Document:

Exhibit 4.3.1

 

 

THE KROGER CO.

TO

U.S. BANK NATIONAL ASSOCIATION

(formerly known as Firstar Bank, N.A.)

Trustee

 

______________

 

FORTY-NINTH SUPPLEMENTAL INDENTURE

Dated as of January 12, 2021

TO

INDENTURE

Dated as of June 25, 1999

 

_______________

 

1.700% SENIOR NOTES DUE 2031

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE ONE DEFINITIONS	2
	 	 	 
	Section 101.	Definitions	2
	 	 	 
	ARTICLE TWO SECURITY FORMS	5
	 	 	 
	Section 201.	Form of Securities of this Series	5
	 	 	 
	Section 202.	Form of Face of Security	5
	 	 	 
	Section 203.	Form of Reverse of Security	8
	 	 	 
	ARTICLE THREE THE SERIES OF SECURITIES	12
	 	 	 
	Section 301.	Title and Terms	12
	 	 	 
	ARTICLE FOUR MODIFICATIONS AND ADDITIONS TO THE INDENTURE	14
	 	 	 
	Section 401.	Modifications to the Consolidation, Merger, Conveyance, Transfer or Lease Provisions	14
	 	 	 
	Section 402.	Other Modifications	15
	 	 	 
	Section 403.	Additional Covenants; Defeasance and Covenant Defeasance	15
	 	 	 
	Section 404.	Redemption of Securities	24
	 	 	 
	ARTICLE FIVE MISCELLANEOUS	25
	 	 	 
	Section 501.	Miscellaneous	25

 

    - i -

     

    

 

FORTY-NINTH SUPPLEMENTAL
INDENTURE, dated as of January 12, 2021, between The Kroger Co., a corporation duly organized and existing under the laws
of the State of Ohio (herein called the “Company”), having its principal office at 1014 Vine Street, Cincinnati, Ohio
45202 and U.S. Bank National Association (formerly known as Firstar Bank, N.A.), a banking corporation duly organized and existing
under the laws of the State of Ohio, as Trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has heretofore
executed and delivered to the Trustee an Indenture dated as of June 25, 1999 (the “Indenture”), providing for
the issuance from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (herein and
therein called the “Securities”), to be issued in one or more series as in the Indenture provided.

 

Section 201 of the
Indenture permits the form of the Securities of any series to be established pursuant to an indenture supplemental to the Indenture.

 

Section 301 of the
Indenture permits the terms of the Securities of any series to be established in an indenture supplemental to the Indenture.

 

Section 901(7) of
the Indenture provides that, without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee,
at any time and from time to time, may enter into one or more indentures supplemental to the Indenture for the purpose of establishing
the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Indenture.

 

The Company, pursuant
to the foregoing authority, proposes in and by this Forty-Ninth Supplemental Indenture to establish the terms and form of the Securities
of a new series and to amend and supplement the Indenture in certain respects with respect to the Securities of such series.

 

All things necessary
to make this Forty-Ninth Supplemental Indenture a valid agreement of the Company, and a valid amendment of and supplement to the
Indenture, have been done.

 

NOW, THEREFORE, THIS
FORTY-NINTH SUPPLEMENTAL INDENTURE WITNESSETH:

 

For and in consideration
of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate
benefit of all Holders of the Securities of the series to be created hereby, as follows:

 

     

     

    

 

ARTICLE ONE

 

DEFINITIONS

 

Section 101.         Definitions.

 

(a) For all purposes of this Forty-Ninth Supplemental
Indenture:

 

(1)            Capitalized
terms used herein without definition shall have the meanings specified in the Indenture;

 

(2)            All
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this
Forty-Ninth Supplemental Indenture and, where so specified, to the Articles and Sections of the Indenture as supplemented by this
Forty-Ninth Supplemental Indenture; and

 

(3)            The
terms “hereof”, “herein”, “hereby”, “hereto”, “hereunder” and “herewith”
refer to this Forty-Ninth Supplemental Indenture.

 

(b) For all purposes
of the Indenture and this Forty-Ninth Supplemental Indenture, with respect to the Securities of the series created hereby, except
as otherwise expressly provided or unless the context otherwise requires:

 

“Adjusted
Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Attributable
Debt” means, in connection with a Sale and Lease-Back Transaction, as of any particular time, the aggregate of present values
(discounted at a rate per annum equal to the interest rate borne by the Securities of the series created by this Forty-Ninth Supplemental
Indenture) of the obligations of the Company or any Restricted Subsidiary for net rental payments during the remaining primary
term of the applicable lease, calculated in accordance with generally accepted accounting principles. The term “net rental
payments” under any lease for any period shall mean the sum of the rental and other payments required to be paid in such
period by the lessee thereunder, not including, however, any amounts required to be paid by such lessee (whether or not designated
as rental or additional rental) on account of maintenance and repairs, reconstruction, insurance, taxes, assessments, water rates,
operating and labor costs or similar charges required to be paid by such lessee thereunder or any amounts required to be paid by
such lessee thereunder contingent upon the amount of sales, maintenance and repairs, reconstruction, insurance, taxes, assessments,
water rates or similar charges.

 

     2

     

    

 

“Business
Day” means any day other than a Saturday or Sunday or a day on which banking institutions in New York City or Cincinnati,
Ohio are authorized or obligated by law or executive order to close.

 

“Capital
Lease” means any lease of property which, in accordance with generally accepted accounting principles, should be capitalized
on the lessee’s balance sheet or for which the amount of the asset and liability thereunder as if so capitalized should be
disclosed in a note to such balance sheet; and “Capitalized Lease Obligation” means the amount of the liability which
should be so capitalized or disclosed.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by a Quotation Agent as having a maturity comparable to
the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities
(the maturity date of the Securities will be deemed to be October 15, 2030 for this purpose).

 

“Comparable
Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations,
after excluding the highest and lowest such Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the
Trustee obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Consolidated
Net Tangible Assets” means, for the Company and its Subsidiaries on a consolidated basis determined in accordance with generally
accepted accounting principles, the aggregate amounts of assets (less depreciation and valuation reserves and other reserves and
items deductible from gross book value of specific asset accounts under generally accepted accounting principles) which under generally
accepted accounting principles would be included on a balance sheet after deducting therefrom (a) all liability items except
deferred income taxes, commercial paper, short-term bank Indebtedness, Funded Indebtedness, other long-term liabilities and shareholders’
equity and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles,
which in each case would be so included on such balance sheet.

 

“Funded
Indebtedness” means any Indebtedness maturing by its terms more than one year from the date of the determination thereof,
including (i) any Indebtedness having a maturity of 12 months or less but by its terms renewable or extendible at the option
of the obligor to a date later than 12 months from the date of the determination thereof and (ii) rental obligations payable
more than 12 months from the date of determination thereof under Capital Leases (such rental obligations to be included as Funded
Indebtedness at the amount so capitalized at the date of such computation and to be included for the purposes of the definition
of Consolidated Net Tangible Assets both as an asset and as Funded Indebtedness at the amount so capitalized).

 

     3

     

    

 

“Non-Restricted
Subsidiary” means any Subsidiary that the Company’s Board of Directors has in good faith declared pursuant to a written
resolution not to be of material importance, either singly or together with all other Non-Restricted Subsidiaries, to the business
of the Company and its consolidated Subsidiaries taken as a whole.

 

“Operating
Assets” means all merchandise inventories, furniture, fixtures and equipment (including all transportation and warehousing
equipment but excluding office equipment and data processing equipment) owned or leased pursuant to Capital Leases by the Company
or a Restricted Subsidiary.

 

“Operating
Property” means all real property and improvements thereon owned or leased pursuant to Capital Leases by the Company or a
Restricted Subsidiary and constituting, without limitation, any store, warehouse, service center or distribution center wherever
located, provided that such term shall not include any store, warehouse, service center or distribution center which the Company’s
Board of Directors declares by written resolution not to be of material importance to the business of the Company and its Restricted
Subsidiaries.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Company, which shall initially be U.S. Bancorp Investments, Inc.

 

“Par
Call Date” has the meaning set forth in Section 1101 of the Indenture.

 

“Reference
Treasury Dealer” means (i) U.S. Bancorp Investments, Inc., BofA Securities, Inc. and Citigroup Global Markets
Inc., and their successors; provided, however, that if any of the foregoing is not or shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary
Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the third Business
Day preceding such Redemption Date.

 

     4

     

    

 

“Restricted
Subsidiaries” means all Subsidiaries other than Non-Restricted Subsidiaries.

 

“Sale
and Lease-Back Transaction” has the meaning specified in Section 1010.

 

“Subsidiary”
means (i) any corporation or other entity of which securities or other ownership interests having ordinary voting power to
elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly
owned by the Company and/or one or more Subsidiaries or (ii) any partnership of which more than 50% of the partnership interest
is owned by the Company or any Subsidiary.

 

ARTICLE TWO

 

SECURITY
FORMS

 

Section 201.         Form of
Securities of this Series.

 

The Securities of this series shall be in
the form set forth in this Article.

 

Section 202.         Form of
Face of Security.

 

This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or a nominee
of a Depositary. This Security is not exchangeable for Securities registered in the name of a Person other than the Depositary
or its nominee except in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer
of this Security as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary) may be registered except in the limited circumstances described in the Indenture.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to The
Kroger Co. or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co.,
has an interest herein.

 

     5

     

    

 

No.

 

THE KROGER CO.

 

1.700% Senior Notes due 2031

 

	CUSIP No. 	501044DQ10	 
	ISIN No.	US501044DQ10	$

 

The Kroger Co., a corporation
duly organized and existing under the laws of the State of Ohio (herein called the “Company”, which term includes any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to      ,
or registered assigns, the principal sum of $        on January 15, 2031 and to pay
interest thereon from January 12, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on January 15 and July 15 in each year, commencing July 15, 2021 at the rate of interest
of 1.700% per annum until the principal hereof is paid or made available for payment. Interest on the Security will be computed
on the basis of a 360-day year of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be January 1
and July 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that
purpose in Cincinnati, Ohio, in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

In the case where any
Interest Payment Date or the maturity date of this Security does not fall on a Business Day, payment of interest or principal otherwise
payable on such day need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect
as if made on such Interest Payment Date or the maturity date of this Security.

 

Reference is hereby made
to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

     6

     

    

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed under its corporate seal.

 

Dated: January 12, 2021

 

	 	 	THE KROGER CO.
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 
	Attest:	 	 
	 	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

 

This is one of the Securities
of the series designated therein referred to in the within mentioned Indenture.

 

	 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	as Trustee
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	 	Authorized Officer
	 	 	 
	Attest:	 	 
	 	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

 

     7

     

    

 

Section 203.         Form of
Reverse of Security.

 

This Security is one
of a duly authorized issue of Securities of the Company (the “Securities”) issued and to be issued under an Indenture
dated as of June 25, 1999, as supplemented by the First Supplemental Indenture dated as of June 25, 1999, the Second
Supplemental Indenture dated as of June 25, 1999, the Third Supplemental Indenture dated as of June 25, 1999, the Fourth
Supplemental Indenture dated as of September 22, 1999, the Fifth Supplemental Indenture dated as of September 22, 1999,
the Sixth Supplemental Indenture dated as of September 22, 1999, the Seventh Supplemental Indenture dated as of February 11,
2000, the Eighth Supplemental Indenture dated as of February 11, 2000, the Ninth Supplemental Indenture dated as of August 21,
2000, the Tenth Supplemental Indenture dated as of May 11, 2001, the Eleventh Supplemental Indenture dated as of May 11,
2001, the Twelfth Supplemental Indenture dated as of August 16, 2001, the Thirteenth Supplemental Indenture dated as of April 3,
2002, the Fourteenth Supplemental Indenture dated as of June 17, 2002, the Fifteenth Supplemental Indenture dated as of January 28,
2003, the Sixteenth Supplemental Indenture dated as of December 20, 2004, the Seventeenth Supplemental Indenture dated as
of August 15, 2007, the Eighteenth Supplemental Indenture dated as of January 16, 2008, the Nineteenth Supplemental Indenture
dated as of March 27, 2008, the Twentieth Supplemental Indenture dated as of March 27, 2008, the Twenty-First Supplemental
Indenture dated as of November 25, 2008, the Twenty-Second Supplemental Indenture dated as of October 1, 2009, the Twenty-Third
Supplemental Indenture dated as of July 13, 2010, the Twenty-Fourth Supplemental Indenture dated as of January 19, 2012,
the Twenty-Fifth Supplemental Indenture dated as of April 16, 2012, the Twenty-Sixth Supplemental Indenture dated as of April 16,
2012, the Twenty-Seventh Supplemental Indenture dated as of July 25, 2013, the Twenty-Eighth Supplemental Indenture dated
as of July 25, 2013, the Twenty-Ninth Supplemental Indenture dated as of December 23, 2013, the Thirtieth Supplemental
Indenture dated as of December 23, 2013, the Thirty-First Supplemental Indenture dated as of December 23, 2013, the Thirty-Second
Supplemental Indenture dated as of December 23, 2013, the Thirty-Third Supplemental Indenture dated as of January 30,
2014, the Thirty-Fourth Supplemental Indenture dated as of October 28, 2014, the Thirty-Fifth Supplemental Indenture dated
as of January 15, 2016, the Thirty-Sixth Supplemental Indenture dated as of January 15, 2016, the Thirty-Seventh Supplemental
Indenture dated as of January 15, 2016, the Thirty-Eighth Supplemental Indenture dated as of October 3, 2016, the Thirty-Ninth
Supplemental Indenture dated as of October 3, 2016, the Fortieth Supplemental Indenture dated as of October 3, 2016,
the Forty-First Supplemental Indenture dated as of January 24, 2017, the Forty-Second Supplemental Indenture dated as of July 24,
2017, the Forty-Third Supplemental Indenture dated as of July 24, 2017, the Forty-Fourth Supplemental Indenture dated as of
July 24, 2017, the Forty-Fifth Supplemental Indenture dated as of January 14, 2019, the Forty-Sixth Supplemental Indenture
dated as of January 14, 2019, the Forty-Seventh Supplemental Indenture dated as of January 13, 2020, the Forty-Eighth
Supplemental Indenture dated as of April 28, 2020 and the Forty-Ninth Supplemental Indenture dated as of January 12,
2021 (as so supplemented, herein called the “Indenture”), each between the Company and Firstar Bank, N.A. (now known
as U.S. Bank National Association), as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to $500,000,000.

 

The Company may from
time to time, without notice to or consent of the registered holders of the Securities issue further Securities (“Additional
Securities”). The Additional Securities will rank equal with the Securities in all respects (or in all respects other than
the payment of interest accruing prior to the issue date of the Additional Securities, or except for the first payment of interest
following the issue date of the Additional Securities). The Additional Securities may be consolidated and form a single series
with the Securities and may have the same terms as to status, redemption, or otherwise, as the Securities.

 

     8

     

    

 

The Securities will be
redeemable, in whole or in part, at the option of the Company at any time. If the Securities are redeemed prior to October 15,
2030 (the “Par Call Date”), the redemption price will be equal to the greater of (i) 100% of the principal amount
of such Securities and (ii) as determined by a Quotation Agent, the sum of the present values of (1) the principal amount
of the Securities being redeemed and (2) the remaining scheduled payments of interest thereon (not including any portion of
such payments of interest accrued and unpaid as of the date of redemption) from the redemption date to the Par Call Date discounted
to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury
Rate plus 15 basis points plus, in each case, accrued and unpaid interest thereon to the date of redemption. If the Securities
are redeemed on or after the Par Call Date, the redemption price will be equal to 100% of the principal amount of such Securities,
plus accrued and unpaid interest thereon to the date of redemption.

 

Notice of any redemption
will be mailed at least 15 days but not more than 60 days before the Redemption Date to each holder of the Securities to be redeemed.
Unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest will cease to accrue
on the Securities or portions thereof called for redemption.

 

If a Change of Control
Triggering Event occurs, unless the Company has exercised its right to redeem the Securities, Holders of Securities will have the
right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof)
of their Securities pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control
Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued
and unpaid interest, if any, on the Securities repurchased, to the date of purchase (the “Change of Control Payment”).
Within 30 days following any Change of Control Triggering Event, or, at the Company’s option, prior to any Change of Control,
but after the public announcement of the Change of Control, the Company shall mail a notice to Holders of Securities describing
the transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase
the Securities on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the
date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures described herein and
in such notice. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to
purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the payment date specified in the notice.
The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Securities as a result of a Change of Control Triggering Event. To the extent that the provisions
of any securities laws or regulations conflict with the Change of Control provisions herein, the Company shall be required to comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of
Control provisions herein by virtue of such conflicts.

 

On the Change of Control
Payment Date, the Company shall, to the extent lawful, (i) accept for payment all Securities or portions of Securities properly
tendered pursuant to the Change of Control Offer; (ii) deposit with the paying agent an amount equal to the Change of Control
Payment in respect of all Securities or portions of Securities properly tendered; and (iii) deliver or cause to be delivered
to the Trustee the Securities properly accepted, together with an officers’ certificate stating the aggregate principal amount
of Securities or portions of Securities being purchased.

 

     9

     

    

 

“Below Investment
Grade Rating Event” means the Securities are rated below an Investment Grade Rating by each of the Rating Agencies (as defined
below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end
of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended
so long as the rating of the Securities is under publicly announced consideration for possible downgrade below investment grade
by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed
a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies
making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the
Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change
of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Change of Control”
means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other
than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties
or assets of the Company and its subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act) other than the Company or one of its subsidiaries; (2) the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares
of the Company’s voting stock; or (3) the first day on which a majority of the members of the Company’s Board
of Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change
of Control if (1) the Company becomes a wholly owned subsidiary of a holding company that has agreed to be bound by the terms
of the Securities and (2) the Holders of the voting stock of such holding company immediately following that transaction are
substantially the same as the Holders of the Company’s voting stock immediately prior to that transaction.

 

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“Continuing Directors”
means, as of any date of determination, members of the Board of Directors of the Company who (1) were members of such Board
of Directors on the date of original issuance of the Securities; or (2) were nominated for election or elected to such Board
of Directors with the approval of a majority of the continuing directors under clause (1) or (2) of this definition who
were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of
the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to
such nomination).

 

     10

     

    

 

“Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by
S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the
Company.

 

“Moody’s” means Moody’s Investors
Service, Inc.

 

“Person”
means any individual, partnership, corporation, limited liability company, joint stock company, business trust, trust, unincorporated
association, joint venture or other entity, or a government or political subdivision or agency thereof

 

“Rating Agencies”
means (1) each of Moody’s and S&P; and (2) if Moody’s or S&P ceases to rate the Securities or fails
to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act, selected by the Company (as certified
by a Board Resolution) as a replacement agency for Moody’s or S&P, or any of them, as the case may be.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of McGraw-Hill Financial, Inc.

 

The Indenture contains
provisions for defeasance at any time of (i) the entire indebtedness of this Security or (ii) certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth therein.

 

If an Event of Default
shall occur and be continuing, the principal of all Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of 50% in aggregate principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all the Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and
subject to, the provisions of the Indenture, no Holder of any Security will have any right to institute any proceeding with respect
to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of
a continuing Event of Default, the Holders of not less than 25% in principal amount of the Outstanding Securities shall have made
written request, and offered reasonable indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee shall
not have received from the Holders of a majority in principal amount of the Outstanding Securities a direction inconsistent with
such request and shall have failed to institute such proceeding within 60 days; provided, however, that such limitations
do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of (and premium, if any)
or any interest on this Security on or after the respective due dates expressed herein.

 

     11

     

    

 

No reference herein to
the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

The Securities are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000. As provided in the Indenture
and subject to certain limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of Securities
of like tenor, of a different authorized denomination, as requested by the Holder surrendering the same.

 

Except where otherwise
specifically provided in the Indenture, no service charge shall be made for any such registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

ARTICLE THREE

 

THE
SERIES OF SECURITIES

 

Section 301.         Title
and Terms.

 

There shall be a series
of Securities designated as the “1.700% Senior Notes due 2031” of the Company. Their Stated Maturity shall be January 15,
2031, and they shall bear interest at the rate of 1.700% per annum.

 

Interest on the Securities
of this series will be payable semi-annually on January 15 and July 15 of each year, commencing July 15, 2021, until
the principal thereof is made available for payment. Interest on the Securities of this series will be computed on the basis of
a 360-day year of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will be paid to the Person in whose name the Securities of this series (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, which shall be January 1 and July 1 (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date.

 

     12

     

    

 

In the case where any
Interest Payment Date or the maturity date of the Securities of this series does not fall on a Business Day, payment of interest
or principal otherwise payable on such date need not be made on such day, but may be made on the next succeeding Business Day with
the same force and effect as if made on such Interest Payment Date or the maturity date of the Securities of this series.

 

The aggregate principal
amount of Securities of this series which may be authenticated and delivered under this Forty-Ninth Supplemental Indenture is
initially limited to $500,000,000, except for Securities authenticated and delivered upon registration or transfer of, or in exchange
for, or in lieu of, other Securities of this series pursuant to Section 304, 305 and 306 of the Indenture and except for
any Securities of this series which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated
and delivered under the Indenture. Notwithstanding the foregoing, the Company may from time to time, without notice to or consent
of the registered holders of the Securities issue further Securities (“Additional Securities”). The Additional Securities
will rank equal with the Securities in all respects (or in all respects other than the payment of interest accruing prior to the
issue date of the Additional Securities, or except for the first payment of interest following the issue date of the Additional
Securities). The Additional Securities may be consolidated and form a single series with the Securities and may have the same
terms as to status, redemption, or otherwise, as the Securities.

 

The Securities of this
series will be represented by one or more Global Securities representing the entire $500,000,000 aggregate principal amount of
the Securities of this series (as such amount may be increased by the Additional Securities), and the Depositary with respect to
such Global Security or Global Securities will be The Depository Trust Company.

 

The Place of Payment
for the principal of (and premium, if any) and interest on the Securities of this series shall be the office or agency of the Company
in the City of Cincinnati, State of Ohio, maintained for such purpose, which shall be the Corporate Trust Office of the Trustee
and at any other office or agency maintained by the Company for such purpose; provided, however, that at the option
of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register.

 

The Securities of this
series are redeemable prior to maturity at the option of the Company as provided in this Forty-Ninth Supplemental Indenture.

 

The Securities of this
series are not subject to a sinking fund and the provisions of Section 501(3) and Article Twelve of the Indenture
shall not be applicable to the Securities of this series.

 

The Securities of this
series are subject to defeasance at the option of the Company as provided in this Forty-Ninth Supplemental Indenture.

 

     13

     

    

 

ARTICLE FOUR

 

MODIFICATIONS
AND ADDITIONS TO THE INDENTURE

 

Section 401.          Modifications
to the Consolidation, Merger, Conveyance, Transfer or Lease Provisions.

 

With respect to the Securities
of this series, Section 801 of the Indenture shall be deleted in its entirety and the following shall be substituted therefor:

 

“Section 801. Covenant
Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions.

 

The Company
covenants that it will not merge with or into or consolidate with any corporation, partnership, or other entity or sell, lease
or convey all or substantially all of its assets to any other Person, unless (i) either the Company shall be the continuing
corporation, or the successor entity or the Person which acquires by sale, lease or conveyance all or substantially all the assets
of the Company (if other than the Company) shall be a corporation or partnership organized under the laws of the United States
of America or any State thereof or the District of Columbia and shall expressly assume all obligations of the Company under this
Indenture and the Securities of the series created by the Forty-Ninth Supplemental Indenture, including the due and punctual payment
of the principal of and interest on all the Securities of the series created by the Forty-Ninth Supplemental Indenture according
to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of the Indenture to
be performed or observed by the Company, by supplemental indenture in form satisfactory to the Trustee, executed and delivered
to the Trustee by such entity, and (ii) the Company, such person or such successor entity, as the case may be, shall not,
immediately after such merger or consolidation, or such sale, lease or conveyance, be in default in the performance of any such
covenant or condition and, immediately after giving effect to such transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing.

 

Section 802. Successor Substituted.

 

Upon any
consolidation of the Company with, or merger of the Company into, any other Person or any sale, lease or conveyance of all or substantially
all of the assets of the Company in accordance with Section 801, the successor Person formed by such consolidation or into
which the Company is merged or to which such sale, lease or conveyance is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named
as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities.”

 

     14

     

    

 

Section 402.         Other
Modifications.

 

With respect to the Securities of this series,
the Indenture shall be modified as follows:

 

(a) The eighth paragraph
of Section 305 of the Indenture shall be modified by inserting “, and a successor Depositary is not appointed by the
Company within 90 days” at the end of clause (i) in such paragraph; and

 

(b) Section 401
of the Indenture shall be modified by adding to the end of such Section the following paragraph:

 

“For
the purpose of this Section 401, trust funds may consist of (A) money in an amount, or (B) U.S. Government Obligations
(as defined in Section 1304) which through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination
thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, the principal of, premium, if any, and each installment of interest on
the Securities of this series on the Stated Maturity of such principal or installment of interest on the day on which such payments
are due and payable in accordance with the terms of this Indenture and of such Securities of this series.”

 

Section 403.         Additional
Covenants; Defeasance and Covenant Defeasance.

 

(a)  With respect
to the Securities of this series, the following provisions shall be added as Sections 1009, 1010 and 1011 and as Article Thirteen
(Section references contained in these additional provisions are to the Indenture as supplemented by this Forty-Ninth Supplemental
Indenture):

 

“Section 1009. Limitations on Liens.

 

After the
date hereof and so long as any Securities of the series created by the Forty-Ninth Supplemental Indenture are Outstanding, the
Company will not issue, assume or guarantee, and will not permit any Restricted Subsidiary to issue, assume or guarantee, any Indebtedness
which is secured by a mortgage, pledge, security interest, lien or encumbrance of any kind (including any conditional sale or other
title retention agreement, any lease in the nature thereof, and any agreement to give any of the foregoing) (each being hereinafter
referred to as a “lien” or “liens”) of or upon any Operating Property or Operating Asset, whether now owned
or hereafter acquired, of the Company or any Restricted Subsidiary without effectively providing that the Securities of the series
created by the Forty-Ninth Supplemental Indenture (together with, if the Company shall so determine, any other Indebtedness of
the Company ranking equally with the Securities) shall be equally and ratably secured by a lien on such assets ranking ratably
with and equal to (or at the Company’s option prior to) such secured Indebtedness; provided that the foregoing restriction
shall not apply to:

 

(a) liens
on any property or assets of any corporation existing at the time such corporation becomes a Restricted Subsidiary provided that
such lien does not extend to any other property of the Company or any of its Restricted Subsidiaries;

 

     15

     

    

 

(b) liens
on any property or assets (including stock) existing at the time of acquisition of such property or assets by the Company or a
Restricted Subsidiary, or liens to secure the payment of all or any part of the purchase price of such property or assets (including
stock) upon the acquisition of such property or assets by the Company or a Restricted Subsidiary or to secure any indebtedness
incurred, assumed or guaranteed by the Company or a Restricted Subsidiary for the purpose of financing all or any part of the purchase
price of such property or, in the case of real property, construction or improvements thereon or attaching to property substituted
by the Company to obtain the release of a lien on other property of the Company on which a lien then exists, which indebtedness
is incurred, assumed or guaranteed prior to, at the time of, or within 18 months after such acquisition (or in the case of real
property, the completion of construction (including any improvements on an existing asset) or commencement of full operation at
such property, whichever is later (which in the case of a retail store is the opening of the store for business to the public));
provided that in the case of any such acquisition, construction or improvement, the lien shall not apply to any other property
or assets theretofore owned by the Company or a Restricted Subsidiary;

 

(c) liens
on any property or assets to secure Indebtedness of a Restricted Subsidiary to the Company or to another Restricted Subsidiary;

 

(d) liens
on any property or assets of a corporation existing at the time such corporation is merged into or consolidated with the Company
or a Restricted Subsidiary or at the time of a purchase, lease or other acquisition of the assets of a corporation or firm as an
entirety or substantially as an entirety by the Company or a Restricted Subsidiary provided that such lien does not extend to any
other property of the Company or any of its Restricted Subsidiaries;

 

(e) liens
on any property or assets of the Company or a Restricted Subsidiary in favor of the United States of America or any State thereof,
or any department, agency or instrumentality or political subdivision of the United States of America or any State thereof, or
in favor of any other country, or any political subdivision thereof, to secure partial, progress, advance or other payments pursuant
to any contract or statute or to secure any Indebtedness incurred or guaranteed for the purpose of financing all or any part of
the purchase price (or, in the case of real property, the cost of construction) of the property or assets subject to such liens
(including, but not limited to, liens incurred in connection with pollution control, industrial revenue or similar financings);

 

(f) liens
existing on properties or assets of the Company or any Restricted Subsidiary existing on the date hereof., provided
that such liens secure only those obligations which they secure on the date hereof or any extension, renewal or replacement thereof;

 

(g) any
extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part, of any lien referred
to in the foregoing clauses (a) through (f), inclusive; provided that such extension, renewal or replacement shall be limited
to all or a part of the property or assets which secured the lien so extended, renewed or replaced (plus improvements and construction
on real property);

 

     16

     

    

 

(h) liens
imposed by law, such as mechanics’, workmen’s, repairmen’s, materialmen’s, carriers’, warehouseman’s,
vendors’, or other similar liens arising in the ordinary course of business of the Company or a Restricted Subsidiary, or
governmental (federal, state or municipal) liens arising out of contracts for the sale of products or services by the Company or
any Restricted Subsidiary, or deposits or pledges to obtain the release of any of the foregoing liens;

 

(i) pledges,
liens or deposits under worker’s compensation laws or similar legislation and liens or judgments thereunder which are not
currently dischargeable, or in connection with bids, tenders, contracts (other than for the payment of money) or leases to which
the Company or any Restricted Subsidiary is a party, or to secure the public or statutory obligations of the Company or any Restricted
Subsidiary, or in connection with obtaining or maintaining self-insurance or to obtain the benefits of any law, regulation or arrangement
pertaining to unemployment insurance, old age pensions, social security or similar matters, or to secure surety, appeal or customs
bonds to which the Company or any Restricted Subsidiary is a party, or in litigation or other proceedings such as, but not limited
to, interpleader proceedings, and other similar pledges, liens or deposits made or incurred in the ordinary course of business;

 

(j) liens
created by or resulting from any litigation or other proceeding which is being contested in good faith by appropriate proceedings,
including liens arising out of judgments or awards against the Company or any Restricted Subsidiary with respect to which the Company
or such Restricted Subsidiary is in good faith prosecuting an appeal or proceedings for review or for which the time to make an
appeal has not yet expired; or final unappealable judgment liens which are satisfied within 30 days of the date of judgment; or
liens incurred by the Company or any Restricted Subsidiary for the purpose of obtaining a stay or discharge in the course of any
litigation or other proceeding to which the Company or such Restricted Subsidiary is a party;

 

(k) liens
for taxes or assessments or governmental charges or levies not yet due or delinquent, or which can thereafter be paid without penalty,
or which are being contested in good faith by appropriate proceedings; landlord’s liens on property held under lease; and
any other liens or charges incidental to the conduct of the business of the Company or any Restricted Subsidiary or the ownership
of the property or assets of any of them which were not incurred in connection with the borrowing of money or the obtaining of
advances or credit and which do not, in the opinion of the Company, materially impair the use of such property or assets in the
operation of the business of the Company or such Restricted Subsidiary or the value of such property or assets for the purposes
of such business; or

 

(1) liens
not permitted by clauses (a) through (k) above if at the time of, and after giving effect to, the creation or assumption
of any such lien, the aggregate amount of all Indebtedness of the Company and its Restricted Subsidiaries secured by all such liens
not so permitted by clauses (a) through (k) above together with the Attributable Debt in respect of Sale and Lease-Back
Transactions permitted by paragraph (a) of Section 1010 does not exceed 10% of Consolidated Net Tangible Assets.

 

     17

     

    

 

Section 1010. Limitations on Sale and Lease-Back
Transactions.

 

After the
date hereof and so long as any Securities of the series created by the Forty-Ninth Supplemental Indenture are Outstanding, the
Company agrees that it will not, and will not permit any Restricted Subsidiary to, enter into any arrangement with any Person providing
for the leasing by the Company or a Restricted Subsidiary of any Operating Property or Operating Asset (other than any such arrangement
involving a lease for a term, including renewal rights, for not more than three years and leases between the Company and a Restricted
Subsidiary or between Restricted Subsidiaries), whereby such Operating Property or Operating Asset has been or is to be sold or
transferred by the Company or any Restricted Subsidiary to such Person (herein referred to as a “Sale and Lease-Back Transaction”),
unless:

 

(a) the
Company or such Restricted Subsidiary would, at the time of entering into a Sale and Lease-Back Transaction, be entitled to incur
Indebtedness secured by a lien on the Operating Property or Operating Asset to be leased in an amount at least equal to the Attributable
Debt in respect of such Sale and Lease-Back Transaction without equally and ratably securing the Securities of the series created
by the Forty-Ninth Supplemental Indenture pursuant to Section 1009; or

 

(b) the
proceeds of the sale of the Operating Property or Operating Asset to be leased are at least equal to the fair market value of such
Operating Property or Operating Asset (as determined by the chief financial officer or chief accounting officer of the Company)
and an amount in cash equal to the net proceeds from the sale of the Operating Property or Operating Asset so leased is applied,
within 180 days of the effective date of any such Sale and Lease-Back Transaction, to the purchase or acquisition (or, in the case
of Operating Property, the construction) of Operating Property or Operating Assets or to the retirement, repurchase, redemption
or repayment (other than at maturity or pursuant to a mandatory sinking fund or redemption provision and other than Indebtedness
owned by the Company or any Restricted Subsidiary) of Securities of the series created by the Forty-Ninth Supplemental Indenture
or of Funded Indebtedness of the Company ranking on a parity with or senior to the Securities of the series created by the Forty-Ninth
Supplemental Indenture, or in the case of a Sale and Lease-Back Transaction by a Restricted Subsidiary, of Funded Indebtedness
of such Restricted Subsidiary; provided that in connection with any such retirement, any related loan commitment or the like shall
be reduced in an amount equal to the principal amount so retired.

 

The foregoing
restriction shall not apply to, in the case of any Operating Property or Operating Asset acquired or constructed subsequent to
the date eighteen months prior to the date of this Indenture, any Sale and Lease-Back Transaction with respect to such Operating
Asset or Operating Property (including presently owned real property upon which such Operating Property is to be constructed) if
a binding commitment is entered into with respect to such Sale and Lease-Back Transaction within 18 months after the later of the
acquisition of the Operating Property or Operating Asset or the completion of improvements or construction thereon or commencement
of full operations at such Operating Property (which in the case of a retail store is the opening of the store for business to
the public).

 

     18

     

    

 

 

Section 1011. Change of Control.

 

If a Change
of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Securities, Holders of Securities
will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in
excess thereof) of their Securities pursuant to the offer described below (the “Change of Control Offer”). In the
Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of Securities
repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to the date of purchase (the “Change
of Control Payment”). Within 30 days following any Change of Control Triggering Event, or, at the Company’s option,
prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall mail a notice to
Holders of Securities describing the transaction or transactions that constitute or may constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the notice, which date will be no earlier than 30 days
and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to
the procedures described herein and in such notice. The notice shall, if mailed prior to the date of consummation of the Change
of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to
the payment date specified in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to
the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result of a Change
of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change
of Control provisions herein, the Company shall be required to comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts.

 

On the Change
of Control Payment Date, the Company shall, to the extent lawful, (i) accept for payment all Securities or portions of Securities
properly tendered pursuant to the Change of Control Offer; (ii) deposit with the paying agent an amount equal to the Change
of Control Payment in respect of all Securities or portions of Securities properly tendered; and (iii) deliver or cause to
be delivered to the Trustee the Securities properly accepted, together with an officers’ certificate stating the aggregate
principal amount of Securities or portions of Securities being purchased.

 

    19

     

    

 

“Below
Investment Grade Rating Event” means the Securities are rated below an Investment Grade Rating by each of the Rating Agencies
(as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until
the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended
so long as the rating of the Securities is under publicly announced consideration for possible downgrade below investment grade
by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed
a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies
making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the
Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change
of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Change
of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially
all of the properties or assets of the Company and its subsidiaries taken as a whole to any “person” (as that term
is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its subsidiaries; (2) the consummation
of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly,
of more than 50% of the then outstanding number of shares of the Company’s voting stock; or (3) the first day on which
a majority of the members of the Company’s Board of Directors are not Continuing Directors. Notwithstanding the foregoing,
a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a wholly owned subsidiary of a
holding company that has agreed to be bound by the terms of the Securities and (2) the Holders of the voting stock of such
holding company immediately following that transaction are substantially the same as the Holders of the Company’s voting
stock immediately prior to that transaction.

 

“Change
of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“Continuing
Directors” means, as of any date of determination, members of the Board of Directors of the Company who (1) were members
of such Board of Directors on the date of original issuance of the Securities; or (2) were nominated for election or elected
to such Board of Directors with the approval of a majority of the continuing directors under clause (1) or (2) of this
definition who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or
by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without
objection to such nomination).

 

    20

     

    

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by
the Company.

 

“Moody’s” means
Moody’s Investors Service, Inc.

 

“Person”
means any individual, partnership, corporation, limited liability company, joint stock company, business trust, trust, unincorporated
association, joint venture or other entity, or a government or political subdivision or agency thereof.

 

“Rating
Agencies” means (1) each of Moody’s and S&P; and (2) if Moody’s or S&P ceases to rate the Securities
or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act, selected by the Company
(as certified by a Board Resolution) as a replacement agency for Moody’s or S&P, or any of them, as the case may be.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of McGraw-Hill Financial, Inc.

 

ARTICLE THIRTEEN

 

DEFEASANCE
AND COVENANT DEFEASANCE

 

Section 1301. Company’s
Option to Effect Defeasance or Covenant Defeasance.

 

The Company
may at its option by Board Resolution, at any time, elect to have either Section 1302 or Section 1303 applied to the
Outstanding Securities of this series upon compliance with the conditions set forth below in this Article Thirteen.

 

Section 1302. Defeasance
and Discharge.

 

Upon the
Company’s exercise of the option provided in Section 1301 applicable to this Section, the Company shall be deemed to
have been discharged from its obligations with respect to the Outstanding Securities of the series created by the Forty-Ninth Supplemental
Indenture on the date the conditions set forth below are satisfied (hereinafter, “Defeasance”). For this purpose, such
Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Outstanding
Securities of this series and to have satisfied all its other obligations under such Securities of this series and this Indenture
insofar as such Securities of this series are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of Outstanding Securities of this series to receive, solely from the trust fund described in Section 1304
and as more fully set forth in such Section, payments in respect of the principal of (and premium, if any) and interest on such
securities when such payments are due, (B) the Company’s obligations with respect to such Securities of this series
under Sections 304, 305, 306, 1002 and 1003, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (D) this Article Thirteen. Subject to compliance with this Article Thirteen, the Company may exercise its option
under this Section 1302 notwithstanding the prior exercise of its option under Section 1303.

 

    21

     

    

 

Section 1303. Covenant
Defeasance.

 

Upon the
Company’s exercise of the option provided in Section 1301 applicable to this Section, the Company shall be released
from its obligations under Section 501(4) (in respect of the covenants in Sections 1008 through 1010), Section 801
and Sections 1008 through 1010, the Securities of this series and the Holders of Securities of this series, on and after the date
the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, such Covenant
Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such Section, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or
by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of
this Indenture and such Securities of this series shall be unaffected thereby.

 

Section 1304. Conditions
to Defeasance or Covenant Defeasance.

 

The following
shall be the conditions to application of either Section 1302 or Section 1303 to the Outstanding Securities of this
series:

 

(1) The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 609 who shall agree to comply with the provisions of this Article Thirteen applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit
of the Holders of such Securities of this series, (A) money in an amount, or (B) U.S. Government Obligations which through
the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than
one day before the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal
of, premium, if any, and each installment of interest on the Securities of this series on the Stated Maturity of such principal
or installment of interest on the day on which such payments are due and payable in accordance with the terms of this Indenture
and of such Securities of this series. For this purpose, “U.S. Government Obligations” means securities that are (x) direct
obligations of the United States of America for the payment of which its full faith and credit is pledged or (y) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either
case, are not callable or redeemable at the option of the Company thereof, and shall also include a depository receipt issued by
a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any such
U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held by such
custodian for the account of the holder of such depository receipt, provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received
by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government
Obligation evidenced by such depositary receipt.

 

    22

     

    

 

(2) No
Event of Default or event which with notice or lapse of time or both would become an Event of Default shall have occurred and be
continuing on the date of such deposit or, insofar as subsections 501(6) and (7) are concerned, at any time during the
period ending on the 121st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied
until the expiration of such period).

 

(3) Such
Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest as defined in Section 608 and
for purposes of the Trust Indenture Act with respect to any securities of the Company.

 

(4) Such
Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or
any other agreement or instrument to which the Company is a party or by which it is bound.

 

(5) The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to either the Defeasance under Section 1302 or the Covenant Defeasance under Section 1303
(as the case may be) have been complied with.

 

(6) In
the case of an election under Section 1302, the Company shall have delivered to the Trustee an Opinion of Counsel stating
that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since
the date of this Forty-Ninth Supplemental Indenture there has been a change in the applicable Federal income tax law, in either
case to the effect that and based thereon such opinion shall confirm that, and in the case of an election under Section 1303
the Company shall have delivered to the Trustee an Opinion of Counsel stating that, the Holders of the Outstanding Securities of
this series will not recognize income, gain or loss for Federal income tax purposes as a result of such Defeasance or Covenant
Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such Defeasance or Covenant Defeasance had not occurred.

 

Section 1305.
Deposited Money and U.S. Government Obligations to Be Held in Trust, Other Miscellaneous Provisions.

 

Subject to
the provisions of the last paragraph of Section 1003, all money and U.S. Government Obligations (including the proceeds thereof)
deposited with the Trustee (or other qualifying trustee—collectively, for purposes of this Section 1305, the “Trustee”)
pursuant to Section 1304 in respect of the Securities of this series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities of this series and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities
of this series, of all sums due and to become due thereon in respect of principal (and premium, if any) and interest, but such
money need not be segregated from other funds except to the extent required by law.

 

    23

     

    

 

The Company
shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the Outstanding Securities of this series.

 

Anything
in this Article Thirteen to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time
upon Company Request any money or U.S. Government Obligations held by it as provided in Section 1304 which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Defeasance or
Covenant Defeasance.

 

Section 1306. Reinstatement.

 

If the Trustee
or the Paying Agent is unable to apply any money in accordance with Section 1302 or 1303 by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s
obligations under this Indenture and the Securities of this series shall be revived and reinstated as though no deposit had occurred
pursuant to this Article Thirteen until such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 1302 or 1303; provided, however, that if the Company makes any payment of principal of (and
premium, if any) or interest on any Security of this series following the reinstatement of its obligations, the Company shall
be subjugated to the rights of the Holders of such Securities of this series to receive such payment from the money held by the
Trustee or the Paying Agent.”

 

Section 404.           Redemption
of Securities.

 

With respect to Securities
of this series, Section 1101 of the Indenture shall be deleted in its entirety and the following shall be substituted therefor:

 

“Section 1101. Optional
Redemption.

 

The Securities
will be redeemable, in whole or in part, at the option of the Company at any time. If the Securities are redeemed prior to October 15,
2030 (the “Par Call Date”), the redemption price will be equal to the greater of (i) 100% of the principal amount
of such Securities and (ii) as determined by a Quotation Agent, the sum of the present values of (1) the principal amount
of the Securities being redeemed and (2) the remaining scheduled payments of interest thereon (not including any portion of
such payments of interest accrued and unpaid as of the date of redemption) from the redemption date to the Par Call Date, discounted
to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury
Rate plus 15 basis points plus, in each case, accrued and unpaid interest thereon to the date of redemption. If the Securities
are redeemed on or after the Par Call Date, the redemption price will be equal to 100% of the principal amount of such Securities,
plus accrued and unpaid interest thereon to the date of redemption.”

 

    24

     

    

 

ARTICLE FIVE

 

MISCELLANEOUS

 

Section 501.         Miscellaneous.

 

(a)            The
Trustee accepts the trusts created by the Indenture, as supplemented by this Forty-Ninth Supplemental Indenture, and agrees to
perform the same upon the terms and conditions of the Indenture, as supplemented by this Forty-Ninth Supplemental Indenture.

 

(b)            The
recitals contained herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Forty-Ninth Supplemental Indenture.

 

(c)            All
capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Indenture.

 

(d)            Each
of the Company and the Trustee makes and reaffirms as of the date of execution of this Forty-Ninth Supplemental Indenture all of
its respective representations, covenants and agreements set forth in the Indenture.

 

(e)            All
covenants and agreements in this Forty-Ninth Supplemental Indenture by the Company or the Trustee and each Guarantor shall bind
its respective successors and assigns, whether so expressed or not.

 

(f)            In
case any provisions in this Forty-Ninth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

(g)            Nothing
in this Forty-Ninth Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their
successors under the Indenture and the Holders of the series of Securities created hereby, any benefit or any legal or equitable
right, remedy or claim under the Indenture.

 

(h)            If
any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act of 1939, as may be amended from
time to time, that is required under such Act to be a part of and govern this Forty-Ninth Supplemental Indenture, the latter provision
shall control. If any provision hereof modifies or excludes any provision of such Act that may be so modified or excluded, the
latter provision shall be deemed to apply to this Forty-Ninth Supplemental Indenture as so modified or excluded, as the case may
be.

 

    25

     

    

 

(i)            This
Forty-Ninth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

(j)            All
amendments to the Indenture made hereby shall have effect only with respect to the series of Securities created hereby.

 

(k)            All
provisions of this Forty-Ninth Supplemental Indenture shall be deemed to be incorporated in, and made a part of, the Indenture;
and the Indenture, as supplemented by this Forty-Ninth Supplemental Indenture, shall be read, taken and construed as one and the
same instrument.

 

(l)            All
notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent
to the Trustee hereunder must be in the form of a document that is signed manually or by way of digital signature provided by DocuSign
(or such other digital signature provider as specified in writing to the Trustee by the authorized representative), in English.
The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

    26

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed as of the day and year first above written.

 

	 	THE KROGER CO.
	 	 	 
	 	By:	/s/ Carin L. Fike
	 	 	Name:	Carin L. Fike
	 	 	Title: 	Vice President and Treasurer
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee	 
	 	 	 
	 	By:	/s/ William E. Sicking 
	 	 	Name:	William E. Sicking
	 	 	Title:	Vice President and Trust Officer

 

    

     

    

 

	STATE OF OHIO	)	 
	 	)	SS.:
	COUNTY OF HAMILTON	)	 

 

On the 12th
day of January, 2021, before me personally came Carin L. Fike, to me known, who, being by me duly sworn, did depose and say that
she is Vice President and Treasurer of The Kroger Co., one of the corporations described in and which executed the foregoing instrument,
and that she signed her name thereto by like authority.

 

	 	/s/ Dorothy D. Roberts

 

	STATE OF OHIO	)	 
	 	)	SS.:
	COUNTY OF BUTLER	)	 

 

On the 12th
day of January, 2021, before me personally came William E. Sicking, to me known, who, being by me duly sworn, did depose and say
that he is a Vice President and Trust Officer of U.S. Bank National Association, one of the corporations described in and which
executed the foregoing instrument, and that he signed his name thereto by like authority.

 

	 	

/s/ Margaret A. LambertExhibit 4.1

 

WARRANT
AGREEMENT

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of January 6, 2021, is by and between VectoIQ Acquisition Corp. II, a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent” and, in its capacity as transfer agent, referred to herein as the
“Transfer Agent”).

 

WHEREAS, on January
6, 2021, the Company entered into a Unit Purchase Agreement with VectoIQ Holdings II, LLC, a Delaware limited liability company
(the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 900,000 units (the
“Private Placement Units”) at a purchase price of $10.00 per Private Placement Unit. Each Private Placement
Unit is comprised of one share of the Company’s Common Stock (as defined below) and one-fifth of one redeemable warrant (each
whole warrant, a “Private Placement Warrant”), bearing the legend set forth in Exhibit B hereto,
in a private placement transaction to occur simultaneously with the closing of the Offering. Each Private Placement Warrant entitles
the holder thereof to purchase one share of Common Stock (as defined below) at a price of $11.50 per share, subject to adjustment
as described herein;

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial merger, share exchange, asset acquisition, stock purchase, reorganization,
recapitalization or other similar business combination involving the Company and one or more businesses (a “Business
Combination”), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors
may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans made
to the Company may be convertible into units at a price of $10.00 per unit (the “Working Capital Units”),
each Working Capital Unit comprised of one share of the Company’s Common Stock and one-fifth of one redeemable warrant (the
“Working Capital Warrants”);

 

WHEREAS, the Company
is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities,
each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”), and one-fifth of one redeemable Public Warrant (as defined below) (the “Public Units”
and together with the Private Placement Units and the Working Capital Units, the “Units”) and, in connection
therewith, has determined to issue and deliver 6,000,000 warrants (or up to 6,900,000 warrants if the Over-allotment Option (as
defined below) is exercised in full) to public investors in the Offering (the “Public Warrants” and,
together with the Private Placement Warrants and the Working Capital Warrants, the “Warrants”). Each
whole Warrant entitles the holder thereof to purchase one share of Common Stock for $11.50 per share, subject to adjustment as
described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able to exercise any fraction
of a Warrant;

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-1 (File No. 333-251510) and a prospectus (the “Prospectus”), for the registration under the Securities
Act of 1933, as amended (the “Securities Act”), of the Public Units and the Public Warrants and the Common
Stock included in the Public Units;

 

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

 

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

 

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

 

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

 

    1 

     

    

 

1.            Appointment of Warrant Agent.

 

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

 

2.           Warrants.

 

2.1         Form of Warrant. Each Warrant shall initially be issued in registered form only.

 

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

 

2.3         Registration.

 

2.3.1          
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in
book entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such
denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial
interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained
by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution,
with respect to a Warrant in its account, a “Participant”).

 

If the Depositary subsequently
ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding
making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer
necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the
Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the
Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive
Warrant Certificates”) which shall be in the form annexed hereto as Exhibit A.

 

Physical certificates,
if issued, shall be signed by, or bear the facsimile signature of, the President, the Chief Executive Officer, the Chief Financial
Officer, the Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed
upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued,
it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

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

 

2.4         Detachability
of Warrants. The Common Stock and Public Warrants comprising the Public Units shall begin separate trading on the 52nd
day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal
holiday, on which banks in New York City are generally open for normal business (a “Business Day”),
then on the immediately succeeding Business Day following such date, or earlier (the “Detachment
Date”) with the consent of Cowen and Company, LLC and Morgan Stanley & Co. LLC, as representatives of the
several underwriters, but in no event shall the Common Stock and the Public Warrants comprising the Public Units be
separately traded until (A) the Company has filed a Current Report on Form 8-K with the Commission containing an audited
balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by
the Company from the exercise by the underwriters of their right to purchase additional Public Units in the Offering (the
“Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the
Current Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading shall begin.

 

    2 

     

    

 

2.5         No Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as
part of the Units, each of which is comprised of one share of Common Stock and one-fifth of one Warrant. If, upon the detachment
of Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall
round down to the nearest whole number the number of Warrants to be issued to such holder.

 

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

 

(a)                
 to any persons or entities (including their affiliates and members) participating in the private placement of the
Private Placement Units;

 

(b)               
 to the Company’s directors or officers, any affiliates or family members of any of the Company’s directors
or officers, any members of the Sponsor or any affiliates of the Sponsor;

 

(c)                
in the case of an entity, as a distribution to its partners, stockholders or members upon liquidation;

 

(d)               
in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary
of which is a member of such individual’s immediate family, for estate planning purposes or to a charitable organization;

 

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

 

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

 

(g)               
by certain pledges to secure obligations incurred in connection with purchases of the Company’s securities;

 

(h)               
by private sales or transfers made in connection with the consummation of an initial Business Combination at prices no greater
than the price at which the securities were originally purchased;

 

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

 

(j)                 
to the Company for no value for cancellation in connection with the completion of its initial Business Combination; or

 

(k)               
in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property subsequent to the Company’s completion of its initial Business Combination;

 

provided, however, that,
in each case of clauses (a) through (h), these transferees (the “Permitted Transferees”) must enter into
a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

    3 

     

    

 

3.            Terms and Exercise of Warrants.

 

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

 

3.2         Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
(A) commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a Business
Combination, and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and (B) terminating at
5:00 p.m., New York City time on the earliest to occur of (x) the date that is five (5) years after the date on which the Company
completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s amended and
restated certificate of incorporation, as amended from time to time, or (z) other than with respect to the Private Placement Warrants
and Working Capital Warrants to the extent then held by the Sponsor or its Permitted Transferees, the Redemption Date (as defined
below) as provided in Section 6.3 hereof (the “Expiration Date”); provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth
in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available.
Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement
Warrant or a Working Capital Warrant then held by the Sponsor or its Permitted Transferees) in the event of a redemption (as set
forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant or a Working Capital Warrant then
held by the Sponsor or its Permitted Transferees in the event of a redemption) not exercised on or before the Expiration Date shall
become null and void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m.,
New York City time, on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying
the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice of any such
extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among
all the Warrants.

 

3.3         Exercise of Warrants.

 

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

 

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

 

(b)                in
the event of a redemption pursuant to Section 6.1 hereof in which the Company’s board of directors (the
“Board”) has elected to require all holders of the Warrants to exercise such Warrants on a
“cashless basis,” by surrendering the Warrants for that number of shares of Common Stock equal to the lesser of
(A) the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants,
multiplied by the excess of the “Fair Market Value” (as defined in this subsection 3.3.1(b)) over the
Warrant Price by (y) the Fair Market Value and (B) 0.361. Solely for purposes of this subsection 3.3.1(b), Section
6.2 and Section 6.4, the “Fair Market Value” shall mean the average last reported
sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which the
notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;

 

    4 

     

    

 

(c)                
with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working
Capital Warrant is held by the Sponsor or its Permitted Transferees, by surrendering the Warrants for that number of shares of
Common Stock equal (i) if in connection with a redemption of Private Placement Warrants or Working Capital Warrants pursuant to
Section 6.2 hereof, as provided in Section 6.2 hereof with respect to a Make-Whole Exercise (as defined below) and
(ii) in all other scenarios, to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the Warrants, multiplied by the excess of the “Sponsor Exercise Fair Market Value”, as defined in this subsection
3.3.1(c), over the Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c),
the “Sponsor Exercise Fair Market Value” shall mean the average last reported sale price of the Common
Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the Private
Placement Warrant or Working Capital Warrant is sent to the Warrant Agent;

 

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

 

(e)                
on a cashless basis, as provided in Section 7.4 hereof.

 

3.3.2          
Issuance of Shares of Common Stock upon Exercise. As soon as practicable after the exercise of any Warrant and the
clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall
issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares
of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and
if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the
number of shares of Common Stock as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company
shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation
to settle such Warrant exercise unless (a) a registration statement under the Securities Act with respect to the shares of Common
Stock underlying the Public Warrants is then effective and (b) a prospectus relating thereto is current, subject to the Company’s
satisfying its obligations under Section 7.4 or a valid exemption from registration being available. No Warrant shall be
exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common
Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification
under the securities laws of the state of residence of the Registered Holder of the Warrants. Subject to Section 4.6 of
this Agreement, a Registered Holder of Public Warrants may exercise its Public Warrants only for a whole number of shares of Common
Stock. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section
7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled,
upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to
the nearest whole number, the number of shares of Common Stock to be issued to such holder.

 

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

 

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

 

    5 

     

    

 

3.3.5           Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event he, she or it elects to be subject to
the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection
3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect
the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent
that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant
Agent’s actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) (the
“Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to
such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
such person and his, her or its affiliates or any such other person or group shall include the number of shares of Common
Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall
exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant
beneficially owned by such person and his, her or its affiliates and (y) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such person and his, her or its affiliates
(including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for
purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining
the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as
reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on
Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company
or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.
For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business
Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity
securities of the Company by the holder and his, her or its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase
or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however,
that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the
Company.

 

4.            Adjustments.

 

4.1         Stock Dividends.

 

4.1.1          
Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding
shares of Common Stock is increased by a stock capitalization or stock dividend payable in shares of Common Stock, or by a split-up
of shares of Common Stock or other similar event, then, on the effective date of such stock capitalization or stock dividend, split-up
or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to
such increase in the outstanding shares of Common Stock. A rights offering to holders of the Common Stock entitling holders to
purchase shares of Common Stock at a price less than the “Historical Fair Market Value” (as defined below) shall be
deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock
actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible
into or exercisable for the Common Stock) and (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in
such rights offering divided by (y) the Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the
rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common
Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon
exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average price of the Common
Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares
of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
No shares of Common Stock shall be issued at less than their par value.

 

    6 

     

    

 

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

 

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

 

4.3         Adjustments in Exercise Price.

 

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

 

4.3.2          
If (x) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable
for shares of Common Stock for capital raising purposes in connection with the closing of its initial Business Combination at an
issue price or effective issue price of less than $9.20 per share of Common Stock, with such issue price or effective issue price
to be determined in good faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates, without taking
into account any shares of Class B common stock of the Company, par value $0.0001 per share (the “Class B common stock”),
held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of an initial Business Combination on the date of the consummation of such initial Business Combination
(net of redemptions), and (z) the volume weighted average trading price of the Common Stock during the twenty (20) trading day
period starting on the trading day prior to the day on which the Company consummates an initial Business Combination (such price,
the “Market Value”) is below $9.20 per share, the Warrant Price will be adjusted (to the nearest cent)
to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger prices
(as described in Section 6.1) will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value
and the Newly Issued Price.

 

    7 

     

    

 

4.4         Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of
Common Stock (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value
of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another entity or
conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or
in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an
entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants
and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale
or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s)
immediately prior to such event (the “Alternative Issuance”); provided, however, that
(i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities,
cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other
assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the
weighted average of the kind and amount received per share by the holders of the Common Stock in such consolidation or merger
that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and
accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in
connection with redemption rights held by stockholders of the Company as provided for in the Company’s amended and
restated certificate of incorporation or as a result of the repurchase of shares of Common Stock by the Company if a proposed
initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which, upon
completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any
affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and
any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of
Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, the
holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other
property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the
Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common Stock held by
such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the
consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section
4; provided, further, that if less than 70% of the consideration receivable by the holders of the Common
Stock in the applicable event is payable in the form of common stock in the successor entity that is listed for trading on a
national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or
quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days
following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on
Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) (but in no event less than
zero) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share
Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes
Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based
on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets
(“Bloomberg”). For purposes of calculating such amount, (1) Section 6 of this Agreement
shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted average price of the
Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the
applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg
determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the
assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the
Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Common
Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the
volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change
in shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection
4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.
In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

    8 

     

    

 

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

 

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

 

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

 

4.8         Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding
subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants
in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then,
in each such case, the Company shall appoint a firm of independent registered public accountants, investment banking or other appraisal
firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented
by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment
is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be
adjusted pursuant to this Section 4.8 as a result of any issuance of securities in connection with a Business Combination.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

4.9         No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result
of an adjustment to the conversion ratio of the Class B common stock into shares of Common Stock or the conversion of the shares
of Class B common stock into shares of Common Stock, in each case, pursuant to the Company’s amended and restated certificate
of incorporation, as further amended from time to time.

 

5.            Transfer and Exchange of Warrants.

 

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

 

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

 

    9 

     

    

 

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

 

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

 

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

 

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

 

6.           Redemption.

 

6.1         Redemption of Warrants When the Price per Share of Common Stock Equals or Exceeds $18.00. Subject to Section 6.5
hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise
Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3
below, at a Redemption Price of $0.01 per Warrant, provided that (a) the Reference Value (as defined below) equals or exceeds $18.00
per share (subject to adjustment in compliance with Section 4 hereof) and (b) there is an effective registration statement
covering the issuance of the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto,
available throughout the 30-day Redemption Period (as defined in Section 6.3 below) or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1.

 

6.2         Redemption of Warrants When the Price per Share of Common Stock Equals or Exceeds $10.00. Subject to Section 6.5
hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise
Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3
below, at a Redemption Price of $0.10 per Warrant, provided that (a) the Reference Value equals or exceeds $10.00 per share (subject
to adjustment in compliance with Section 4 hereof) and (b) there is an effective registration statement covering the issuance
of the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout
the 30-day Redemption Period (as defined in Section 6.3 below). During the 30-day Redemption Period in connection with a
redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless
basis” pursuant to subsection 3.3.1 and receive a number of shares of Common Stock determined by reference to the
table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration of the Warrants) and
the Fair Market Value of the Common Stock (as such term is defined in Section 3.3.1(b)) (a “Make-Whole Exercise”).

 

    10 

     

    

 

  

	 	 	Fair Market Value of Our Common Stock	 
	Redemption Date (period to expiration

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

  

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

 

The stock prices set forth in the column
headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant
is adjusted pursuant to Section 4 hereof. In the event of a Warrant Price adjustment pursuant to Section 4.3.1, the
adjusted stock prices in the column headings shall equal the stock prices immediately prior to such adjustment, multiplied by a
fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment
and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares
in the table above shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of
a Warrant. In no event will the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 shares of Common
Stock per Warrant (subject to adjustment).

 

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

 

    11 

     

    

 

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

 

6.5         Exclusion of Private Placement Warrants; Working Capital Warrants. The Company agrees that the redemption rights
provided in Sections 6.1 and 6.2 hereof shall not apply to the Private Placement Warrants or the Working Capital
Warrants if at the time of the redemption such Private Placement Warrants or Working Capital Warrants continue to be held by the
Sponsor or its Permitted Transferees. However, once such Private Placement Warrants or Working Capital Warrants are transferred
(other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem the Private Placement
Warrants and the Working Capital Warrants pursuant to Sections 6.1 or 6.2 hereof, provided that the criteria for
redemption are met, including the opportunity of the holder of such Private Placement Warrants or Working Capital Warrants to exercise
the Private Placement Warrants or Working Capital Warrants prior to redemption pursuant to Section 6.4 hereof. Private Placement
Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement
Warrants and Working Capital Warrants that are transferred to persons other than Permitted Transferees shall, upon such transfer,
cease to be Private Placement Warrants and Working Capital Warrants, and shall become Public Warrants under this Agreement, including
for purposes of Section 9.8 hereof.

 

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

 

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

 

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

 

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

 

    12 

     

    

 

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

 

7.4.1           Registration
of the Common Stock. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business Days
after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the
Commission a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable
upon exercise of the Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain
the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or
redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not
been declared effective by the ninetieth (90th) Business Day following the closing of the Business Combination,
holders of the Warrants shall have the right, during the period beginning on the ninety-first (91st) Business Day
after the closing of the Business Combination and ending upon such registration statement being declared effective by the
Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless
basis,” pursuant to subsection 3.3.1, by exchanging the Warrants (in accordance with Section 3(a)(9) of the
Securities Act (or any successor rule) or another exemption) for that number of shares of Common Stock equal to the lesser of
(A) the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants,
multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair
Market Value and (B) 0.361. Solely for purposes of this subsection 7.4.1, “Fair Market
Value” shall mean the volume-weighted average price of the Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the
holder of such Warrants or his, her or its securities broker or intermediary. The date that notice of cashless exercise is
received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless
exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel
for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the
Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the
Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States
federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or
any successor statute)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as
provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of the Warrants have been exercised or
have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three
sentences of this subsection 7.4.1.

 

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

 

8.           Concerning the Warrant Agent and Other Matters.

 

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

 

8.2         Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1           Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the
Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such
appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection
by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New
York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether
appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New
York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and
authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities,
duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent
shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the
authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually
vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and
obligations.

 

    13 

     

    

 

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

 

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

 

8.3         Fees and Expenses of Warrant Agent.

 

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

 

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

 

8.4         Liability of Warrant Agent.

 

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

 

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

 

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

 

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

 

    14 

     

    

 

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

 

9.           Miscellaneous Provisions.

 

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

 

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

 

VectoIQ Acquisition Corp. II

1354 Flagler Drive

Mamaroneck, New York 10543

Attn:      Stephen Girsky, CEO

Email:    sgirsky@vectoiq.com

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn:      Compliance Department

 

With a copy in each case to:

 

Greenberg Traurig, LLP

1750 Tysons Boulevard, Suite 1000

McLean, VA 22102

Attn:      Alan I. Annex and Jason T. Simon, Esq.

Email:    annexa@gtlaw.com and simonj@gtlaw.com

 

9.3         Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement may be brought and enforced in the courts of the State of New
York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction. The
Company hereby waives any objection to such jurisdiction and that such courts represent an inconvenient forum.

 

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

 

    15 

     

    

 

 

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

 

9.6             Counterparts;
Electronic Signatures. This Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect, and enforceability
as an original signature.

 

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

 

9.8             Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for
the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding
or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary
or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms
of only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 65% of the then-outstanding
Public Warrants; provided that any amendment that solely affects the terms of the Private Placement Warrants or any provision of
this Agreement solely with respect to the Private Placement Warrants shall also require at least 65% of the then outstanding Private
Placement Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise
Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

 

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

 

9.10           Business Continuity Plan. The Warrant Agent shall maintain plans for business continuity, disaster recovery, and
backup capabilities and facilities designed to ensure the Warrant Agent’s continued performance of its obligations under
this Agreement, including, without limitation, loss of production, loss of systems, loss of equipment, failure of carriers and
the failure of the Warrant Agent’s or its supplier’s equipment, computer systems or business systems (“Business
Continuity Plan”). Such Business Continuity Plan shall include, but shall not be limited to, testing, accountability
and corrective actions designed to be promptly implemented, if necessary. In addition, in the event that the Warrant Agent has
knowledge of an incident affecting the integrity or availability of such Business Continuity Plan, then the Warrant Agent shall,
as promptly as practicable, but no later than twenty-four (24) hours (or sooner to the extent required by applicable law or regulation)
after the Warrant Agent becomes aware of such incident, notify the Company in writing of such incident and provide the Company
with updates, as deemed appropriate by the Warrant Agent under the circumstances, with respect to the status of all related remediation
efforts in connection with such incident. The Warrant Agent represents that, as of the date of this Agreement, such Business Continuity
Plan is active and functioning normally in all material respects.

 

9.11           Confidentiality.
The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other
party, including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant
to the negotiation or the carrying out of this Warrant Agreement, including the fees for services, shall remain confidential,
and shall not be voluntarily disclosed to any other person, except as may be required by law or regulation, including, without
limitation, pursuant to requests from the Securities and Exchange Commission and subpoenas from state or federal government authorities
(e.g., in divorce and criminal actions).

 

    16

     

    

 

Exhibit A – Form of Warrant Certificate

 

Exhibit B – Legend

 

[Signature Page Follows]

 

    17

     

    

 

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

 

	 	VECTOIQ
    Acquisition Corp. II
	 	 
	 	By: 	/s/ Steven Shindler
	 	Name: 	Steven Shindler
	 	Title: 	Chief Financial Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER
    & TRUST COMPANY, as Warrant Agent
	 	 
	 	By: 	/s/ Erika Young
	 	Name: 	Erika Young
	 	Title: 	Vice President

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT
A 

 

Form of Warrant Certificate

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE NULL AND VOID IF
NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

VectoIQ Acquisition Corp. II

Incorporated Under the Laws of the State of Delaware

 

CUSIP [·]

 

Warrant Certificate

 

This Warrant Certificate certifies that
                    , or registered
assigns, is the registered holder of                     
warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares of
Class A common stock, $0.0001 par value per share (“Common Stock”), of VectoIQ Acquisition Corp. II, a Delaware
corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in
the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Common
Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant
Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the
United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of
the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used
in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have
the same effect as though fully set forth at this place.

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate shall be governed
by and construed in accordance with the internal laws of the State of New York.

 

    A-1

     

    

 

	 	VECTOIQ ACQUISITION CORP. II
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    A-2

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

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

 

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

 

Notwithstanding anything else in this Warrant
Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement
covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus
thereunder relating to the shares of Common Stock is current, except through “cashless exercise” as provided for in
the Warrant Agreement.

 

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

 

Warrant Certificates, when surrendered at
the designated office(s) of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney
duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but
without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the
aggregate a like number of Warrants.

 

Upon due presentation for registration of
transfer of this Warrant Certificate at the office(s) of the Warrant Agent a new Warrant Certificate or Warrant Certificates of
like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charges imposed in connection therewith.

 

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

 

    A-3

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event that the Warrant has been called
for redemption by the Company pursuant to Section 6.1 or Section 6.2 of the Warrant Agreement and the Company
has required cashless exercise pursuant to Section 6.4 of the Warrant Agreement, the number of shares of Common Stock
that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.4
of the Warrant Agreement.

 

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

 

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

 

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

 

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

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 (OR ANY SUCCESSOR RULE) under the SECURITIES
exchange act, OF 1934, AS AMENDED).

 

    A-4

     

    

 

EXHIBIT
B

 

LEGEND

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION,
SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG VECTOIQ Acquisition Corp. ii (THE
“COMPANY”), VECTOIQ HOLDINGS II, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED HEREBY MAY NOT BE SOLD
OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS
COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED
IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED
HEREBY AND SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION
RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

    B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00319-of-00352.parquet"}]]