Document:

Exhibit

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) is entered and effective as of November 1, 2019 by and between Jerome Grant as the employee (“Employee”) and Universal Technical Institute, Inc. (“UTI”) as the employer to memorialize the terms upon which Employee has agreed to assume the position of Chief Executive Officer of UTI.

RECITALS

1.     On or about November 10, 2017, pursuant to a written offer of employment, Employee was offered employment with UTI for the position of Executive Vice President and Chief Operating Officer. Employee accepted that employment and relocated to Phoenix, Arizona. A copy of Employee’s employment offer is attached as Exhibit 1.

2.     Employee and UTI agree and acknowledge that this Agreement sets forth the material terms of Employee’s employment with UTI on an at-will employment basis.

TERMS OF EMPLOYMENT

1.     Annual Base Compensation. Employee’s base annual salary shall be $500,000 annualized and payable bi-weekly in accordance with UTI’s standard payroll procedures and subject to UTI’s standard payroll procedures and subject to UTI’s standard withholding procedures.

2.     Short-term Incentive/Bonus Plan. Employee is eligible to participate in UTI’s Management Incentive Plan, as may be amended from time to time, with a target bonus of 85% of Employee’s annual base salary. This Management Incentive Plan is dependent on UTI’s financial performance, Board of Directors’ approval and other defined criteria as may periodically apply as determined by the UTI Board of Directors.

3.     Long-term Incentive/Bonus Plan. Employee is eligible to continue to participate in UTI’s annual Long-term Incentive program for executive level employees.
This program is subject to Board of Directors’ review and approval on an annual basis.

4.     Other Executive Benefits to Employee.

4.1     Continued eligibility for UTI’s group insurance benefits.

4.2     Continued eligibility for UTI’s expanded medical, dental and vision reimbursement coverage for UTI senior executives and their covered dependents.

4.3     Continued eligibility to participate in UTI’s 401(k) program.

4.4     Continued eligibility to participate in UTI’s Deferred Compensation Plan.

4.5     Continued eligibility to participate in UTI’s expanded short-term and long-term disability plans and life insurance coverage (as separately described in UTI’s benefits summary previously provided to you).

4.6     A reserved covered parking space.

4.7     UTI-paid iPhone or reimbursement for a personal mobile telephone line and data charges of up to $55 per month. 

5.     Severance Plan. Employee shall continue to participate in UTI’s Severance
Plan (as amended and effective as of October 1, 2019). Coterminous with the promotion to Chief Executive Officer, the period of Employee’s permitted severance shall be increased to 52 weeks and the balance of the benefits under the plan shall conform to those granted the EVP/SVP level. Although the UTI Severance Plan may be amended or terminated at any time by the Board of Directors of UTI or any committee or individual designated by the Board to take such actions, the benefits due the employee shall at no time be less than those designated in the Severance Plan in effect at the time of promotion.

6.     Understanding of UTI’s Policies. Employee represents and warrants that
Employee understands and agrees to abide by UTI’s business and employment policies and practices, as they may be supplemented or modified from time-to-time.

7.     At-Will Employment. Employee acknowledges that Employee’s employment at UTI is contingent on Employee signing and agreeing to abide by this Agreement. Employee agrees he is and will be employed on an at-will basis. As an at-will employee, either UTI or Employee has the right to terminate the Employee’s employment with or without cause, and at any time with or without advance notice.

8.     Compliance with Laws. In performing Employee’s obligations under this
Agreement, Employee agrees to comply with all applicable laws and regulations.
9. Governing Law, Venue and Attorneys’ Fees. This Agreement, and any disputes arising from this Agreement, will be governed by, construed, interpreted and enforced in accordance with the laws of the State of Arizona, without regard to conflicts of
law principles. The parties agree that the state and federal courts located in Maricopa
County, Arizona shall have exclusive jurisdiction and be the sole venue for any disputes that may arise between Employer and Employee. The prevailing party in any dispute arising under this Agreement shall be entitled to recover his/its reasonable attorneys’ fees and costs.

10.     Entire Agreement. This Agreement constitutes the entire Agreement between the parties with regard to the material terms of Employee’s employment by UTI and supersedes any and all prior and contemporaneous negotiations, understandings and agreements, inducement, promises and conditions of any nature whatsoever with respect to its subject matter. No amendment of any provision of this Agreement will be effective against either party unless that party has consented in a signed writing. In such event, only an officer of UTI is authorized to bind UTI.

11.     Non-Disparagement. During Employee’s employment with UTI, Employee will not (i) publicly do or say anything that a reasonable person would expect at the time would have the effect of diminishing or harming the goodwill and good reputation of UTI; or, (ii) publicly disparage or seek to injure the reputation of UTI. Employee’s obligations shall include refraining from negative statements or writings about UTI’s methods of doing business, the effectiveness of UTI or its business policies, and the quality of any of UTI’s services, products or personnel. The foregoing shall not prohibit furnishing of information, testimony or documents by Employee as requested in conjunction 

with a subpoena, deposition, civil investigation, demand or similar lawful process after promptly notifying UTI of the request and consulting with UTI on the advisability of taking steps to resist or narrow such request.

12.     Cooperation. During and following termination of Employee’s employment with UTI, Employee agrees to cooperate with UTI in responding to any reasonable requests of UTI’s officers, directors, managers and attorneys in connection with any and all existing or future litigation, arbitrations, mediations or investigations brought by or against UTI, its agents, officers, directors or employees.

Employer:     Universal Technical Institute, Inc.

By: /s/Robert T. DeVincenzi                    
            
Its: Chairman of the Board of Directors 

Employee:    /s/Jerome A. Grant                                   
Jerome Grant

EXHBIT 1
	
		
	
	Corporate Office
16220 N. Scottsdale Rd., Suite 100
Scottsdale, Arizona 85254
T (800) 859-7249 O (623) 445-9500 F (623) 445-9501

November 10, 2017 

Jerome Grant
725 S. Kennsington Ave.
LeGrange, IL 60525

Dear Jerome,

Congratulations! On behalf of Universal Technical Institute, Inc. (UTI) it is a pleasure to confirm our offer of employment to you.  The position, as discussed, is Executive Vice President and Chief Operating Officer, located at our Home Office in Scottsdale, AZ.  You will report directly to Kimberly McWaters, President and CEO.  Your anticipated start date is Monday, November 27, 2017.  The rate of pay for this position is $15,384.62 payable bi-weekly or $400,000 if annualized. 

Your total compensation also includes: 

		
	•
	An initial Long Term incentive award with a target value of $350,000, subject to approval by the UTI Board of Directors at the December 2017 Board meeting.  The award is comprised of $150,000 value in Restricted Stock Units that vest ratably over 3 years as well as $125,000 target value in Performance Units and $75,000 target value in Performance Cash both which have cliff vesting restrictions.  Going forward, you will be eligible for participation in UTI's annual Long Term Incentive program at the executive level.  This program is subject to board review and approval on an annual basis so there is no guarantee that this program will continue to be provided.  

		
	•
	A full relocation package to assist you in relocation from Chicago, IL to Scottsdale, AZ with benefits not to exceed $100,000 as set forth in the Universal Technical Institute, Inc. Relocation Assistance Repayment Agreement.  Benefits payable for relocation are specified in the UTI Relocation Policy.  

		
	•
	You will be eligible to participate in UTI's Management Incentive Plan with a target bonus of 65% of base salary.  FY18 plan details to be outlined under separate cover.  Please note that bonus payment is made at management's sole discretion and is dependent upon company performance, Board approval and/or other criteria as defined in the bonus plan.

	
					
	Universal Technical Institute
AZ, CA, FL, IL, MA, NC, PA, TX
	Motorcycle Mechanics Institute
AZ,FL
	Marine Mechanics Institute
FL
	NASCAR, Technical Institute
NC
	Learn more: UTI.edu

		
	•
	An executive benefits package as described below: 

		
	◦
	Eligibility for group insurance benefits for regular, full time employees commences on the first day of the month following thirty days employment. Based on a start date of November 27, 2017, your benefits eligibility will be January 1, 2018.  Because there is a waiting period for benefits, you may wish to consider electing health insurance continuation (COBRA) coverage from your previous employer. 

		
	◦
	The ArmadaCare Ultimate Health Plan offers expanded medical, dental and vision reimbursement coverage to senior executives and their covered dependents.  This benefit provides additional tax-free funds for medical, dental and vision expenses that go beyond UTI's underlying health plan up to $100,000 per all covered persons per plan year, with various maximums per coverage type, up to a per occurrence limit per covered person per year of $10,000.  A separate certificate of coverage will be made available to you.  

		
	◦
	401(k) program for which you can enroll on first day of employment. 

		
	◦
	You will be among a select group of employees eligible to participate in the Universal Technical Institute, Inc. Deferred Compensation Plan ("Plan").  The Plan is a valuable retirement savings program that will allow you to defer state and federal income taxes on a designated amount of salary and bonus, and the opportunity to earn tax-deferred investment returns on those deferrals.  

		
	◦
	Expanded short term and long term disability plans and life insurance coverage (as described in separate benefits summary document previously provided). 

		
	◦
	An annual physical at company expense through the Mayo Clinic of Scottsdale. 

		
	•
	A reserved covered parking space.  

		
	•
	Company-paid iPhone or reimbursement for personal phone line and data charges up to $55/month.  

We have developed a core set of values to support our Vision and Mission.  During your interview process, we felt you exemplified these values, which are: 

		
	•
	Trust 

		
	•
	Caring 

		
	•
	Courage 

		
	•
	Wisdom

		
	•
	Innovation 

		
	•
	Fun

We are confident you will contribute to our success as we work together toward our common goal - to become industry's choice for sourcing and developing professional technicians. 

	
					
	Universal Technical Institute
AZ, CA, FL, IL, MA, NC, PA, TX
	Motorcycle Mechanics Institute
AZ,FL
	Marine Mechanics Institute
FL
	NASCAR, Technical Institute
NC
	Learn more: UTI.edu

Universal Technical Institute, Inc. is an "at-will" employer.  Either you or UTI will be free to end your employment at any time with or without reason or notice.  Federal regulations require that all employees must comply with employment eligibility requirements and provide the appropriate documents which will be explained with the new hire packet.  This offer of employment and continued employment is also contingent upon drug testing and background check policy compliance, which may include passing a credit check and the signing of an agreement to arbitrate.  Please take the time to read this letter throughly.  In addition to this offer letter are copies of UTI's Drug Free Workplace Policy and the relevant Drug & Alcohol Testing Policy for your state.  Your acceptance of this offer acknowledges your receipt and understanding of these policies.  

If you have any questions feel free to contact me at (623) 445-9312.  

We look forward to you joining our team!

Sincerely, 

/s/ Rhonda R Turner                              

Rhonda R. Turner
Senior Vice President, People Services

	
					
	Universal Technical Institute
AZ, CA, FL, IL, MA, NC, PA, TX
	Motorcycle Mechanics Institute
AZ,FL
	Marine Mechanics Institute
FL
	NASCAR, Technical Institute
NC
	Learn more: UTI.eduExhibit 4.1

 

WARRANT AGREEMENT

 

This agreement is made as of October 17, 2019 between Union
Acquisition Corp. II, a Cayman Islands exempted company, with offices at 444 Madison Ave, 34th Floor, New York, NY 10022 (“Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street, New York, New York
10004 (“Warrant Agent”).

 

WHEREAS, the Company is engaged in a public offering (“Public
Offering”) of 17,500,000 units, or up to 20,125,000 units if the underwriters’ over-allotment option is exercised
in full, each unit (“Unit”) comprised of one ordinary share of the Company, par value $.0001 per share (“Ordinary
Shares”), and one redeemable warrant, where each warrant entitles the holder to purchase one Ordinary Share at a price
of $11.50 per share, subject to adjustment as described herein, and, in connection therewith, will issue and deliver up to 20,125,000
warrants (“Public Warrants”) to the public investors in connection with the Public Offering; and

 

WHEREAS, the Company has filed with the Securities and Exchange
Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-233988 (“Registration Statement”),
for the registration, under the Securities Act of 1933, as amended (“Act”) of, among other securities, the Public
Warrants; and

 

WHEREAS, the Company has received binding commitments (“Subscription
Agreements”) from certain shareholders (“Initial Shareholders”) to purchase up to an aggregate of
6,275,000 Warrants, if the underwriters’ over-allotment option is exercised in full (the “Private Warrants”),
upon consummation of the Public Offering; and

 

WHEREAS, the Company may issue up to an
additional 1,500,000 warrants (“Working Capital Warrants”) in satisfaction of certain working capital loans
made by the Company’s officers, directors, initial shareholders, and affiliates; and

 

WHEREAS, following consummation of the Public
Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Public Warrants,
Private Warrants, and Working Capital Warrants, the “Warrants”) in connection with, or following the consummation
by the Company of, a Business Combination (defined below); and

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

2. Warrants.

 

2.1. Form of Warrant. Each Warrant shall be issued in
registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and
shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or Chief Executive Officer and Treasurer,
Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person
whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed
the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the
date of issuance.

 

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

 

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

 

2.4. Registration.

 

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

 

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

 

    2

     

    

 

2.5. Detachability of Warrants. The securities comprising
the Units will not be separately transferable until the 52nd day following the date of the prospectus or, if such 52nd
day is not on a day, other than Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal
business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier
with the consent of Cantor Fitzgerald & Co. (“Cantor”), but in no event will Cantor allow separate trading
of the securities comprising the Units until (i) the Company has filed a Current Report on Form 8-K which includes an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the
Company from the exercise of the underwriters’ over-allotment option in the Public Offering, if the over-allotment option
is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued a press release and has filed a Current Report
on Form 8-K announcing when such separate trading shall begin (the “Detachment Date”).

 

2.6. Private Warrant and Working Capital Warrant Attributes.
The Private Warrants and Working Capital Warrants will be issued in the same form as the Public Warrants but they (i) will not
be redeemable by the Company and (ii) may be exercised for cash or on a cashless basis at the holder’s option, in either
case as long as they are held by the initial purchasers or their permitted transferees (as prescribed in Section 5.6 hereof). Once
a Private Warrant or Working Capital Warrant is transferred to a holder other than an affiliate or permitted transferee, it shall
be treated as a Public Warrant hereunder for all purposes.

 

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

 

3. Terms and Exercise of Warrants

 

3.1. Warrant Price. Warrants shall, when countersigned
by the Warrant Agent (except with respect to uncertificated Warrants), entitle the registered holder thereof, subject to the provisions
of such Warrant and of this Agreement, to purchase from the Company the number of Orindary Shares stated therein, at the price
of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The
term “Warrant Price” as used in this Agreement refers to the price per share at which the Ordinary Shares may be purchased
at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration
Date (as defined below) for a period of not less than twenty (20) Business Days; provided, that the Company shall provide at least
twenty (20) days’ prior written notice of such reduction to registered holders of the Warrants and, provided further that
any such reduction shall be applied consistently to all of the Warrants.

 

    3

     

    

 

3.2. Duration of Warrants. A Warrant may be exercised
only during the period commencing on the later of the consummation by the Company of a merger, share exchange, asset acquisition,
share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities
(“Business Combination”) (as described more fully in the Registration Statement) or 12 months from the closing
of the Public Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years from the consummation
of a Business Combination, (ii) the Redemption Date as provided in Section 6.2 of this Agreement and (iii) the liquidation of the
Company (“Expiration Date”). The period of time from the date the Warrants will first become exercisable until
the expiration of the Warrants shall hereafter be referred to as the “Exercise Period.” Except with respect to the
right to receive the Redemption Price (as set forth in Section 6 hereunder), as applicable, each Warrant not exercised on or before
the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease
at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by
delaying the Expiration Date; provided, however, that the Company will provide at least twenty (20) days’ prior written notice
of any such extension to registered holders and, provided further that any such extension shall be applied consistently to all
of the Warrants.

 

3.3. Exercise of Warrants.

 

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

 

(a) by good certified check or
wire payable to the order of the Warrant Agent; or

 

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

 

(c) with respect to any Private
Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants are held by the initial purchasers
or their permitted transferees, by surrendering such Private Warrants or Working Capital Warrants for that number of Ordinary Shares
equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied
by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value;
provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise
price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale
price of the Ordinary Shares for the ten (10) trading days ending on the third trading day prior to the date of exercise; or

 

    4

     

    

 

(d) in the event the registration
statement required by Section 7.4 hereof is not effective and current within sixty (60) days after the closing of a Business Combination,
by surrendering such Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of
the number of Ordinary Shares underlying the Warrants, multiplied by the difference between the exercise price of the Warrants
and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted
unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(d), the “Fair
Market Value” shall mean the average reported last sale price of the Ordinary Shares for the ten (10) trading days ending
on the trading day prior to the date of exercise.

 

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

 

3.3.3. Valid Issuance. All Ordinary Shares issued upon
the proper exercise of a Warrant in conformity with this Agreement and the Amended and Restated Memorandum and Articles of Association
of the Company, following the necessary updates to the Register of Members of the Company, shall be validly issued, fully paid
and nonassessable.

 

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

 

    5

     

    

 

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 effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise
such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates),
to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”)
of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary Shares
issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude
Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned
by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except
as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of
the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary
Shares as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report
on Form 8-K or other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3)
any other notice by the Company or the Warrant Agent setting forth the number of Ordinary Shares outstanding. For any reason at
any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally
and in writing to such holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares
shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its
affiliates since the date as of which such number of outstanding Ordinary Shares was reported. By written notice to the Company,
the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other
percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st)
day after such notice is delivered to the Company.

 

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4. Adjustments.

 

4.1. Share Dividends; Split Ups. If after the date hereof,
and subject to the provisions of Section 4.6 below, the number of outstanding Ordinary Shares is increased by a share dividend
(which is a share capitalization as a matter of Cayman Islands law) payable in Ordinary Shares, or by a split up of Ordinary Shares,
or other similar event, then, on the effective date of such share dividend, split up or similar event, the number of Ordinary Shares
issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. A
rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair
Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product
of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Common Stock) and (ii) one (1) minus the quotient
of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes of this
subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining
the price payable for Common Stock, there shall be taken into account any consideration received for such rights, as well as any
additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted last reported
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.

 

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

 

4.3 Extraordinary Dividends. If the Company, at any time
while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets
to the holders of the Ordinary Shares or other shares of the Company’s share capital into which the Warrants are convertible
(an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective
date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s Board
of Directors, in good faith) of any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend;
provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any
adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share
basis with all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the
date of declaration of such dividend or distribution does not exceed $0.50 (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 Ordinary Shares issuable on exercise of each Warrant) but only with respect to the amount
of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy the conversion rights
of the holders of the Ordinary Shares in connection with a proposed initial Business Combination or (d) any payment in connection
with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination.
Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend
of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Ordinary Shares during the 365-day
period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately
after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount
of all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the
greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period
prior to such $0.35 dividend)).

 

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4.4 Adjustments in Exercise Price.

 

4.4.1 Whenever the number of Ordinary Shares
purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be
adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator
of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment,
and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter.

 

4.4.2 If (i) the Company issues additional
Ordinary Shares or securities convertible into or exercisable or exchangeable for Ordinary Shares 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 Ordinary Share, 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 initial shareholders or their affiliates, without taking into account any insider shares held by such
holders 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 Ordinary Shares 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 180% of the greater of the Market Value
and the Newly Issued Price.

 

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4.5. Replacement of Securities upon Reorganization, etc.
In case of any reclassification or reorganization of the outstanding Ordinary Shares (other than a change covered by Section 4.1,
4.2 or 4.3 hereof or that solely affects the par value of the Ordinary Shares), or in the case of any merger or consolidation of
the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of any sale
or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as
an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the
Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares, shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received
if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event. ; (the “Alternative Issuance”);
provided, however, that in connection with the closing of any such consolidation, merger, sale or conveyance, the successor or
purchasing entity shall execute an amendment hereto with the Warrant Agent providing for delivery of such Alternative Issuance;
provided, further, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind
or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities,
cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be
the weighted average of the kind and amount received per share by the holders of the Common Stock in such consolidation or merger
that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted
by the holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in connection with redemption
rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of incorporation
or as a result of the repurchase of shares of Common Stock by the Company if a proposed initial Business Combination is presented
to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer,
the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act
(or any successor rule)) of which such maker is a part, and together with any affiliate or associate of such maker (within the
meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any
such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or
any successor rule)) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive
as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have
been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange
offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange
offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible
to the adjustments provided for in this Section 4; provided, further, that if less than 70% of the consideration receivable
by the holders of the Common Stock in the applicable event is payable in the form of common stock in the successor entity that
is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be
so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within
thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a
Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) (but
in no event less than zero) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A)
the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes
Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating
such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common
Stock shall be the volume weighted last reported average price of the Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall
be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the
day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S.
Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if
the consideration paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share of Common
Stock, and (ii) in all other cases, the volume weighted last reported 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
also results in a change in the Ordinary Shares covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant
to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than
the par value per share issuable upon exercise of the Warrant.

 

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

 

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

 

4.8. Form of Warrant. The form of Warrant need not be
changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant
Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company
may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does
not affect the substance thereof, 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.

 

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

 

5. Transfer and Exchange of Warrants.

 

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

 

5.2. Procedure for Surrender of Warrants. Warrants may
be surrendered to the Warrant Agent, either in certificated form or in book entry position, together with a written request for
exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants, or book entry
positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants;
provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall
not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

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

 

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, will supply
the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

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5.6. Private Warrants. The Warrant Agent shall not register
any transfer of Private Warrants or Working Capital Warrants until 30 days after the consummation by the Company of an initial
Business Combination, except for transfers (i) among the initial shareholders or to the initial shareholders’ or the Company’s
officers, directors, consultants or their affiliates, (ii) to a holder’s shareholders or members upon the holder’s
liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s immediate family
or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family, in each case for estate
planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations
order, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination, (vii) in
connection with the consummation of a Business Combination by private sales at prices no greater than the price at which the Private
Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation of an initial
Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination, the Company
completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders
having the right to exchange their Ordinary Shares for cash, securities or other property, in each case (except for clauses (vi),
(viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal guardian
for such transferee agrees to be bound by the terms of the Subscription Agreements and any other applicable agreement the transferor
is bound by.

 

5.7. Transfers prior to Detachment. Prior to the Detachment
Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is included, and only
for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit
on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing,
the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after the Detachment Date.

 

6. Redemption.

 

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

 

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6.2. Date Fixed for, and Notice of, Redemption. In the
event the Company shall elect to redeem all of the Warrants that are subject to redemption, the Company shall fix a date for the
redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid,
by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders of the Warrants to be redeemed
at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

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

 

6.4 Exclusion of Certain Warrants. The Company agrees
that the redemption rights provided in this Section 6 shall not apply to (i) the Private Warrants and Working Capital Warrants
if at the time of the redemption such Private Warrants or Working Capital Warrants continue to be held by the initial purchasers
or their permitted transferees or (ii) Post IPO Warrants if such warrants provide that they are non-redeemable by the Company.
However, with respect to the Private Warrants or Working Capital Warrants, once such Private Warrants or Working Capital Warrants
are transferred (other than to permitted transferees under Section 5.6), the Company may redeem the Private Warrants and Working
Capital Warrants in the same manner as the Public Warrants.

 

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

 

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

 

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

 

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

 

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7.4. Registration of Ordinary Shares. 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 best efforts to file with the Securities and Exchange Commission a registration statement for the registration,
under the Act, of the Ordinary Shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action
as is necessary to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and
in those states where holders of Warrants then reside, the Ordinary Shares issuable upon exercise of the Warrants, to the extent
an exemption is not available. The Company will use its best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement.
In addition, the Company agrees to use its best efforts to register such securities under the blue sky laws of the states of residence
of the existing warrant holders to the extent an exemption is not available. If any such registration statement has not been declared
effective by the 60th day following the closing of the Business Combination, holders of the Warrants shall have the right, during
the period beginning on the 61st day after the closing of the Business Combination and ending upon such registration statement
being declared effective by the Securities and Exchange Commission, and during any other period when the Company shall fail to
have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, to exercise
such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(d). The Company shall provide the
Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating
that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered
under the Act and (ii) the Ordinary Shares issued upon such exercise will be freely tradable under U.S. federal securities laws
by anyone who is not an affiliate (as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not
be required to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised
on a cashless basis, the Company shall continue to be obligated to comply with its registration obligations under the first three
sentences of this Section 7.4. The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written
consent of Cantor.

 

8. Concerning the Warrant Agent and Other Matters.

 

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

 

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

 

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

 

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

 

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

 

8.3. Fees and Expenses of Warrant Agent.

 

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

 

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

 

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8.4. Liability of Warrant Agent.

 

8.4.1. Reliance on Company Statement. Whenever in the
performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter
be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence
in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed
by the Chief Executive Officer or Chairman of the Board of Directors 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 fraud, gross negligence, willful misconduct or bad faith. 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 fraud, gross negligence,
willful misconduct, or bad faith.

 

8.4.3. Exclusions. The Warrant Agent shall have no responsibility
with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature
thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or
in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible
for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Ordinary Shares will, when issued,
be valid and fully paid and nonassessable.

 

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 Ordinary Shares through the exercise of Warrants.

 

9. Miscellaneous Provisions.

 

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

 

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

 

Union Acquisition Corp. II

444 Madison Avenue, 18th Floor

New York, NY 10022

Attn: Kyle Bransfield

 

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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 days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as
follows:

 

Continental Stock Transfer & Trust Company

1 State Street

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Stuart Neuhauser, Esq.

 

And

 

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

Attn: General Counsel

 

9.3. Applicable Law. The validity, interpretation, and
performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be
served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim.

 

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

 

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

 

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

 

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

 

9.8 Amendments. This Agreement may be amended by the
parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or
supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions
arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect
the interest of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant
Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of (i) a majority of
the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the
consummation of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is
being undertaken after the consummation of a Business Combination. Notwithstanding the foregoing, the Company may lower the Warrant
Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the
registered holders.

 

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

 

9.10 Severability. This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this
Agreement or of any other term or provision hereof. 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.

 

[signature page follows]

 

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

 

	 	UNION ACQUISITION CORP. II
	 	 	 	 
	 	By:	/s/ Kyle P. Bransfield
	 	 	Name: 	Kyle P. Bransfield
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 	 	 
	 	By: 	/s/ Ana Gois
	 	 	Name:	Ana Gois
	 	 	Title:	Vice President

 

 

19

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