Document:

Exhibit 4.2

  

AMALGAMATED
FINANCIAL CORP.,

 

AS ISSUER,

 

AND

 

U.S.
BANK NATIONAL ASSOCIATION,

 

AS TRUSTEE,

 

FIRST
SUPPLEMENTAL INDENTURE

 

DATED
AS OF NOVEMBER 8, 2021

 

TO

 

SUBORDINATED
INDENTURE

 

DATED
AS OF NOVEMBER 8, 2021

 

3.250%
FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE 2031

    	 

    	 

    

TABLE
OF CONTENTS

Page

 

	ARTICLE 1	DEFINITIONS	1
	 	 	 
	Section 1.1	Relation to Base Indenture.	1
	Section 1.2	Definition of Terms.	1
	 	 	 
	ARTICLE 2	ESTABLISHMENT OF THE 2031 SERIES AND GENERAL TERMS AND CONDITIONS OF THE NOTES	8
	 	 	 
	Section 2.1	Establishment of the Series of the Notes and Designation.	8
	Section 2.2	Maturity.	9
	Section 2.3	Form, Payment and Appointment.	9
	Section 2.4	Global Note.	9
	Section 2.5	Interest.	9
	Section 2.6	Subordination.	12
	Section 2.7	Events of Default; Acceleration.	15
	Section 2.8	No Sinking Fund.	15
	Section 2.9	No Conversion or Exchange Rights.	15
	Section 2.10      	No Defeasance or Covenant Defeasance.	15
	 	 	 
	ARTICLE 3	REDEMPTION OF THE NOTES	16
	 	 	 
	Section 3.1	Optional Redemption.	16
	Section 3.2	Redemption of Special Events.	16
	Section 3.3	Notice to Trustee.	16
	Section 3.4	Partial Redemption.	16
	Section 3.5	Notice to Holders.	16
	 	 	 
	ARTICLE 4	FORM OF NOTES	17
	 	 	 
	Section 4.1	Form of Notes.	17
	 	 	 
	ARTICLE 5	ARTICLE 8 SUPPLEMENTAL INDENTURES	17
	 	 	 
	Section 5.1	Supplemental Indentures without Consent of Holders.	17
	 	 	 
	ARTICLE 6	IMMUNITY OF STOCKHOLDERS, EMPLOYEES, AGENTS, OFFICERS AND DIRECTORS	18
	 	 	 
	Section 6.1	Indenture and Notes Solely Corporate Obligations.	18
	 	 	 
	ARTICLE 7	MISCELLANEOUS	18
	 	 	 
	Section 7.1	Ratification of Base Indenture.	18
	Section 7.2	Trustee Not Responsible for Recitals.	18
	Section 7.3	New York Law To Govern.	18
	Section 7.4	Severability.	18
	Section 7.5	Counterparts.	18
	Section 7.6	Benefits of First Supplemental Indenture.	18
	Section 7.7	Conflict with Base Indenture.	19
	Section 7.8	Provisions of Trust Indenture Act Controlling.	19
	Section 7.9	Successors.	19

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THIS
FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of November 8, 2021, between AMALGAMATED
FINANCIAL CORP., a public benefit corporation duly incorporated and existing under the laws of the State of Delaware (the “Company”),
and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States,
as Trustee (in such capacity, the “Trustee”), under the Base Indenture (as hereinafter defined).

RECITALS

WHEREAS,
the Company and the Trustee have heretofore executed and delivered the Subordinated Indenture, dated as of November 8, 2021 (the
“Base Indenture” and, as hereby supplemented and amended, the “Indenture”), providing for
the establishment from time to time of one or more series (each, a “Series”) of securities evidencing indebtedness
of the Company (hereinafter called the “Securities”), and the issuance by the Company from time to time of
Securities under the Indenture;

WHEREAS,
Section 10.01(c) of the Base Indenture provides that the Company and the Trustee may enter into an indenture supplemental
to the Base Indenture to establish a Series of Securities thereunder and the form and terms, provisions and conditions of such
Series of Securities as permitted by Section 2.01 and Section 2.03 of the Base Indenture;

WHEREAS,
pursuant to Section 2.01 of the Base Indenture, the Company desires to establish a new Series of Securities under the Indenture
to be known as its “3.250% Fixed-to-Floating Rate Subordinated Notes Due 2031” (the “2031 Series”)
and to establish and set the form and terms, provisions and conditions of the notes of the 2031 Series (the “Notes”),
as provided in this First Supplemental Indenture and to provide for the initial issuance of Notes of the 2031 Series in the aggregate
principal amount of $85,000,000; and

WHEREAS,
the Company (i) has requested that the Trustee execute and deliver this First Supplemental Indenture, (ii) confirms all requirements
necessary to make this First Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms,
and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee in accordance with this Indenture,
the valid, binding and enforceable obligations of the Company, have been satisfied and (iii) confirms that the execution and delivery
of this First Supplemental Indenture has been duly authorized in all respects.

NOW,
THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE
1

DEFINITIONS

Section
1.1                 
Relation to Base Indenture. This First Supplemental Indenture constitutes
an integral part of, and amends and supplements, the Base Indenture as set forth herein.

 

Section
1.2                 
Definition of Terms. For all purposes of this First Supplemental Indenture:

 

(a)                
Capitalized terms used herein without definition shall have the meanings set forth in the Base Indenture, provided that
if the definition of a capitalized term defined in this First Supplemental Indenture conflicts with the definition of that capitalized
term in the Base Indenture, the definition of that capitalized term in this First Supplemental Indenture shall control for purposes
of this First Supplemental Indenture and the Notes;

(b)                
a term defined anywhere in this First Supplemental Indenture has the same meaning throughout this First Supplemental Indenture;

(c)                
the singular includes the plural and vice versa;

(d)                
headings are for convenience of reference only and do not affect interpretation;

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(e)                
unless otherwise specified or unless the context requires otherwise, (i) all references in this First Supplemental Indenture
to Sections refer to the corresponding Sections of this First Supplemental Indenture and (ii) the terms “herein,”
“hereof,” “hereunder” and any other word of similar import refer to this First Supplemental Indenture;
and

(f)                 
for purposes of this First Supplemental Indenture and the Notes, the following terms have the meanings given to them in
this Section 1.2(f):

“2031
Series” shall have the meaning set forth in the Recitals.

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 7.15 of the Base Indenture to act on behalf
of the Trustee to authenticate the Notes.

“Base
Indenture” shall have the meaning set forth in the Recitals.

“Benchmark”
means, initially, Three-Month Term SOFR, provided that, if the Calculation Agent determines on or prior to the Reference Time
for any Floating Rate Interest Period that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark
Replacement for such Floating Rate Interest Period and any subsequent Floating Rate Interest Periods.

“Benchmark
Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement
Adjustment for such Benchmark, provided that, if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the
Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark
with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative
set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date:

(1)                
Compounded SOFR;

(2)                
the sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

(3)                
the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

(4)                
the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for
the then-current Benchmark for Dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.

“Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation
Agent as of the Benchmark Replacement Date:

(1)                
the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative
value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement;

(2)                
if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
or

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(3)                
the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent
giving due consideration to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment,
for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated
floating rate securities at such time.

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative, or
operational changes (including, without limitation, changes to the definition of “Floating Rate Interest Period,”
timing and frequency of determining rates with respect to each Floating Rate Interest Period and making payments of interest,
rounding of amounts or tenors, and other administrative matters) that the Calculation Agent determines may be appropriate to reflect
the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Calculation Agent
determines that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines
that no market practice for use of the Benchmark Replacement exists, in such other manner as the Calculation Agent determines
is reasonably necessary).

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

(1)                
in the case of clause (1) of the definition of “Benchmark Transition Event,” the relevant Reference
Time in respect of any determination;

(2)                
in the case of clause (2) or (3) of the definition of “Benchmark Transition Event,” the later of the date of
the public statement or publication of information referenced therein and the date on which the administrator of the Benchmark
permanently or indefinitely ceases to provide the Benchmark; or

(3)                
in the case of clause (4) of the definition of “Benchmark Transition Event,” the date of the public statement
or publication of information referenced therein.

For
the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than,
the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination.

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

(1)                
if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months
based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Company determines
that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;

(2)                
a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that
such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

(3)                
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the
central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark,
a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency
or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased
or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark; or

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(4)                
a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing
that the Benchmark is no longer representative.

“Business
Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
or trust companies in the City of New York, New York or any Place of Payment are authorized or obligated by law, regulation, or
executive order to close or remain closed.

“Calculation
Agent” means the Person appointed by the Company prior to the commencement of the Floating Rate Period (which may include
the Company or any of its affiliates) to act in accordance with Section 2.5. The Company shall initially act as the Calculation
Agent.

“Company”
shall have the meaning set forth in the Preamble.

“Compounded
SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for
this rate, and conventions for this rate being established by the Calculation Agent in accordance with:

(1)                
the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental
Body for determining Compounded SOFR; provided that:

(2)                
if, and to the extent that, the Calculation Agent determines that Compounded SOFR cannot be determined in accordance with
clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation
Agent giving due consideration to any industry-accepted market practice for Dollar-denominated floating rate securities at such
time.

For
the avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment and the spread specified
herein.

“Corresponding
Tenor” means (i) with respect to Term SOFR, three months, and (ii) with respect to a Benchmark Replacement, a tenor
(including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for
the then-current Benchmark.

“DTC”
shall have the meaning set forth in Section 2.3 hereof.

“Federal
Reserve Board” means the Board of Governors of the Federal Reserve System or any successor regulatory authority with
jurisdiction over bank holding companies.

“First
Supplemental Indenture” shall have the meaning set forth in the Preamble.

“Fixed-Period
Interest Payment Date” shall have the meaning set forth in Section 2.5(a) hereof.

“Fixed
Rate Period” shall have the meaning set forth in Section 2.5(a) hereof.

“Floating
Period Interest Payment Date” shall have the meaning set forth in Section 2.5(b) hereof.

 

“Floating
Rate Interest Period” means the period from and including the immediately preceding Floating Period Interest Payment
Date in respect of which interest has been paid or duly provided for, to, but excluding, the applicable Floating Period Interest
Payment Date or Maturity Date or Redemption Date, if applicable (except that the first Floating Rate Interest Period will commence
on November 15, 2026).

“Floating
Rate Period” shall have the meaning set forth in Section 2.5(b) hereof.

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“FRBNY’s
Website” means the website of the Federal Reserve Bank of New York (the “FRBNY”) at http://www.newyorkfed.org,
or any successor source.

“Global
Note” shall have the meaning set forth in Section 2.4 hereof.

“Indenture”
shall have the meaning set forth in the Recitals.

“Independent
Bank Regulatory Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced
in matters of federal bank holding company and banking regulatory law, including the laws, rules and guidelines of the Federal
Reserve Board relating to regulatory capital, and shall include any Person who, under the standards of professional conduct then
prevailing and applicable to such counsel, would not have a conflict of interest in representing the Company or the Trustee in
connection with providing the legal opinion contemplated by the definition of the term “Tier 2 Capital Event.”

“Independent
Tax Counsel” means a law firm, a member of a law firm or an independent practitioner that is experienced in matters
of federal income taxation law, including the deductibility of interest payments made with respect to corporate debt instruments,
and shall include any Person who, under the standards of professional conduct then prevailing and applicable to such counsel,
would not have a conflict of interest in representing the Company or the Trustee in connection with providing the legal opinion
contemplated by the definition of the term “Tax Event.”

“Interest
Payment Date” shall have the meaning set forth in Section 2.5(b) hereof.

“Interpolated
Benchmark” with respect to the Benchmark means the rate determined by the Calculation Agent for the Corresponding Tenor
by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that
is shorter than the Corresponding Tenor, and (2) the Benchmark for the shortest period (for which the Benchmark is available)
that is longer than the Corresponding Tenor.

“ISDA”
means the International Swaps and Derivatives Association, Inc. or any successor.

“ISDA
Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any
successor definitional booklet for interest rate derivatives published from time to time.

“ISDA
Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event
with respect to the Benchmark for the applicable tenor.

“ISDA
Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable
ISDA Fallback Adjustment.

“Maturity
Date” shall have the meaning set forth in Section 2.2 hereof.

“Notes”
shall have the meaning set forth in the Recitals.

“Optional
Redemption” shall have the meaning set forth in Section 3.1 hereof.

“Paying
Agent” means any Person authorized by the Company, including the Company, to pay the principal of, or any premium or
interest on, the Notes on behalf of the Company.

“Redemption
Date” means each date, if any, on which Notes are redeemed pursuant to the redemption provisions of Section 3.1
or Section 3.2 hereof.

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“Reference
Time” with respect to any determination of the Benchmark means (i) if the Benchmark is Three-Month Term SOFR, the time
determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (ii) if the Benchmark is
not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming
Changes.

“Relevant
Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the FRBNY or any successor thereto.

“Securities”
shall have the meaning set forth in the Recitals.

“Senior
Indebtedness” means the principal of, and premium, if any, and interest, including interest accruing after the commencement
of any bankruptcy proceeding relating to the Company, on, or substantially similar payments the Company makes in respect of the
following categories of debt, whether that debt is outstanding on the date of execution of this First Supplemental Indenture or
thereafter incurred, created or assumed:

(1)                
indebtedness evidenced by notes, debentures, or bonds or other securities issued under the provisions of any indenture,
fiscal agency agreement, debenture or note purchase agreement or other agreement, including any senior debt securities that may
be offered, including by means of a base prospectus and one or more prospectus supplements;

(2)                
indebtedness for money borrowed or represented by purchase-money obligations, as defined below;

(3)                
indebtedness to general creditors;

(4)                
obligations as lessee under leases of property whether made as part of a sale and leaseback transaction to which the Company
is a party or otherwise;

(5)                
indebtedness, obligations and liabilities of others in respect of which the Company is liable contingently or otherwise
to pay or advance money or property or as guarantor, endorser or otherwise or which the Company has agreed to purchase or otherwise
acquire and indebtedness of partnerships and joint ventures that is included in the Company’s consolidated financial statements;

(6)                
reimbursement and other obligations relating to letters of credit, bankers’ acceptances and similar obligations;

(7)                
obligations under various hedging arrangements and agreements, including interest rate and currency hedging agreements
and swap and nonswap forward agreements;

(8)                
all of the Company’s obligations issued or assumed as the deferred purchase price of property or services, but excluding
trade accounts payable and accrued liabilities arising in the ordinary course of business; and

(9)                
deferrals, renewals or extensions of any of the indebtedness or obligations described in the clauses above.

However,
“Senior Indebtedness” excludes:

(1)                
any indebtedness, obligation or liability referred to in the definition of Senior Indebtedness above as to which, in the
instrument creating, governing or evidencing that indebtedness, obligation or liability, it is expressly provided that such indebtedness,
obligation or liability is not senior in right of payment to, is junior in right of payment to, or ranks equally in right of payment
with, other specified types of indebtedness, obligations and liabilities of the Company, which other specified types of indebtedness,
obligations and liabilities of the Company include the Notes;

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(2)                
any indebtedness, obligation or liability that is subordinated to other of the Company’s indebtedness, obligations
or liabilities to substantially the same extent as or to a greater extent than the Notes are subordinated;

(3)                
all obligations to trade creditors created or assumed by the Company in the ordinary course of business; and

(4)                
the Notes and any other securities issued pursuant to the Indenture and the Company’s outstanding junior subordinated
debentures and, unless expressly provided in the terms thereof, any of the Company’s indebtedness to the Company’s
subsidiaries.

As
used above, the term “purchase-money obligations” means indebtedness, obligations evidenced by a note, debenture,
bond or other instrument, whether or not secured by a lien or other security interest, issued to evidence the obligation to pay
or a guarantee of the payment of, and any deferred obligation for the payment of, the purchase price of property but excluding
indebtedness or obligations for which recourse is limited to the property purchased, issued or assumed as all or a part of the
consideration for the acquisition of property or services, whether by purchase, merger, consolidation or otherwise, but does not
include any trade accounts payable.

Notwithstanding
the foregoing, if the Federal Reserve Board (or other competent regulatory agency or authority) promulgates any rule or issues
any interpretation that defines general creditor(s), the main purpose of which is to establish criteria for determining whether
the subordinated debt of a bank holding company is to be included in its capital, then the term “general creditors”
as used in this definition of “Senior Indebtedness” in this First Supplemental Indenture will have the meaning as
described in that rule or interpretation.

“SOFR”
means the secured overnight financing rate published by the FRBNY, as the administrator of the Benchmark (or any successor administrator),
on the FRBNY’s Website.

“Tax
Event” shall mean the receipt by the Company of an opinion of Independent Tax Counsel to the effect that:

(1)                
an amendment to or change (including any announced prospective amendment or change) in any law, treaty, statute or code,
or any regulation thereunder, of the United States or any of its political subdivisions or taxing authorities;

(2)                
a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation,
notice or announcement, including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure
or regulation (any of the foregoing, an “administrative or judicial action”);

(3)                
an amendment to or change in any official position with respect to, or any interpretation of, an administrative or judicial
action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation;
or

(4)                
a threatened challenge asserted in writing in connection with an audit of the Company’s federal income tax returns
or positions or a similar audit of any of its Subsidiaries, or a publicly known threatened challenge asserted in writing against
any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Notes, in
each case, occurring or becoming publicly known on or after the date of original issuance of the Notes, has resulted in more than
an insubstantial increase in the risk that the interest paid by the Company on the Notes is not, or within 90 days of receipt
of such opinion of tax counsel, will not be, deductible by the Company, in whole or in part, for U.S. federal income tax purposes.

“Term
SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected
or recommended by the Relevant Governmental Body.

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“Term
SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR
(or any successor administrator).

“Three-Month
Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator
at the Reference Time for any Floating Rate Interest Period, as determined by the Calculation Agent after giving effect to the
Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be
rounded, if necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%.

“Three-Month
Term SOFR Conventions” means any determination, decision, or election with respect to any technical, administrative,
or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes
to the definition of “Floating Rate Interest Period,” timing and frequency of determining Three-Month Term SOFR with
respect to each Floating Rate Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative
matters) that the Calculation Agent determines may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark
in a manner substantially consistent with market practice (or, if the Calculation Agent determines that adoption of any portion
of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for the
use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary).

“Tier
2 Capital Event” shall mean the receipt by the Company of an opinion of Independent Bank Regulatory Counsel to the effect
that, as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws or any regulations
thereunder of the United States or any rules, guidelines or policies of an applicable regulatory authority for the Company or
(b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment
or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Notes,
the Notes do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 2 capital (or its then equivalent
if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Federal Reserve Board
(or any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the
Company.

“Trustee”
shall have the meaning set forth in the Preamble.

“U.S.
Dollars” means such currency of the United States as at the time of payment shall be legal tender for the payment of
public and private debts.

“Unadjusted
Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

ARTICLE
2

ESTABLISHMENT OF THE 2031 SERIES

AND GENERAL TERMS AND CONDITIONS OF THE NOTES

Section
2.1                 
Establishment of the Series of the Notes and Designation.

 

(a)                
There is hereby authorized and established a Series of Securities designated as the “3.250% Fixed-to-Floating Rate
Subordinated Notes Due 2031,” which Series of Securities is unsecured, subordinated to the Senior Indebtedness of the Company as
provided herein and unlimited in the aggregate principal amount that may be issued. The Notes initially issued pursuant to the terms
of the Indenture shall be in an aggregate principal amount of $85,000,000 which amount shall be set forth in a Company Order pursuant
to Article 2 of the Base Indenture, and the Trustee shall thereupon authenticate and deliver said Notes in accordance with such
Company Order and the Indenture, including Section 2.06 of the Base Indenture. The Securities that are a part of such Series of
Securities shall be in the form and have the terms, provisions and conditions as set forth in the Base Indenture, this First Supplemental
Indenture and the Notes in the form attached hereto as Exhibit A.

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(b)                
The Company may, from time to time, without notice to, or the consent of, the holders of the Notes, issue additional Securities
ranking equally with the Notes and identical to the Notes issued on the date hereof in all respects (except for the issue date,
the offering price, the payment of interest accruing prior to the issue date of such additional Securities and the first payment
of interest following the issue date of such additional Securities) in order that such additional Securities may be consolidated
and form a single series with the Notes and have the same terms as to status, redemption or otherwise as the Notes. However, any
additional Securities of the series of which the Notes are a part that are issued and are not fungible with the outstanding Notes
of such series for United States federal income tax purposes will be issued under one or more separate CUSIP numbers and ISIN
numbers. No limit exists on the aggregate principal amount of the additional Securities of this series that the Company may issue
in the future.

Section
2.2                 
Maturity. The date upon which the Notes shall
become due and payable at final maturity, together with any accrued and unpaid interest then owing, is November 15, 2031 (the “Maturity
Date”).

 

Section
2.3                 
Form, Payment and Appointment. Except as provided
in Section 2.07(d) of the Base Indenture, the Notes will be issued only in book-entry form, will be represented by one or more
Global Notes (as defined below) registered in the name of or held by The Depositary Trust Company (and any successor organization thereto)
(“DTC”) or its nominee. Principal or the redemption price, if any, of a Note shall be payable to the Person in whose
name that Note is registered on the Maturity Date or Redemption Date, as the case may be, provided that the redemption price, if any,
principal of and interest on the Notes represented by one or more Global Notes (as hereinafter defined) registered in the name of or
held by DTC or its nominee will be payable in immediately available funds to DTC or its nominee, as the case may be, as the registered
holder of such Global Notes. The principal of any certificated Notes will be payable at the Place of Payment set forth below.

 

The
Notes shall have such other terms as are set forth in the form thereof attached hereto as Exhibit A, which is incorporated
herein and made a part hereof.

The
Security Registrar, Authenticating Agent, and Paying Agent for the Notes shall initially be the Trustee. The Company will appoint
a Person to act as the Calculation Agent as provided under the definition of Calculation Agent and Section 2.5.

The
Place of Payment for the Notes shall be an office or agency of the Company maintained for such purpose, which shall initially
be the Corporate Trust Office of the Trustee.

The
Notes will be issued and may be transferred only in minimum denominations of $1,000 or any amount in excess thereof that is an
integral multiple of $1,000. The Company will pay principal of and interest on the Notes in U.S. Dollars.

Section
2.4                 
Global Note. The Notes shall be issued initially
in the form of one or more fully registered global notes (each such global note, a “Global Note”) registered in the
name of DTC or its nominee and deposited with DTC or its designated custodian or such other Depositary as any Authorized Officer of the
Company may from time to time designate. Unless and until a Global Note is exchanged for definitive certificated Notes, such Global Note
may be transferred, in whole but not in part, and any payments on the Notes shall be made, only to DTC or a nominee of DTC, or to a successor
Depositary selected or approved by the Company or to a nominee of such successor Depositary as provided in the Indenture.

 

Section
2.5                 
Interest.

 

(a)                
From and including November 8, 2021, to, but excluding, November 15, 2026 (unless redeemed prior to such date pursuant
to Section 3.2 hereof) (the “Fixed Rate Period”), the Notes will bear interest at a rate of 3.250% per
year. During the Fixed Rate Period, interest on the Notes will accrue from and including November 8, 2021, and will be payable semiannually
in arrears on May 15 and November 15 of each year during the Fixed Rate Period, commencing on May 15, 2022 (each such date, a “Fixed
Period Interest Payment Date”). The interest payable on the Notes on any Fixed Period Interest Payment Date will be paid to
the holder at the close of business on the on May 1 and November 1 (whether or not a business day), as applicable, immediately preceding
the applicable Fixed Period Interest Payment Date through November 15, 2026.

    	9

    	 

    

(b)                
From and including November 15, 2026, to, but excluding, the Maturity Date (unless redeemed prior to such date pursuant to Section
3.1 or Section 3.2 hereof) (the “Floating Rate Period”), the Notes will bear interest at a floating rate
per year equal to the Benchmark, plus 230 basis points. During the Floating Rate Period, interest on the Notes will accrue from
and including November 15, 2026 and will be payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year,
commencing on February 15, 2027 (each such date, a “Floating Period Interest Payment Date” and, together with a Fixed
Period Interest Payment Date, an “Interest Payment Date”). The interest payable on the Notes on any Floating Period
Interest Payment Date will, except as noted in the immediately succeeding sentence, be paid to the holder at the close of business on
February 1, May 1, August 1, and November 1 of each year (whether or not a business day), as applicable, immediately preceding the applicable
Floating Period Interest Payment Date through the Maturity Date or earlier redemption date. However, interest that the Company pays on
the Maturity Date will be paid to the Person to whom the principal will be payable. Notwithstanding the foregoing, if the Benchmark is
less than zero, then the Benchmark shall be deemed to be zero. The Calculation Agent will provide the Company and the Trustee with written
notice of the interest rate in effect on the Notes promptly after the Reference Time (or such other date of determination for the applicable
Benchmark) for each Floating Rate Interest Period.

(c)                
During the Fixed Rate Period, interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
During the Floating Rate Period, interest will be computed on the basis of a 360-day year and the actual number of days elapsed.
Dollar amounts resulting from those calculations will be rounded to the nearest cent, with one-half cent being rounded upward.

(d)                
The Company or the Calculation Agent, as applicable, shall calculate the amount of interest payable on any Interest Payment
Date, and the Trustee shall have no duty to confirm or verify any such calculation. If any Fixed Period Interest Payment Date
for the Notes or the date for the payment of principal for the Notes occurring during the Fixed Rate Period falls on a day that
is not a Business Day, the Company will postpone the interest or principal payment to the next succeeding Business Day, but the
payments made on such dates will be treated as being made on the date that the payment was first due and the holders of the Notes
will not be entitled to any further interest, principal or other payments with respect to such postponements. If any Floating
Period Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the Company will postpone the interest
payment or the payment of principal and interest at the Maturity Date to the next succeeding Business Day (and, with respect to
the Maturity Date, no additional interest will accrue on the amount payable for the period from and after the Maturity Date) unless,
with respect to a Floating Period Interest Payment Date only, such day falls in the next calendar month, in which case the Floating
Period Interest Payment Date will instead be the immediately preceding day that is a Business Day, and interest will accrue to,
but excluding, such Floating Period Interest Payment Date as so adjusted.

(e)                
The Company shall appoint a Calculation Agent prior to the commencement of the Floating Rate Period. The Company will act
as the initial Calculation Agent. The calculation of the interest rate for any Floating Rate Interest Period by the Calculation
Agent will (in the absence of manifest error) be conclusive and binding upon the beneficial owners and holders of the Notes, the
Company (if the Company is not also the Calculation Agent) and the Trustee. The Calculation Agent’s determination of any
interest rate, and its calculation of interest payments, for any Floating Rate Interest Period, will be maintained on file at
the Calculation Agent’s principal offices, and will be made available to any holder of the Notes upon request. The Calculation
Agent shall have all the rights, protections and indemnities afforded to the Trustee under the Indenture. The Company may remove
the Calculation Agent at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by
the Company, the Company will promptly appoint a replacement Calculation Agent. The Trustee shall not be under any duty to succeed
to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint a successor or replacement in the event of
the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or
failure of performance on the part of the Calculation Agent with respect to the Calculation Agent’s duties and obligations
under the Indenture. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then the
Company shall be the Calculation Agent. By its acquisition of the Notes, each holder (including, for the avoidance of doubt, each
beneficial owner) acknowledges, accepts, consents to and agrees to be bound by the Company’s and the Calculation Agent’s
determination of the interest rate for each Floating Rate Interest Period, including the Company’s and its determination
of any Benchmark Replacement Conforming Changes, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment,
and Benchmark Transition Event, including as may occur without any prior notice from the Company or the Calculation Agent and
without the need for the Company or it to obtain any further consent from any holder of the Notes.

    	10

    	 

    

(f)                 
Effect of Benchmark Transition Event.

(i)                  
If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
on or prior to the Reference Time in respect of any Floating Rate Interest Period during the Floating Rate Period, then the Benchmark
Replacement will replace the then-current Benchmark for all purposes relating to the Notes during such Floating Rate Interest
Period and all remaining Floating Rate Interest Periods. In connection with the implementation of a Benchmark Replacement, the
Calculation Agent will have the right to make Benchmark Replacement Conforming Changes from time to time.

(ii)                
Notwithstanding anything set forth in Section 2.5(b) above, if the Calculation Agent determines on or prior to the
relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect
to Three-Month Term SOFR, then the provisions set forth in this Section 2.5(f) will thereafter apply to all determinations
of the Benchmark used to calculate the interest rate on the Notes for each Floating Rate Interest Period.

(iii)               
The Calculation Agent is expressly authorized to make certain determinations, decisions, and elections under the terms
of the Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark for the Floating Rate Period and under
this Section 2.5(f). Any determination, decision, or election that may be made by the Company or by the Calculation Agent
under the terms of the Notes, including any determination with respect to a tenor, rate, or adjustment or of the occurrence or
non-occurrence of an event, circumstance, or date and any decision to take or refrain from taking any action or any selection
(A) will be conclusive and binding on the holders of the Notes, the Company (if the Company is not also the Calculation Agent)
and the Trustee absent manifest error, (B) if made by the Company as Calculation Agent, will be made in the Company’s sole
discretion, (C) if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and the
Calculation Agent will not make any such determination, decision, or election to which the Company reasonably objects and (D)
notwithstanding anything to the contrary in the Indenture, shall become effective without consent from the holders of the Notes
or the Trustee or any other party. If the Calculation Agent fails to make any determination, decision, or election that it is
required to make under the terms of the Notes, then the Company will make such determination, decision, or election on the same
basis as described above.

(iv)              
The Company (or the Calculation Agent) shall notify the Trustee in writing (i) upon the occurrence of the Benchmark Transition
Event or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes after
a Benchmark Transition Event.

(v)                
The Trustee (including in its capacity as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month
Term SOFR Conventions, (B) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation,
whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark Replacement or
an Unadjusted Benchmark Replacement), (C) determination or calculation of a Benchmark Replacement, or (D) determination of whether
a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses (A) through (D) above
shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the Company
or its Calculation Agent, as applicable, and (ii) liability for any failure or delay in performing its duties hereunder as a result
of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as a result of
the Company’s or the Calculation Agent’s failure to select a Benchmark Replacement or the Calculation Agent’s
failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or the Calculation
Agent regarding any Benchmark or Benchmark Replacement, including, without limitation, in regards to Three-Month Term SOFR Conventions,
a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. The Trustee shall not
be responsible or liable for the actions or omissions of the Calculation Agent, or any failure or delay in the performance of
the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance
of the Calculation Agent. The Trustee shall be entitled to rely conclusively on any determination made, and any instruction, notice,
Officer’s Certificate or other instruction or information provided by the Calculation Agent without independent verification,
investigation or inquiry of any kind.

    	11

    	 

    

(vi)              
If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month
Term SOFR Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and interest payments
during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the Calculation
Agent, then the relevant Three-Month Term SOFR Conventions will apply. Furthermore, if the Calculation Agent determines that a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Three-Month Term SOFR
at any time when any of the Notes are outstanding, then the foregoing provisions concerning the calculation of the interest rate
and interest payments during the Floating Rate Period will be modified in accordance with this Section 2.5(f).

Section
2.6         Subordination.

 

(a)                
The Company, for itself, its successors and assigns, covenants and agrees, and each holder of Notes by the holder’s
acceptance thereof, likewise covenants and agrees, that the payment of the principal of and interest on each and all of the Notes
is and will be expressly subordinated in right of payment to the prior payment in full of all Senior Indebtedness, subject to
clause (j) of this Section 2.6, to the extent and in the manner described in this Section 2.6 and Section
16.01 of the Base Indenture.

(b)                
In the event of the insolvency, bankruptcy, receivership, liquidation or other marshalling of the assets and liabilities
of the Company (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights
conferred upon the Senior Indebtedness and the holders thereof with respect to the Notes and the holders thereof by a lawful plan
of reorganization under applicable bankruptcy law):

(i)                  
the holders of all Senior Indebtedness shall first be entitled to receive payment in full in accordance with the terms
of such Senior Indebtedness of the principal thereof, premium, if any, and the interest due thereon (including interest accruing
subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy,
insolvency or similar law now or hereafter in effect) before the holders of the Notes are entitled to receive any payment upon
the principal of or interest on indebtedness evidenced by the Notes;

(ii)                
any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities,
to which the holders of the Notes would be entitled except for the provisions of Section 16.01 of the Base Indenture and
this Section 2.6, including any such payment or distribution that may be payable or deliverable by reason of the payment
of any other indebtedness of the Company being subordinated to the payment of the Notes, shall be paid by the liquidating trustee
or agent or other Person making such payment or distribution, whether a bankruptcy trustee, a receiver or liquidating trustee
or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the trustee or trustees
under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, in accordance
with the priorities then existing among holders of Senior Indebtedness for payment of the aggregate amounts remaining unpaid on
account of the principal, premium, if any, and interest (including interest accruing subsequent to the commencement of any proceeding
for the bankruptcy or reorganization of the Company under any applicable bankruptcy, insolvency or similar law now or hereafter
in effect) on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior
Indebtedness remaining unpaid, after giving effect to any other concurrent payment or distribution to the holders of such Senior
Indebtedness; it being understood that if the holders of the Notes shall fail to file a proper claim in the form required by any
proceeding referred to in this subparagraph (ii) prior to 30 days before the expiration of the time to file such claim
or claims, then the holders of Senior Indebtedness are hereby authorized to file an appropriate claim or claims for and on behalf
of the holders of the Notes, in the form required in any such proceeding; and

    	12

    	 

    

(iii)               
in the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, including any such payment or distribution that may be payable or deliverable by reason
of the payment of any other indebtedness of the Company being subordinate to the payment of the Notes shall be received by the
Trustee or holders of the Notes before all Senior Indebtedness is paid in full, such payment or distribution shall be paid over
to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment of assets
of the Company for all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after
giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness.

Subject
to the payment in full of all Senior Indebtedness, the holders of the Notes shall be subrogated to the rights of the holders of
Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to the Senior
Indebtedness until the principal of and interest on the Notes shall be paid in full and no such payments or distributions to holders
of such Senior Indebtedness to which the holders of the Notes would be entitled except for the provisions of Section 16.01
of the Base Indenture and this Section 2.6, of cash, property or securities otherwise distributable to the holders
of Senior Indebtedness shall, as between the Company, its creditors, other than the holders of Senior Indebtedness, and the holders
of the Notes, be deemed to be a payment by the Company to or on account of the Senior Indebtedness. It is understood that the
provisions of this Section 2.6 are intended solely for the purpose of defining the relative rights of the holders of the
Notes, on the one hand, and the holders of Senior Indebtedness, on the other hand. Upon any payment or distribution of assets
of the Company referred to in this Section 2.6, the Trustee and the holders of the Notes shall be entitled to rely upon
any order or decree of a court of competent jurisdiction in which such proceeding for the insolvency, bankruptcy, receivership,
liquidation or other marshalling of the assets and liabilities of the Company is pending or upon a certificate of the liquidating
trustee or agent or other Person making any distribution to the Trustee or to the holders of the Notes for the purpose of ascertaining
the Persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the
Company, the amount hereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Section 2.6. In the absence of any such liquidating trustee, agent or other Person, the Trustee shall
be entitled to rely upon a written notice by a Person representing itself to be a holder of Senior Indebtedness (or a trustee
or representative on behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such a trustee
or representative). With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such
of its covenants and obligations as are specifically set forth in this Section 2.6, and no implied covenants or obligations
with respect to the holders of Senior Indebtedness shall be read into this Section 2.6 against the Trustee. The Trustee,
however, shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness by reason of the execution of the
Base Indenture, this First Supplemental Indenture, or any other supplemental indenture entered into pursuant to Section 2.01
or Article 10 of the Base Indenture, and shall not be liable to any such holders if it shall mistakenly pay over or
distribute to or on behalf of holders of the Notes or the Company moneys or assets to which any holders of Senior Indebtedness
shall be entitled by virtue of this Section 2.6.

(c)                
In the event and during the continuation of any default in the payment of principal of, or premium, if any, or interest
on, any Senior Indebtedness, beyond any applicable grace period, or if any event of default with respect to any Senior Indebtedness
shall have occurred and be continuing, or would occur as a result of the payment referred to hereinafter, permitting the holders
of such Senior Indebtedness (or a trustee on behalf of the holders thereof) to accelerate the maturity thereof, then, unless and
until such default or event of default shall have been cured or waived or shall have ceased to exist, no payment or principal
of or interest on the Notes, shall be made by the Company.

(d)                
Nothing contained in the Base Indenture, this First Supplemental Indenture, any other supplemental indenture entered into
pursuant to Section 2.01 or Article 10 of the Base Indenture, or in any of the Notes shall: (i) impair, as between
the Company, its creditors, other than the holders of Senior Indebtedness, and holders of the Notes, the obligations of the Company,
which are unconditional and absolute, to make, or prevent the Company from making, at any time except as provided in clauses
(b), (c), or (j) of this Section 2.6, payments of principal of, or interest (including interest accruing
subsequent to the commencement of any proceeding for the bankruptcy or reorganization of the Company under any applicable bankruptcy,
insolvency, or similar law now or hereafter in effect) on, the Notes, as and when the same shall become due and payable in accordance
with the terms of the Notes; (ii) affect the relative rights of the Holders of the Notes and creditors of the Company other than
the holders of the Senior Indebtedness; (iii) except as otherwise expressly provided in the Base Indenture, this First Supplemental
Indenture and the Notes with respect to the limitation on the rights of the Trustee and the holders of Notes, to accelerate the
maturity of the Notes and pursue remedies upon such an acceleration, prevent the holder of any Notes or the Trustee from exercising
all remedies otherwise permitted by applicable law upon default thereunder, subject to the rights, if any, under this Section
2.6 of the holders of Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise
of such remedy; or (iv) prevent the application by the Trustee or any Paying Agent of any moneys deposited with it hereunder to
the payment of or on account of the principal of, or interest on, the Notes or prevent the receipt by the Trustee or any Paying
Agent of such moneys, if, prior to the third Business Day prior to such deposit, the Trustee or such Paying Agent did not have
written notice of any event prohibiting the making of such deposit by the Company.

    	13

    	 

    

(e)                
Each holder by his acceptance of any Notes authorizes and expressly directs the Trustee on such holder’s behalf to
take such action as may be necessary or appropriate to effectuate the subordination provided in the Indenture, and appoints the
Trustee such holder’s attorney-in-fact for such purposes, including, in the event of any termination, winding up, liquidation
or reorganization of the Company (whether in bankruptcy, insolvency, receivership, reorganization or similar proceedings or upon
an assignment for the benefit of creditors by the Company, a marshalling of the assets and liabilities of the Company) tending
toward the liquidation of the property and assets of the Company, the filing of a claim for the unpaid balance of the Notes in
the form required in those proceedings.

The
Company shall give prompt written notice to the Trustee of any fact known to the Company that would prohibit the Company from
making any payment to or by the Trustee in respect of the Notes pursuant to the provisions of this Section 2.6 or Article
16 of the Base Indenture. The Trustee shall not be charged with the knowledge of the existence of any default or event of
default with respect to any Senior Indebtedness or of any other facts that would prohibit the making of any payment to or by the
Trustee unless and until the Trustee shall have received notice in writing at its Corporate Trust Office to that effect signed
by an Officer of the Company, or by a holder of Senior Indebtedness or a trustee or agent thereof; and prior to the receipt of
any such written notice, the Trustee shall, subject to Article 7 of the Base Indenture, be entitled to assume that no such
facts exist; provided that, if the Trustee shall not have received the notice provided for in this Section 2.6 at least
two Business Days prior to the date upon which, by the terms of the Indenture, any monies shall become payable for any purpose
(including, without limitation, the payment of the principal of or interest on any Note), then, notwithstanding anything herein
to the contrary, the Trustee shall have full power and authority to receive any monies from the Company and to apply the same
to the purpose for which they were received, and shall not be affected by any notice to the contrary that may be received by it
on or after such prior date except for an acceleration of the Notes prior to such application. The foregoing shall not apply if
the Paying Agent is the Company. The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing
himself or itself to be a holder of any Senior Indebtedness (or a trustee on behalf of, or agent of, such holder) to establish
that such notice has been given by a holder of such Senior Indebtedness or a trustee or agent on behalf of any such holder. In
the event that the Trustee determines in good faith that any evidence is required with respect to the right of any Person as a
holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Section 2.6 or Article
16 of the Base Indenture, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such Person under this Section 2.6 or Article
16 of the Base Indenture and, if such evidence is not furnished to the Trustee, the Trustee may defer any payment to such
Person pending such evidence being furnished to the Trustee or a judicial determination that such Person has the right to receive
such payment.

(f)                 
Notwithstanding the provisions of this Section 2.6 or any other provisions of the Indenture, neither the Trustee
nor any Paying Agent shall be charged with knowledge of the existence of any Senior Indebtedness or of any event that would prohibit
the making of any payment or moneys to or by the Trustee or such Paying Agent, unless and until a Responsible Officer of the Trustee
or such Paying Agent shall have received written notice thereof from the Company or from the holder of any Senior Indebtedness
or from the representative of any such holder.

    	14

    	 

    

(g)                
The Trustee shall be entitled to all of the rights set forth in this Section 2.6 in respect of any Senior Indebtedness
at any time held by it in its individual capacity to the extent set forth in Section 7.04 of the Base Indenture.

(h)                
The failure to make a payment pursuant to the Notes by reason of any provision in this Section 2.06 shall not be
construed as preventing the occurrence of a default or any Event of Default.

(i)                  
Nothing contained in this Section 2.6 shall apply to the claims of, or payments to, the Trustee under or pursuant
to Section 7.06 of the Base Indenture.

(j)                 
The subordination provisions in this Section 2.6 or Article 16 of the Base Indenture do not apply to amounts
due to the Trustee pursuant to other sections of the Indenture, including Section 7.06 of the Base Indenture.

Section
2.7                 
Events of Default; Acceleration. All of the Events of Default set forth
in clauses (a), (b), (c), (d) and (e) of Section 6.01 of the Base Indenture will apply with respect to the Notes. Notwithstanding
the foregoing, because the Company will treat the Notes as Tier 2 capital (or its then equivalent if the Company were subject
to such capital requirement) for purposes of capital adequacy guidelines of the Federal Reserve Board as then in effect and applicable
to the Company, upon the occurrence of an Event of Default other than an Event of Default set forth in clause (d) or (e) of Section
6.01 of the Base Indenture, neither the Trustee nor the holders of the Notes may accelerate the maturity of the Notes and
make the principal of, and any accrued and unpaid interest on, the Notes, immediately due and payable. Solely with respect to
the Notes, and not for the purposes of any other Securities, clause (d) and (e) of Section 6.01 of the Base Indenture shall
be replaced in their entirety with the following:

 

“(d)
a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an
involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial
part of the property of the Company, or ordering the winding-up or liquidation of its affairs and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or

(e)
the Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to
the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official)
of the Company or for any substantial part of the property of the Company, or shall make any general assignment for the benefit
of creditors; or”.

Section
2.8                 
No Sinking Fund. The Notes are not entitled to the benefit of any sinking
fund.

 

Section
2.9                 
No Conversion or Exchange Rights. The Notes shall not be convertible into
or exchangeable for any equity securities, other securities or other assets of the Company or any Subsidiary of the Company.

 

Section
2.10             
No Defeasance or Covenant Defeasance. Sections 14.02, 14.03,
14.04 and 14.05 of the Base Indenture shall not be applicable to the Notes.

    	15

    	 

    

ARTICLE
3

REDEMPTION OF THE NOTES

Section
3.1                 
Optional Redemption. The Notes shall not be redeemable prior to November
15, 2026, except as provided in Section 3.2. The Company may redeem the Notes, at its sole option, beginning with the Interest
Payment Date of November 15, 2026 and on any Interest Payment Date thereafter, in whole or in part, at a redemption price equal
to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date, and any such redemption may be subject to the satisfaction of one or more conditions precedent set forth in the applicable
notice of redemption (an “Optional Redemption”). No such Optional Redemption of the Notes by the Company prior
to the Maturity Date shall be made without the prior approval of the Federal Reserve Board, to the extent that such approval is
then required under the rules of the Federal Reserve Board. The Notes are not subject to repayment at the option of the holders
of Notes.

 

Section
3.2                 
Redemption of Special Events. Other than in the case of an Optional Redemption,
the Notes may not be redeemed by the Company prior to the Maturity Date, except the Company may, at its sole option, redeem the
Notes at any time before the Maturity Date in whole, but not in part, upon or after the occurrence of a Tax Event, a Tier 2 Capital
Event or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940 (15 U.S.C.
80a-1 et seq.), as amended. Any such redemption of the Notes will be at a redemption price equal to 100% of the principal amount
of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date, and any such redemption
may be subject to the satisfaction of one or more conditions precedent set forth in the applicable notice of redemption. Notwithstanding
the foregoing, installments of interest on any Notes that are due and payable on Interest Payment Dates falling on or prior to
the applicable Redemption Date will be payable on such Interest Payment Dates to the holders of the Notes at the close of business
on the relevant record dates specified in Sections 2.5(a) and (b) above in accordance with the Notes and this Indenture.
No such redemption of the Notes by the Company prior to the Maturity Date shall be made without the prior approval of the Federal
Reserve Board, to the extent that such approval is then required under the rules of the Federal Reserve Board.

 

Section
3.3                 
Notice to Trustee. If the Company elects to redeem the Notes pursuant to
the redemption provisions of Section 3.01 or Section 3.02 of this First Supplemental Indenture, at least 60 days prior to the
Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee but in any event not less than 45 days prior
to the Redemption Date), the Company shall furnish to the Trustee an Officer’s Certificate setting forth (i) the applicable
section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of
Notes to be redeemed, (iv) the redemption price and (v) a Board Resolution.

 

Section
3.4                 
Partial Redemption. In the case of a redemption pursuant to Section
3.1, if less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected in accordance with the rules
of DTC (or, in the case of any certificated Notes, by lot, on a pro rata basis or in such other manner the Trustee deems fair
and appropriate unless otherwise required by applicable law). The Trustee shall promptly notify in writing the Company of the
Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be
redeemed. Notes and portions of Notes selected shall be in minimum amounts of $1,000 or integral multiples of $1,000 in excess
thereof; no Notes of a principal amount of $1,000 or less shall be redeemed in part, except that if all of the Notes of a holder
are to be redeemed, the entire outstanding amount of Notes held by such holder, even if not equal to $1,000 or an integral multiple
of $1,000 in excess thereof, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture that
apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

Section
3.5                 
Notice to Holders. In the case of any redemption, at least 30 days but
no more than 60 days before the Redemption Date, the Company shall send in accordance with the applicable procedures of the Depositary,
or if the Notes are not then global Securities the Company shall mail, or cause to be mailed, a notice of redemption by first-class
mail to each holder of Notes to be redeemed at such holder’s registered address appearing on the register (with a copy to
the Trustee). The notice shall identify the Notes to be redeemed (including the CUSIP and/or ISIN numbers thereof, if any) and
shall state:

 

(a)                
the Redemption Date;

(b)                
the principal amount of the Notes that are being redeemed;

(c)                
each Place of Payment;

    	16

    	 

    

(d)                
the redemption price and accrued interest to the Redemption Date that is payable pursuant to Section 3.02 of the
Base Indenture;

(e)                
if fewer than all outstanding Notes are to be redeemed, the portion of the principal amount of such Notes to be redeemed
and that, after the Redemption Date and upon surrender of such Notes, if applicable, a new Note or Notes in principal amount equal
to the unredeemed portion will be issued;

(f)                 
the name and address of the Paying Agent;

(g)                
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

(h)                
that unless the Company defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue
on and after the Redemption Date;

(i)                  
if such notice is conditioned upon the satisfaction of one or more conditions precedent, such conditions precedent;

(j)                 
the applicable section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

(k)                
that no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN numbers, if any, listed in such
notice or printed on the Notes.

The
Company may state in the notice of redemption that another Person may make payment of the redemption price and perform its obligations
with respect to redemption or purchase.

At
the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided,
that the Company shall have delivered to the Trustee, at least three Business Days prior to the requested date of delivery (or
such shorter period as is satisfactory to the Trustee), a Company Request requesting that the Trustee give such notice and attaching
a copy of such notice, which shall set forth the information to be stated in such notice as provided in this Article 3.
If any condition precedent to a redemption has not been satisfied, the Company will provide written notice to the Trustee not
less than two Business Days prior to the Redemption Date that such condition precedent has not been satisfied, that the notice
of redemption is rescinded or delayed and that the redemption subject to the satisfaction of such condition precedent shall not
occur or shall be delayed (or that such condition precedent is waived and such redemption shall occur or shall be delayed). The
Trustee shall promptly send a copy of such notice to the holders of the Notes.

ARTICLE
4

FORM OF NOTES

Section
4.1                 
Form of Notes. The Notes and the Trustee’s certificate of authentication
thereon are to be substantially in the form attached as Exhibit A hereto, with such changes therein as the officer of the
Company executing the Notes (by manual, electronic (e.g., “.pdf” or “.tif”) or facsimile
signature) may approve, such approval to be conclusively evidenced by such officer’s execution thereof. To the extent the
terms and conditions of the Notes are not set forth herein, such terms and conditions of the Notes shall be as set forth in the
form attached as Exhibit A hereto.

 

ARTICLE
5

SUPPLEMENTAL INDENTURES

Section
5.1                 
Supplemental Indentures without Consent of Holders. Solely with respect
to the Notes, and not for the purposes of any other Securities, Section 10.1 of the Base Indenture shall be amended to (i) delete
the word “and” at the end of clause (o) thereof, (ii) replace the period at the end of clause (p) thereof with “;
and” and (iii) add a new clause (q) immediately after clause (p), which shall read as follows:

    	17

    	 

    

“(q)
to implement in accordance with the terms of this Indenture and any supplemental indenture any Three-Month Term SOFR Conventions
or any Benchmark Transition Event provisions after a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred (or in anticipation thereof).”

ARTICLE
6

IMMUNITY OF STOCKHOLDERS, EMPLOYEES, AGENTS, OFFICERS AND DIRECTORS

Section
6.1                 
Indenture and Notes Solely Corporate Obligations. Solely with respect to
the Notes, and not for the purposes of any other Securities, Section 13.1 of the Base Indenture shall be replaced in its entirety
with the following:

 

“No
recourse for the payment of the principal of or interest on any Note, for any claim based thereon, or otherwise in respect thereof,
shall be had against any incorporator, shareholder, officer, director, employee or agent, as such, past, present or future, of
the Company or of any successor Person to the Company, it being expressly understood that all such liability is hereby expressly
waived and released as a condition of, and as a consideration for, the execution of this First Supplemental Indenture and the
issue of the Notes.”

ARTICLE
7

MISCELLANEOUS

Section
7.1                 
Ratification of Base Indenture. Solely with respect to the Notes, the Base
Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this First Supplemental
Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

Section
7.2                 
Trustee Not Responsible for Recitals. The recitals contained herein and
in the Notes, except the Trustee’s certificates of authentication, shall be taken as statements of the Company and not those
of the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representations as
to the validity or sufficiency of this First Supplemental Indenture or of the Notes. The Trustee shall not be accountable for
the use or application by the Company of the Notes or of the proceeds thereof.

Section
7.3                 
New York Law To Govern. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH NOTE
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

Section
7.4                 
Severability. In case any provision in this First Supplemental Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired by such invalid, illegal or unenforceable provision.

Section
7.5                 
Counterparts. This First Supplemental Indenture may be executed in any
number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same
instrument. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or electronic format
(i.e., “.pdf” or “.tif”) transmission shall constitute effective execution and delivery of this First
Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “.pdf” or “.tif”)
shall be deemed to be their original signatures for all purposes provided that, notwithstanding anything herein to the contrary,
the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly
agreed to by such Trustee pursuant to procedures approved by such Trustee.

Section
7.6                 
Benefits of First Supplemental Indenture. Nothing in this First Supplemental
Indenture or in the Notes, express or implied, shall give to any Person, other than the parties to this First Supplemental Indenture
and their successors under this First Supplemental Indenture and the holders of the Notes from time to time, any benefit or any
legal or equitable right, remedy or claim under this First Supplemental Indenture.

    	18

    	 

    

Section
7.7                 
Conflict with Base Indenture. If any provision of this First Supplemental
Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, such provision of this First Supplemental
Indenture shall control.

Section
7.8                 
Provisions of Trust Indenture Act Controlling. This First Supplemental
Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to
the extent applicable, be governed by such provisions. If any provision of this First Supplemental Indenture limits, qualifies,
or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern
this First Supplemental Indenture, the provision of the Trust Indenture Act shall control.

Section
7.9                 
Successors. All agreements of the Company in the Base Indenture, this First
Supplemental Indenture and the Notes shall bind its successors. All agreements of the Trustee in the Base Indenture and this First
Supplemental Indenture shall bind its successors.

[REMAINDER
OF PAGE LEFT INTENTIONALLY BLANK.]

    	19

    	 

    

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

	 	 	 
	 	AMALGAMATED
    FINANCIAL CORP.
	 	 	 
	 	By:	/s/ Priscilla
    Sims Brown
	 		Priscilla Sims Brown
	 		President and Chief Executive
    Officer
	 	 	 
	 	U.S.
    BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By: 	/s/ Wally Jones
	 		Wally Jones
	 		Vice President
	 	 	 
	Signature
                                         Page to First Supplemental Indenture

    	 

    	 

    

EXHIBIT
A 

[Note:
The following legend is to be placed at the beginning of any Global Note representing Notes.]

GLOBAL
NOTE

THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITARY
(AS DEFINED HEREIN) OR ITS NOMINEE. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED
IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE OR A SUCCESSOR OF SUCH DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED
AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT
TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY (AS DEFINED HEREIN) 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.

THIS SECURITY
AND THE OBLIGATIONS OF THE COMPANY EVIDENCED HEREBY (1) ARE NOT DEPOSITS WITH OR HELD BY THE COMPANY AND ARE NOT INSURED BY ANY
FEDERAL AGENCY, INCLUDING, WITHOUT LIMITATION, THE FEDERAL DEPOSIT INSURANCE CORPORATION AND (2) ARE SUBORDINATE IN RIGHT OF PAYMENT
TO THE SENIOR INDEBTEDNESS (AS DEFINED IN THE INDENTURE IDENTIFIED HEREIN).

 

AMALGAMATED
FINANCIAL CORP. 

3.250%
FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE 2031

	 	 	 
	No.
    1	 	CUSIP:
    022671 AA9 
	 	 	 
	$85,000,000	 	ISIN:
    US022671AA91

Amalgamated
Financial Corp., a Delaware public benefit corporation (the “Company”), which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of $85,000,000 U.S. DOLLARS (or such other amount as set forth in the Schedule of Increases or Decreases in the
Global Note attached hereto) on November 15, 2031 (such date, the “Maturity Date”), unless redeemed prior to such
Maturity Date, and to pay interest thereon as set forth below:

From and including
November 8, 2021, to, but excluding, November 15, 2026 (unless redeemed prior to such date pursuant to Section 3.2 of the First
Supplemental Indenture (as defined herein)) (the “Fixed Rate Period”), this note (the “Note”) will
bear interest at a rate of 3.250% per year. During the Fixed Rate Period, interest on the Note will accrue from and including
November 8, 2021, and will be payable semiannually in arrears on May 15 and November 15 of each year during the Fixed Rate Period, commencing
on May 15, 2022 (each such date, a “Fixed Period Interest Payment Date”). The interest payable on the Note on any
Fixed Period Interest Payment Date will, except as noted below, be paid to the holder of the Note at the close of business on the on
May 1 and November 1 (whether or not a business day), as applicable, immediately preceding the applicable Fixed Period Interest Payment
Date through November 15, 2026.

    	 

    	 

    

From and including
November 15, 2026, to, but excluding, the Maturity Date (unless redeemed prior to such date pursuant to Section 3.1 or Section
3.2 of the First Supplemental Indenture) (the “Floating Rate Period”), this Note will bear interest at a floating
rate per year equal to the Benchmark, plus 230 basis points. During the Floating Rate Period, interest on the Note will accrue
from and including November 15, 2026 and will be payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each
year, commencing on February 15, 2027 (each such date, a “Floating Period Interest Payment Date” and, together with
a Fixed Period Interest Payment Date, an “Interest Payment Date”). The interest payable on the Note on any Floating
Period Interest Payment Date will, except as noted below, be paid to the holder of the Note at the close of business on February 1, May
1, August 1, and November 1 of each year (whether or not a business day), as applicable, immediately preceding the applicable Floating
Period Interest Payment Date through the Maturity Date or earlier redemption date. However, interest that the Company pays on the Maturity
Date will be paid to the Person to whom the principal will be payable. Notwithstanding the foregoing, if the Benchmark is less than zero,
then the Benchmark shall be deemed to be zero.

Principal
and interest on the Note will be payable by wire transfer in immediately available funds in U.S. Dollars at an office or agency
of the Company maintained for such purpose, which shall initially be the Corporate Trust Office of the Trustee.

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

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

Signature
page follows

    	 

    	 

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed and delivered.

             

Dated:
November 8, 2021 

	 	 	 
	 	AMALGAMATED FINANCIAL CORP.
	 	 	 
	 	By: 	/s/ Priscilla Sims Brown
	 		Priscilla Sims Brown
	 		President and Chief Executive Officer
	 	 	 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 

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

             

Dated:
November 8, 2021

	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Wally Jones
	 		Wally Jones
	 		Vice President
	 	 	 
	Signature
                    Page to Global Note

    	 

    	 

    

REVERSE
OF NOTE 

AMALGAMATED
FINANCIAL CORPORATION 

3.250%
FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE 2031

This Note
is one of a duly authorized issue of Securities of the Company of a series designated as the “3.250% Fixed-to-Floating Rate
Subordinated Notes Due 2031” (the “Notes”) initially issued in an aggregate principal amount of $85,000,000
on November 8, 2021. Such series of Securities has been established pursuant to, and is one of an unsecured indefinite number of
series of subordinated debt securities of the Company issued or issuable under and pursuant to, the Subordinated Indenture (the “Base
Indenture”), dated as of November 8, 2021, between the Company and U.S. Bank National Association, as Trustee (herein called
the “Trustee,” which term includes any successor trustee), as supplemented and amended by the First Supplemental Indenture,
between the Company and the Trustee, dated as of November 8, 2021 (the “First Supplemental Indenture” and the Base
Indenture as supplemented and amended by the First Supplemental Indenture, the “Indenture”), to which Indenture and
any other 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 Persons in whose names Notes are registered on the Security Register from
time to time and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note shall not be valid until
the Trustee manually signs the certificate of authentication on this Note. The terms, conditions and provisions of the Notes are those
stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, and those set
forth in this Note. To the extent that the terms, conditions and provisions of this Note modify, supplement or are inconsistent with
those of the Indenture, then the terms, conditions and other provisions of the Indenture shall govern to the extent such terms, conditions
and other provisions of this Note are not inconsistent with the terms, conditions and provisions made part of the Indenture by reference
to the Trust Indenture Act of 1939, as amended.

All capitalized
terms used in this Note and not defined herein that are defined in the Base Indenture or the First Supplemental Indenture shall
have the meanings assigned to them in the Base Indenture or the First Supplemental Indenture. If any capitalized term used in
this Note and defined herein is also defined in the Base Indenture or the First Supplemental Indenture, in the event of any conflict
in the meanings ascribed to such capitalized term, the definition of the capitalized term in this Note shall control. To the extent
any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling.

The indebtedness
of the Company evidenced by the Notes, including the principal thereof and interest thereon, is, to the extent and in the manner
set forth in the First Supplemental Indenture, subordinate and junior in right of payment to obligations of the Company constituting
the Senior Indebtedness (as defined in the First Supplemental Indenture) on the terms and subject to the terms and conditions
as provided and set forth in Section 2.06 of the First Supplemental Indenture and shall rank pari passu in right
of payment with all other Notes and with all other unsecured subordinated indebtedness of the Company issued under the Indenture
and not by its terms subordinate and junior in right of payment to the promissory notes, bonds, debentures or other evidences
of indebtedness of a type that includes the Notes. Each holder by his acceptance of this Note, agrees to and shall be bound by
such provisions of the Indenture and authorizes and expressly directs the Trustee on such holder’s behalf to take such actions
as may be necessary or appropriate to effectuate the subordination provided in the Indenture.

During
the Fixed Rate Period, interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. During the
Floating Rate Period, interest will be computed on the basis of a 360-day year and the actual number of days elapsed. Dollar amounts
resulting from those calculations will be rounded to the nearest cent, with one-half cent being rounded upward.

If
any Fixed Period Interest Payment Date for the Note or the date for the payment of principal for the Note occurring during
the Fixed Rate Period falls on a day that is not a Business Day, the Company will postpone the interest or principal payment
to the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date that the
payment was first due and the holder of the Note will not be entitled to any further interest, principal or other payments
with respect to such postponements. If any Floating Period Interest Payment Date or the Maturity Date falls on a day that is
not a Business Day, the Company will postpone the interest payment or the payment of principal and interest at the Maturity
Date to the next succeeding Business Day (and, with respect to the Maturity Date, no additional interest will accrue on the
amount payable for the period from and after the Maturity Date), unless, with respect to a Floating Period Interest Payment
Date only, such day falls in the next calendar month, in which case the Floating Period Interest Payment Date will instead be
the immediately preceding day that is a Business Day, and interest will accrue to, but excluding, such Floating Period
Interest Payment Date as so adjusted.

    	 

    	 

    

The Notes
are intended to be treated as Tier 2 capital (or its then equivalent if the Company were subject to such capital requirement)
for purposes of capital adequacy guidelines of the Federal Reserve Board as then in effect and applicable to the Company. If an
Event of Default with respect to Notes shall occur and be continuing, the principal and any accrued and unpaid interest on the
Notes shall only become due and payable in accordance with the terms and conditions set forth in Article 6 of the Base
Indenture and Section 2.07 of the First Supplemental Indenture. Accordingly, the holder of this Note has no right to
accelerate the maturity of this Note in the event the Company fails to pay interest on any of the Notes or fails to perform any
other obligations under the Notes or in the Indenture that are applicable to the Notes.

The Notes
may be redeemed by the Company as set forth in the Indenture.

The Notes
are not entitled to the benefit of any sinking fund. The Notes shall not be convertible into or exchangeable for any equity securities,
other securities or other assets of the Company or any Subsidiary.

Sections
14.02, 14.03, 14.04 and 14.05 of the Base Indenture shall not be applicable to the Notes.

The Notes
are issuable and may be transferred only in fully registered form without coupons, in minimum denominations of $1,000 or any amount
in excess thereof that is an integral multiple of $1,000.

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

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 interest (if any) on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

This
Security is a global note, represented by one or more permanent global certificates registered in the name of the nominee of The
Depositary Trust Company (each a “Global Note” and collectively, the “Global Notes”). Accordingly, unless
and until it is exchanged in whole or in part for individual certificates evidencing the Notes represented hereby, this Security
may not be transferred except as a whole by The Depositary Trust Company (the “Depositary”) to a nominee of such Depositary
or by a nominee of such Depositary or by the Depositary or any nominee to a successor Depositary or any nominee of such successor.
Ownership of beneficial interests in this Security will be shown on, and the transfer of that ownership will be effected only
through, records maintained by the applicable Depositary or its nominee (with respect to interest of Persons that have accounts
with the Depositary (“Participants”) and the records of Participants (with respect to interests of Persons other than
Participants)). Beneficial interests in Notes owned by Persons that hold through Participants will be evidenced only by, and transfers
of such beneficial interests with such Participants will be effected only through, records maintained by such Participants. Except
as provided below, owners of beneficial interests in this Security will not be entitled to have any individual certificates and
will not be considered the owners or holders thereof under the Indenture. 

Except
in the limited circumstances set forth in Section 2.07 of the Base Indenture, Participants and owners of beneficial interests
in the Global Notes will not be entitled to receive Securities in definitive form and will not be considered holders of Notes.
None of the Company, the Trustee or the Paying Agent will be liable for any delay by the Depositary, its nominee or any direct
or indirect participant in identifying the beneficial owners of the related Notes. The Company and the Paying Agent may conclusively
rely on, and will be protected in relying on, instructions from the Depositary or its nominee for all purposes, including with
respect to the registration and delivery, and the respective principal amounts, of the Notes to be issued. 

Except
as provided in Section 2.07 of the Base Indenture, beneficial owners of Global Notes will not be entitled to receive physical
delivery of Notes in definitive form and no Global Note will be exchangeable except for another Global Note of like denomination
and tenor to be registered in the name of the Depositary or its nominee. Accordingly, each Person owning a beneficial interest
in a Global Note must rely on the procedures of the Depositary and, if such Person is not a Participant, on the procedures of
the Participant through which such Person owns its interest, to exercise any rights of a holder under the Notes. 

    	 

    	 

    

The
laws of some jurisdictions may require that purchasers of securities take physical delivery of those securities in definitive
form. Accordingly, the ability to transfer interests in the Notes represented by a Global Note to those Persons may be limited.
In addition, because the Depositary can act only on behalf of its Participants, who in turn act on behalf of Persons who hold
interests through Participants, the ability of a Person having an interest in Notes represented by a Global Note to pledge or
transfer such interest to Persons that do not participate in the Depositary’s system, or otherwise to take actions in respect
of such interest, may be affected by the lack of a physical definitive security in respect of such interest. None of the Company,
the Trustee, the Paying Agent and the Security Registrar will have any responsibility or liability for any aspect of the records
relating to or payments made on account of Notes by the Depositary, or for maintaining, supervising or reviewing any records of
the Depositary relating to the Notes. 

U.S. Bank
National Association will act as the Company’s Paying Agent with respect to the Notes through its offices presently located at
U.S. Bank National Association, 333 Commerce Street, Suite 800, Nashville, Tennessee 37201, Attention: Wally Jones, CCTP, Vice President,
U.S. Bank Global Corporate Trust, Telephone: (615) 251-0733. The Company may at any time rescind the designation of a Paying Agent,
appoint a successor Paying Agent, or approve a change in the office through which any Paying Agent acts.

Customary
abbreviations may be used in the name of a holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused the CUSIP
number for the Series of Securities of which the Notes are a part to be printed on the Notes as a convenience to the holders of
the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only
on the other identification numbers printed hereon.

THIS
NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

    	 

    	 

    

ASSIGNMENT
FORM 

To assign
the within Security, fill in the form below:

I or
we assign and transfer the within Security to:

(Insert
assignee’s legal name)

(Insert
assignee’s social security or tax I.D. no.)

(Print
or type assignee’s name, address and zip code)

and irrevocably
appoint as agent to transfer this Security on the books of Amalgamated Financial Corp. The agent may substitute another to act
for it.

Your Signature:

(Sign exactly
as your name appears on the other side of this Security)

Your Name:

Date:

Signature
Guarantee: *

 

	*	NOTICE:
    The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee
    Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program
    (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee.
	 	 

SIGNATURE
GUARANTEE 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the Security registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

    	 

    	 

    

SCHEDULE
OF INCREASES OR DECREASES IN NOTE 

The initial principal
amount of this Global Note is $85,000,000. The following increases or decreases in the principal amount of this Global Note have
been made:

	Date	 	Amount
    of 

    decrease in 

    principal 

    amount of this 

    Global Note	 	Amount
    of 

    decrease in 

    principal 

    amount of this 

    Global Note	 	Principal
    amount 

    of this Global 

    Note following 

    such decrease or 

    increase	 	Signature
    of 

    authorized 

    signatory of 

    TrusteeEX-4.1

 Exhibit 4.1 

WARRANT AGREEMENT 
 THIS
WARRANT AGREEMENT (this “Agreement”), dated as of November 3, 2021, is by and between Spindletop Health Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock
Transfer & Trust Company, a New York limited purpose trust company, as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”). 

WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity
securities, each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-half of one redeemable Public
Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 10,000,000 warrants (or up to 11,500,000 warrants if the Over-allotment Option (as defined below) is exercised
in full) to public investors in the Offering (the “Public Warrants”), each whole Public Warrant entitling the holder to purchase one share of Common Stock at an exercise price of $11.50 per share, subject to adjustment as
described herein; 
 WHEREAS, on November 3, 2021 the Company entered into that certain Warrant Purchase Agreement with Spindletop
Health Sponsor Group, LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 11,400,000 warrants (or up to 12,600,000 warrants if the Over-allotment Option
is exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable), bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”),
at a purchase price of $1.00 per Private Placement Warrant; 
 WHEREAS, in order to finance the Company’s transaction costs in
connection with an intended initial Business Combination (as defined below), the Sponsor or 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 $2,000,000 of such loans may be converted into warrants at a price of $1.00 per warrant at the option of the lender (the “Working Capital Warrants”); 

WHEREAS, following consummation of the Offering, the Company may issue additional warrants
(“Post-IPO Warrants” and, together with the Private Placement Warrants, the Working Capital Warrants and the Public Warrants, the “Warrants”) in connection with,
or following the consummation by the Company of, a Business Combination (defined below); 
 WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) registration statement on Form S-1, File No. 333- 254531, and a prospectus (the
“Prospectus”), for the registration under the Securities Act, of the Units, the Public Warrants and the Common Stock included in the Units; 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; 
 WHEREAS, the Company desires to provide for the
form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and 

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

 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties
hereto agree as follows: 
 1. Appointment of Warrant Agent. 

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

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

2.2 Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to
this Agreement, a 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 Chairman of the Board, Chief Executive Officer,
Chief Financial Officer, 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 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 the representatives of the several underwriters, but in no
event shall the Common Stock and the Public Warrants comprising the Units be separately traded until (A) the Company has filed (i) a Current Report on Form 8-K with the Commission containing an
audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the
“Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Current Report on Form 8-K, and (ii) a second or amended Current Report on Form 8-K to provide updated financial information to reflect the underwriters’ exercise of the Over-allotment Option, if the Over-allotment Option is exercised following the filing of the Form 8-K pursuant to clause (i) above, and (B) the Company issues a press release announcing when such separate trading shall begin. 

 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-third of one Public Warrant. If, upon the detachment of Public Warrants from Units or
otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder. 

2.6 Private Placement Warrants and Working Capital Warrants. The Private Placement Warrants and the Working Capital Warrants shall be
identical to the Public Warrants, except that so long as they are held by the original purchasers thereof or any Permitted Transferees (as defined below) they: (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 and the Working Capital Warrants, subject to certain exceptions, may not be transferred, assigned or sold until thirty
(30) days after the completion by the Company of an initial Business Combination (as defined below), and (iii) shall not be redeemable by the Company pursuant to Section 6.1 hereof; provided, however, that in the
case of (ii), the Private Placement Warrants and the Working Capital Warrants and any shares of Common Stock held by the original purchasers thereof or any Permitted Transferees and issued upon exercise of the Private Placement Warrants or the
Working Capital Warrants may be transferred by the holders thereof: 
 (a) to the Company’s officers or directors, any affiliates or
family members of any of the Company’s officers or directors, any affiliate of the Sponsor or to any member(s) of the Sponsor, any affiliates of such members and funds and accounts advised by such members; 

(b) in the case of an individual, by gift to a member such individual’s immediate family or to a trust, the beneficiary of which is a
member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; 
 (c) in the case of an
individual, by virtue of the laws of descent and distribution upon death of such person; 
 (d) in the case of an individual, pursuant to a
qualified domestic relations order; 
 (e) by private sales or transfers made in connection with the consummation of an initial Business
Combination at prices no greater than the price at which the securities were originally purchased; 
 (f) in the event of the Company’s
liquidation prior to consummation of the Company’s initial Business Combination; 
 (g) by virtue of the laws of the State of Delaware
or the Sponsor’s limited liability company agreement upon liquidation or dissolution of the Sponsor; 
 (h) 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; or 
 (i) to the Company for no value for
cancellation in connection with the consummation of the Company’s initial Business Combination; 
 provided, however, that, in the case of
clauses (a) through (e) or (g), any such transferees (the “Permitted Transferees”) enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. 

2.7 Post-IPO Warrants. The Post-IPO Warrants, when and
if issued, shall have the same terms and be in the same form as the Public Warrants, except as may be agreed upon by the Company. 

 3. Terms and Exercise of Warrants. 

3.1 Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
Agreement, to purchase from the Company the number of 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 at any time prior to the Expiration Date (as defined below) for a period of not less than
twenty (20) Business Days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or applicable law); provided, that the Company shall provide at least three (3) 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”) commencing
on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the
Company and one or more businesses (a “Business Combination”), or (ii) the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time, on the
earlier 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, if the Company fails to complete a Business Combination, or (z) other than with respect to the Private Placement Warrants and the Working Capital Warrants to the extent then held by
the original purchasers thereof or their 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) to the extent then held by the original purchasers thereof or their Permitted
Transferees in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant (other than a Private Placement Warrant or a Working Capital Warrant to the extent then held by the original purchasers
thereof or their Permitted Transferees in the event of a redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New
York City time, on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice
of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants. 

3.3 Exercise of Warrants. 

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

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

(b) [Reserved]; 

 (c) with respect to any Private Placement Warrant or Working Capital Warrant, so long as
such Private Placement Warrant or Working Capital Warrant is held by the Sponsor or a Permitted Transferee, by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the
number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of
this subsection 3.3.1(c), 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 notice of exercise
of the Warrant is sent to the Warrant Agent; 
 (d) as provided in Section 6.2 hereof with respect to a Make-Whole
Exercise; 
 (e) 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 registration statement under the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject
to the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is 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, except pursuant to Section 7.4. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be
entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common
Stock underlying such Unit. In no event will the Company be required to net cash settle the exercise of a Warrant. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to
Section 7.4 hereof. 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. 
 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 or any other person subject to aggregation with such person for purposes of the “beneficial 

 
ownership” test under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any “group” (within the meaning of
Section 13 of the Exchange Act) of which such person is or may be deemed to be a part), to the Warrant Agent’s actual knowledge, would beneficially own (within the meaning of Section 13 of the Exchange Act) (or to the extent that for
any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder would result in a higher ownership percentage, such higher percentage would be) in excess of 4.9% or 9.8% (or such other amount
as a holder may specify) (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by such person and 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 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 dividend payable in shares of Common Stock, or by a split-up of shares of
Common Stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in the outstanding shares of Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “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 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) “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. 

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 its 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 the Business Combination within the time period set forth in the Company’s amended and restated certificate of incorporation 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 Company’s Board of Directors (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). Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 per share and previously paid an aggregate of
$0.40 of cash dividends and cash distributions on the shares of Common Stock during the 365-day period ending on the date of declaration of such $0.35 per share dividend, then the Warrant Price will be
decreased, effectively immediately after the effective date of such $0.35 per share dividend, by $0.25 (the absolute value of the difference between $0.75 per share (the aggregate amount of all cash dividends and cash distributions paid or made in
such 365- day period, including such $0.35 dividend) and $0.50 per share (the greater of (x) $0.50 per share and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)). 
 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, as provided in subsection
4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the
number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 

4.3.2 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 Common Stock issued prior to the Offering and held by the Sponsor or such affiliates,
as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of
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 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, the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2 shall be adjusted (to the nearest
cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of the Market
Value and the Newly Issued Price. For the avoidance of doubt, the transfer of already issued securities held by the Sponsor in connection with the closing of our initial Business Combination will not be included in the calculation of the Newly
Issued Price. 
 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 subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger
or consolidation of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another 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 amount of cash per share of
Common Stock, if any, plus 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. 
 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 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 Company’s Class B common stock, par value $0.0001 per share (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 depositary, or to a nominee of a successor depository; provided further, however that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants
and the Working Capital Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and
indicating whether the new Warrants must also bear a restrictive legend. 
 5.3 Fractional Warrants. The Warrant Agent shall not be
required to effect any registration of transfer or exchange which shall result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. 

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

5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed
on behalf of the Company for such purpose. 
 5.6 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be
transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating
to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment
Date. 
 6. Redemption. 

6.1 Redemption of Warrants for Cash. 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 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 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).

 6.2 Redemption of Warrants for Cash. 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 the Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance with Section 4 hereof) and, if the Reference Value is less than $18.00
per share, the Private Placement Warrants are also concurrently exchanged at the same price (equal to a number of shares of Common Stock) as the outstanding Public Warrants. During the 30-day Redemption Period
in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number
of shares of Common Stock determined by reference to the table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration of the Warrants) and the “Redemption Fair Market Value” (as such term is
defined in this Section 6.2) (a 

 
“Make-Whole Exercise”). Solely for purposes of this Section 6.2, the “Redemption Fair Market Value” shall
mean the volume-weighted average price of the Common Stock as reported during the ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section 6.2 is sent to the
Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after the
ten (10) trading day period described above ends. 
  

																																					
	 Redemption Date
	  	Fair Market Value of Class A Common Stock	 
	(period to expiration of warrants)	  	£$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	3$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 (as defined below) 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 share prices set forth
in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of
shares issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of
which is the exercise price of the warrant after such adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table above shall be adjusted by
multiplying such share amounts 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. If the Exercise Price is adjusted, (a) in the case of an adjustment pursuant to Section 4.4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such
adjustment multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to Section 4.1.2 hereof, the
adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment less the decrease in the Exercise Price pursuant to such Exercise Price adjustment. In no event shall the number of shares issued in
connection with a Make-Whole Exercise exceed 0.361 shares of Common Stock per Warrant (subject to adjustment). 
  

 6.3 Date Fixed for, and Notice of, Redemption. In the event that the Company elects
to redeem all of the Warrants, pursuant to Sections 6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid,
by the Company not less than 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,
“Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Section 6.1 or Section 6.2 hereof and (b) “Reference
Value” shall mean the last reported sale price of the Common Stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company
sends the notice of redemption to the Registered Holder. 
 6.4 Exercise After Notice of Redemption. The Warrants may be exercised,
for cash (or on a “cashless basis” in accordance with Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3
hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

6.5 Exclusion of Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided in
Section 6.1 hereof shall not apply to the Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if such Post-IPO
Warrants provide that they are non-redeemable by the Company for cash) if at the time of the redemption such Private Placement Warrants, Working Capital Warrants or
Post-IPO Warrants continue to be held by the original purchasers thereof or their Permitted Transferees. However, once such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants are transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem the Private Placement Warrants, Working Capital
Warrants or Post-IPO Warrants pursuant to Section 6.1 hereof, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement
Warrants, Working Capital Warrants or Post-IPO Warrants to exercise such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants prior to redemption
pursuant to Section 6.4 hereof. Private Placement Warrants, Working Capital Warrants or the Post-IPO Warrants (if such Post-IPO Warrants
provide that they are non-redeemable by the Company) that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants, Working Capital Warrants
or Post-IPO Warrants and shall become Public Warrants under this Agreement. 
 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. 
 7.4 Registration of Common Stock; Cashless Exercise at Company’s Option. 

 7.4.1 Registration of the Common Stock. The Company agrees that within twenty
(20) Business Days after the later of the first date on which Warrants are exercisable and the date on which the Company receives from any Registered Holder a request for such registration, 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 commercially reasonable efforts to cause the same to
become effective within 45 Business Days after the filing of such registration statement 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 45th Business Day following the filing of such registration statement, holders of the applicable Warrants shall have the
right, during the period beginning on the 46th Business Day after the filing of such registration statement and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall
fail to have maintained an effective registration statement covering the issuance of the shares of Common Stock issuable upon exercise of the applicable Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants
(in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of shares of Common Stock equal to the lesser of (A) the quotient obtained by dividing (x) the product of the
number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value and (B) 0.361 per whole Warrant. Solely for purposes
of this subsection 7.4.1, “Fair Market Value” shall mean the average reported last sale 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 any doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with
its registration obligations under the first three sentences of this subsection 7.4.1. 
 7.4.2 Cashless Exercise at
Company’s Option. If the shares of Common Stock are at the time of any exercise of a Public Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under
Section 18(b)(1) of the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain in effect a registration statement for the registration,
under the Securities Act, of the shares of 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
shares of Common Stock issuable upon exercise of the Public Warrant under applicable blue sky laws to the extent an exemption is not available. 

8. Concerning the Warrant Agent and Other Matters. 

8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of 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 or other entity organized and existing under the laws of the
State of New York, in good standing and having its principal office in the United States of America, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After
appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any
further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in
and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 8.2.2 Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any
such appointment. 
 8.2.3 Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with
which it may be consolidated or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

8.3 Fees and Expenses of Warrant Agent. 

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

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

8.4 Liability of Warrant Agent. 

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

Spindletop Health Acquisition Corp. 

7000 N. Mopac, Suite 315 
 Austin,
TX 78731 
 Attn: Evan S. Melrose 

Email: evan@spindletopcapital.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: 
 DLA
Piper LLP (US) 
 303 Colorado Street, Suite 3000 

Austin, TX 78701 
 Attn: Joseph
Fore, P.C. 
 Email: joseph.fore@dlapiper.com 

and 

 Barclays Capital Inc. 

745 Seventh Avenue 

New York, NY 10019 

Attn: Syndicate Registration 

Fax: 646-834-8133 

and 
 Ropes & Gray LLP

 1211 Avenue of the Americas 

New York, NY 10036 
 Attention:
Paul Tropp 
 Email: paul.tropp@ropesgray.com 

9.3 Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all
respects by the laws of the State of New York, 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 shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction. The Company hereby waives any objection to such jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability
or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Unless the Company consents in writing to the selection of an alternative forum, the
federal 
 district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under
the Securities Act. 
 9.4 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or
give to, any person, corporation or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or
agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the
Warrants. 
 9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the
office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the
Warrant Agent. 
 9.6 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered by facsimile,
e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 

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

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

Exhibit A - Form of Warrant Certificate 
 Exhibit B - Legend 

[Signature Page Follows] 

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

			
	SPINDLETOP HEALTH ACQUISITION CORP.
		
	By:	 	/s/ Evan S. Melrose
	Name:	 	Evan S. Melrose
	Title:	 	Chief Executive Officer

  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
		
	By:	 	/s/ Doug C. Reed
	Name:	 	Doug C. Reed
	Title:	 	Vice President

 EXHIBIT A 

[Form of Warrant Certificate] 

[FACE] 
 Number [•] 

WARRANTS 
 THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

SPINDLETOP HEALTH ACQUISITION CORP. 

Incorporated Under the Laws of the State of Delaware 

CUSIP 84854Q111 
 Warrant
Certificate 
 This Warrant Certificate certifies that __________, or its 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
Spindletop Health Acquisition Corp., 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 the number of shares of Common Stock to be issued to the Warrant holder. The number of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain
events set forth in the Warrant Agreement. 
 The initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per
share. The Exercise Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 
 Subject to
the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. 

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, without regard to conflicts of laws principles thereof. 

 
			
	SPINDLETOP HEALTH ACQUISITION CORP.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive 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 limited purpose trust company, as warrant agent (the “Warrant
Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of
the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may
be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

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

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the issuance of the 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 principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for
this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

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

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive __________ shares of
Common Stock and herewith tenders payment for such shares of Common Stock to the order of Spindletop Health Acquisition Corp. (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 6.2 of the Warrant Agreement and a holder thereof elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of shares of Common Stock that this
Warrant is exercisable for shall be determined in accordance with Section 6.2 of the Warrant Agreement. 
 In the event that the
Warrant is a Private Placement Warrant or a Working Capital 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: __________, 20	  	  

		  	 (Signature)

		  	 (Address)

		  	(Tax Identification Number)
	 Signature Guaranteed:
	  	

 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED). 

 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 SPINDLETOP HEALTH ACQUISITION CORP.
(THE “COMPANY”), SPINDLETOP HEALTH SPONSOR GROUP, 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 AND STOCKHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

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