Document:

Exhibit 10.1

 

	Date:	 	September 29, 2022
	 	 
	To:	 	Athena Consumer Acquisition Corp., a Delaware corporation (“Athena”), Next.e.GO B.V., a Dutch private limited liability company, and following closing of the Business Combination, a public limited liability company (N.V.) (“TopCo”), and Next.e.GO Mobile SE, a European company (Societas Europaea) existing under the laws of the European Union and the Federal Republic of Germany (the “Target”).  
	 	 
	Address:	 	
    Lilienthalstraße 152068 Aachen, Germany

    Germany

	 	 
	From:	 	Vellar Opportunity Fund SPV LLC – Series 3 (“Seller”)
	 	 
	Re:	 	OTC Equity Prepaid Forward Transaction

 

The purpose of this agreement (this “Confirmation”)
is to confirm the terms and conditions of the transaction (the “Transaction”) entered into between Seller, Athena,
TopCo and the Target on the Trade Date specified below. The term “Counterparty” refers to Athena until Business Combination
(as defined below), and following closing of the Business Combination to TopCo. Certain terms of the Transaction shall be as set forth
in this Confirmation, with additional terms as set forth in a Pricing Date Notice (the “Pricing Date Notice”) in the
form of Schedule A hereto. This Confirmation, together with the Pricing Date Notice, constitutes a “Confirmation” and
the Transaction constitutes a separate “Transaction” as referred to in the ISDA Form (as defined below).

 

This Confirmation, together with the Pricing Date
Notice, evidences a complete binding agreement between Seller, Target, Athena and TopCo as to the subject matter and terms of the Transaction
to which this Confirmation relates and shall supersede all prior or contemporaneous written or oral communications with respect thereto.

 

The 2006 ISDA Definitions (the “Swap Definitions”)
and the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and with the Swap Definitions, the “Definitions”),
each as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. If there is any
inconsistency between the Definitions and this Confirmation, this Confirmation governs. If, in relation to the Transaction to which this
Confirmation relates, there is any inconsistency between the ISDA Form, this Confirmation (including the Pricing Date Notice), the Swap
Definitions and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated:
(i) this Confirmation (including the Pricing Date Notice); (ii) the Equity Definitions; (iii) the Swap Definitions, and (iv) the ISDA
Form.

 

This Confirmation, together with the Pricing Date
Notice, shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “ISDA
Form”) as if Seller, Target, Athena and TopCo had executed an agreement in such form (but without any Schedule except as set
forth herein under “Schedule Provisions”) on the Trade Date of the Transaction.

 

The terms of the particular Transaction to which this
Confirmation relates are as follows:

 

General Terms

 

	
    Type of Transaction:
	Share Forward Transaction
	 	 
	Trade Date:	September 29, 2022
	 	 
	Pricing Date:	As specified in the Pricing Date Notice.
	 	 
	Effective Date: 	One (1) Settlement Cycle following the Pricing Date.

 

     

     

    

 

	Valuation Date: 	The second anniversary of the closing of the transactions  between Athena and Target pursuant to the Agreement (the “Maturity Date”), dated as of July 28, 2022, by and among Athena, TopCo, the Target and certain other parties thereto (the “Merger Agreement”), as reported on the Form 8-K filed by the Counterparty on July 28, 2022 (the “Form 8-K”) (the “Business Combination”) and with the option to extend for an additional 12 months subject to mutual agreement of Seller and Counterparty and Target.
	 	 
	VWAP Price: 	For any Scheduled Trading Day, the Rule 10b-18 volume weighted average price per Share for such day as reported on Bloomberg Screen “[  ] <Equity> AQR SEC” (or any successor thereto).
	 	 
	Pricing Date Notice: 	
    Seller shall deliver to Athena and TopCo a Pricing
Date Notice no later than one (1) Exchange Business Day following the closing of the Business Combination. The Pricing Date Notice shall
include the Number of Shares purchased by Seller, whether or not such purchases have been settled, with further notice to be provided
by Seller to Athena and TopCo upon settlement of such purchases.

	 	 
	Dilutive Offering Reset: 	
    To the extent the Counterparty or the Target
sells, enters any agreement to sell or grants any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant
or any option to purchase or other disposition) any Shares or any securities of the Counterparty or the Target or any of their respective
subsidiaries which would entitle the holder thereof to acquire at any time Shares, including, without limitation, any debt, preferred
stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise
entitles the holder thereof to receive, Shares, at an effective price per share less than the then existing Reset Price then the Reset
Price shall be modified to equal such reduced price.

	 	 
	Reset Price: 	
    The Reset Price shall be adjusted on the first
scheduled trading day of each month (each a “Reset Date”) commencing on the first calendar month following the closing
of the Initial Business Combination to be the lowest of (a) the then-current Reset Price, (b) $10.00 and (c) the VWAP Price of the Shares
of the last Trading Day immediately prior to the applicable Reset Date, but not lower than $4.00; provided that the Reset Price may be
further reduced pursuant to a Dilutive Offering Reset.

	 	 
	Seller:	Seller.
	 	 
	Buyer:	Counterparty.
	 	 
	Shares:	Prior to the closing of the Business Combination, the Class A common stock, par value $0.0001 per share, of Athena (Ticker: “ACAQ”) and, after the closing of the Business Combination, the ordinary shares, nominal value of €0.12 per share, of TopCo.  Seller will hold the Subject Shares (as defined below) in a bankruptcy remote special purpose vehicle for the benefit of Target. Any reference herein to “Shares” shall mean the shares of Athena and then the shares of TopCo after the closing of the Business Combination. Athena and TopCo agree that any proceeds from any sale of Shares (in any amount and at any price) subject to this Agreement may be used by the Seller to recoup any and all fees owed to the Seller under the Bridge Loan Agreement (as defined below).

 

    2

     

    

 

	Number of Shares:	The sum of (a) the number of Recycled Shares and (b) the number of Additional Shares, as specified in the Pricing Date Notice, but in no event more than the Maximum Number of Shares. The Number of Shares is subject to reduction as described under “Optional Early Termination.”
	 	 
	Maximum Number of Shares:	15,000,000 Shares.
	 	 
	Initial Price: 	The redemption price per share indicated to investors ahead of Athena’s redemption notice deadline (the “Redemption Price”)
	 	 
	Recycled Shares: 	The number of Shares purchased by Seller from third parties (other than Athena) through a broker in the open market; provided that Seller shall have irrevocably waived all redemption rights with respect to such Shares as provided below in the section captioned “Transactions by Seller in the Shares.” Seller shall specify the number of Recycled Shares (the “Number of Recycled Shares”) in the Pricing Date Notice.
	 	 
	Additional Shares:	
    Additional Shares may be purchased by Seller,
in Seller’s sole discretion, from the Counterparty, with such number of Shares to be specified in a Pricing Date Notice as Additional
Shares; provided that such number of Additional Shares that may be purchased from the Company shall not exceed the difference of (x)
the Maximum Number of Shares and (y) the Recycled Shares. Athena and TopCo agree to provide Seller with customary demand and piggyback
registration rights and agree to register for resale all Shares owned by Seller, including any Additional Shares (or after acquired shares),
no later than 30 days following the closing of the Business Combination.

	 	 
	Prepayment:	Applicable.  Prepayment of the Prepayment Amount shall be made directly from Athena’s trust account maintained by Continental Stock Transfer & Trust Company holding the net proceeds of the sale of the units in Athena’s initial public offering and the sale of private placement units (the “Trust Account”) no later than the Prepayment Date. Athena shall provide notice to Athena’s transfer agent of the entrance into this Confirmation no later than one (1) Local Business Day following the date hereof, with copy to Seller and Seller’s outside legal counsel. Athena shall also provide to Seller and Seller’s outside legal counsel a draft of the flow of funds from the Trust Account prior to the closing of the Business Combination itemizing the Prepayment Amount due to Seller.
	 	 
	Prepayment Amount:	An amount equal to the Initial Price multiplied by the number of Recycled Shares, minus 10% of such amount (the “Leakage Amount”) will be directly paid to the Seller in respect of the Initial Price. The Counterparty agrees to use the Leakage Amount to promptly repay in whole or in part the Loan pursuant to its terms (as defined in the Bridge Loan Agreement), including the Seller’s Fixed Payment (as defined in the Bridge Loan Agreement). “Bridge Loan Agreement” means the Credit Agreement, dated as of the date hereof  (as amended, supplemented or otherwise modified from time to time), by and among the Target, as borrower, the lenders time to time party thereto, and Seller, as administrative agent and collateral agent. 

 

    3

     

    

 

	Prepayment Date:	The earlier of (a) one (1) Local Business Day after the closing of the Business Combination and (b) the date any assets from the Trust Account are disbursed in connection with the Business Combination.
	 	 
	Variable Obligation:	Not applicable.
	 	 
	Prepayment Shortfall:	10% of the product of the Number of Shares and the Initial Price.
	 	 
	Prepayment Shortfall Consideration:	Seller in its sole discretion may sell Shares at any time and at any sales price (“Shortfall Sales,” and such Shares, “Shortfall Sale Shares”), without payment by Seller of any Early Termination Obligation until such time as the proceeds from the sales equal (i) the Prepayment Shortfall or (ii) in the case of an Event of Default under the Bridge Loan Agreement, all amounts that are due to Seller under such agreement. 
	 	 
	Redemptions:	Counterparty shall promptly accept any redemption reversal requests for all Shares to be purchased by Seller.
	 	 
	Exchange(s):	The New York Stock Exchange following the closing of the Business Combination.
	 	 
	Related Exchange(s):	All Exchanges.
	 	 
	Break-Up Fees:	A Break-Up Fee shall be payable to Seller (a) by Target or (b) by TopCo following the closing of the Business Combination equal to (i) all of Seller’s fees costs and expenses relating to the Transaction in an amount not to exceed $75,000 plus (ii) $3,000,000 in the event the Transaction is terminated or otherwise uncompleted for reasons solely attributable to Target. 
	 	 
	Payment Dates:	With respect to Counterparty, the last Local Business Day of each calendar quarter.
	 	 
	Period End Date:	Each Payment Date during the term of the Transaction.
	 	 
	Calculation Period:	Notwithstanding anything to the contrary in Section 4.13 of the Swap Definitions, each period from, and including, one Period End Date to, but excluding, the next following applicable Period End Date during the term of the Transaction, except that (a) the initial Calculation Period will commence on, and include, the date of the closing of the Business Combination and (b) the final Calculation Period will end on, but exclude the Settlement Date.
	 	 
	Reimbursement of Legal Fees and Other Expenses:	On the Effective Date, Counterparty shall pay to Seller an amount not to exceed $75,000 in attorney fees and other reasonable expenses related thereto incurred by Seller or its affiliates in connection with this Transaction. Counterparty shall also pay to Seller a quarterly fee of $5,000 (payable in full upon the Effective Date and upon the first day of each subsequent quarter (the “Structuring Fee”). In addition, on the Effective Date, Counterparty shall reimburse Seller for its reasonable costs and expenses incurred in connection with the acquisition of Subject Shares in an amount not to exceed $0.10 per Share and for disposition of Subject Shares in an amount not to exceed $0.02 per Share.

 

    4

     

    

 

	Settlement Terms	 
	 	 
	Settlement Method Election:	Not Applicable.
	 	 
	Settlement Method:	Physical Settlement.
	 	 
	Settlement Currency:	USD.
	 	 
	Settlement Date:	Two (2) Exchange Business Days following the Valuation Date.
	 	 
	Excess Dividend Amount	Ex Amount.
	 	 
	Additional Payment on Settlement:	On the Settlement Date, Counterparty shall pay to Seller any accrued and unpaid Structuring Fees.
	 	 
	Optional Early Termination:	From time to time and on any Exchange Business Day following the date of the closing of the Business Combination (any such date, an “OET Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, terminate the Transaction in whole or in part so long as Seller provides written notice to Counterparty (the “OET Notice”), or, in relation to Shortfall Sale Shares, a Shortfall Sale Notice (as defined below), as the case may be, no later than the later of (a) the third Local Business Day following the OET Date or Shortfall Sale Date (as defined below), as the case may be, and (b) the first Payment Date after the OET Date or Shortfall Sale Date, as the case may be, which shall specify the quantity by which the Number of Shares is to be reduced (such quantity, the “Terminated Shares”). Notwithstanding anything to the contrary contained herein, Seller shall terminate the Transaction in respect of any Shares sold on or prior to the Maturity Date, and Seller shall be obligated to deliver an OET Notice or Shortfall Sale Notice, as the case may be, in respect of any Shares sold prior to the Maturity Date. The effect of an OET Notice given shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. As of each OET Date, Counterparty shall be entitled to an amount from Seller equal to the product of (x) the number of Terminated Shares and (y) the Reset Price in respect of such OET Date (an “Early Termination Obligation”); except that, no such amount shall be due to Counterparty upon any Shortfall Sale. The remainder of the Transaction, if any, shall continue in accordance with its terms; provided that if the OET Date is also the stated Valuation Date, the remainder of the Transaction shall be settled in accordance with the other provisions of “Settlement Terms.” Seller shall pay to Counterparty any and all unsatisfied Early Termination Obligations, calculated as of the last day of each calendar month, on the first Local Business Day following such day.

 

    5

     

    

 

	Shortfall Sales:	From time to time and on any Exchange Business Day following the date of the closing of the Business Combination (any such date, a “Shortfall Sale Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, at any sales price, sell Shortfall Sale Shares so long as Seller provides written notice to Counterparty (the “Shortfall Sale Notice”) no later than the later of (a) the third Local Business Day following the Shortfall Sales Date and (b) the first Payment Date after the Shortfall Sales Date, which shall specify the quantity of the Shortfall Sale Shares. The Shortfall Sale Notice shall have the effect of reducing the Number of Shares by the number of Shortfall Sale Shares specified in such Shortfall Sale Notice with effect as of the related Shortfall Sale Date. Seller shall not have any Early Termination Obligation in connection with any Shortfall Sales. Upon such time as the net proceeds including commissions, from the Shortfall Sales equals the Prepayment Shortfall. Athena and following the closing of the Business Combination, TopCo, each agree that it shall not issue any Shares, or securities or debt that is convertible, exercisable or exchangeable into Shares until the Shortfall Sales equal the Prepayment Shortfall.
	 	 
	Maturity Consideration:	
    An amount equal to the product of (1) the Maximum
Number of Shares less (b) the number of Terminated Shares multiplied by (2) $2.50 (the “Maturity Consideration”).
At the Maturity Date, the Counterparty shall be delivered the remaining Shares from Seller. At the Maturity Date, the Counterparty is
required to pay to Seller, subject to Seller’s consent thereto, consideration equal to an amount, in cash or Shares at the sole
discretion of Counterparty, equal to (a) in the case of cash, the product of the Maximum Number of Shares less the Terminated Shares,
except if such Shares were sold and the sale proceeds were applied to (i) outstanding Leakage Amounts or (ii) in the case of an Event
of Default under the Bridge Loan Agreement any amounts outstanding thereunder (including principal, interest, and Fixed Payment (as defined
in the Bridge Loan Agreement) and any fees, costs or expenses of the Borrower (as defined in the Bridge Loan Agreement) and $2.50 and
(b) in the case of Shares, such Number of Shares with a value equal to the product of the Maximum Number of Shares less any Shares sold,
except if such Shares were sold and the sale proceeds were applied to (i) outstanding Leakage Amounts or (ii) in the case of an Event
of Default under the Bridge Loan Agreement any amounts outstanding thereunder (including principal, interest, and Fixed Payment (as defined
in the Bridge Loan Agreement) and any fees, costs or expenses of the Borrower (as defined in the Bridge Loan Agreement) and $2.50 divided
by the VWAP Price of the Shares for the lower of the last 30 Trading Days and 10 Trading Days prior to the Maturity Date.

	 	 
	Share Consideration:	
    In addition to the Prepayment Amount, Seller
shall pay directly from the Trust Account on the Prepayment Date, an amount equal to the product of 1,500,000 multiplied by the Redemption
Price, for the purpose of repayment of Seller having purchased, prior to the closing of the Business Combination, Shares from third parties
in the open market through a broker in connection with the Share Consideration, which Shares shall not be included in the Number of Shares
in this Transaction, and shall be free and clear of all obligations of Seller in connection with this Confirmation.

 

    6

     

    

 

	Share Adjustments:	 
	 	 
	Method of Adjustment:	Calculation Agent Adjustment.
	 	 
	Extraordinary Events:	 
	 	 
	Consequences of Merger Events involving Counterparty:	 
	 	 
	Share-for-Share:	Calculation Agent Adjustment.
	 	 
	Share-for-Other:	Cancellation and Payment.
	 	 
	Share-for-Combined:	Component Adjustment.
	 	 
	Tender Offer:	Applicable; provided, however, that Section 12.1(d) of the Equity Definitions is hereby amended by adding “, or of the outstanding Shares,” before “of the Issuer” in the fourth line thereof. Sections 12.1(e) and 12.1(l)(ii) of the Equity Definitions are hereby amended by adding “or Shares, as applicable,” after “voting Shares”.
	 	 
	Consequences of Tender Offers:	 
	 	 
	Share-for-Share:	Calculation Agent Adjustment.
	 	 
	Share-for-Other:	Calculation Agent Adjustment.
	 	 
	Share-for-Combined:	Calculation Agent Adjustment.
	 	 
	Composition of Combined Consideration:	Not Applicable.
	 	 
	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the Nasdaq Global Select Market, Nasdaq Capital Market or the Nasdaq Global Market (or their respective successors) or such other exchange or quotation system which, in the determination of the Calculation Agent, has liquidity comparable to the aforementioned exchanges; if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.
	 	 
	Business Combination Exclusion:	Notwithstanding the foregoing or any other provision herein, the parties agree that the Business Combination and any transactions thereunder, such as the delisting of Athena’s Shares and listing of TopCo’s Shares, shall not constitute a Merger Event, Tender Offer, Delisting or any other Extraordinary Event hereunder.
	 	 
	Additional Disruption Events:	 
	 	 
	(a) Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.

 

    7

     

    

 

	(a)  Failure to Deliver:	Not Applicable.
	 	 
	(b) Insolvency Filing:	Applicable.
	 	 
	(c) Hedging Disruption:	Not Applicable.
	 	 
	(d) Increased Cost of Hedging:	Not Applicable.
	 	 
	(e) Loss of Stock Borrow:	Not Applicable.
	 	 
	(f) Increased Cost of Stock Borrow:	Not Applicable.
	 	 
	Determining Party:	For all applicable events, Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Determining Party, in which case a Third Party Dealer (as defined below) in the relevant market selected by Counterparty will be the Determining Party.
	Additional Provisions:	 
	 	 
	Calculation Agent:	Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Calculation Agent, in which case an unaffiliated leading dealer in the relevant market selected by Counterparty in its sole discretion will be the Calculation Agent.
	 	 
	 	In the event that a party (the “Disputing Party”) does not agree with any determination made (or the failure to make any determination) by the Calculation Agent, the Disputing Party shall have the right to require that the Calculation Agent have such determination reviewed by a disinterested third party that is a dealer in derivatives of the type that is the subject of the dispute and that is not an Affiliate of either party (a “Third Party Dealer”). Such Third Party Dealer shall be jointly selected by the parties within one (1) Local Business Day after the Disputing Party’s exercise of its rights hereunder (once selected, such Third Party Dealer shall be the “Substitute Calculation Agent”). If the parties are unable to agree on a Substitute Calculation Agent within the prescribed time, each of the parties shall elect a Third Party Dealer and such two dealers shall agree on a Third Party Dealer by the end of the subsequent Local Business Day. Such Third Party Dealer shall be deemed to be the Substitute Calculation Agent. Any exercise by the Disputing Party of its rights hereunder must be in writing and shall be delivered to the Calculation Agent not later than the third Local Business Day following the Local Business Day on which the Calculation Agent notifies the Disputing Party of any determination made (or of the failure to make any determination). Any determination by the Substitute Calculation Agent shall be binding in the absence of manifest error and shall be made as soon as possible but no later than the second Local Business Day following the Substitute Calculation Agent’s appointment. The costs of such Substitute Calculation Agent shall be borne by (a) the Disputing Party if the Substitute Calculation Agent substantially agrees with the Calculation Agent or (b) the non-Disputing Party if the Substitute Calculation Agent does not substantially agree with the Calculation Agent. If, after following the procedures and within the specified time frames set forth above, a binding determination is not achieved, the original determination of the Calculation Agent shall apply.

 

    8

     

    

 

	Non-Reliance:	Applicable.
	 	 
	Agreements and Acknowledgements Regarding Hedging Activities:	Not applicable.
	 	 
	Additional Acknowledgements:	Applicable.
	 	 
	Collateral Provisions:	 
	 	 
	Grant of Security Interest:	Seller hereby grants, effective as of the date the Seller receives the Prepayment Amount, a security interest in the Collateral to Counterparty to secure the payment or performance of all of Seller’s present and future obligations to Counterparty with respect to this Transaction. Counterparty acknowledges that Seller shall hold first-priority security interests in the Collateral granted herein to secure the payment or performance of all of Counterparty’s present and future obligations to Seller with respect to the Loan.
	 	 
	Collateral:	All of the following personal property of Seller, wherever located, and now owned, held or existing, or hereafter acquired or arising:
	 	 
	 	(i) all cash proceeds of the sale, transfer or other disposition (other than in connection with any Permitted PB Activities (as defined in the Limited Liability Agreement of Seller) any proceeds from Shortfall Sales, and cash flow posted to the Seller as credit enhancements under those Permitted PB Activities) of Recycled Shares or the Additional Shares (together, the “Subject Shares”); (ii) the deposit account of Seller at First Republic Bank in which such cash proceeds will be deposited; and (iii) to the extent not listed above as original collateral, proceeds and products of the foregoing.
	 	 
	 	 
	Perfection:	Seller authorizes Counterparty to file one or more financing statements, in the standard form for a UCC-1 filing or other appropriate form, describing the Collateral to perfect the security interest created hereby and otherwise make it effective against third parties. Seller hereby authorizes Counterparty at any time and from time to time to amend any financing statements naming Seller as “debtor” to include the Collateral.  
	 	 
	Schedule Provisions:	 
	 	 
	Specified Entity:	In relation to both Seller and Counterparty for the purpose of:
	 	Section 5(a)(v), Not Applicable
	 	Section 5(a)(vi), Not Applicable
	 	Section 5(a)(vii), Not Applicable
	 	Section 5(b)(v), Not Applicable
	 	 
	Cross-Default	The “Cross-Default” provisions of Section 5(a)(vi) of the ISDA Form will not apply to either party.

 

    9

     

    

 

	Credit Event Upon Merger	The “Credit Event Upon Merger” provisions of Section 5(b)(v) of the ISDA Form will not apply to either party.
	 	 
	Automatic Early Termination:	The “Automatic Early Termination” of Section 6(a) of the ISDA Form will not apply to either party.
	 	 
	Termination Currency:	United States Dollars.
	 	 
	Additional Termination Event:	Will apply to Seller and to Counterparty and Target. The occurrence of either of the following events shall constitute an Additional Termination Event in respect of which Seller and Counterparty and Target shall be Affected Parties:
	 	 
	 	(a) The Business Combination fails to close on or before the Agreement End Date (as defined in the Merger Agreement) (as such Agreement End Date may be amended or extended from time to time); and
	 	 
	 	
    (b) The Merger Agreement is terminated pursuant to
    its terms prior to the closing of the Business Combination; and

     

    (c) The Shares are involved in a Delisting on the
    relevant exchange and are not immediately re-listed; and

	 	 
	 	(d) Subject to the Break-Up Fee, if this Transaction terminates due to the occurrence of either of the foregoing Additional Termination Events, then, subject to the immediately following sentence, no further payments or deliveries shall be due by either Seller to Counterparty or Counterparty to Seller in respect of the Transaction, including without limitation in respect of any settlement amount, breakage costs or any amounts representing the future value of the Transaction, and neither party shall have any further obligation under the Transaction and, for the avoidance of doubt and without limitation, no payments will have accrued or be due under Sections 2, 6 or 11 of the ISDA Form. Notwithstanding the foregoing, Counterparty’s obligations set forth under the captions, “Reimbursement of Legal Fees and Expenses,” and “Other Provisions — (d) Indemnification” shall survive any termination due to the occurrence of either of the foregoing Additional Termination Events.

 

    10

     

    

 

	Material Adverse Change:	Means any change, event, or occurrence, that, individually or when aggregated with other changes, events, or occurrences has had a materially adverse effect on the business, assets, financial condition or results of operations of the Counterparty and its subsidiaries, taken as a whole; provided, however, that no change, event, occurrence or effect arising out of or related to any of the following, alone or in combination, shall be taken into account in determining whether a Material Adverse Change pursuant has occurred: (i) acts of war (whether or not declared), sabotage, military or para-military actions or terrorism, or any escalation or worsening of any such acts, or changes in global, national or regional political or social conditions; (ii) earthquakes, hurricanes, tornados, epidemics and pandemics declared by the World Health Organization or any other reputable third party organization (including the COVID-19 virus) or other natural or man-made disasters; (iii) changes attributable to the public announcement or pendency of the transactions contemplated herein (including the impact thereof on relationships with customers, suppliers, employees or governmental authorities); (iv) changes or proposed changes in law, regulations or interpretations thereof or decisions by courts or any governmental authority; (v) changes or proposed changes in GAAP (or any interpretation thereof); (vi) any downturn in general economic conditions, including changes in the credit, debt, securities, financial, capital or reinsurance markets (including changes in interest or exchange rates or the price of any security, market index or commodity), in each case, in the United States or anywhere else in the world; (vii) events or conditions generally affecting the industries and markets in which the Counterparty operates; (viii) any failure to meet any projections, forecasts, estimates, budgets or financial or operating predictions of revenue, earnings, cash flow or cash position, provided that this clause (viii) shall not prevent a determination that any change, event, or occurrence underlying such failure (unless otherwise excluded by the other clauses of this proviso) has resulted in a Material Adverse Change; or (ix) any actions expressly required to be taken, or expressly required not to be taken, pursuant to the terms hereof; provided, however, that if a change or effect related to clause (ii) or clauses (iv) through (vii) disproportionately adversely affects the Counterparty and its subsidiaries, taken as a whole, compared to other Persons operating in the same industry as the Counterparty, then such disproportionate impact may be taken into account in determining whether a Material Adverse Change has occurred.
	 	 
	Governing Law:	New York law (without reference to choice of law doctrine).
	 	 
	Credit Support Provider:	With respect to Seller and Counterparty, None.
	 	 
	Local Business Days:	Seller specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York.  Counterparty specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York and Düsseldorf, Germany.
	 	 

Representations, Warranties and Covenants

 

		1.	Each of Athena, TopCo and Seller represents and warrants to, and covenants and agrees with, the other
as of the date on which it enters into the Transaction that (in the absence of any written agreement between the parties that expressly
imposes affirmative obligations to the contrary for the Transaction):

 

		(a)	Non-Reliance. It is acting for its own account, and it has made its own independent decisions
to enter into the Transaction and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice
from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into the Transaction, it being understood that information and explanations related to the terms
and conditions of the Transaction will not be considered investment advice or a recommendation to enter into the Transaction. No communication
(written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of the Transaction.

 

		(b)	Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction.
It is also capable of assuming, and assumes, the risks of the Transaction.

 

    11

     

    

 

		(c)	Non-Public Information. It is in compliance with Section 10(b) under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).

 

		(d)	Eligible Contract Participant. It is an “eligible contract participant” under,
and as defined in, the Commodity Exchange Act (7 U.S.C. § 1a(18)) and CFTC regulations (17 CFR § 1.3).

 

		(e)	Tax Characterization. It shall treat the Transaction as a derivative financial contract
for U.S. federal income tax purposes, and it shall not take any action or tax return filing position contrary to this characterization.

 

		(f)	Private Placement. It (i) is an “accredited investor” as such term is defined
in Regulation D as promulgated under the Securities Act, (ii) is entering into the Transaction for its own account without a view to the
distribution or resale thereof and (iii) understands that the assignment, transfer or other disposition of the Transaction has not been
and will not be registered under the Securities Act.

 

		(g)	Investment Company Act. It is not and, after giving effect to the Transaction, will
not be required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of
1940, as amended.

 

		(h)	Authorization. The Transaction has been entered into pursuant to authority granted by its
board of directors or other governing authority. It has no internal policy, whether written or oral, that would prohibit it from entering
into any aspect of the Transaction, including, but not limited to, the purchase of Shares to be made in connection therewith.

 

		(i)	Affiliate Status. It is the intention of the parties hereto that Seller shall not be an “affiliate” (as
such term is defined in Rule 405 under the Securities Act) of Athena, or following the closing of the Business Combination, TopCo, as
a result of the transactions contemplated hereunder.

 

		2.	Athena and TopCo represent and warrant to, and covenant and agree with Seller as of the date on which
it enters into the Transaction that:

 

		(a)	Total Assets. Athena has total assets of at least USD $5,000,000 as of the date hereof.

 

		(b)	Non-Reliance. Without limiting the generality of Section 13.1 of the Equity Definitions,
Athena and TopCo acknowledge that Seller is not making any representations or warranties or taking any position or expressing any view
with respect to the treatment of the Transaction under any accounting standards.

 

		(c)	Solvency. Counterparty is, and shall be as of the date of any payment or delivery by Counterparty
under the Transaction, solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and
with capital sufficient to carry on the businesses in which it engages. Counterparty: (i) has not engaged in and will not engage in any
business or transaction after which the property remaining with it will be unreasonably small in relation to its business, (ii) has not
incurred and does not intend to incur debts beyond its ability to pay as they mature, and (iii) as a result of entering into and performing
its obligations under the Transaction, (a) it has not violated and will not violate any relevant state law provision applicable to the
acquisition or redemption by an issuer of its own securities and (b) it would not be nor would it be rendered “insolvent”
(as such term is defined under Section 101(32) of the Bankruptcy Code or under any other applicable local insolvency regime).

 

		(d)	Public Reports. As of the Trade Date, Counterparty is in material compliance with its reporting
obligations under the Exchange Act, and all reports and other documents filed by Counterparty with the Securities and Exchange Commission
pursuant to the Exchange Act, when considered as a whole (with the most recent such reports and documents deemed to amend inconsistent
statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission
of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

 

		(e)	No Distribution. Counterparty is not entering into the Transaction to facilitate a distribution
of the Shares (or any security that may be converted into or exercised or exchanged for Shares, or whose value under its terms may in
whole or in significant part be determined by the value of the Shares) or in connection with any future issuance of securities.

 

    12

     

    

 

		(f)	SEC Documents. Athena and TopCo shall comply with the Securities and Exchange Commission’s
guidance, including Compliance and Disclosure Interpretation No. 166.01, for all relevant disclosure in connection with this Confirmation
and the Transaction, and will not file with the Securities and Exchange Commission any Form 8-K, Registration Statement on Form F-4 (including
any post-effective amendment thereof), proxy statement, or other document that includes any disclosure regarding this Confirmation or
the Transaction without consulting with and reasonably considering any comments received from Seller, provided that, no consultation shall
be required with respect to any subsequent disclosures that are substantially similar to prior disclosures by Counterparty that were reviewed
by Seller.

 

		(g)	Waiver. Athena hereby waives any violation of its “bulldog clause” and any other restrictions that would
be caused by Seller entering into this Transaction.

 

		(h)	Indemnity. Athena and following the closing of the Business Combination, TopCo, shall jointly and severally indemnify
Seller for any and all claims, fees, losses and liabilities that arise out of Seller’s regulatory filings related to this Transaction.

 

		(i)	Disclosure. Athena and following the closing of the Business Combination, TopCo, shall preview with Seller all public
disclosure relating to the Transaction and shall consult with Seller to ensure that such public disclosure, including the Form 8-K that
announces the Transaction adequately discloses the material terms and conditions of the Transaction in form and substance reasonably acceptable
to Seller; provided that the Form 8-K shall be publicly filed on the same date that definitive transaction documents are signed and provided
further, that to the extent definitive transaction documents are not signed at least 48 hours prior to Athena’s redemption notice
deadline, Athena agrees to make all necessary disclosures (if any) at least 24 hours prior to Athena’s redemption notice deadline
to ensure that Seller is not in possession of material non-public information as a result of the transactions outlined herein.

 

		(j)	Listing. Athena and following the closing of the Business Combination, TopCo, agree to use their best efforts to maintain
the listing of the relevant Shares on a national securities exchange; provided that if the Shares cease to be listed on a national securities
exchange or upon the filing of a Form 25 Seller may terminate this agreement and shall be entitled to the Break-up Fees, which shall be
due and payable immediately following the occurrence of the termination of this agreement.

 

		(k)	Regulatory Filings. Counterparty covenants that it will make all regulatory filings that it is required by law or regulation
to make with respect to the Transaction including, without limitation, as may be required by Section 13 or Section 16 under the Exchange
Act and, assuming the accuracy of Counterparty’s Repurchase Notices (as described under “Repurchase Notices” below)
any sales of Subject Shares will be in compliance therewith.

 

		3.	Seller agrees with Athena and TopCo that it will not effect any Short Sales in respect of the Shares prior
to the earlier of a) the Maturity Date b) the Transaction Cancelation. Short Sales means all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and all types of direct and indirect stock
pledges, forward sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule
16a-1(h) under the Exchange Act) and similar arrangements (including on a total return basis).

 

		4.	Condition Precedent. Athena and Target represent and warrant that, prior to execution of
this Agreement and the Bridge Loan Agreement, they shall enter into an amendment to their BCA, that Athena finds acceptable, which includes
(a) an extension of outside date and exclusivity until June 30, 2023, (b) the elimination of (i) any minimum cash condition other than
coverage of transaction expenses and (ii) other closing conditions of the Target save for the reps and warranties and covenants which
pursuant to the failure to satisfy thereof Target may terminate the BCA, a registration rights agreement, an earn-out agreement, a certain
officer certificate as well as a conditional NYSE approval.

 

    13

     

    

 

Transactions by Seller in the Shares

 

		(a)	Seller hereby waives the redemption rights (“Redemption Rights”) set forth in the applicable
provisions of Athena’s certificate of incorporation (the “Certificate of Incorporation”) in connection with the
Business Combination with respect to Shares it acquires from third parties and identifies on the Pricing Notice (each, a “Third
Party Shareholder”) who have redeemed Shares or indicated an interest in redeeming Shares pursuant to the Redemption Rights
during the period (the “Hedging Period”) beginning on the date of execution of this Agreement and ending at the time
reversals of redemptions in connection with the Business Combination are no longer permitted (the Shares so acquired, the “Subject
Shares”), except as required to not exceed the Excess Ownership Position. Following such date, Seller shall notify Counterparty
of the number of Subject Shares. For the avoidance of doubt, Seller may sell or otherwise transfer, loan or dispose of any of the Subject
Shares or any other shares or securities of the Counterparty in one or more public or private transactions at any time. Any Subject Shares
sold by Seller during the term of the Transaction will cease to be Subject Shares.

 

		(b)	Seller will give written notice to Counterparty of any sale of Subject Shares by Seller within one (1)
Local Business Day following the date of such sale, such notice to include the date of the sale and the number of Subject Shares sold.

 

		(c)	Athena hereby waives the applicable provisions of the Certificate of Incorporation with respect to the
Subject Shares (or any other shares of Athena held by Seller or any of its affiliates) provided that such Subject Shares shall not be
permitted to be redeemed by Seller during the term of this Agreement to the extent set forth in Section (a) above. Notwithstanding anything
to the contrary set forth herein, the waiver set forth in this paragraph (c) shall survive any termination or expiration of this Confirmation.

 

No Arrangements

 

Seller, Athena and TopCo each acknowledge and agree
that: (i) there are no voting, hedging or settlement arrangements between Seller, Athena and TopCo with respect to any Shares, other than
those set forth herein; (ii) although Seller may hedge its risk under the Transaction in any way Seller determines, Seller has no obligation
to hedge with the purchase or maintenance of any Shares or otherwise; (iii) Athena nor TopCo will be entitled to any voting rights in
respect of any of the Shares underlying the Transaction; and (iv) Athena nor TopCo will seek to influence Seller with respect to the voting
of any Hedge Positions of Seller consisting of Shares.

 

Wall Street Transparency and Accountability
Act

 

In connection with Section 739 of the Wall Street
Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA
or any regulation under WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision
in any legislation enacted, or rule or regulation promulgated, on or after the date of this Confirmation, shall limit or otherwise impair
either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the ISDA
Form, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event
under this Confirmation, the Equity Definitions incorporated herein, or the ISDA Form.

 

Address for Notices

 

Notice to Seller: 

 

3 Columbus Circle

24th Floor

New York, NY 10019

 

    14

     

    

 

Notice
to Counterparty: 

 

Following
the Closing of the Business Combination:

 

Notice
to Counterparty: 

 

Next.e.GO
B.V. (Following the Closing of the Business Combination: Next.e.GO N.V.)

Lilienthalstraße 152068 Aachen, Germany

Germany

Attn: [   ]

Email:
[   ]

 

Notice
to Target: 

 

Next.e.GO
Mobile SE

Lilienthalstraße 152068 Aachen, Germany

Germany

Attn: Eelco Van der Leij

Email:
eelco.van-der-leij@e-go-mobile.com

 

Account
Details

 

Account
details for Seller: [To be advised].

 

Account
details for Athena: [To be advised].

 

Account details for TopCo: [To be advised].

 

Other Provisions.

 

		(a)	Rule 10b5-1.

 

		(i)	Athena represents and warrants to Seller that Athena is not entering into the Transaction to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or
otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) for the purpose of inducing
the purchase or sale of such securities or otherwise in violation of the Exchange Act, and Athena represents and warrants to Seller that
Athena has not entered into or altered, and agrees that Athena will not enter into or alter, any corresponding or hedging transaction
or position with respect to the Shares. Athena acknowledges that it is the intent of the parties that the Transaction comply with the
requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) and the Transaction
shall be interpreted to comply with the requirements of Rule 10b5-1(c).

 

		(ii)	Athena, and following the closing of the Business Combination, TopCo, agrees that it will not seek to
control or influence Seller’s decision to make any “purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3))
under the Transaction, including, without limitation, Seller’s decision to enter into any hedging transactions. Athena represents
and warrants that it has consulted with its own advisors as to the legal aspects of its adoption and implementation of this Confirmation
and the Transaction under Rule 10b5-1.

 

    15

     

    

 

		(iii)	Athena, and following the closing of the Business Combination, TopCo, acknowledges and agrees that any
amendment, modification, waiver or termination of this Confirmation must be effected in accordance with the requirements for the amendment
or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, Athena, and following
the closing of the Business Combination, TopCo, acknowledges and agrees that any such amendment, modification, waiver or termination shall
be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification
or waiver shall be made at any time at which Athena, or following the closing of the Business Combination, TopCo, , or any officer, director,
manager or similar person of Athena or following the closing of the Business Combination, TopCo, is aware of any material non-public information
regarding Counterparty or the Shares.

 

		(b)	Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase
of Shares, promptly give Seller a written notice of such repurchase (a “Repurchase Notice”); provided that Athena and
following the closing of the Business Combination, TopCo, each agree that this information does not constitute material non-public information;
provided further if this information shall be material non-public information, it shall publicly disclosed immediately. Athena, and following
the closing of the Business Combination, TopCo, agrees to indemnify and hold harmless Seller and its affiliates and their respective officers,
directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and
against any and all losses (including losses relating to Seller’s hedging activities as a consequence of remaining or becoming a
Section 16 “insider” following the closing of the Business Combination, including without limitation, any forbearance from
hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction), claims,
damages, judgments, liabilities and expenses (including reasonable attorney’s fees), joint or several, which an Indemnified Person
may become subject to, as a result of Counterparty’s failure to provide Seller with a Repurchase Notice on the day and in the manner
specified in this paragraph, and to reimburse, within thirty (30) days, upon written request, each of such Indemnified Persons for any
reasonable legal or other expenses incurred in connection with investigating, preparing for, providing testimony or other evidence in
connection with or defending any of the foregoing; provided, however, for the avoidance of doubt, Counterparty has no indemnification
or other obligations with respect to Seller becoming a Section 16 “insider” prior to the closing of the Business Combination.
If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against the Indemnified Person as a result of Counterparty’s failure to provide Seller with a Repurchase Notice in accordance with
this paragraph, such Indemnified Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified
Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty
may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. Counterparty shall not
be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled
with such consent or if there be a final judgment for the plaintiff, Athena, and following the closing of the Business Combination, TopCo,
agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty
shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding
contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person
from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person.
If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder,
shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities.
The remedies provided for in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available
to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative
and in full force and effect regardless of the termination of the Transaction.

 

    16

     

    

 

		(c)	Transfer or Assignment. The Seller may freely transfer or assign the rights and duties under
this Confirmation, and Seller, Athena and Target will attempt to assign and novate their respective rights and obligations hereunder to
one or more unaffiliated third parties such that Seller’s Section 16 Percentage does not exceed 9.9% on a post-Business Combination
basis. If at any time following the closing of the Business Combination at which (A) the Section 16 Percentage exceeds 9.9%, or (B) the
Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clause (A) or (B), an “Excess
Ownership Position”), Seller is unable to effect a transfer or assignment of a portion of the Transaction to a third party on
pricing terms reasonably acceptable to Seller and within a time period reasonably acceptable to Seller such that no Excess Ownership Position
exists, then Seller may designate any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction
(the “Terminated Portion”), such that following such partial termination no Excess Ownership Position exists. In the
event that Seller so designates an Early Termination Date with respect to a portion of the Transaction, a portion of the Shares with respect
to the Transaction shall be delivered to Counterparty as if the Early Termination Date was the Valuation Date in respect of a Transaction
having terms identical to the Transaction and a Number of Shares equal to the number of Shares underlying the Terminated Portion. The
“Section 16 Percentage” as of any day is the fraction, expressed as a percentage, as determined by Seller, (A) the
numerator of which is the number of Shares that Seller and each person subject to aggregation of Shares with Seller under Section 13 or
Section 16 of the Exchange Act and rules promulgated thereunder and all persons who may form a “group” (within the meaning
of Rule 13d-5(b)(1) of the Exchange Act) with Seller directly or indirectly beneficially own (as defined under Section 13 or Section 16
of the Exchange Act and rules promulgated thereunder) (the “Seller Group” ) and (B) the denominator of which is the
number of Shares outstanding.

 

The “Share Amount” as of any day
is the number of Shares that Seller and any person whose ownership position would be aggregated with that of Seller and any group (however
designated) of which Seller is a member (Seller or any such person or group, a “Seller Person”) under any law, rule,
regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable to ownership
of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote
or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Seller in its sole discretion.

 

The “Applicable Share Limit” means
a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements
(including obtaining prior approval from any person or entity) of a Seller Person, or could result in an adverse effect on a Seller Person,
under any Applicable Restriction, as determined by Seller in its sole discretion, minus (B) 0.1% of the number of Shares outstanding.

 

		(d)	Indemnification. Athena, and following the closing of the Business Combination, TopCo, agrees
to indemnify and hold harmless Seller, its affiliates and its assignees and their respective directors, officers, employees, agents and
controlling persons (each such person being an “Indemnified Party”) from and against any and all losses (but not including
financial losses to an Indemnified Party relating to the economic terms of the Transaction provided that the Counterparty performs its
obligations under this Confirmation in accordance with its terms), claims, damages and liabilities (or actions in respect thereof), joint
or several, incurred by or asserted against such Indemnified Party arising out of, in connection with, or relating to, the execution or
delivery of this Confirmation, the performance by Counterparty of its obligations under the Transaction, any breach of any covenant or
representation made by Counterparty in this Confirmation or the ISDA Form, regulatory filings made by Counterparty related to the Transaction
(other than as relates to any information provided by or on behalf of Seller or its affiliates), or the consummation of the transactions
contemplated hereby; provided, however, that Counterparty has no indemnification obligations with respect to any loss, claim, damage,
liability or expense related to the manner in which Seller sells, or arising out of any sales by Seller of, the Subject Shares or any
other Shares owned by Seller. Counterparty will not be liable under the foregoing indemnification provision to the extent that any loss,
claim, damage, liability or expense is found in a nonappealable judgment by a court of competent jurisdiction to have resulted from Seller’s
material breach of any covenant, representation or other obligation in this Confirmation or the ISDA Form or from Seller’s willful
misconduct, gross negligence or bad faith in performing the services that are subject of the Transaction. If for any reason the foregoing
indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall
contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim,
damage or liability. In addition (and in addition to any other Reimbursement of Legal Fees and other Expenses contemplated by this Confirmation),
Counterparty will reimburse any Indemnified Party for all reasonable, out-of-pocket, expenses (including reasonable counsel fees and expenses)
as they are incurred in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim
or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such
claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty. Athena, and following the closing of the Business
Combination, TopCo, also agrees that no Indemnified Party shall have any liability to Counterparty or any person asserting claims on behalf
of or in right of Counterparty in connection with or as a result of any matter referred to in this Confirmation except to the extent that
any losses, claims, damages, liabilities or expenses incurred by Counterparty result from such Indemnified Party’s breach of any
covenant, representation or other obligation in this Confirmation or the ISDA Form or from the gross negligence, willful misconduct or
bad faith of the Indemnified Party or breach of any U.S. federal or state securities laws or the rules, regulations or applicable interpretations
of the Securities and Exchange Commission. The provisions of this paragraph shall survive the completion of the Transaction contemplated
by this Confirmation and any assignment and/or delegation of the Transaction made pursuant to the ISDA Form or this Confirmation shall
inure to the benefit of any permitted assignee of Seller.

 

    17

     

    

 

		(e)	Amendments to Equity Definitions.

 

		(i)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line thereof
the word “or” after the word “official” and inserting a comma therefor, and (ii) deleting the semi-colon at the
end of subsection (B) thereof and inserting the following words therefor “or (C) the occurrence of any of the events specified in
Section 5(a)(vii)(1) through (9) of the ISDA Form with respect to that Issuer.”;

 

		(ii)	Section 12.6(c)(ii) of the Equity Definitions is hereby amended by replacing the words “the Transaction
will be cancelled,” in the first line with the words “Seller will have the right, which it must exercise or refrain from exercising,
as applicable, in good faith acting in a commercially reasonable manner, to cancel the Transaction,”; and

 

		(iii)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (i) replacing “either party may
elect” with “Seller may elect” and (ii) replacing “notice to the other party” with “notice to Counterparty”
in the first sentence of such section.

 

		(f)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law,
any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies
that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other party would not, in
the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party
have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided
herein.

 

		(g)	Attorney and Other Fees. In the event of any legal action initiated by any party arising
under or out of, in connection with or in respect of, this Confirmation or the Transaction, the prevailing party shall be entitled to
reasonable attorneys’ fees, costs and expenses incurred in such action, as determined and fixed by the court.

 

		(h)	Tax Disclosure. Effective from the date of commencement of discussions concerning the Transaction,
Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any
kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses)
that are provided to Counterparty relating to such tax treatment and tax structure.

 

		(i)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to
be (a) a “securities contract” as defined in the Bankruptcy Code, in which case each payment and delivery made pursuant to
the Transaction is a “termination value,” “payment amount” or “other transfer obligation” within the
meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy
Code, and (b) a “swap agreement” as defined in the Bankruptcy Code, with respect to which each payment and delivery hereunder
or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation”
within the meaning of Section 362 of the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the
Bankruptcy Code and a “payment or other transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy
Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e),
546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate, terminate and accelerate the Transaction and to exercise
any other remedies upon the occurrence of any Event of Default under the ISDA Form with respect to the other party to constitute a “contractual
right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder
to otherwise constitute a “margin payment” or “settlement payment” and a “transfer” as defined in
the Bankruptcy Code.

 

		(j)	Process Agent. For the purposes of Section 13(c) of the ISDA Form:

 

Seller appoints as its Process Agent: None

 

Counterparty appoints as its Process Agent: None.

 

[Signature page follows]

 

    18

     

    

 

Please confirm that the foregoing correctly sets forth
the terms of our agreement by executing a copy of this Confirmation and returning it to us at your earliest convenience.

 

	
    
	Very truly yours,
	 	 
	 	VELLAR OPPORTUNITY FUND SPV LLC – SERIES 3
	 	 	 
	 	By:	      
	 	Name:	 
	 	Title:	Authorized Signatory

 

	Agreed and accepted by:	 
	 	 
	ATHENA CONSUMER ACQUISITION CORP.	 
	 	 	 
	By:	                   	 
	Name:	 	 
	Title:	 	 
	 	 	 
	NEXT.E.GO MOBILE SE	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	NEXT.E.GO B.V.	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

19Exhibit 4.5

 

WARRANT AGREEMENT

 

This WARRANT AGREEMENT
(this “Agreement”) is made as of ______, 2022 between Forest Acquisition Corp, a British Virgin Islands company,
with executive offices at 434 W. 33rd Street, Suite 700, New York, New York 10001 (the “Company”), and Computershare
Inc. (“Computershare”) and its affiliate Computershare Trust Company N.A., with offices at with office at 150 Royall
Street, Canton, MA 02021, as warrant agent (collectively as “Warrant Agent”).

 

WHEREAS, the Company
is engaged in a public offering under the Securities Act of 1933, as amended (“Public Offering”) of up to 7,590,000
units (including 990,000 units which may be issued pursuant to an overallotment option granted to the underwriters of the Public Offering),
each unit (the “Public Units”) comprised of one shares of ordinary shares, no par value (“Share”
and collectively “Shares”), one right to receive one-tenth (1/10) of an ordinary share (“Rights”)
and one redeemable warrant to purchase one half of one share of Ordinary shares, where each warrant entitles the holder to purchase one
half of one Share at a price of $11.50 per share, subject to adjustment as described herein, and, in connection therewith, will issue
and deliver up to 7,590,000 warrants (the “Public Warrants”) to the public investors in connection with the Public
Offering; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-_______
(“Registration Statement”) and prospectus (“Prospectus”), for the registration, under the Securities
Act of 1933, as amended (“Act”) of, among other securities, the Units, Shares and Public Warrants; and

 

WHEREAS, the Company
has a received binding commitments (“Subscription Agreements”) from the Company’s sponsor, Bit Mining Management
Corp. (the “Sponsor”), to purchase, simultaneously with the closing of the Public Offering, up to an aggregate of 251,800
units (the “Private Units”) (including 34,800 units which may be issued pursuant to an overallotment option granted
to the underwriters of the Public Offering), each containing one Share, one Right and one warrant to acquire one half of one Share (“Private
Warrants”), each exercisable to purchase one half of one Share at a price of $11.50 per share, bearing the legend set forth
in Exhibit B hereto; and

 

WHEREAS, the Company
may issue up to an additional 150,000 units (the “Working Capital Units” and together with the Public Units and the
Private Units, the “Units”) at a price of $10.00 per Working Capital Unit, with each Working Capital Unit consisting
of one Share, one Right and one warrant to acquire one half of one Share (a “Working Capital Warrant”), in satisfaction
of certain working capital loans made by the Company’s Sponsor, officers, directors, initial shareholders and their affiliates;
and

 

WHEREAS, following consummation
of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Public
Warrants, Private Warrants, and Working Capital Warrants, the “Warrants”) in connection with, or following the consummation
by the Company of, a Business Combination (defined below), which Post IPO Warrants may be sold and issued to third party investors and
the Company’s Sponsor, officers, directors, initial shareholders and their affiliates in one or more private placement offerings
exempt from registration under the securities Act of 1933, as amended; and

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

2. Warrants.

 

2.1. Form of
Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions
of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or
Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s
seal. 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.

 

2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented
by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The
Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case as determined by the
Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect
as a certificated Warrant that has been duly countersigned by the Warrant Agent by either manual or facsimile signature in accordance
with the terms of this Agreement.

 

2.3. Effect of
Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant
Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company.

 

2.4.2. 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 then registered in the Warrant Register (“registered holder”) as the absolute
owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant
certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until 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 with the consent of Ladenburg Thalmann & Co. Inc. (the “Representatives”),
but in no event will the Representatives allow separate trading of the securities comprising the Units until (i) the Company has
filed a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross
proceeds of the Public Offering including the proceeds received by the Company from the exercise of the underwriters’ over-allotment
option in the Public Offering, if the over-allotment option is exercised prior to the filing of the Form 8-K, and (ii) the
Company has issued a press release and has filed a Current Report on Form 8-K announcing when such separate trading shall begin (the
“Detachment Date”).

 

    2

     

    

 

2.6. Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be identical to the Public
Warrants.

 

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 Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), 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 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 refers to the price per share at which the Shares may
be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the
Expiration Date (as defined below) for a period of not less than twenty (20) Business Days; provided, that the Company shall provide
at least twenty (20) days’ prior written notice of such reduction to registered holders of the Warrants and, provided further
that any such reduction shall be applied consistently to all of the Warrants.

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing on the consummation by the Company of a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses
or entities (“Business Combination”) (as described more fully in the Registration Statement), and terminating at 5:00
p.m., New York City time on the earlier to occur of (i) the date that is five (5) years after the date on which the Company consummates
a Business Combination, (ii) at 5:00 p.m., New York City time on the Redemption Date as provided in Section 6.2 of this Agreement
and (iii) the liquidation of the Trust Account (defined below) (“Expiration Date”). The period of time from the
date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred to as the “Exercise
Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), as applicable,
each outstanding Warrant 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 the close of business on the Expiration Date. The Company in its sole discretion may
extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty
(20) days’ prior written notice of any such extension to registered holders and, provided further that any such extension shall
be applied consistently to all of the Warrants. Notwithstanding anything to the contrary contained herein, for so long as any Private
Placement Warrant is held by LADENBURG THALMANN & CO. INC. and/or their designees, such Private Placement Warrant may not be exercised
after five (5) years from the effective date of the Registration Statement.

 

3.3. Exercise
of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent,
in the 18 Lafayette Place, City of Woodmere, State of New York, with the subscription form, as set forth in the Warrant, duly executed
with all signatures guaranteed, and by paying in full the Warrant Price for each Ordinary Share as to which the Warrant is exercised and
any and all applicable taxes due in connection with the exercise of the Warrant, as follows:

 

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

 

(b) in the
event of a redemption pursuant to Section 6.1 hereof in which the Company’s management has elected to force all holders of
Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Shares equal to
the quotient obtained by dividing (x) the product of the number of Shares underlying the Warrants, multiplied by the difference between
the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this
Section 3.3.1(b), the “Fair Market Value” shall mean the average reported closing price of the Shares for the ten (10) trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to holders of the Warrants pursuant to
Section 6 hereof; or

 

    3

     

    

 

(c) in the
event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the
closing of a Business Combination, by surrendering such Warrants for that number of Shares equal to the quotient obtained by dividing
(x) the product of the number of Shares underlying the Warrants, multiplied by the difference between the exercise price of the Warrants
and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted
unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair
Market Value” shall mean the average reported last sale price of the Shares for the ten (10) trading days ending on the trading
day prior to the date of exercise.

 

The Company shall calculate
and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this Agreement to calculate, the cashless exercise
ratio. The number of Shares to be issued on such exercise will be determined by the Company (with written notice thereof to the Warrant
Agent) using the formula set forth in this Section 3.3.1(b), the Warrant Agent shall have no duty or obligation to investigate or confirm
whether the Company’s determination of the number of Shares to be issued on such exercise, pursuant to [this Section 3.3.1(c), is
accurate or correct.

 

3.3.2. Issuance
of Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price
(if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book entry position, for
the number of Shares 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 countersigned Warrant, or book entry position, for the number of shares as to
which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash
settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall not be obligated to issue Shares upon exercise
of a Warrant unless the Shares issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the registered holder of the Warrants. In the event that the condition in the immediately preceding
sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash
and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Warrants shall have paid
the full purchase price for the Unit solely for the Shares underlying such Unit. Warrants may not be exercised by, or securities issued
to, any registered holder in any state in which such exercise or issuance would be unlawful.

 

3.3.3. Valid
Issuance. All Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully
paid and nonassessable. The Company shall provide an opinion of counsel prior to the time to set up a reserve of Warrants and related
Shares. The opinion shall state that all Warrants or Shares, as applicable, are: registered under the Act, or are exempt from such registration,
and all appropriate state securities law filings have been made with respect to the Warrants or Shares; and validly issued, fully paid
and non-assessable.

 

3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for Shares is issued shall for all purposes be deemed
to have become the holder of record of such shares on the date on which the Warrant, or book entry position representing such Warrant,
was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, 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 at the close of business on the next succeeding date on which
the share transfer books or book entry system are open.

 

    4

     

    

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not cause the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
Percentage”) of the Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of Shares beneficially owned by such person and its affiliates shall include the number of Shares issuable upon exercise
of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Shares that would be issuable
upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its
affiliates (including, without limitation, any convertible notes or convertible preferred 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, the holder may rely on the number of outstanding Shares as reflected in (1) the
Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or
other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice
by the Company or the Warrant Agent setting forth the number of Shares 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 then outstanding. In any case, the number of outstanding Shares shall be determined after giving effect to the conversion or
exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding Shares
was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage
applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company. 

 

4. Adjustments.

 

4.1. Stock Dividends;
Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding Shares is
increased by a stock dividend payable in Shares, or by a split up of Shares, or other similar event, then, on the effective date of such
stock dividend, split up or similar event, the number of Shares issuable on exercise of each Warrant shall be increased in proportion
to such increase in outstanding Shares.

 

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

  

4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Shares or other shares of the Company’s capital stock into which the Warrants
are convertible (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 the fair market value (as determined by the Company’s
Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend divided by all outstanding
shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend); provided, however, that
none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection
4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and
cash distributions paid on the Shares during the 365-day period ending on the date of declaration of such dividend or distribution
does not exceed $0.50 per share (taking into account all of the outstanding shares of the Company at such time (whether or not any shareholders
waived their right to receive such dividend) and 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 issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions
equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the holders of the Shares in connection with a proposed
initial Business Combination or certain amendments to the Company’s Amended and Restated Certificate of Incorporation (as described
in the Registration Statement) or (d) any payment in connection with the Company’s liquidation and the distribution of its
assets upon its failure to consummate a Business Combination. 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 and previously paid an aggregate of $0.40 of cash dividends and
cash distributions on the Shares during the 365-day period ending on the date of declaration of such $0.35 dividend, then the
Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value
of the difference between $0.75 (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 (the greater of (x) $0.50 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)). Furthermore, solely for the purposes of illustration, if
following the closing of the Company’s initial Business Combination, there were 100,000,000 shares outstanding and the Company paid
a $1.00 dividend to 17,500,000 of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then
no adjustment to the Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share
which is less than $0.50 per share.

 

    5

     

    

 

4.4 Adjustments
in Exercise Price. Whenever the number of Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Sections
4.1 and 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 purchasable upon the exercise of the Warrants immediately
prior to such adjustment, and (y) the denominator of which shall be the number of Shares so purchasable immediately thereafter.

 

4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares (other than a
change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Shares), or in the case of any merger
or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale
or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety
in connection with which the Company is dissolved, the Warrant holders 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 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 Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately
prior to such event. If any reclassification also results in a change in the Shares covered by Section 4.1, 4.2 or 4.3, then such
adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will
the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant. Notwithstanding anything to the
contrary herein, in the event of any tender offer for shares of Shares, the offeror shall not make any tender offer for Warrants if the
effect of such offer would be to require the Warrants to be accounted for as liabilities under applicable accounting principles. 

 

4.6. Issuance
in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional Shares
or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Company’s
initial shareholders, or their affiliates, without taking into account any founders’ shares held by them prior to such issuance),
(b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c)
the Fair Market Value (as defined below) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the Shares or equity-linked
securities, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher
of the Fair Market Value and the price at which the Company issues Shares or equity-linked securities. Solely for purposes of this Section
4.6, the “Fair Market Value” shall mean the volume weighted average reported trading price of the Shares for the twenty
(20) trading days starting on the trading day prior to the date of the consummation of the Business Combination.

 

    6

     

    

 

4.7 Notices of
Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company
shall give reasonably prompt written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. The Warrant Agent shall have
no obligation under any section of this Agreement to determine whether any adjustment has occurred or to calculate any of the adjustments
set forth herein. Until such notice is provided to the Warrant Agent, it may presume conclusively for all purposes that any such adjustment
has not occurred. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the
Company shall give written notice to each Warrant holder, 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.

 

4.8. No Fractional
Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon 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
up to the nearest whole number of Shares to be issued to the Warrant holder.

 

4.9. Form of
Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after
such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, 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 or the rights or liabilities of the Warrant Agent, 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.

 

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

 

5. Transfer and Exchange of Warrants.

 

5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated Warrants, 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 and at the Company’s sole expense. 

 

5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more
new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant
Agent shall not cancel such Warrant and issue new Warrants in exchange therefor 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 will result in the issuance
of a warrant certificate or book-entry position for a fraction of a Warrant.

 

    7

     

    

 

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 by either manual or facsimile signature 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, will supply the Warrant Agent with Warrants duly executed on behalf of the Company
for such purpose.

 

5.6. Private
Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants
until after the consummation by the Company of an initial Business Combination, except for transfers (i) among the initial shareholders
or to the initial shareholders’ or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s
shareholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to
a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s
immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant
to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of
a Business Combination, (vii) in connection with the consummation of a Business Combination by private sales at prices no greater
than the price at which the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior
to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business
Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their Shares for cash, securities or other property, in each case (except for clauses (vi),
(viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted Transferee”)
or the trustee or legal guardian for such transferee agrees to be bound by the transfer restrictions contained in this section and any
other applicable agreement the transferor is bound by.

 

5.7. Transfers
prior to Detachment. 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 5.7 shall have no effect on any transfer of Warrants on or after
the Detachment Date.

 

6. Redemption.

 

6.1. Redemption.
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 the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the closing price of the Ordinary equals or exceeds $18.00 per share (subject to adjustment in accordance
with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period commencing after
the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given and provided
that there is an effective registration statement covering the Shares issuable upon exercise of the Warrants, and a current prospectus
relating thereto, available throughout the 30-day redemption or the Company has elected to require the exercise of the Warrants
on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the Warrants become redeemable
by the Company, the Company may not exercise such redemption right if the issuance of Shares upon exercise of the Warrants is not exempt
from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. 

 

6.2. Date Fixed
for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to redemption,
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 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.

 

    8

     

    

 

6.3. Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3
of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and
prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless
basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the number
of Shares to be received upon exercise of the Warrants, including the “Fair Market Value” in such case. On and after the Redemption
Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption
Price.

 

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

 

7.1. No Rights
as Shareholder. A Warrant does not entitle the registered holder thereof to any of the rights of a shareholder of the Company, including,
without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to
receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

7.2. Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof and for those Warrants alleged to have been lost, stolen or destroyed, upon receipt by Warrant Agent of an open
penalty surety bond satisfactory to it and holding it and Company harmless), absent notice to Warrant Agent that such Warrant has been
acquired by a bona fide purchaser, 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 Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Shares that will be sufficient
to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4. Registration
of Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination, it shall use its
best efforts to file as soon as practicable, but in no event later than forty-five (45) business days after the closing of our initial
business combination, with the Securities and Exchange Commission a registration statement for the registration, under the Act, of the
Shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to register or qualify
for sale, in those states in which the Warrants were initially offered by the Company and in those states where holders of Warrants then
reside, the Shares issuable upon exercise of the Warrants, to the extent an exemption is not available. The Company will use its best
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus
relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement
has not been declared effective by the 90th day following the closing of the Business Combination, holders of the Warrants shall have
the right, during the period beginning on the 91st day after the closing of the Business Combination and ending upon such registration
statement being declared effective by the Securities and Exchange Commission, and during any other period when the Company shall fail
to have maintained an effective registration statement covering the Shares issuable upon exercise of the Warrants, to exercise such Warrants
on a “cashless basis” as determined in accordance with Section 3.3.1(c). The Company shall 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 Section 7.4 is not required to be registered under the Act and
(ii) the Shares issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend.
For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue
to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4. The provisions of this
Section 7.4 may not be modified, amended, or deleted without the prior written consent of the Representatives.

 

    9

     

    

 

8. Concerning the Warrant Agent and
Other Matters.

 

8.1. Payment
of Taxes. The Company will 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 upon the exercise of Warrants, but the Company shall not be obligated to pay any
transfer taxes in respect of the Warrants or such Shares.

 

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

 

8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving thirty (30) 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 the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of
the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the
United States, in good standing and having its principal office in the United States, 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 Shares not later than the effective date of any such appointment.

 

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

 

8.3. Fees and
Expenses of Warrant Agent.

 

8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent as mutually agreed upon and
will 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. From time to time, Company may provide Warrant Agent with instructions concerning the services performed by
the Warrant Agent hereunder. In addition, 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 or Chairman of the Board of Directors of the Company and delivered
to the Warrant Agent. Warrant Agent shall not be held to have notice of any change of authority of any person, until receipt of written
notice thereof from Company. 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.

 

    10

     

    

 

8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own fraud, gross negligence, willful misconduct or bad faith (which fraud, gross
negligence, bad faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).
The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, losses, costs
and reasonable counsel fees, incurred or suffered by or to which it may become subject, arising from or out of, directly or indirectly,
any claims or liability resulting from anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result
of the Warrant Agent’s fraud, gross negligence, willful misconduct, or bad faith (which fraud, gross negligence, bad faith, or willful
misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

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); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it 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 to be issued pursuant to this Agreement, the Amended and Restated Memorandum and Articles of Association
of the Company, or any Warrant or as to whether any Shares will, when issued, be valid and fully paid and nonassessable.

 

8.4.4. Aggregate
Lability. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during any term
of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted
to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid
hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable expenses, during the twelve (12) months
immediately preceding the event for which recovery from Warrant Agent is being sought.

 

8.4.5. Consequential
Damages. Neither party to this Agreement shall be liable to the other party for any consequential, indirect, special or incidental
damages under any provisions of this Agreement or for any consequential, indirect, punitive, special or incidental damages arising out
of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages.

 

8.4.6. This Section
8.4 shall survive the termination of this Agreement, the resignation, replacement or removal of the Warrant Agent and the exercise, termination
and expiration of the Warrants.

 

8.5. Consultation
with Counsel. Before the Warrant Agent acts or refrains from acting, the Warrant Agent may consult with legal counsel that it selects
(who may be legal counsel for the Company or an employee of the Warrant Agent), and the advice or opinion of such counsel will be full
and complete authorization and protection to the Warrant Agent, and the Warrant Agent will incur no liability for or in respect of, any
action taken, suffered or omitted to be taken by it in the absence of gross negligence, bad faith or willful misconduct (which gross negligence,
bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction) in accordance
with such advice or opinion.

 

8.6 All funds received
by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of services (the “Funds”)
shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in
its name as agent for the Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such
accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment
grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating)
(each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds
that may result from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default
by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings
in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any
holder or any other party.

 

8.7 Delivery of Exercise
Price. The Warrant Agent shall forward funds received for warrant exercises in a given month by the 5th business day of the following
month by wire transfer to an account designated by the Company.

 

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.

 

    11

     

    

 

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 (i) if by email when the email is sent, (ii) if by hand or overnight delivery, when so
delivered, or (iii) 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:

 

Forest Acquisition Corp

434 W. 33rd Street, Suite 700

New York, New York 10001

Attention: Chief Executive Officer

 

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 (i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) if sent by certified
mail or private courier service within five 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:

 

Computershare Inc.

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

Attention: Client Services

Facsimile: (781) 575-4210

  

with a copy in each case to:

 

Becker & Poliakoff LLP

45 Broadway, 17th Floor

New York, New York 10006

New York, NY 10006

Attn: Bill Huo, Esq.

E-mail: bhuo@beckerlawyers.com

  

and

 

Christopher S. Auguste, Esq.

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of Americas

New York, NY 10036

E-Mail: cauguste@kramerlevin.com

 

    12

     

    

 

9.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement 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. The Company hereby waives any objection that such courts represent an inconvenient forum. Any such
process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim. Notwithstanding
the foregoing, this exclusive forum provision shall not apply to suits brought to enforce a duty or liability created by the Exchange
Act, any other claim for which the federal courts have exclusive jurisdiction or any complaint asserting a cause of action arising under
the Securities Act against us or any of our directors, officers, other employees or agents. Section 27 of the Exchange Act creates
exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and
regulations thereunder.

 

9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
registered holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representatives, any right, remedy,
or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representatives
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and the Representatives with respect to the Sections 7.4, 9.4 and 9.8 hereof) 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 designated
for such purposes, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his
Warrant for inspection by it.

 

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

  

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

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of (i) a majority
of the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation
of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken
after the consummation of a Business Combination. 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. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representatives. The Warrant Agent
shall duly execute and deliver any supplement or amendment hereto requested by the Company in writing upon the delivery of a certificate
from a duly authorized officer of the Company that states that the proposed supplement or amendment is in compliance with the terms of
this Section 9.8. Notwithstanding anything to the contrary in this Agreement, the Warrant Agent may, but will not be required to, execute
any supplement or amendment that adversely affects the Warrant Agent’s own rights, duties, obligations or immunities pursuant to
this Agreement.

 

    13

     

    

 

9.9 Trust Account
Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event
that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the
Company and not against the property held in the Trust Account.

 

9.10 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, provided, however, that if such excluded provision
shall materially and adversely affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent
shall be entitled to resign immediately upon written notice to the Company. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

9.11 Force Majeure.
Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance
resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns
or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties
with information storage or retrieval systems, labor difficulties, war, or civil unrest.

 

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

 

[Signature Page Follows]

 

    14

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

  

	 	FOREST ACQUISITION CORP
	 	 	 
	 	By:	 
	 	 	Name: Ming Zhang
	 	 	Title: Chief Executive Officer

 

	 	COMPUTERSHARE INC. and
	 	COMPUTERSHARE TRUST COMPANY N.A., on behalf of both entities
	 	 
	 	By:	                                      
	 	 	Name:
	 	 	Title:

 

[Signature Page to Warrant Agreement]

 

    15

     

    

 

EXHIBIT A

 

 

 

WARRANT CERTIFICATE

 

 

 

    A-1

     

    

 

 

EXHIBIT B

 

LEGEND FOR PRIVATE PLACEMENT WARRANTS

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED
OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION
IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG FOREST ACQUISITION
CORP (THE “COMPANY”), LADENBURG THALMANN & CO. INC. AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES
ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE
(AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF THE COMPANY
ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED
BY THE COMPANY.

 

 

B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]