the preceding sentences, no ink-original exercise form
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise this Purchase Warrant. No additional legal opinion, other information or instructions shall be
required of the Holder to exercise this Purchase Warrant. The Company shall honor exercises of this Purchase Warrant and shall deliver Shares underlying this Purchase Warrant in accordance with the terms, conditions and time periods set forth
herein. 
 e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the
Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the
foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of

  
 5 

 
its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock
Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this
Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to
the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole
discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and
of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any
group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding
shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company
shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall
be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such
notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph
shall apply to a successor holder of this Warrant. 
 Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued
by the Company upon (A) exercise of this Warrant or (B) exercise, conversion or exchange of options, warrants, preferred stock, convertible notes, other convertible securities or other Common Stock Equivalents), (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common
Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. For the purposes of clarification, neither the Exercise Price of
this Warrant nor the number of shares issuable upon exercise of this Warrant will be adjusted in the event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or sells or grants any right to reprice, or
otherwise disposes of or issues (or announces any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents. 

  
 6 

 b) Subsequent Rights Offerings. In addition to any adjustments pursuant to
Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the
“Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of
Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the
extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation). 
 c) Pro Rata Distributions. During such time as this Warrant is
outstanding, if the Company shall declare or make any dividend (other than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise
(including, without limitation, any distribution of shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
“Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the
Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the
extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the
beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the
benefit of the Holder until the Holder has exercised this Warrant. 
 d) Fundamental Transaction. If, at any time while this Warrant
is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the
Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock
is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder 

  
 7 

 
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is
the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable by holders of Common Stock as a result of such Fundamental Transaction for each share of Common Stock for which this Warrant is
exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this
Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its
parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price
which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and
substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such
Successor Entity had been named as the Company herein. 
 e) Calculations. All calculations under this Section 3 shall be made to
the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of
Common Stock (excluding treasury shares, if any) issued and outstanding. 
 f) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring
such adjustment. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any
other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common
Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Stock,
any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or
property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed a notice to the Holder at its last address
as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be 

  
 8 

 
taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein shall not
affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the
Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant
during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

a) Transferability. Pursuant to FINRA Rule 5110(e)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant
shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period
of 180 days immediately following the Effective Date or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security: 

i. by operation of law or by reason of reorganization of the Company; 

ii. to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so
transferred remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period; 

iii. if the aggregate amount of securities of the Company held by the Holder proposing to make such transfer, or related
persons of such Holder, does not exceed 1% of the securities offered pursuant to the IPO Registration Statement; 
 iv. that
is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs investments by the fund, and participating members in
the aggregate do not own more than 10% of the equity in the fund; or 
 v. upon the exercise or conversion of any security,
if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period. 

Subject to the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), this
Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to
the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning
this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

  
 9 

 b) New Warrants. This Warrant may be divided or combined with other Warrants upon
presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with
Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such
notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 d) Representation by the Holder. The
Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or
reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act. 

Section 5. Registration Rights. 

a) “Piggy-Back” Registration. 

i. Grant of Right. The Holder shall have the right, for a period of no more than three (3) years from the Initial
Exercise Date in compliance with FINRA Rule 5110(f)(2)(G)(v), to include the unissued Warrant Shares (for purposes of this Section 5, the “Registrable Securities”) as part of any other registration of securities filed by the
Company (other than (a) in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act, (b) pursuant to Form S-8 or any equivalent form or (c) a registration
statement filed pursuant to registration rights described in the IPO Registration Statement); provided, however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s)
thereof shall, in its reasonable discretion, impose a limitation on the number of Shares which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is
necessary to facilitate public distribution, then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the
underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders (in the event there are multiple Holders) seeking to include Registrable Securities in proportion to the number of Registrable
Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion
of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities. 

ii. Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to
Section 5(a)(i) hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event of
such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of such registration statement. Such notice
to the Holders shall continue to be given for each registration statement filed by the Company during the three (3) year period following the Initial Exercise Date until such time as all of the Registrable Securities have been sold by the
Holder. The Holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within ten (10) days of the receipt of the Company’s notice of its intention to file a
registration statement. Except as otherwise provided in this Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 5(a)(ii); provided, however, that such registration rights shall
terminate on the third (3rd) anniversary of the Initial Exercise Date. 

  
 10 

 b) General Terms. 

i. Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any
registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the Exchange Act against all loss, claim, damage, expense or liability
(including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or
otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 5(a) of the underwriting
agreement, dated June [ ], 2022, by and between the Company and The Benchmark Company, LLC, as representative of the underwriters set forth therein (the “Underwriting Agreement”). The Holder(s) of the Registrable Securities to be
sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other
expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such
Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 5(b) of the Underwriting Agreement pursuant to which
the Underwriters have agreed to indemnify the Company. 
 ii. Exercise of Warrants. Nothing contained in this Warrant
shall be construed as requiring the Holder(s) to exercise their Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof. 

iii. Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing
offerings and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such
registration includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective date of such registration
statement (and, if such registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report on the
Company’s financial statements included in such registration statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such
accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public
offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence between
the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon
reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to
books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request. 

iv. Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if
any, selected by the Company, which managing underwriter shall be reasonably satisfactory to the Holders. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall
contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating
to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the
benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate to such Holders, their Warrant Shares and their intended methods of
distribution, as well as customary agreements regarding indemnification and contribution. 

  
 11 

 v. Documents to be Delivered by Holder(s). Each of the Holder(s)
participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders. 

vi. Damages. Should the registration or the effectiveness thereof required by Sections 5(a) hereof be delayed by the
Company or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s), be entitled to obtain specific performance or other equitable (including
injunctive) relief against the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other security. 

Section 6. Miscellaneous. 

a) No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as
a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i). 
 b) Loss, Theft, Destruction or
Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if
mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day. 

d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may
be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the
exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against
impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value,
(ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

  
 12 

 Before taking any action which would result in an adjustment in the number of Warrant Shares
for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be
determined in accordance with the provisions of the Underwriting Agreement. 
 f) Restrictions. The Holder acknowledges that the
Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be
delivered in accordance with the notice provisions of the Underwriting Agreement. 
 i) Limitation of Liability. No provision hereof,
in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of
any Common Stock or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be
adequate. 
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder. 
 l) Amendment. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder. 
 m) Severability. Wherever possible, each provision
of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of
such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

******************** 

(Signature Page Follows) 

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	HEART TEST LABORATORIES, INC.
		
	By:	 	          

	Name:	 	  

	Title:	 	  

  
 14 

 NOTICE OF EXERCISE 

 

	TO:	 HEART TEST LABORATORIES, INC. 

(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2)
Payment shall take the form of (check applicable box): 
 ☐ in lawful money of the United States; or 

☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please register and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

 

                          
                           

The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to: 

 

                          
                           

                          
                           

                          
                           

(4) Accredited Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as
defined in Regulation D promulgated under the Securities Act of 1933, as amended. 
 [SIGNATURE OF HOLDER] 

 

					
	Name of Investing Entity:	  	  
	  	
	Signature of Authorized Signatory of Investing Entity:	  	  
	  	
	Name of Authorized Signatory:	  	  
	  	
	Title of Authorized Signatory:	  	  
	  	
	Date:	  	  
	  	

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 

this form and supply required information. 

Do not use this form to exercise the warrant.) 

FOR VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to
_______________________________________________ whose address is 

                          
                                         
                                         
                                         
    

                          
                                         
                                         
                                         
    
 Dated: ______________, _______ 
  

					
	 Holder’s Signature:
	  		  	
		  	  
	  	
			
	 Holder’s Address:
	  		  	
		  	  
	  	
			
		  	  
	  	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without
alteration or enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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