Document:

EX-10.1

 Exhibit 10.1 

Dated 24 June 2021 
  

	(1)	 ALLIANCE ONE TOBACCO (KENYA) LIMITED, ALLIANCE ONE TOBACCO (MALAWI) LIMITED, ALLIANCE ONE TOBACCO
(TANZANIA) LIMITED, ALLIANCE ONE TOBACCO (UGANDA) LIMITED and ALLIANCE ONE ZAMBIA LIMITED as Borrowers 

  

	(2)	 PYXUS INTERNATIONAL, INC., 

	 	 PYXUS PARENT, INC. 

	 	 PYXUS HOLDINGS, INC. and , 

	 	 ALLIANCE ONE INTERNATIONAL HOLDINGS, LTD. as Guarantors 

 

	(3)	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK as Mandated Lead Arranger 

 

	(4)	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK as Original Lender 

 

	(5)	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK as Agent 

 

	(6)	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK as Security Agent 

 
  

AMENDMENT AGREEMENT 
 relating to

 a master renewal facility agreement originally dated 13 June 2018, as supplemented by various facility renewal letters and as amended
and restated from time to time, including by the second amendment and restatement agreement dated 24 August 2020 
  

 
  
 

 

 CONTENTS 
  

							
	 	  	Clause	  	Page	 
			
	1.	  	Definitions and interpretation	  	 	3	 
			
	2.	  	Conditions precedent and conditions subsequent	  	 	4	 
			
	3.	  	Amendment	  	 	4	 
			
	4.	  	Treatment of existing Commitments and Loans	  	 	7	 
			
	5.	  	Confirmations	  	 	7	 
			
	6.	  	Representations	  	 	8	 
			
	7.	  	Relationship with other Finance Documents	  	 	9	 
			
	8.	  	Release	  	 	9	 
			
	9.	  	Miscellaneous	  	 	10	 
			
	10.	  	Law and jurisdiction	  	 	10	 
			
	11.	  	Arbitration	  	 	10	 

 Schedules 
  

							
	1.	  	Existing Loans and Commitments	  	 	12	 
			
	2.	  	Conditions precedent to Amendment Agreement Effective Date	  	 	15	 
			
	3.	  	Conditions subsequent to Amendment Agreement Effective Date	  	 	17	 

  
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 THIS AGREEMENT (this “Agreement”) is dated 24 June 2021 and made between: 

 

	(1)	 PYXUS INTERNATIONAL, INC., a company incorporated and existing under the laws of Virginia, USA
with the IRS employer identification number 85-2386250, and whose registered office is 8001 Aerial Center Parkway, Post Office Box 2009, Morrisville, NC 27560-2009, USA (“Parent”);

  

	(2)	 PYXUS PARENT, INC., a company incorporated and existing under the laws of Virginia, USA with the
IRS employer identification number 85-2398341, and whose registered office is 8001 Aerial Center Parkway, Post Office Box 2009, Morrisville, NC 27560-2009, USA (“Pyxus Parent”);

  

	(3)	 PYXUS HOLDINGS, INC., a company incorporated and existing under the laws of Virginia, USA with
the IRS employer identification number 85-2385176, and whose registered office is 8001 Aerial Center Parkway, Post Office Box 2009, Morrisville, NC 27560-2009, USA (“Pyxus Holdings”);

  

	(4)	 ALLIANCE ONE INTERNATIONAL HOLDINGS, LTD., a company incorporated and existing under the laws of
England and Wales with company number 1176169 and whose registered office is Building A, Riverside Way, Camberley, Surrey, GU15 3YL (“Original Guarantor” and together with Parent, Pyxus Parent and Pyxus Holdings, the
“Guarantors”); 

  

	(5)	 ALLIANCE ONE TOBACCO (KENYA) LIMITED, a company incorporated and existing under the laws of the Republic
of Kenya with company number C. 97104 and whose postal address is P.O. Box 4721-01002, Garissa Road, Thika, Kenya (“Alliance One Kenya”); 

  

	(6)	 ALLIANCE ONE TOBACCO (MALAWI) LIMITED, a company incorporated and existing under the laws of the
Republic of Malawi, with company number 1891 and whose postal address is P.O. Box 30522, Lilongwe 3, Malawi (“Alliance One Malawi”); 

  

	(7)	 ALLIANCE ONE TOBACCO (TANZANIA) LIMITED, a company incorporated and existing under the laws of the
United Republic of Tanzania, with company number 32885 and whose postal address is P.O. Box 1595, Kingolwira, Morogoro, United Republic of Tanzania (“Alliance One Tanzania”); 

 

	(8)	 ALLIANCE ONE TOBACCO (UGANDA) LIMITED, a company incorporated and existing under the laws of the
Republic of Uganda, with company number 80010004291840/190063 and whose registered address is SM Chambers 14 Hannington Road Kampala, Republic of Uganda and whose postal address is P.O. Box 3213, Kampala, Uganda (“Alliance One
Uganda”); 

  

	(9)	 ALLIANCE ONE ZAMBIA LIMITED, a company incorporated and existing under the laws of the Republic
of Zambia, with company number 40403 and whose registered address is Plot 4298 Buyatanshi Road, Industrial Area, Lusaka, Republic of Zambia and whose postal address is P.O. Box 30994, Lusaka, Zambia (“Alliance One Zambia” and,
together with Alliance One Kenya, Alliance One Malawi, Alliance One Tanzania and Alliance One Uganda, the “Borrowers”); 

  
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	(10)	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK, a body corporate established by
Charter pursuant to Chapter Nine of the Treaty for the Establishment of the Preferential Trade Area for Eastern and Southern African States and having an office at 197 Lenana Place, Lenana Road, Nairobi, Kenya as mandated lead arranger (the
“Arranger”); 

  

	(11)	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK, a body corporate established by
Charter pursuant to Chapter Nine of the Treaty for the Establishment of the Preferential Trade Area for Eastern and Southern African States and having an office at 197 Lenana Place, Lenana Road, Nairobi, Kenya as original lender (the
“Original Lender”); 

  

	(12)	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK, a body corporate established by Charter
pursuant to Chapter Nine of the Treaty for the Establishment of the Preferential Trade Area for Eastern and Southern African States and having an office at 197 Lenana Place, Lenana Road, Nairobi, Kenya as agent of the other Finance Parties (the
“Agent”); and 

  

	(13)	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK, a body corporate established by Charter
pursuant to Chapter Nine of the Treaty for the Establishment of the Preferential Trade Area for Eastern and Southern African States and having an office at 197 Lenana Place, Lenana Road, Nairobi, Kenya as security trustee for the Secured Parties
(the “Security Agent”). 

 BACKGROUND: 
  

	(A)	 The Original Lender has advanced various facilities to the Borrowers over many years pursuant to the terms of
various facility letters and related documents. 

  

	(B)	 Prior to the Amendment Agreement Effective Date (as defined below), the Original Lender and the Borrowers,
amongst others, agreed that the terms of all such facilities would be governed by, amongst other documents, a master renewal facility agreement dated 13 June 2018, as supplemented by various facility renewal letters, as amended and restated by
the first amendment and restatement agreement dated 13 August 2020 and the second amendment and restatement agreement dated 24 August 2020 and as amended by the amendment letter dated 30 December 2020 and the amendment letter dated
19 February 2021 (each as amended up to the date of this Agreement, and together the “Original Facilities Agreement”). 

  

	(C)	 This Agreement: 

  

	 	(a)	 puts into effect, by way of amendment, certain amendments to the Original Facilities Agreement, which have been
agreed between the Obligors and the Finance Parties; 

  

	 	(b)	 contains confirmations in relation to the Security granted by the Borrowers pursuant to the Finance Documents
(as defined in the Original Facilities Agreement); 

  

	 	(c)	 contains certain confirmations in relation to the guarantee given by the Guarantors; and 

 

	 	(d)	 deals with related matters. 

  
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 THIS AGREEMENT WITNESSES that: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement: 
 “AOI
LLC Security Confirmation” means the English law governed security confirmation deed dated on or about the date hereof between AOI LLC and the Security Agent for the benefit of the Secured Parties relating to each Transaction Security
Document to which AOI LLC is a party. 
 “Amended Facilities Agreement” means the Original Facilities Agreement as amended
by the terms of this Agreement. 
 “Amendment Agreement Effective Date” has the meaning given to it in Clause 2.1
(Conditions precedent to Amendment Agreement Effective Date). 
 “Continuing Obligor” means Alliance One Malawi,
Alliance One Tanzania, Alliance One Zambia and each Guarantor. 
 “Long-Stop Date” means 30 June 2021 or such later
date as the Agent and the Obligors’ Agent may agree in writing from time to time. 
 “New Fee Letter” means the Fee
Letter dated on or about the date hereof entered into between the Agent and the Obligors’ Agent. 
 “New Finance
Documents” means this Agreement, the AOI LLC Security Confirmation and the New Fee Letter. 
 “Original Facilities
Agreement” has the meaning given to it in Recital (B). 
 “Parties” means the parties to this Agreement. 

 

	1.2	 Terms defined in the Amended Facilities Agreement 

Terms defined in the Amended Facilities Agreement but not in this Agreement shall have the same meaning in this Agreement as in the Amended
Facilities Agreement. 
  

	1.3	 Construction  

Clause 1.2 (Construction) of the Amended Facilities Agreement shall apply as if set out in full again here, with such changes as are
appropriate to fit this context. 
  

	1.4	 Continuing obligations 

Subject to the provisions of this Agreement: 
  

	 	(a)	 except as amended or varied by this Agreement, the Original Facilities Agreement and all the other Finance
Documents (as defined in the Original Facilities Agreement) shall remain in full force and effect; 

  
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	 	(b)	 the Original Facilities Agreement shall be read and construed as one document with this Agreement; and

  

	 	(c)	 nothing in this Agreement shall constitute or be construed as a waiver or release of any right or remedy of the
Finance Parties under the Finance Documents (each as defined in the Original Facilities Agreement), nor otherwise prejudice any right or remedy of a Finance Party under the Original Facilities Agreement or any other Finance Document (as defined in
the Original Facilities Agreement). 

  

	2.	 CONDITIONS PRECEDENT AND CONDITIONS SUBSEQUENT 

 

	2.1	 Conditions precedent to Amendment Agreement Effective Date 

The provisions of this Agreement expressed to take effect from the Amendment Agreement Effective Date shall not come into effect until the date
(the “Amendment Agreement Effective Date”) on which the Agent confirms that it has received or waived the requirement to receive all of the documents and other evidence listed in Schedule 2 (Conditions precedent to Amendment
Agreement Effective Date) in form and substance satisfactory to the Agent. The Agent shall notify the Obligors’ Agent and the Lenders promptly upon being so satisfied. 

 

	2.2	 Long-Stop Date  

This Agreement shall lapse and cease to have force and effect if, after the Long-Stop Date but before the Amendment Agreement Effective Date
has occurred, either the Agent or the Obligors’ Agent notifies the other in writing to that effect. 
  

	2.3	 Conditions subsequent to Amendment Agreement Effective Date 

Each Obligor shall provide to the Agent, as soon as reasonably practicable and in any event within the applicable time period referred to in
Schedule 3 (Conditions subsequent to Amendment Agreement Effective Date), the documents and other evidence listed in Schedule 3 (Conditions subsequent to Amendment Agreement Effective Date) in form and substance satisfactory to the
Agent. The Agent shall notify the Obligors’ Agent and the Lenders promptly following its receipt of all documents and evidence referred to in Schedule 3 (Conditions subsequent to Amendment Agreement Effective Date). 

 

	3.	 AMENDMENT  

 

	3.1	 Amendment  

Each Obligor and the Agent (for itself and on behalf of the other Finance Parties) agree that with effect from the Amendment Agreement
Effective Date, the Original Facilities Agreement shall be amended as follows: 
  

	 	(a)	 new definitions shall be inserted in alphabetical order in clause 1.1 (Definitions) as follows:

 “”Amendment Agreement” means the amendment agreement dated
24 June 2021 entered into between (amongst others), the Obligors, the Arranger, the Agent and the Security Agent, pursuant to which this Agreement was amended.”; and 

  
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 “”Amendment Agreement Effective Date” has the meaning
given to such term in the Amendment Agreement.”; 
  

	 	(b)	 the definition of “Existing Loan” in clause 1.1 (Definitions) shall be deleted and replaced
with the following: 

 “”Existing Loan” means each of the Loans set out in part I
(Existing Loans) of schedule 1 (Existing Loans and Commitments) of the Amendment Agreement.”; 
  

	 	(c)	 the definition of “Extended Loan” in clause 1.1 (Definitions) shall be deleted in its
entirety; 

  

	 	(d)	 the definition of “Forborne Loan” in clause 1.1 (Definitions) shall be deleted in its
entirety; 

  

	 	(e)	 the definition of “LIBOR” in clause 1.1 (Definitions) shall be deleted and replaced with the
following: 

 “”LIBOR” means, in relation to any Loan, the Screen Rate as of the
Specified Time for dollars for a 12 month period commencing on the Utilisation Date of that Loan and, if that rate is less than zero, LIBOR shall be deemed to be zero.”; 

 

	 	(f)	 the definition of “New Loan” in clause 1.1 (Definitions) shall be deleted and replaced with
the following: 

 “”New Loan” means any Loan utilised on or after the Amendment
Agreement Effective Date.”;  
  

	 	(g)	 the definition of “Margin” shall be deleted and replaced with the following: 

““Margin” means in relation to any Loan, 6.00 per cent. per annum.”;  

 

	 	(h)	 the definition of “Repayment Date” in clause 1.1 (Definitions) shall be deleted and replaced
with the following: 

 “”Repayment Date” means:  

 

	 	(a)	 in relation to any Existing Loan, the date set out in part I (Existing Loans) of schedule 1 (Existing Loans
and Commitments) of such Amendment Agreement opposite the disbursement number of such Existing Loan in the column titled “Repayment Date”); and 

  

	 	(b)	 in relation to any New Loan, the date set out as such in the Utilisation Request for that Loan.”;

  
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	 	(i)	 the definition of “Total Malawi Facility Commitments” in clause 1.1 (Definitions) shall be
deleted and replaced with the following: 

 “”Total Malawi Facility Commitments”
means, at any time, the aggregate of the Malawian Facility Commitments at that time, being USD 80,000,000 as at the Amendment Agreement Effective Date.”; 
  

	 	(j)	 the definition of “Total Tanzanian Facility Commitments” in clause 1.1 (Definitions) shall be
deleted and replaced with the following: 

 “”Total Tanzanian Facility Commitments”
means, at any time, the aggregate of the Tanzanian Facility Commitments at that time, being USD 85,000,000 as at the Amendment Agreement Effective Date.”; 
  

	 	(k)	 the definition of “Total Zambian Facility Commitments” in clause 1.1 (Definitions) shall be
deleted and replaced with the following: 

 “”Total Zambian Facility Commitments”
means, at any time, the aggregate of the Zambian Facility Commitments at that time, being USD 40,000,000 as at the Amendment Agreement Effective Date.”; 
  

	 	(l)	 the definition of “Termination Date” in clause 1.1 (Definitions) shall be deleted and replaced
with the following: 

 “”Termination Date” means:  

 

	 	(a)	 in respect of the Kenyan Facility and Ugandan Facility, 30 June 2021; 

 

	 	(b)	 in respect of the Malawian Facility, Tanzanian Facility and Zambian Facility, 25 June
2022.”; 

  

	 	(m)	 a new sub-clause shall be added in clause 4 (Conditions of
Utilisation) as follows: 

  

	 	“4.3	 Utilisation of Tanzanian Facility 

No more than USD 70,000,000 of the Total Tanzanian Facility Commitments may be utilised by Alliance One Tanzania until the Agent has received
or waived the requirement to receive each of the following in form and substance satisfactory to it: 
  

	 	(a)	 executed deeds of variation in respect of the Tanzanian Security Documents reflecting that the principal
amount secured in respect of the Tanzanian Secured Obligations has been increased from USD 70,000,000 to USD 85,000,000 (the “Tanzanian Deeds of Variation”); 

 

	 	(b)	 evidence that the Tanzanian Deeds of Variation have been registered with the Companies Registry in Tanzania
within any applicable statutory or regulatory deadline; 

  
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	 	(c)	 any other documents or evidence that the Agent may request (in its discretion) to demonstrate that the
Security granted under the Tanzanian Security Documents extends to Total Tanzanian Facility Commitments as increased pursuant to the terms of the Amendment Agreement; and 

 

	 	(d)	 a legal opinion of the Tanzanian legal advisers to the Agent in respect of the matters referred to in
paragraphs (a) to (c) above.”; and 

  

	 	(n)	 clause 10.2 (Payment of interest) shall be deleted and replaced with the following:

  

	 	“10.2	 Payment of interest 

The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of the Interest Period of that Loan and
(with respect to the Existing Loans of Alliance One Malawi, Alliance One Tanzania and Alliance One Zambia only) on 30 June 2021.”. 
  

	3.2	 Further assurance 

Each Obligor shall, at the request of the Agent or Security Agent and at its own expense, do all such acts and things necessary or desirable to
give effect to the amendments effected or to be affected pursuant to this Agreement. 
  

	4.	 TREATMENT OF EXISTING COMMITMENTS AND LOANS 

 

	 	(a)	 All Parties agree that: 

 

	 	(i)	 all currently outstanding Loans are as set out in Part I (Existing Loans) of Schedule 1 (Loans and
Commitments); 

  

	 	(ii)	 the Repayment Date of each such Loan is the date set out in Part I (Existing Loans) of Schedule 1
(Loans and Commitments) opposite the disbursement number of such Loan in the column titled “Repayment Date”; and 

  

	 	(iii)	 each such Loan is an Existing Loan. 

 

	 	(b)	 All Parties agree that, with effect from the Amendment Agreement Effective Date, the Commitments of each Lender
under the Malawian Facility, the Tanzanian Facility and the Zambian Facility will be as set out in Part II (Commitments) of Schedule 1 (Loans and Commitments). 

 

	5.	 CONFIRMATIONS  

 

	5.1	 Security Interest confirmations  

Each of the Borrowers: 
  

	 	(a)	 consents to the amendment of the Original Facilities Agreement effected by Clause 3 (Amendment); and

  
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	 	(b)	 confirms to the Security Agent for the benefit of the Secured Parties that: 

 

	 	(i)	 its obligations under, and the security interests granted by it in and pursuant to, the Security Documents are
not discharged or (except as set out in Clause 5.1(b)(ii)) otherwise affected by those amendments or the other provisions of this Agreement and shall accordingly remain in full force and effect; and 

 

	 	(ii)	 the Secured Obligations, including for the purposes of the Transaction Security Documents, shall after the
Amendment Agreement Effective Date continue in full force and extend to its obligations under the Amended Facilities Agreement and under any other Finance Documents, including this Amendment Agreement. 

 

	5.2	 Guarantee confirmation 

Each of the Guarantors: 
  

	 	(a)	 consents to the amendment of the Original Facilities Agreement effected by Clause 3 (Amendment); and

  

	 	(b)	 confirms to the Security Agent for the benefit of the Secured Parties that: 

 

	 	(i)	 its obligations as a Guarantor under clause 19 (Guarantee and indemnity) of the Original Facilities
Agreement (the “Guaranteed Obligations”) are not discharged or (except as set out in Clause 5.2(b)(ii)) otherwise affected by those amendments or the other provisions of this Agreement and shall accordingly continue in full force
and effect; and 

  

	 	(ii)	 the Guaranteed Obligations shall after the Amendment Agreement Effective Date continue in full force and extend
to the obligations of each Obligor under the Amended Facilities Agreement and under any other Finance Documents, including this Amendment Agreement. 

  

	5.3	 Further assurance 

Each Obligor shall at the request of the Agent or the Security Agent and at its own expense promptly execute (in such form as the Agent or
Security Agent may reasonably require) and enter into any document, do any act or thing which the Agent or Security Agent considers necessary or appropriate to preserve, perfect, protect or give effect to the consents, confirmations, undertakings
and Security provided for in this Clause 5. 
  

	6.	 REPRESENTATIONS 

Each Obligor makes each of the warranties and representations set out in clause 20 (Representations) of the Amended Facilities Agreement
on the date of this Agreement and on the Amendment Agreement Effective Date. 

  
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	7.	 RELATIONSHIP WITH OTHER FINANCE DOCUMENTS 

 

	7.1	 Status 

This Agreement is designated by the Agent and each Obligor as a Finance Document. 

 

	7.2	 Continuing effect 

Except to the extent of the amendments effected by Clause 3 (Amendment ), the Original Facilities Agreement shall continue in full force
and effect. 
  

	7.3	 Immediate Event of Default  

After the Amendment Agreement Effective Date, failure by any Obligor to comply with its obligations under this Agreement (including to deliver
the documents and other evidence set out in Schedule 3 (Conditions subsequent to Amendment Agreement Effective Date)) shall be an immediate Event of Default with respect to that Obligor. 

 

	8.	 RELEASE 

The Obligors hereby acknowledge and agree, as of the date hereof, that: (a) neither them nor any of their affiliates have any claim or
cause of action against the Original Lender (or any of its affiliates, officers, directors, employees, attorneys, consultants, or agents) and (b) the Original Lender has heretofore properly performed and satisfied in a timely manner all of its
obligations to the relevant Obligors and their affiliates under the Original Facilities Agreement and all other documents executed in connection therewith or referred to or incorporated therein. Notwithstanding the foregoing, the Original Lender
wishes (and the Obligors agree) to eliminate any possibility that any past conditions, acts, omissions, events, or circumstances would impair or otherwise adversely affect any of the Original Lender’s rights, interests, security and/or remedies
under the Original Facilities Agreement and all other documents executed in connection therewith or referred to or incorporated therein. Accordingly, for and in consideration of the agreements contained in this Agreement and other good and valuable
consideration the receipt and sufficiency of which is hereby acknowledged, each Obligor (for itself and its affiliates and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”)
does hereby fully, finally, unconditionally, and irrevocably release and forever discharge the Original Lender and each of its affiliates, officers, directors, employees, attorneys, consultants, and agents (collectively, the “Released
Parties”) from any and all debts, claims, obligations, damages, costs, attorneys’ fees, suits, demands, liabilities, actions, proceedings, and causes of action, in each case, whether known or unknown, contingent or fixed, direct or
indirect, and of whatever nature or description, and whether in law or in equity, under contract, tort, statute, or otherwise, which any Releasor has now or heretofore had, shall or may have against any Released Party by reason of any act, omission,
or thing whatsoever done or omitted to be done on or prior to the date hereof arising out of, connected with or related in any way to this Agreement, the Original Facilities Agreement or all other documents executed in connection therewith or
referred to or incorporated therein, or any act, event or transaction related or attendant thereto, or the agreements of the Original Lender contained therein, or the possession, use, operation or control of any of the assets of the Obligors,
or the making of any facility or other advance, or the management of such facility or advance or the collateral granted (or purported to be granted) under the security documents. 

  
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	9.	 MISCELLANEOUS 

The provisions of clauses 35 (Notices), 37 (Partial invalidity), 38 (Remedies and waivers) and 42 (Counterparts) of
the Amended Facilities Agreement shall apply to this Agreement as if set out in full again here, with such changes as are appropriate to fit this context. 
  

	10.	 LAW AND JURISDICTION 

 

	10.1	 Governing law 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed
by, and shall be construed in accordance with, English law. 
  

	11.	 ARBITRATION 

  

	11.1	 Arbitration 

Any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this
Agreement or any non-contractual obligation arising out of in connection with this Agreement) shall be referred to and finally resolved by arbitration under the Arbitration Rules of the London Court of
International Arbitration (LCIA). 
  

	11.2	 Formation of arbitral tribunal, seat and language of arbitration 

 

	 	(a)	 The arbitral tribunal shall consist of three arbitrators. The claimant(s), irrespective of number, shall
nominate jointly one arbitrator; the respondent(s), irrespective of number, shall nominate jointly the second arbitrator, and a third arbitrator (who shall act as Chairman) shall be appointed by the arbitrators nominated by the claimant(s) and
respondent(s) or, in the absence of agreement on the third arbitrator within 10 days of the appointment of the second arbitrator, by the LCIA Court (as defined in the Rules). 

 

	 	(b)	 The seat of arbitration shall be London, England. 

 

	 	(c)	 The language of the arbitration shall be English. 

 

	11.3	 Recourse to courts 

For the purposes of arbitration pursuant to this Clause 11 (Arbitration), the Parties waive any right of application to determine a
preliminary point of law or appeal on a point of law under Sections 45 and 69 of the Arbitration Act 1996. 
  

	11.4	 Service of process 

 

	 	(a)	 Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an
Obligor incorporated in England and Wales): 

  

	 	(i)	 irrevocably appoints the Original Guarantor of Building A, Riverside Way, Camberley, Surrey, GU15 3YL as its
agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and 

  
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	 	(ii)	 agrees that failure by an agent for the service of process to notify the relevant Obligor of the process will
not invalidate the proceedings concerned. 

  

	 	(b)	 If any person appointed as an agent for service of process is unable for any reason to act as agent for service
of process, the Obligors’ Agent (on behalf of all the Obligors) must immediately (and in any event within 5 days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another
agent for this purpose. 

 EXECUTION: 

This Agreement has been entered into on the date stated at the beginning of this Agreement and the parties have shown their acceptance of its terms by
executing it at the end of the Schedules. 

  
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 SCHEDULE 1 

EXISTING LOANS AND COMMITMENTS 

Part I: Existing Loans 
  

					
	 Disbursement

Number
	  	Principal amount outstanding (USD)	  	 Repayment Date

	Alliance One Kenya
	 CAD00012020120
	  	2,241,300.51	  	30 June 2021
	 30013311
	  	2,073,897.50	  	30 June 2021
	 Total principal amount outstanding: USD
4,315,198.01

	 Alliance One Malawi

	 CAD00012020157
	  	2,523,761.26	  	18 October 2021
	 CAD00012020162
	  	6,000,000.00	  	24 October 2021
	 CAD00012020165
	  	4,300,000.00	  	31 October 2021
	 CAD00012020171
	  	4,900,000.00	  	8 November 2021
	 CAD00012020175
	  	1,750,000.00	  	14 November 2021
	 CAD00012020178
	  	2,500,000.00	  	22 November 2021
	 CAD00012020180
	  	1,500,000.00	  	28 November 2021
	 CAD00012021189
	  	1,000,000.00	  	10 January 2022
	 CAD00012021193
	  	1,000,000.00	  	22 January 2022
	 CAD00012021226
	  	1,500,000.00	  	8 May 2022
	 CAD00012021234
	  	2,755,000.00	  	22 May 2022
	 CAD00012021247
	  	2,000,000.00	  	2 June 2022
	 CAD00012021257
	  	4,150,000.00	  	9 June 2022
	 Total principal amount outstanding: USD
35,878,761.26

	 Alliance One Tanzania

	 CAD00012020136 / 30014469
	  	1,341,038.72	  	18 September 2021

  
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	 Disbursement

Number
	  	Principal amount outstanding (USD)	  	 Repayment Date

	 CAD00012020140 / 30014470
	  	5,400,000.00	  	25 September 2021
	 CAD00012020145
	  	3,400,000.00	  	2 October 2021
	 CAD00012020150
	  	50,000.00	  	7 October 2021
	 CAD00012020151
	  	2,700,000.00	  	22 October 2021
	 CAD00012020160
	  	1,400,000.00	  	9 October 2021
	 CAD00012021232
	  	3,000,000.00	  	16 May 2022
	 CAD00012021235
	  	2,300,000.00	  	23 May 2022
	 CAD00012021249
	  	3,700,000.00	  	2 June 2022
	 CAD00012021256
	  	3,900,000.00	  	10 June 2022
	Total principal amount outstanding: USD 27,191,038.72
	 Alliance One Uganda

	 CAD00012021253
	  	1,569,929.43	  	30 June 2021
	 CAD00012020161
	  	1,500,000.00	  	30 June 2021
	 CAD00012021192
	  	400,000.00	  	30 June 2021
	 CAD00012021196
	  	1,000,000.00	  	30 June 2021
	 CAD00012021204
	  	750,000.00	  	30 June 2021
	 CAD00012021213
	  	500,000.00	  	30 June 2021
	Total principal amount outstanding: USD 5,719,929.43
	 Alliance One Zambia

	 CAD00012020124
	  	19,200,000.00	  	3 September 2021
	 CAD00012020134
	  	2,300,000.00	  	16 September 2021
	 CAD00012020156
	  	2,500,000.00	  	16 October 2021
	 CAD00012020168
	  	1,500,000.00	  	6 November 2021
	 CAD00012020179
	  	3,100,000.00	  	21 November 2021

  
 13 

					
	 Disbursement

Number
	  	Principal amount outstanding (USD)	  	 Repayment Date

	 CAD00012021194
	  	1,000,000.00	  	22 January 2022
	 CAD00012021199
	  	1,000,000.00	  	14 February 2022
	 CAD00012021217
	  	400,000.00	  	4 April 2022
	 CAD00012021225
	  	1,000,000.00	  	8 May 2022
	 CAD00012021229
	  	1,000,000.00	  	13 May 2022
	 CAD00012021233
	  	1,500,000.00	  	20 May 2022
	 CAD00012021237
	  	1,500,000.00	  	28 May 2022
	 CAD00012021259
	  	1,500,000.00	  	13 June 2022
	 CAD00012021248
	  	2,000,000.00	  	2 June 2022
	Total principal amount outstanding: USD 39,500,000.00

 Part II: Commitments 
  

													
	 Name of Original Lender
	  	Malawian Facility
Commitment	 	  	Tanzanian Facility
Commitment	 	  	Zambian Facility
Commitment	 
	 Eastern and Southern African Trade and Development Bank
	  	 	USD 80,000,000	 	  	 	USD 85,000,000	 	  	 	USD 40,000,000	 

  
 14 

 SCHEDULE 2 

CONDITIONS PRECEDENT TO AMENDMENT AGREEMENT EFFECTIVE DATE 
  

	1.	 Continuing Obligors and AOI LLC  

 

	 	(a)	 A certified copy of the constitutional documents of each Continuing Obligor and AOI LLC. 

 

	 	(b)	 A copy of a resolution of the board of directors (or in the case of the Parent, a copy of a resolution of
executive management) of each Continuing Obligor and a copy of a resolution of the board of managers of AOI LLC: 

  

	 	(i)	 approving the terms of, and the transactions contemplated by, the New Finance Documents to which it is a party
and resolving that it execute, deliver and perform the New Finance Documents to which it is a party; 

  

	 	(ii)	 authorising a specified person or persons to execute the New Finance Documents to which it is a party on its
behalf; and 

  

	 	(iii)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to
be signed and/or despatched by it under or in connection with the New Finance Documents to which it is a party. 

  

	 	(c)	 A copy of a members resolution of Alliance One Zambia and the Original Guarantor approving the terms of, and
the transactions contemplated by, this Agreement. 

  

	 	(d)	 A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above
in relation to the Transaction Documents and related documents. 

  

	 	(e)	 A certificate of each Continuing Obligor and AOI LLC (signed by a director or an authorised signatory)
confirming that borrowing or guaranteeing or securing, as appropriate, the Total Commitments applicable to that Obligor or AOI LLC (as applicable) would not cause any borrowing, guarantee, security or similar limit binding on that Continuing Obligor
or AOI LLC (as applicable) to be exceeded. 

  

	 	(f)	 A certificate of an authorised signatory of each Continuing Obligor and AOI LLC certifying that each document
relating to it specified in this Schedule 2 (Conditions precedent to the Amendment Agreement Effective Date) is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of
this Agreement. 

  

	2.	 Finance Documents 

 

	 	(a)	 This Agreement duly executed by each party. 

 

	 	(b)	 The AOI LLC Security Confirmation duly executed by each party. 

  
 15 

	 	(c)	 The New Fee Letter duly executed by each party. 

 

	3.	 Legal opinions  

The following legal opinions, each addressed to the Agent, the Security Agent and the Original Lender. 

 

	 	(a)	 A legal opinion of Mayer Brown International LLP, legal advisers to the Agent and the Arranger as to English
law substantially in the form distributed to the Original Lender prior to signing this Agreement. 

  

	 	(b)	 A legal opinion of the following legal advisers to the Agent and Arranger: 

(i) IMMMA Advocates as to Tanzanian law; 

(ii) Chibesakunda & Co as to Zambian law; and 

(iii) Wilson and Morgan as to Malawian law, 

each substantially in the form distributed to the Original Lender prior to signing this Agreement. 

 

	 	(c)	 A legal opinion of Robinson, Bradshaw and Hinson, P.A. legal advisers to the Obligors, addressed to the Agent,
the Security Agent and the Original Lender, as to Virginian law, in the form distributed to the Original Lender prior to signing this Agreement. 

  

	 	(d)	 A legal opinion of Robinson Bradshaw and Hinson, P.A. legal advisers to the Obligors, addressed to the Agent,
Security Agent and the Original Lender, as to North Carolina law, in the form distributed to the Original Lender prior to signing this Agreement. 

  

	4.	 Other documents and evidence 

A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has
notified the Obligors’ Agent accordingly) in connection with the entry into and performance of the transactions contemplated by the Amended Facilities Agreement. 

  
 16 

 SCHEDULE 3 

CONDITIONS SUBSEQUENT TO AMENDMENT AGREEMENT EFFECTIVE 

DATE 
  

	1.	 Malawian related deliverable 

As soon as possible following the Amendment Agreement Effective Date and in any event by no later than 30 July 2021, Alliance One Malawi
shall provide evidence of an approval in principle (and, following the approval in principle, a definitive approval) obtained from the Reserve Bank of Malawi as Exchange Control Authority, through an authorised dealer bank, approving the Malawian
Facility (as extended pursuant to the terms of this Agreement) and authorising Alliance One Malawi to enter into this Agreement. 
  

	2.	 Tanzanian related deliverable 

As soon as possible following the Amendment Agreement Effective Date and in any event by no later than 30 July 2021, Alliance One Tanzania
shall provide evidence that the Tanzanian Facility has been registered with the Bank of Tanzania and issued with a debt record number as required under the Foreign Exchange Act Cap 271 of the laws of Tanzania. 

 

	3.	 Amended Facilities Agreement 

As soon as possible following the Amendment Agreement Effective Date and in any event by no later than 13 August 2021, the Obligors shall
procure that the Amended Facilities Agreement has been amended and restated in form and substance satisfactory to the Agent (in its absolute discretion), in order to: 
  

	 	(a)	 remove Alliance One Kenya and Alliance One Uganda from the Amended Facilities Agreement; 

 

	 	(b)	 reflect the commercial agreement in respect of Alliance One Malawi entering into a collateral management
agreement (and related security) in respect of Mozambique storage operations; 

  

	 	(c)	 reflect the commercial agreement in respect of Alliance One Malawi’s collateral management agreement (and
related security) in respect of South African storage operations becoming a permanent feature of the transaction; 

  

	 	(d)	 reflect the commercial agreement in respect of collateralising Alliance One Malawi’s borrowing which is
utilised to purchase tobacco from Alliance One Zambia; 

  

	 	(e)	 update the information undertakings in the Amended Facilities Agreement in order that Compliance Certificates
are deliverable on the fifteenth day of each calendar month; 

  
 17 

	 	(f)	 update cross-default thresholds in the Amended Facilities Agreement (threshold in paragraph (e) of clause
26.5 (Cross default – AOI LLC or a Guarantor) to be increased to USD 40,000,000 and threshold in paragraph (e) of clause 26.6 (Cross default – Borrower) to be increased to USD 30,000,000); 

 

	 	(g)	 incorporate LIBOR rate switch mechanics to reflect Original Lender’s policy; and 

 

	 	(h)	 reflect such other changes as the Agent and the Obligors’ Agent may agree. 

  
 18 

 EXECUTION of Amendment Agreement: 

The Guarantors 
  

	
	ALLIANCE ONE INTERNATIONAL HOLDINGS, LTD. by its attorney under a power of attorney dated 23 June 2021:
	
	/s/ Joel Thomas
	Name: Joel Thomas
	Title:Attorney
	
	On the 24 day of June 2021
	
	Location: Morrisville, North Carolina
	Time: 09:00 am

 [Signature page to Amendment Agreement Q2 2021] 

			
	PYXUS INTERNATIONAL, INC.
		
	By:	 	/s/ Cody Lawson

			
	Name:	 	Cody Lawson

			
	Title:	 	VP, Treasurer & FP&A
	
	On the 24 day of June 2021

			
		
	Location:	 	Morrisville, North Carolina

			
	Time:	 	09:00 am

 [Signature page to Amendment Agreement Q2 2021] 

			
	PYXUS PARENT, INC.
		
	By:	 	/s/ Cody Lawson
	Name:	 	Cody Lawson
	Title:	 	VP, Treasurer & FP&A
	
	On the 24 day of June 2021
		
	Location:	 	Morrisville, North Carolina
	Time:	 	09:00 am

 [Signature page to Amendment Agreement Q2 2021] 

			
	PYXUS HOLDINGS, INC.
		
	By:	 	/s/ Cody Lawson
	Name:	 	Cody Lawson
	Title:	 	VP, Treasurer & FP&A
	
	On the 24 day of June 2021
		
	Location:	 	Morrisville, North Carolina
	Time:	 	09:00 am

 [Signature page to Amendment Agreement Q2 2021] 

					
	The Borrowers	 		 	
	 ALLIANCE ONE TOBACCO
 (KENYA)
LIMITED
	 		 	
	By:	 		 	
			
	/s/ Matthew Robert Bird	 		 	/s/ Paul Michael Masora
	Name: Matthew Robert Bird	 		 	Name: Paul Michael Masora
	Title: Managing Director	 		 	Title: Leaf/Sales Director

  

									
	On the 24 day of June 2021	 		 	On the 24 day of June 2021
					
	Location:	 	Kampala	 		 	Location:	 	Kampala
	Time:	 	09:00 am	 		 	Time:	 	09:00 am

 [Signature page to Amendment Agreement Q2 2021] 

					
	 ALLIANCE ONE TOBACCO
 (MALAWI)
LIMITED
	 		 	
	By:	 		 	
			
	/s/ Chiza Jere	 		 	/s/ Hugh Saunders
	Name: Chiza Jere	 		 	Name: Hugh Saunders
	Title: Finance Director	 		 	Title: Managing Director

  

									
	On the 24 day of June 2021	 		 	On the 24 day of June 2021
					
	Location:	 	Lilongwe	 		 	Location:	 	Lilongwe
	Time:	 	09:00 am	 		 	Time:	 	09:00 am

 [Signature page to Amendment Agreement Q2 2021] 

 ALLIANCE ONE TOBACCO 

(TANZANIA) LIMITED 
 By: 

 

							
	/s/ Festo Mwalongo	 		  	/s/ Simon Peverelle	 	
	Name: Festo Mwalongo	 		  	Name: Simon Peverelle	 	[CORPORATE SEAL]
	Title: Finance Director	 		  	Title: Managing Director	 	
				
	On the 23 day of June 2021	 		  	On the 23 day of June 2021	 	

											
						
	Location:	 	Morogoro	 		  	Location:	  	Morogoro	 	
	Time:	 	09:00 am	 		  	Time:	  	09:00 am	 	

							
				
	Before me:	 		  		 	
				
	Name: Bartalomew L. Tarimo
Advocate Notary and Commissioner for Oaths	 		  	[NOTARIAL SEAL]	 	
				
	Address:	 		  		 	
				
	 1697, Morogoro
 Tanzania
	 		  		 	
				
	Signature: /s/ Bartalomew L. Tarimo	 		  		 	
				
	On the 23rd day of June 2021	 		  		 	

									
					
	Location:	 	Morogoro	  		  		 	
	Time:	 	09:00 am	  		  		 	

 [Signature page to Amendment Agreement Q2
2021] 

 ALLIANCE ONE TOBACCO 

(UGANDA) LIMITED 
 By: 

 

							
	/s/ Matthew Robert Bird	 		  	/s/ Steve Edwin Mazinga	 	
	Name: Matthew Robert Bird	 		  	Name: Steve Edwin Mazinga	 	[CORPORATE SEAL]
	Title: Managing Director	 		  	Title: Finance Director	 	
				
	On the 24 day of June 2021	 		  	On the 24 day of June 2021	 	

											
						
	Location:	 	Kampala	 		  	Location:	  	Kampala	 	
	Time:	 	09:00 am	 		  	Time:	  	09:00 am	 	

							
				
	In the presence of:	 		  		 	
				
	Name: Tumusiime Ishmael	 		  	[ADVOCATE STAMP]	 	
				
	Address: P.O. Box 3213 Kampala	 		  		 	
				
	Signature: /s/ Tumusiime Ishmael	 		  		 	
				
	On the 24 day of June 2021	 		  		 	

									
					
	Location:	 	Kampala	  		  		 	
	Time:	 	09:00 am	  		  		 	

 [Signature page to Amendment Agreement Q2
2021] 

 ALLIANCE ONE ZAMBIA LIMITED 

By: 
  

							
	/s/ Russell Deary	 		  	/s/ Sangulukani Chundama	 	
	Name: Russell Deary	 		  	Name: Sangulukani Chundama	 	
	Title: General Managing Director	 		  	Title: Financial Controller	 	
				
	On the 24 day of June 2021	 		  	On the 24 day of June 2021	 	

											
						
	Location:	 	Lusaka	 		  	Location:	  	Lusaka	 	
	Time:	 	14:00 pm	 		  	Time:	  	14:00 pm	 	
					
		 		 		  	[CORPORATE SEAL]	 	

 [Signature page to Amendment Agreement Q2
2021] 

					
	The Arranger	 		 	
	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK
	 		 	
	By:	 		 	
			
	/s/ Joy Ntare	 		 	/s/ David M. Bamlango
	Name: Joy Ntare	 		 	Name: David M. Bamlango
	Title: Deputy Group MD and CRO Compliance and Risk Management	 		 	Title: Deputy Group MD and General Counsel Legal Services Department

  

									
	On the 24 day of June 2021	 		 	On the 24 day of June 2021
					
	Location:	 	Nairobi	 		 	Location:	 	Nairobi
					
	Time:	 	09:00 am	 		 	Time:	 	09:00 am

  
 [Signature page
to Amendment Agreement Q2 2021] 

					
	The Original Lender	 		 	
	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK
	 		 	
	By:	 		 	
			
	/s/ Joy Ntare	 		 	/s/ David M. Bamlango
	Name: Joy Ntare	 		 	Name: David M. Bamlango
	Title: Deputy Group MD and CRO Compliance and Risk Management	 		 	 Title: Deputy Group MD and General Counsel

Legal Services Department

  

									
	On the 24 day of June 2021	 		 	On the 24 day of June 2021
					
	Location:	 	Nairobi	 		 	Location:	 	Nairobi
					
	Time:	 	09:00 am	 		 	Time:	 	09:00 am

  
 [Signature page
to Amendment Agreement Q2 2021] 

					
	The Agent	 		 	
	 EASTERN AND SOUTHERN AFRICAN TRADE AND DEVELOPMENT BANK
	 		 	
	By:	 		 	
	By:	 		 	
			
	/s/ Joy Ntare	 		 	/s/ David M. Bamlango
	Name: Joy Ntare	 		 	Name: David M. Bamlango
	Title: Deputy Group MD and CRO Compliance and Risk Management	 		 	 Title: Deputy Group MD and General Counsel

Legal Services Department

 

									
	On the 24 day of June 2021	 		 	On the 24 day of June 2021
					
	Location:	 	Nairobi	 		 	Location:	 	Nairobi
					
	Time:	 	09:00 am	 		 	Time:	 	09:00 am

  
 [Signature page
to Amendment Agreement Q2 2021] 

					
	The Security Agent	 		 	
	 EASTERN AND SOUTHERN AFRICAN
 TRADE
AND DEVELOPMENT BANK
	 		 	
	By:	 		 	
			
	/s/ Joy Ntare	 		 	/s/ David M. Bamlango
	Name: Joy Ntare	 		 	Name: David M. Bamlango
	Title: Deputy Group MD and CRO Compliance and Risk Management	 		 	 Title: Deputy Group MD and General Counsel

Legal Services Department

 

									
	On the 24 day of June 2021	 		 	On the 24 day of June 2021
					
	Location:	 	Nairobi	 		 	Location:	 	Nairobi
					
	Time:	 	09:00 am	 		 	Time:	 	09:00 am

  
 [Signature page to
Amendment Agreement Q2 2021]Exhibit 4.4

 

BILANDER ACQUISITION CORP.

 

and

 

AMERICAN STOCK TRANSFER & TRUST COMPANY,
LLC

 

WARRANT AGREEMENT

 

Dated as of ______, 2021

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of _______, 2021 is by and between Bilander Acquisition Corp., a Delaware corporation (the “Company”),
and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company, as warrant agent (the “Warrant
Agent”).

 

WHEREAS, on _______, 2021 the Company entered
into that certain Private Placement Warrants Purchase Agreement, with Bilander Holdings, LLC, a Delaware limited liability company
(“Sponsor”), pursuant to which Sponsor will purchase an aggregate of up to 3,800,000 warrants (including up
to 300,000 warrants subject to the Over-allotment Option (as defined below)) simultaneously with the closing of the Offering (and
the closing of the Over-allotment Option) (as defined below), if applicable), bearing the legend set forth in Exhibit B hereto
(the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant; and

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended Business Combination, the Sponsor or affiliates
of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as
the Company may require, of which up to $1,500,000 may
be convertible into up to an additional 1,000,000 Private Placement Warrants of the post Business Combination entity at a price
of $1.50 per warrant;

 

WHEREAS, the Company is engaged in an initial public
offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised of one share
of Common Stock (as defined below) and one-fourth of one redeemable Public Warrant (as defined below) (collectively, the “Units”)
and, in connection therewith, has determined to issue and deliver up to 4,312,500 warrants (including up to 562,500 warrants subject to
the Over-allotment Option (as defined below)) to public investors in the Offering (the “Public Warrants” and, together
with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one
share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), for $11.50 per whole share,
subject to adjustment as described herein. Only whole warrants are exercisable. A holder of the Public Warrants will not be able to exercise
any fraction of a Warrant;

 

WHEREAS, the Company has filed with the
U.S. Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-253419
and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities
Act”), of the Units, the Public Warrants and the shares of Common Stock included in the Units;

 

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

 

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

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, 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 express terms and conditions set forth
in this Agreement.

 

2.                  Warrants.

 

2.1              Form
of Warrant. Each Warrant shall initially be issued in registered form only. Warrants may be represented by one or more physical
definitive certificates or by book entry.

 

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

 

2.3              Registration.

 

2.3.1                 Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original
issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant
Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company. All of the Public Warrants shall initially be represented
by one or more book entry certificates deposited with the Depository and registered in the name of a nominee of the Depositary
(as defined below). Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership
shall be effected through, records maintained by (i) the Depositary or its nominee for each book-entry certificate or (ii) institutions
that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a
Warrant in its account, a “Participant”).

 

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

 

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

 

2.3.2                 Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on any physical definitive 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

     

    

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

 

2.5              Fractional
Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one share
of Common Stock and one-fourth of one Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder
of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of
Warrants to be issued to such holder.

 

2.6              Private
Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are
held by the Sponsor or any of its Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised
on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until
thirty (30) days after the completion by the Company of an initial Business Combination (as defined below), and (iii) shall not
be redeemable by the Company (except as set forth in Section 6, below); provided, however, that
in the case of (ii), the Private Placement Warrants and any shares of Common Stock issued upon exercise of the Private Placement
Warrants may be transferred by the holders thereof:

 

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

 

(b)               in
the case of an individual, transfers by gift to a member of the individual’s immediate family, to a trust, the beneficiary
of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable organization;

 

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

 

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

 

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

 

(f)                transfers
in the event of the Company’s liquidation prior to the completion of an initial Business Combination;

 

(g)               transfers
by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the
Sponsor;

 

     3

     

    

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

 

(i)                 to
a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a) through (h)
above; provided, however, that in the case of clauses (a) through (e) and (i), these permitted transferees (the
“Permitted Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer
restrictions in this Agreement.

 

3.                  Terms
and Exercise of Warrants.

 

3.1              Warrant
Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to
the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term
“Warrant Price” as used in this Agreement shall mean the price per share described in the prior sentence at
which shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower
the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business
Days, 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 identical among all of the Warrants.

 

3.2              Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on
the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, share exchange,
asset acquisition, share purchase, reorganization or similar transaction, involving the Company and one or more businesses (a “Business
Combination”), and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and (B) terminating
at 5:00 p.m., New York City time on the earlier to occur of: (w) the date that is five (5) years after the date on which the Company
completes its initial Business Combination, (x) the liquidation of the Company in accordance with the Company’s certificate
of incorporation, as amended from time to time, if the Company fails to consummate a Business Combination, and (y) other than with
respect to the Private Placement Warrants, the Redemption Date (as defined below) as provided in Section 6.2 hereof
(the “Expiration Date”); provided, however, that the exercise of any Warrant shall be
subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect
to an effective registration statement. Except with respect to the right to receive the Redemption Price (as defined below) (other
than with respect to a Private Placement Warrant, except as set forth in Section 6 below) in the event of a redemption (as
set forth in Section 6 hereof), each Warrant (other than a Sponsor Warrant in the event of a redemption, except
as set forth in Section 6 below) not exercised on or before the Expiration Date shall become null and void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration
Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided,
that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the
Warrants, and, provided further that any such extension shall be identical in duration among all the Warrants.

 

3.3              Exercise
of Warrants.

 

3.3.1                 Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by surrendering
it at the office of the Warrant Agent or at the office of its successor as Warrant Agent, together with (i) an election to purchase
form, duly executed, electing to exercise such Warrant; and (ii) payment in full

 

     4

     

    

of
the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due
in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of
such shares of Common Stock, as follows:

 

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

 

(b)              [reserved]

 

(c)               with
respect to any Private Placement Warrant, so long as such Sponsor Warrant is held by the Sponsor or a Permitted Transferee, by
surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”,
as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of
this subsection 3.3.1(c), the “Fair Market Value” shall mean the average closing price of the Common
Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the Warrant
is sent to the Warrant Agent;

 

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

 

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

 

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.

 

3.3.2                 Issuance
of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not
have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common
Stock as to which such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a book-entry Warrant
are exercised, a notation shall be made to the records maintained by the Depositary, its nominee to each book-entry Warrant, or
a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing,
the Company shall not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no
obligation to settle such Warrant exercise unless (a) a registration statement under the Securities Act covering the issuance of
the Common Stock underlying the Public Warrants is then effective and (b) a prospectus relating thereto is current, subject to
the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall
not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the shares of Common Stock issuable upon such
Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities
laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately
preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such
Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants
shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit. Subject to Section
4.6 of this Agreement, a Registered Holder of Public Warrants may exercise its Public Warrants only for a whole number
of shares of Common Stock. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require
holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Subsection 3.3.1(b) and Section
7.4. If, by reason of any

 

     5

     

    

exercise
of Warrants on a “cashless basis,” the holder of any Warrant would be entitled, upon the exercise of such Warrant,
to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the number
of shares of Common Stock to be issued to such holder.

 

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

 

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

 

3.3.5                 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection
3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not affect
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 4.9% or 9.8% (or such other amount as a holder may specify) (the “Maximum
Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes
of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates
shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination
of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining,
unexercised portion of the Warrant beneficially owned by such person and 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 Securities Exchange Act of 1934, as amended (the
“Exchange Act”). For purposes of the Warrant, in determining the number of issued and outstanding Common Stock,
the holder may rely on the number of issued and outstanding Common Stock as reflected in (1) the Company’s most recent annual
report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the
case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent
setting forth the number of Common Stock issued and outstanding. For any reason at any time, upon the written request of the holder
of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of
which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant
may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in
such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st)
day after such notice is delivered to the Company.

 

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4.                  Adjustments.

 

4.1              Stock
Dividends.

 

4.1.1                 Split-Ups.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock
or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of
Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of
Common Stock. A rights offering to holders of shares of Common Stock entitling holders to purchase shares of Common Stock at a
price less than the “Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of
Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable
under any other equity securities sold in such rights offering that are convertible into or exercisable for the shares of Common
Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided
by (y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible
into or exercisable for shares of Common Stock, in determining the price payable for shares of Common Stock, there shall be taken
into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and
(ii) “Fair Market Value” means the volume weighted average price of the Common Stock as reported during the
ten (10) trading day period ending on the trading day prior to the first date on which the shares of Common Stock trade on the
applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

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

 

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

 

4.3              Adjustments
in Warrant Price.

 

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

 

 4.3.2 If (i) the Company issues
additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for
capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue
price of less than $9.20 per share of Common Stock, (with such issue price or effective issue price to be determined in good faith
by the Board and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares
held by such holder or affiliates, as applicable, prior to such issuance) (the “New Issuance Price”), (ii) 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 initial Business Combination on the date of the consummation thereof (net of redemptions) and (iii) the
volume weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day prior to
the day on which the Company consummates the initial Business Combination (such price, the "Market Value") is
below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market
Value and the New Issuance Price and the Redemption Trigger Price (as defined below) shall be adjusted to equal to 115% of the
greater of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section
6.1 and Section 6.5 shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the
Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described in Section 6.2 shall be adjusted
(to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.&NegativeTh​

 

4.4              Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the
par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another entity
or conversion of the Company into another type of entity (other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in
the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu
of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event
(the “Alternative Issuance” ); provided, however, that (i) if the holders of the shares
of Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable
upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance
for which each Warrant shall become exercisable shall be deemed to

 

     8

     

    

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

 

4.5              Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting
from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock purchasable at such price upon
the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation
is based; provided, however, that no adjustment to the number of

 

     9

     

    

shares
of Common Stock issuable upon exercise of a Warrant shall be required until cumulative adjustments amount to 1% or more of the
number of shares of Common Stock issuable upon exercise of a Warrant as last adjusted; provided, further,
that any such adjustments that are not made are carried forward and taken into account in any subsequent adjustment. Notwithstanding
the foregoing, all such carried forward adjustments shall be made (i) in connection with any subsequent adjustment that (taken
together with such carried forward adjustments) would result in a change of at least 1% in the number of shares of Common Stock
issuable upon exercise of a Warrant and (ii) on the exercise date of any Warrant. Upon the occurrence of any event specified in Sections
4.1, 4.2, 4.3 or 4.4 in connection with which an adjustment is made to the Warrant
Price or the number of shares of Common Stock issuable upon exercise of a Warrant, the Company shall give written notice of the
occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of
the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such event.

 

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

 

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

 

4.8              Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants
in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4,
then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal
firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented
by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that
an adjustment is necessary, the terms of such adjustment; provided, however, that under no circumstances
shall the Warrants be adjusted pursuant to this Section 4.8(ii) as a result of any issuance of securities in connection with a
Business Combination or (ii) solely as a result of an adjustment to the conversion ratio of the Company’s Class B common
stock, $0.0001 par value per share, into Common Stock. 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, in the case of certificated warrants, properly endorsed with signatures
properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing
an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case
of certificated warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon
request.

 

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

 

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

 

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

 

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

 

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

 

6.                  Redemption.

 

6.1              Redemption
of Warrants for Cash. Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed,
at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent,
upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant,
provided that the closing price of the Common Stock reported has been at least $18.00 per share (the “Redemption Trigger Price”;
subject to adjustment in compliance with Section 4 hereof), on each of twenty (20) trading days, within the thirty (30)
trading-day period ending on the third trading day prior to the date on which notice of the redemption is given and provided that there
is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus
relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below).

 

6.2              Date
Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to Section
6.1 or Section 6.5, 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 (such
30-day period, the “Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses
as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have
been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption Price”
shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 or 6.5 and (b) “Reference Value”
shall mean the closing price of the Common Stock on the trading day prior to the date on which notice of the redemption is given.

 

6.3              Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with subsection
3.3.1(b) of this Agreement) at any time after notice of redemption pursuant to Section 6.1 shall have been given
by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. In the event that the Company
determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection
3.3.1, the notice of redemption shall contain the information necessary to calculate the number of shares of Common Stock to
be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection
3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further
rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

     11

     

    

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

 

6.5.             Redemption
of Warrants for $0.10. Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be
redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice
to the Registered Holders of the Warrants, as described in Section 6.2 above, at a Redemption Price of $0.10 per
Warrant, provided that the Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance
with Section 4 hereof). During the 30-day Redemption Period in connection with a redemption pursuant to this Section
6.5, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection
3.3.1 and receive a number of shares of Common Stock determined by reference to the table below, based on the Redemption
Date (calculated for purposes of the table as the period to expiration of the Warrants) and the “Redemption Fair Market Value”
(as such term is defined in this Section 6.5) (a “Make-Whole Exercise”). Solely for purposes of
this Section 6.5, the “Redemption Fair Market Value” shall mean the volume weighted average price
of the Common Stock for the ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section
6.5 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.5, the
Company shall provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after the
ten (10) trading day period described above ends.

 

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

     12

     

    

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

 

The share
prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares issuable
upon exercise of a Warrant or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of shares
issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings
shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number
of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number
of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in the
same manner and at the same time as the number of shares issuable upon exercise of a Warrant. If the Exercise Price of a warrant
is adjusted, (a) in the case of an adjustment pursuant to Section 4.3.2 hereof, the adjusted share prices in the column headings
shall equal the share prices immediately prior to such adjustment multiplied by a fraction, the numerator of which is the higher
of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant
to Section 4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such
adjustment less the decrease in the Exercise Price pursuant to such Exercise Price adjustment. In no event shall the number of
shares issued in connection with a Make-Whole Exercise exceed 0.361 shares of Common Stock per Warrant (subject to adjustment)

 

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

 

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

 

7.2              Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor and date as the Warrant so lost, stolen,
mutilated or destroyed, and countersigned by the Warrant Agent. 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. Warrant Agent may, at its

 

     13

     

    

option,
countersign replacement Warrants for mutilated certificates upon presentation thereof without such indemnity.

 

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

 

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

 

7.4.1                 Registration
of Shares of Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business
Days after the closing of its initial Business Combination, it shall use its reasonable best efforts to file with the Commission
a registration statement for the registration, under the Securities Act of the shares of Common Stock issuable upon exercise of
the Warrants. The Company shall use its reasonable 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 60th Business Day following
the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st
Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective
by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,”
by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) or another exemption)
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the
Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value”
shall mean the average closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to
the date that notice of exercise is sent to the Warrant Agent from the holder of such Warrants or its securities broker or intermediary.
The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined by the
Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide
the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is
not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely
tradable under United States federal securities laws by anyone who is not (and has not been during the preceding three months)
an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly,
shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt,
unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply
with its registration obligations under the first three sentences of this subsection 7.4.1.

 

7.4.2                 Cashless
Exercise at Company’s Option. If the shares of Common Stock are at the time of any exercise of a Warrant not listed on
a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1)
of the Securities Act (or any successor statute), the Company may, at its option, require holders of Public Warrants who exercise
Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act (or any successor statute) as described in subsection 7.4.1 and (i) in the event the Company so elects, the
Company shall not be required to file or maintain in effect a registration statement for the registration, under the Securities
Act, of the shares of Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this

 

     14

     

    

Agreement
to the contrary or (ii) if the Company does not so elect, the Company agrees to use its reasonable best efforts to register or
qualify for sale the shares of Common Stock issuable upon exercise of the Public Warrant under the blue sky laws of the state
of residence of the exercising Public Warrant holder to the extent an exemption is not available.

 

8.                  Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2              Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1                 Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of ninety (90)
days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant
(who shall, with such notice, submit his 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 authorized under applicable laws
to exercise the powers of a transfer agent 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 Company’s transfer agent for the shares of Common Stock not later than the effective
date of any such appointment.

 

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

 

8.3              Fees
and Expenses of Warrant Agent.

 

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

 

     15

     

    

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

 

8.4              Liability
of Warrant Agent.

 

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

 

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

 

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

 

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

 

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

 

9.                  Miscellaneous
Provisions.

 

     16

     

    

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

 

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

 

Bilander Acquisition Corp.

Four Embarcadero Center, Suite 2100

San Francisco, CA 94111

Attention: Scott W. Wagner

 

with a copy to (which shall not constitute notice):

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: Derek J. Dostal, Esq. and Yan Zhang, Esq.

 

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

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Corporate Actions

 

in each case, with copy to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Attention: Samir Gandhi, Esq., Michael Heinz, Esq. and
Keith DeLeon, Esq.

 

9.3              Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of
New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions
of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim
for which the federal district courts of the United States of America are the sole and exclusive forum.

 

Any person or entity
purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum
provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above,
is filed in a court other than a court located within the State of New York or the United States District Court for the Southern
District of New York (a “foreign action”) in the name

 

     17

     

    

of
any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal
courts located within the State of New York or the United States District Court for the Southern District of New York in connection
with any action brought in any such court to enforce the forum provisions (an “enforcement action”),
and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s
counsel in the foreign action as agent for such warrant holder.

 

9.4              Compliance
and Confidentiality. The Warrant Agent shall perform its duties under this Agreement in compliance with all applicable laws
and keep confidential all information relating to this Agreement and, except as required by applicable law, shall not use such
information for any purpose other than the performance of the Warrant Agent’s obligations under this Agreement.

 

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

 

9.6              Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s
Warrant for inspection by the Warrant Agent.

 

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

 

9.8              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.

 

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

 

9.10          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. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

Exhibit A   Form of Warrant Certificate

 

Exhibit B    Legend — Private Placement
Warrants

 

     18

     

    

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

 

 

	 	BILANDER ACQUISITION CORP.
	 	 
	 	By:	 	 
	 	 	Name: Scott W. Wagner
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 
	 	By:	 	 
	 	 	Name: 
	 	 	Title: Executive Director

 

 

[SIGNATURE PAGE TO WARRANT AGREEMENT]

 

     19

     

    

EXHIBIT A

 

Form of Warrant Certificate

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE NULL AND VOID IF
NOT EXERCISED PRIOR TO THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

Bilander Acquisition Corp.

Incorporated Under the Laws of the State of Delaware

 

CUSIP [--]

 

Warrant Certificate

 

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

 

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

 

     20

     

    

[Form of Warrant]

 

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

 

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

 

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

 

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

 

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

 

	 	BILANDER ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

[Form of Warrant]

 

     21

     

    

[Form of Warrant Certificate]

 

[Reverse]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     22

     

    

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event that the Warrant has been called for redemption
by the Company pursuant to Section 6.1 of the Warrant Agreement and the Company has required cashless exercise
pursuant to Section 6.3 of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable
for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant
Agreement.

 

In the event that the Warrant has been
called for redemption by the Company pursuant to Section 6.5 of the Warrant Agreement and a holder thereof elects
to exercise its Warrant pursuant to a Make-Whole Exercise, the number of shares of Common Stock that this Warrant is exercisable
for shall be determined in accordance with subsection 3.3.1(c) or Section 6.5 of the Warrant
Agreement, as applicable.

 

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

 

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

 

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

 

	Date:	(Signature)
	 	(Address)

(Tax Identification Number)

 

Signature Guaranteed:

 

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

 

     23

     

    

EXHIBIT B

 

LEGEND

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS
OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE
LETTER AGREEMENT BY AND AMONG BILANDER ACQUISITION CORP. (THE “COMPANY”), BILANDER ACQUISITION, LLC 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 2 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 COMMON
STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE COMPANY.

 

 

     24

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