Document:

Exhibit 4.2 

 

WARRANT AGENT AGREEMENT

 

WARRANT AGENT AGREEMENT (this “Warrant
Agreement”) dated as of May __, 2021 (the “Issuance Date”) between Splash Beverage Group, Inc., a Colorado
corporation (the “Company”), and Equiniti Trust Company (the “Warrant Agent”).

 

WHEREAS, pursuant to the terms
of that certain Underwriting Agreement (“Underwriting Agreement”), dated May __, 2021, by and among the Company and
Kingswood Capital Markets, division of Benchmark Investments, Inc., as representative of the underwriters set forth therein, the
Company is engaged in a public offering (the “Offering”) of up to [__] shares (the “Shares”) of
common stock, no par value per share (the “Common Stock”) of the Company and up to [__] warrants (the “Warrants”)
to purchase shares of Common Stock (the “Warrant Shares”), including Shares and Warrants issuable pursuant to the underwriters’
over-allotment option;

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “Commission”) a Registration Statement, No. 333-255091, on Form S-1
(as the same may be amended from time to time, the “Registration Statement”), for the registration under the Securities
Act of 1933, as amended (the “Securities Act”), of the Shares, Warrants and Warrant Shares, and such Registration Statement
was declared effective on ___, 2021;

 

WHEREAS, the Company desires the
Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth in this
Warrant Agreement in connection with the issuance, registration, transfer, exchange and exercise of the Warrants;

 

WHEREAS, the Company desires to
provide for the 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 the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Warrant 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 with respect to 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 Warrant
Agreement (and no implied terms or conditions).

 

2.             Warrants.

 

2.1           Form of Warrants.
The Warrants shall be registered securities and shall be initially evidenced by a global Warrant certificate (“Global Certificate”)
in the form of Annex A to this Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for The Depository
Trust Company (“DTC”) and registered in the name of Cede & Co., as nominee of DTC. If DTC subsequently ceases
to make its settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding making arrangements for
book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available
in, registration in the name of Cede & Co., as nominee of DTC, the Company may instruct the Warrant Agent to provide written
instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant
Agent to deliver to each Holder (as defined below) separate certificates evidencing the Warrants (“Definitive Certificates”
and, together with the Global Certificate, “Warrant Certificates”), in the form of Annex B to this Warrant Agreement.
The Warrants represented by the Global Certificate are referred to as “Global Warrants”.

 

     

     

    

 

2.2           Issuance and Registration
of Warrants.

 

2.2.1        Warrant Register.
The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration
of transfer of the Warrants. Any person in whose name ownership of a beneficial interest in the Warrants evidenced by a Global Certificate
is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial owner” thereof, provided that
all such beneficial interests shall be held through a Participant (as defined below), which shall be the registered holder of such Warrants.

 

2.2.2        Issuance of Warrants.
Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC settlement
system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the
Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by DTC and (ii) by
institutions that have accounts with DTC (each, a “Participant”), subject to a Holder’s right to elect to receive
a Definitive Certificate. Any Holder desiring to elect to receive a Warrant in certificated form shall make such request in writing delivered
to the Warrant Agent pursuant to Section 2.2.8, and shall surrender to the Warrant Agent the interest of the Holder on the books
of the Participant evidencing the Warrants which are to be represented by a Definitive Certificate through the DTC settlement system.
Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a Definitive Certificate or Definitive Certificates,
as the case may be, as so requested. Alternatively, non-certificated warrants may be issued and the Warrant Agent will deliver a statement
representing the book-entry position to the Holder upon written instructions from the Company, the Holder, or DTC.

 

2.2.3       Beneficial Owner; 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 that Warrant shall be registered on the Warrant Register (the “Holder”) as the absolute owner of such
Warrant for purposes 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. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent
of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by DTC governing
the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced
by the Global Certificate shall be exercised by the Holder or a Participant through the DTC system, except to the extent set forth herein
or in the Global Certificate.

 

2.2.4        Execution. The Warrant
Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized Officer”),
which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile signature. The Warrant
Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need not be the same signatory for all of the
Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized Officer
of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company before countersignature by
the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant
Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificates had not ceased to
be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date
of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant Certificate,
although at the date of the execution of this Warrant Agreement any such person was not such an Authorized Officer.

 

2.2.5        Registration of Transfer.
At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered and any Warrant Certificate
or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant Certificates evidencing the
same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder desiring to register the transfer of
Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in writing delivered to the Warrant Agent,
and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing the Warrants the transfer of which
is to be registered or that is or are to be split up, combined or exchanged. Thereupon, the Warrant Agent shall countersign and deliver
to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Warrant Agent may
require reasonable and customary payment, by the Holder requesting a registration of transfer of Warrants or a split-up, combination or
exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants and issuance of Warrant Shares
to the Holder), of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with such registration of
transfer, split-up, combination or exchange, together with reimbursement to the Warrant Agent of all reasonable expenses incidental thereto.

 

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2.2.6        Loss, Theft and Mutilation
of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory to them of the loss,
theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security in customary
form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender
to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on behalf of the Company, countersign
and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.
The Warrant Agent may charge the Holder an administrative fee for processing the replacement of lost Warrant Certificates, which shall
be charged only once in instances where a single surety bond obtained covers multiple certificates. The Warrant Agent may receive compensation
from the surety companies or surety bond agents for administrative services provided to them.

 

2.2.7        Proxies. The Holder
of a Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial holders that may own interests
through the Participants, to take any action that a Holder is entitled to take under this Agreement or the Warrants; provided, however,
that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants shall be effected on their behalf by
Participants through DTC in accordance the procedures administered by DTC.

 

2.2.8        Warrant Certificate Request.
A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such Holder’s
Global Warrants for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form attached hereto
as Exhibit A (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate
Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed surrender upon delivery
by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive Certificate, a “Warrant
Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder
a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive
Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company,
shall be in the form attached hereto as Annex B, and shall be reasonably acceptable in all respects to such Holder. In connection
with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the Holder
within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant
Certificate Delivery Date”). If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject
to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined
in the Warrants) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after
such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate,
the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate
Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary
set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants
evidenced by such Warrant Certificate and the terms of this Warrant Agreement.

 

2.2.9        For purposes of clarity,
if there is a conflict between the express terms of this Warrant Agreement and the Warrant certificate in the form of Annex B hereto
with respect to terms of the Warrants, the terms of the Warrant certificate shall govern and control.

 

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3.             Terms and Exercise of Warrants.

 

3.1           Exercise Price. Each
Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant Agreement, to purchase
from the Company the number of shares of Common Stock stated therein, at the price of $[__] per whole share, subject to the subsequent
adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement refers to the price
per share at which shares of Common Stock may be purchased at the time a Warrant is exercised.

 

3.2          Duration of Warrants.
Warrants may be exercised only during the period (“Exercise Period”) commencing on the Issuance Date and terminating
at 5:00 P.M., New York City time (the “close of business”) on [__], 2026 (“Expiration Date”). 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
Warrant Agreement shall cease at the close of business on the Expiration Date.

 

3.3           Exercise of Warrants.

 

3.3.1        Exercise and Payment.

 

(a)            Exercise of the purchase rights
represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period by delivery to the Warrant
Agent (with a copy to the Company) of the Notice of Exercise in the form attached as Exhibit A to the Definitive Certificate
attached hereto as Annex B (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period following the date the Holder delivers the Notice of
Exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise
by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 3.3.6
below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to
the contrary, the Holder shall surrender such Warrant to the Warrant Agent for cancellation within three (3) Trading Days of the
date the Notice of Exercise is delivered to the Warrant Agent. Partial exercises of a Warrant resulting in purchases of a portion of the
total number of Warrant Shares available thereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Warrant Agent shall maintain records
showing the number of Warrant Shares purchased and the date of such purchases. The Warrant Agent shall deliver any objection to any Notice
of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of a Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares under a Warrant,
the number of Warrant Shares available for purchase thereunder at any given time may be less than the amount stated on the face thereof.

 

(b)           Notwithstanding the foregoing
in this Section 3.3.1, a holder whose interest in a Warrant is a beneficial interest in certificate(s) representing such Warrant
held in registered form through DTC (or another established clearing corporation performing similar functions), shall effect exercises
made pursuant to this Section 3.3.1 by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction
form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable),
subject to a holder’s right to elect to receive a Definitive Warrant pursuant to the terms of this Warrant Agreement, in which case
this sentence shall not apply. Upon giving irrevocable instructions to its Participant to exercise Warrants, solely for purposes of Regulation
SHO, the holder whose interest in the Warrant is a beneficial interest shall be deemed to have exercised such Warrant, regardless of when
the applicable Warrant Shares are delivered to such holder.

 

3.3.2        Issuance of Warrant Shares.

 

(a)           The Warrant Agent shall, on
the Trading Day following the date it receives a Notice of Exercise, advise the Company and the transfer agent and registrar for the Company’s
Common Stock (if the Warrant Agent is not the transfer agent), in respect of (i) the number of Warrant Shares indicated on the Notice
of Exercise as issuable upon such exercise with respect to such exercised Warrants, (ii) the instructions of the Holder or Participant,
as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and the number of Warrants that remain
outstanding after such exercise and (iii) such other information as the Company or such transfer agent and registrar shall reasonably
request.

 

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(b)          The Company shall cause the
Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s
or its designee’s balance account with DTC through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance
of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant is being exercised via cashless exercise,
and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its
designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which a Warrant has been exercised, irrespective of the date of delivery
of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
within the earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement
Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject
to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not
as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin
to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such
exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as the Warrants remain outstanding
and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number
of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of
the Notice of Exercise.

 

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

 

3.3.4        No Fractional Exercise.
No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment made pursuant to Section 4,
a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such
exercise, round up or down, as applicable, to the nearest whole number the number of Warrant Shares to be issued to such Holder.

 

3.3.5        No Transfer Taxes.
Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect
of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be
issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the
event Warrant Shares are to be issued in a name other than the name of the Holder, the Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto as Exhibit B duly executed by the Holder and the Company may require, as
a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all
Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the DTC (or another established clearing
corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

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3.3.6        Restrictive Legend Events;
Cashless Exercise Under Certain Circumstances.

 

(i)            The Company shall use its
reasonable best efforts to maintain the effectiveness of the Registration Statement and the current status of the prospectus included
therein or to file and maintain the effectiveness of another registration statement and another current prospectus covering the Warrants
and the Warrant Shares at any time that the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt
written notice of any time that the Company is unable to deliver the Warrant Shares via DTC transfer or otherwise without restrictive
legend because (A) the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission otherwise
has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the Company has
suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (D) the prospectus contained
in the Registration Statement is not available for the issuance of the Warrant Shares to the Holder or (E) otherwise (each a “Restrictive
Legend Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive
Legend Event occurs after a Holder has exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the
Warrant Shares, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of such notice
of the Restrictive Legend Event, either (A) rescind the previously submitted Notice of Exercise and the Company shall return all
consideration paid by registered holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise
as described in paragraph (ii) below and refund the cash portion of the exercise price to the Holder.

 

(ii)           If a Restrictive Legend Event
has occurred and is continuing, the Warrants may also be exercisable on a cashless basis. Notwithstanding anything herein to the contrary,
the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares.
Upon a “cashless exercise”, the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient (if
such quotient would be a positive number) obtained by dividing (A-B) (X) by (A), where:

 

		(A) =	As applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 3.3.1(a) hereof on a day
that is not a Trading Day or (2) both executed and delivered pursuant to Section 3.3.1(a) hereof on a Trading Day prior
to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal
securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported
by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed
during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two
(2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 3.3.1(a) hereof,
or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such
Notice of Exercise is both executed and delivered pursuant to Section 3.3.1(a) hereof after the close of “regular trading
hours” on such Trading Day.

 

		(B) =	The Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

		(X) =	the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the
terms of the Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

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If the Warrant Shares are issued in such
a cashless exercise, the Company acknowledges and agrees that, in accordance with Section 3(a)(9) of the Securities Act, the
Warrant Shares shall take on the registered characteristics of the Warrants being exercised and the holding period of the Warrants being
exercised may be tacked to the holding period of the Warrant Shares, and the Company agrees not to take any position contrary thereto,
except as required by applicable law based on additional facts and circumstances. Upon receipt of a Notice of Exercise for a cashless
exercise, the Warrant Agent will promptly deliver a copy of the Notice of Exercise to the Company to confirm the number of Warrant Shares
issuable in connection with the cashless exercise. The Company shall calculate and transmit to the Warrant Agent in a written notice,
and the Warrant Agent shall have no duty, responsibility or obligation under this section to calculate, the number of Warrant Shares issuable
in connection with any cashless exercise. The Warrant Agent shall be entitled to rely conclusively on any such written notice provided
by the Company, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with
such written instructions or pursuant to this Warrant Agreement.

 

3.3.7       Disputes. In the
case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares issuable
in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are not disputed.

 

3.3.8        Compensation for Buy-In
on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company
fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 3.3.2(b) above
pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver
in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with
an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence
the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit
a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree
of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock
upon exercise of the Warrant as required pursuant to the terms hereof.

 

3.3.9        Beneficial Ownership
Limitation. The Company shall not be required to effect any exercise of a Warrant, and a Holder shall not have the right to exercise
any portion of a Warrant, pursuant to Section 3 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates (as defined below), and any
other persons acting as a group together with the Holder or any of the Holder’s Affiliates (such persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the
foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall
include the number of shares of Common Stock issuable upon exercise of such Warrant with respect to which such determination is being
made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, non-exercised
portion of such Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or non-converted portion of any other securities of the Company (including, without limitation, any other securities
of the Company which would entitle the holder thereof to acquire at any time shares of Common Stock, including, without limitation, any
debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable
for, or otherwise entitles the holder thereof to receive, shares of Common Stock (“Common Stock Equivalents”)) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially

 

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owned by the Holder or any of its
Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 3.3.9, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 3.3.9
applies, the determination of whether a Warrant is exercisable (in relation to other securities owned by the Holder together with any
Affiliates and Attribution Parties) and of which portion of a Warrant is exercisable shall be in the sole discretion of the Holder, and
the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether a Warrant is exercisable (in
relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of a Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm
the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 3.3.9,
in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock
as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a
more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth
the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days
confirm orally and in writing to the 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 securities of the Company, including such
Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common
Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the
issuance of any Warrants, 9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock issuable upon exercise of a Warrant. The Holder, upon written notice to the Company and the Warrant Agent, may
increase or decrease the Beneficial Ownership Limitation provisions of this Section 3.3.9, provided that the Beneficial Ownership
Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock upon exercise of a Warrant held by the Holder and the provisions of this Section 3.3.9 shall continue to
apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to
the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 3.3.9 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the
intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of a Warrant.

 

4.             Adjustments.

 

4.1           Adjustment upon Subdivisions
or Combinations. If the Company, at any time while the Warrants are outstanding: (i) pays a stock dividend or otherwise makes
a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of
Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of the Warrants),
(ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of
the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of
which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such
event and of which the denominator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
after such event, and the number of shares issuable upon exercise of each Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of such Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4.1 shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

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4.2           Adjustment for Other Distributions.

 

(a)          Subsequent Rights Offerings.
In addition to any adjustments pursuant to Section 4.1 above, if at any time the Company grants, issues or sells any Common Stock
Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares
of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to
such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of
Common Stock acquirable upon complete exercise of a Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase
Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such
Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such
extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

(b)           Dividends. If the Company,
at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to all holders of Common Stock (or other
shares of the Company’s capital stock for which the Warrants are exercisable), other than a transaction described in Sections 4.1,
4.2(a) or 4.3 (any such non-excluded event being referred to herein as a “Dividend”), then the Exercise Price
shall be decreased, effective immediately after the effective date of such Dividend, by the quotient of (i) the gross amount of cash
and/or fair market value (as determined by the Company’s Board of Directors, in good faith) of all securities or other assets paid
to the holders of Common Stock (or other shares of the Company’s capital stock for which the Warrants are exercisable) in respect
of such Dividend divided by (ii) the sum of the number of shares of Common Stock (or other shares of the Company’s capital
stock into which the Warrants are exercisable) outstanding at the time of the Dividend plus the number of shares of Common Stock then
issuable upon exercise of all outstanding Warrants, provided, that the Exercise Price shall not be reduced below zero.

 

4.3           Fundamental Transaction.
If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another person, (ii) the Company, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a
series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company
or another person) is completed pursuant to which all holders of Common Stock are permitted to sell, tender or exchange their shares for
other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the
Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which all outstanding shares of Common Stock are effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another person or group of persons whereby such other person or group acquires more than 50% of
the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person or other persons making or party
to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination)
(each a “Fundamental Transaction”), then, upon any subsequent exercise of a Warrant, the Holder shall have the right
to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction (without regard to any limitation in Section 3.3.9 on the exercise of a Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and such amount of cash or any other
consideration (collectively, the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which a Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 3.3.9 on the exercise of a Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of a Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under the Warrants in accordance
with the provisions of this Section 4.3 pursuant to written agreements prior to or during such Fundamental Transaction. Upon the
occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of the Warrants referring to the “Company” shall refer instead to
the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under
the Warrants with the same effect as if such Successor Entity had been named as the Company therein.

 

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The Company shall instruct the
Warrant Agent in writing to mail by first class mail, postage prepaid, to each Holder, written notice of the execution of any such amendment,
supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into by the successor corporation or
transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in
this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness of any provisions
contained in such agreement or such notice, including but not limited to any provisions relating either to the kind or amount of securities
or other property receivable upon exercise of warrants or with respect to the method employed and provided therein for any adjustments,
and shall be entitled to rely conclusively for all purposes upon the provisions contained in any such agreement. The provisions of this
Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales and conveyances of the
kind described above.

 

4.4           Notices to Holder.

 

(a)           Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall promptly deliver
to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

(b)           Notice to Allow Exercise
by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the
Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize
the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class
or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of
the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the
assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be
entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice required by this Warrant Agreement constitutes, or contains, material, non-public
information regarding the Company or any of its Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. Provided such notice occurs within the Exercise Period, the Holder shall remain entitled to exercise
a Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as
may otherwise be expressly set forth herein.

 

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4.5           Other Events. If any
event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights or other rights with equity features
to all holders of Common Stock for no consideration), then the Company’s Board of Directors will, at its discretion and in good
faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate such additional consideration to be deemed
issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment to the Exercise Price will be
made pursuant to more than one sub-section of this Section 4 in connection with a single issuance.

 

4.6           Notices of Changes in Warrant.
Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise of a Warrant, the Company shall give
written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and the increase
or decrease, if any, in the number of Warrant 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 or 4.2, then, in any such event, the Company shall give written notice to each Holder, at the last address set forth for such holder
in the Warrant Register, as 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. The Warrant Agent shall be entitled to rely conclusively on, and shall be fully
protected in relying on, any certificate, notice or instructions provided by the Company with respect to any adjustment of the Exercise
Price or the number of shares issuable upon exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for
any action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions or pursuant to
this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until it shall have
received written notice thereof from the Company.

 

5.             Restrictive Legends; Fractional
Warrants. In the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not
register that transfer until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made
and indicating whether the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to
effect any registration of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction
of a Warrant.

 

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

 

6.1           No Rights as Stockholder.
Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants, shall not be entitled to vote
or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant
Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants, any of the rights of a stockholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of share capital, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights
or rights to participate in new issues of shares, or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is
then entitled to receive upon the due exercise of Warrants.

 

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

 

7.             Concerning the Warrant Agent
and Other Matters.

 

7.1           Any instructions given to the
Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be confirmed in writing by the Company as soon as
practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing to
act, in accordance with any oral instructions which do not conform with the written confirmation received in accordance with this Section 7.1.

 

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7.2           (a)
          Whether or not any Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder, the Company shall
pay to the Warrant Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s out
of pocket expenses in connection with this Warrant Agreement, including, without limitation, the reasonable fees and expenses of the Warrant
Agent’s counsel. While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at competitive
rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use
of the Warrant Agent’s billing systems.

 

(b)          All amounts owed by the Company
to the Warrant Agent under this Warrant Agreement are due within 30 days of the Company’s receipt of an invoice.

 

(c)           No provision of this Warrant
Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of
any of its duties under this Warrant Agreement or in the exercise of its rights.

 

7.3           As agent for the Company hereunder,
the Warrant Agent:

 

(a)           shall have no duties or obligations
other than those specifically set forth herein or as may subsequently be agreed to in writing by the Warrant Agent and the Company;

 

(b)          shall be regarded as making
no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness of the Warrants or any Warrant
Shares;

 

(c)           shall not be obligated to
take any legal action hereunder; if, however, the Warrant Agent determines to take any legal action hereunder, and where the taking of
such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to act unless it has been
furnished with an indemnity reasonably satisfactory to it;

 

(d)           may rely on and shall be fully
authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter, telegram, telex, facsimile
transmission or other document or security delivered to the Warrant Agent and believed by it to be genuine and to have been signed by
the proper party or parties;

 

(e)           shall not be liable or responsible
for any recital or statement contained in the Registration Statement or any other documents relating thereto;

 

(f)            shall not be liable or responsible
for any failure on the part of the Company to comply with any of its covenants and obligations relating to the Warrants, including without
limitation obligations under applicable securities laws;

 

(g)           may rely on and shall be fully
authorized and protected in acting or failing to act upon the written, telephonic or oral instructions with respect to any matter relating
to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such actions) of officers of the
Company, and is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from the
Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection with the Warrant Agent’s
duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for those instructions; any applications
by the Warrant Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in writing any action
proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date on or after which such action shall be
taken or such omission shall be effective; the Warrant Agent shall not be liable for any action taken by, or omission of, the Warrant
Agent in accordance with a proposal included in such application on or after the date specified in such application (which date shall
not be less than five business days after the date such application is sent to the Company, unless the Company shall have consented in
writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have received written instructions in response
to such application specifying the action to be taken or omitted;

 

    12 

     

    

 

(h)          may consult with counsel satisfactory
to the Warrant Agent, including its in-house counsel, and the advice of such counsel shall be full and complete authorization and protection
in respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance with the advice of such counsel;

 

(i)            may perform any of its duties
hereunder either directly or by or through nominees, correspondents, designees, or subagents, and it shall not be liable or responsible
for any misconduct or negligence on the part of any nominee, correspondent, designee, or subagent appointed with reasonable care by it
in connection with this Warrant Agreement;

 

(j)             is not authorized, and shall
have no obligation, to pay any brokers, dealers, or soliciting fees to any person; and

 

(k)           shall not be required hereunder
to comply with the laws or regulations of any country other than the United States of America or any political subdivision thereof.

 

7.4           (a)
           In the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be liable for any action
taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement.
Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect, incidental,
consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent
has been advised of the possibility of such losses or damages and regardless of the form of action. Any liability of the Warrant Agent
will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable for any failures,
delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not limited to, acts of
government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots,
rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures including
telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

 

(b)           In the event any question
or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties under this Warrant Agreement
or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable or responsible
for its refusal to act until the question or dispute has been judicially settled (and, if appropriate, it may file a suit in interpleader
or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all persons
interested in the matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory
to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require for such purpose, but shall
not be obligated to require, the execution of such written settlement by all the Holders and all other persons that may have an interest
in the settlement.

 

7.5          The Company covenants to indemnify
the Warrant Agent and hold it harmless from and against any loss, liability, claim or expense (“Loss”) arising out
of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses of defending
itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result of the Warrant
Agent’s gross negligence or willful misconduct.

 

7.6          Unless terminated earlier by
the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date and the date on which no Warrants
remain outstanding (the “Termination Date”). On the business day following the Termination Date, the Warrant Agent
shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Warrant Agent’s
right to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section 7 shall survive the termination of
this Warrant Agreement.

 

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7.7           If any provision of this Warrant
Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall be construed and enforced as if
such provision had not been contained herein and shall be deemed an agreement among the parties to it to the full extent permitted by
applicable law.

 

7.8           The Company represents and
warrants that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation, (b) the
offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including this Warrant
Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute a default under
the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument to which it is a
party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the legal, valid,
binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable requirements
of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection with
the offering of the Warrants.

 

7.9          In the event of inconsistency
between this Warrant Agreement and the descriptions in the Registration Statement, as they may from time to time be amended, the terms
of this Warrant Agreement shall control.

 

7.10         Any notice, statement or demand
authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company, including,
without limitation, the copy of any Notice of Exercise, shall be in writing and delivered by e-mail, hand or sent by a nationally recognized
overnight courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as set forth below
and if to any holder any notice, statement or demand shall be given to the last address set forth for such holder (if any) in the Warrant
Register:

 

Splash Beverage Group, Inc. 

1314 E Las Olas Blvd.,
Suite 221

Fort Lauderdale, 33301

Attn: Dean Huge

Phone: (954) 745-5815

Email: Dean@splashbeveragegroup.com

 

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

 

Sichenzia Ross Ference
LLP 

1185 Avenue of the Americas,
31st Floor

New York, NY 10036

Attn: Darrin Ocasio,
Esq.

Phone: (212) 930-9700

Email: dmocasio@srf.law

 

Any notice, statement or demand
authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent, including,
without limitation, any Notice of Exercise, shall be in writing and delivered by facsimile, hand or sent by a nationally recognized overnight
courier service, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

 

[__]

[Address]

Fax No: [ ]

Email: [ ]

 

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Any notice or other communication
or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth above in this Section 7.11 prior to
5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section on a day that is not
a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date
of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such
notice is required to be given. Notwithstanding any other provision of this Warrant Agreement, where this Warrant Agreement provides for
notice of any event to the Holder, if a Warrant is held in global form by DTC (or any successor depositary), such notice shall be sufficiently
given if given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary).

 

7.11         (a)
          This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York. All actions and proceedings
relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan
in the City and State of New York. The Company hereby submits to the personal jurisdiction of such courts and consents that any service
of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified
for notices hereunder.

 

(b)           This Warrant Agreement shall
inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant Agreement may not be assigned,
or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party, which the other party
will not unreasonably withhold, condition or delay; except that (i) consent is not required for an assignment or delegation of duties
by Warrant Agent to any Affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation, sale of assets or other form
of business combination by Warrant Agent or the Company shall not be deemed to constitute an assignment of this Warrant Agreement.

 

(c) No provision of this Warrant
Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company and the Warrant Agent may
amend or supplement this Warrant Agreement without the consent of any 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 Warrant Agreement as the parties may deem necessary or desirable and that the parties determine, in good faith, shall
not adversely affect the interest of the Holders. All other amendments and supplements shall require the vote or written consent of Holders
of at least 50.1% of the then outstanding Warrants, provided that adjustments may be made to the Warrant terms and rights in accordance
with Section 4 without the consent of the Holders.

 

7.12         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 Warrant Shares upon the exercise of Warrants, but the Company may require the Holders to pay any transfer
taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer of Warrants or any delivery
of any Warrant Shares unless or until the persons requesting the registration or issuance shall have paid to the Warrant Agent for the
account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable satisfaction of the Company
and the Warrant Agent that such tax or charge, if any, has been paid.

 

7.13         Resignation of Warrant
Agent.

 

7.13.1     Appointment of Successor
Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such shorter period of time
agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor Warrant Agent, after giving thirty
(30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such shorter period of time as agreed. If the office
of the Warrant Agent becomes vacant by resignation, termination 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 30 days
after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent or any Holder may
apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent at the Company’s cost. Pending appointment
of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the

 

    15 

     

    

 

Warrant Agent shall be carried out by
the Company. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed by the Company or by such court,
shall be a person organized and existing under the laws of any state of the United States of America, in good standing, 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, and except for executing
and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further duties, obligations,
responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement
and the resignation or removal of the Warrant Agent, including but not limited to its right to indemnity hereunder. If for any reason
it becomes necessary or appropriate or at the request of the Company, 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.

 

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

 

7.13.3      Merger or Consolidation
of Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any person
resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any person succeeding to the shareowner
services business of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement,
without any further act or deed.

 

8.             Miscellaneous Provisions.

 

8.1          Persons Having Rights under
this Warrant Agreement. Nothing in this Warrant 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 Holders
any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof.

 

8.2           Examination of the Warrant
Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent designated
for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to provide reasonable
evidence of its interest in the Warrants.

 

8.3          Counterparts. This Warrant
Agreement may be executed in any number of original, facsimile or electronic 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.

 

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

 

9.             Certain Definitions.
As used herein, the following terms shall have the following meanings:

 

(i)            ”Adjustment Right”
means any right granted with respect to any securities issued in connection with, or with respect to, any issuance, sale or delivery (or
deemed issuance, sale or delivery in accordance with Section 4) of Common Stock (other than rights of the type described in Section 4.2
and 4.3 hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to,
such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights) but excluding anti-dilution
and other similar rights (including pursuant to Section 4.4 of this Agreement).

 

    16 

     

    

 

(ii)           ”Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

(iii)           ”person”
shall mean any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other entity,
and shall include any successor (by merger or otherwise) thereof or thereto.

 

(iv)           ”Trading Day”
means any day on which the Common Stock is traded on the Trading Market, or, if the Trading Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market in the United States on which the Common Stock is
then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such
exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading
on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or
market, then during the hour ending at 4:00 P.M., New York City time)

 

(v)           ”Trading Market”
means the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing).

 

(vi)          ”VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if
the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the
“Pink Open Market” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market
value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest
of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

[SIGNATURE PAGE FOLLOWS]

 

    17 

     

    

 

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

 

	 	SPLASH BEVERAGE GROUP, INC.
	 	 
	 	By:	 
	 	 	Name: Robert Nistico
	 	 	Title: Chief Executive Officer
	 	 
	 	[__],
	 	as Warrant Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

	Annex A	Form of Global Certificate
	Annex B	Form of Certificated Warrant 
	Exhibit A	Warrant Certificate Request Notice
	Exhibit B	Assignment Form 

 

    

     

    

 

ANNEX A

 

[FORM OF GLOBAL CERTIFICATE]

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

SPLASH BEVERAGE GROUP, INC.

WARRANT CERTIFICATE

NOT EXERCISABLE AFTER [___], 2026

 

This certifies that the person
whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants set forth below. Each Warrant
entitles its registered holder to purchase from Splash Beverage Group, Inc., a company incorporated under the laws of the State of
Colorado (the “Company”), at any time prior to 5:00 P.M. (New York City time) on [___], 2026, one share of common
stock, no par value per share, of the Company (each, a “Warrant Share” and collectively, the “Warrant Shares”),
at an exercise price of $[__] per share, subject to possible adjustments as provided in the Warrant Agreement (as defined below).

 

This Warrant Certificate, with
or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be exchanged for another Warrant
Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered.
A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate at the designated office of the
Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent may reasonably request and duly stamped
as may be required by the laws of the State of New York and of the United States of America.

 

The terms and conditions of the
Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant Agency Agreement dated
as of May __, 2021 (the “Warrant Agreement”) between the Company and [__], as Warrant Agent (the “Warrant
Agent”). A copy of the Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent.

 

This Warrant Certificate shall
not be valid or obligatory for any purpose until it shall have been countersigned by an authorized signatory of the Warrant Agent.

 

    A-1

     

    

 

WITNESS the facsimile signature
of a proper officer of the Company.

 

 

	 	SPLASH BEVERAGE GROUP, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	 
	Dated: [____], 2021	 
	Countersigned:	 
	[__],	 
	as Warrant Agent	 

 

	By:	 	 
	Name:	 
	Title:	 

 

    A-2

     

    

PLEASE DETACH HERE

 

Certificate No.:_________ Number of Warrants:_[
]__

 

WARRANT CUSIP NO.: ___________

	 	SPLASH BEVERAGE GROUP, INC.
	[Name & Address of Holder]	[__], Warrant Agent
	 	By Mail:
	 	By hand or overnight courier:

 

    A-3

     

    

ANNEX B

 

[FORM OF CERTIFICATED WARRANT]

 

THE NUMBER
OF COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 1(d) OF
THIS WARRANT.

 

SPLASH BEVERAGE
GROUP, INC.

 

Warrant To
Purchase Common Shares

 

Warrant No.:

Date of Issuance: [ ], 2021 (“Issuance Date”)

 

Splash Beverage Group, Inc.,
a Colorado corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, [BUYER], the registered holder hereof or
its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company,
at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Shares (including any Warrants
to Purchase Common Shares issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times
on or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below), _________________[1]
(subject to adjustment as provided herein) fully paid and non-assessable shares of Common Stock (as defined below) (the “Warrant
Shares”, and such number of Warrant Shares, the “Warrant Number”). Except as otherwise defined herein, capitalized
terms in this Warrant shall have the meanings set forth in Section 17. This Warrant is one of the Warrants to Purchase Common Shares
(the “Registered Warrants”) issued pursuant to (i) Section 1 of that certain Underwriting Agreement, dated
as of [ ], 2021 (the “Subscription Date”), by and among the Company and the underwriter(s) referred to therein,
as amended from time to time (the “Underwriting Agreement”) and (ii) the Company’s Registration Statement
on Form S-1 (File number 333-255091) (the “Registration Statement”).

 

1.    
EXERCISE OF WARRANT.

 

(a)          Mechanics of Exercise.
Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section 1(f)), this Warrant
may be exercised by the Holder on any day on or after the Issuance Date (an “Exercise Date”), in whole or in part,
by delivery (whether via facsimile, electronic mail or otherwise) of a written notice, in the form attached hereto as Exhibit A
(the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following
an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount equal to the Exercise Price in
effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant was so exercised (the “Aggregate
Exercise Price”) in cash or via wire transfer of immediately available funds if the Holder did not notify the Company in such
Exercise Notice that such exercise was made pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be
required to deliver the original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice
with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant and issuance
of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice
for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of this Warrant after delivery
of the Warrant Shares in accordance with the terms hereof. On or before the first (1st) Trading Day following the date on which the Company
has received an Exercise Notice, the Company shall transmit by facsimile or electronic mail an acknowledgment of confirmation of receipt
of such Exercise Notice, in the form attached hereto as Exhibit B, to the Holder and the Company’s transfer agent
(the “Transfer Agent”), which confirmation shall constitute an instruction to the Transfer Agent to process such Exercise
Notice in accordance with the terms herein. On or before the second (2nd) Trading Day following the date on which the Company has received
such Exercise Notice (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the
settlement of a trade of such Warrant Shares initiated on the applicable Exercise Date), the Company shall

 

1100% Warrant coverage

 

    B-1

     

    

 

(i) provided that the
Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program
(“FAST Program”), upon the request of the Holder, credit such aggregate number of Common Shares to which the Holder
is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal
at Custodian system, or (ii) if the Transfer Agent is not participating in the DTC FAST Program, upon the request of the Holder,
issue and deliver (via reputable overnight courier) to the address as specified in the Exercise Notice, a certificate, registered in the
name of the Holder or its designee, for the number of Common Shares to which the Holder shall be entitled pursuant to such exercise, which
Common Shares shall be freely tradeable pursuant to all applicable securities laws. Upon delivery of an Exercise Notice, the Holder shall
be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of
the certificates evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in connection with any exercise pursuant
to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the
number of Warrant Shares being acquired upon an exercise and upon surrender of this Warrant to the Company by the Holder, then, at the
request of the Holder, the Company shall as soon as practicable and in no event later than two (2) Business Days after any exercise
and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number
of Warrant Shares with respect to which this Warrant is exercised. No fractional Common Shares are to be issued upon the exercise of this
Warrant, but rather the number of Common Shares to be issued shall be rounded up to the nearest whole number. The Company shall pay any
and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses of the Transfer
Agent) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. Notwithstanding
the foregoing, except in the case where an exercise of this Warrant is validly made pursuant to a Cashless Exercise, the Company’s
failure to deliver Warrant Shares to the Holder on or prior to the later of (A) two (2) Trading Days after receipt of the applicable
Exercise Notice (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement
of a trade of such Warrant Shares initiated on the applicable Exercise Date) and (B) one (1) Trading Day after the Company’s
receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise) (such later date, the “Share Delivery Date”)
shall not be deemed to be a breach of this Warrant. From the Issuance Date through and including the Expiration Date, the Company shall
maintain a transfer agent that participates in the DTC FAST Program. Notwithstanding any other provision in this Agreement, the Holder
may elect, at its sole discretion, to receive unregistered Warrant Shares issued in response to an Exercise Notice instead of Warrant
Shares (i) registered pursuant to the Registration Statement or any other registration statement or (ii) issued pursuant to
Section 1(c).

 

(b)          Exercise Price. For
purposes of this Warrant, “Exercise Price” means $[__] subject to adjustment as provided herein.

 

(c)           Company’s Failure
to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason, on or prior to the Share Delivery Date,
either (I) if the Transfer Agent is not participating in the DTC FAST Program, to issue and deliver to the Holder (or its designee)
a certificate for the number of Warrant Shares to which the Holder is entitled and register such Warrant Shares on the Company’s
share register or, if the Transfer Agent is participating in the DTC FAST Program, to credit the balance account of the Holder or the
Holder’s designee with DTC for such number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise of
this Warrant (as the case may be) or (II) if the Registration Statement (or prospectus contained therein) covering the issuance of
the Warrant Shares that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”) is not available
for the issuance of such Unavailable Warrant Shares and the Company fails to promptly (x) so notify the Holder and (y) deliver
the Warrant Shares electronically without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal
At Custodian system (the event described in the immediately foregoing clause (II) is hereinafter referred as a “Notice Failure”
and together with the event described in clause (I) above, a “Delivery Failure”), and if on or after such Share
Delivery Date the Holder purchases (in an open market transaction or otherwise) Common Shares to deliver in satisfaction of a sale by
the Holder of all or any portion of the number of Common Shares issuable upon such exercise that the Holder is entitled to receive from
the Company (a “Buy-In”), then, in addition to all other remedies available to the Holder, the Company shall, within
two (2) Business Days after the Holder’s request and in the Holder’s discretion, either (i) as an indemnity for
loss hereunder, pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage

 

    B-2

     

    

 

commissions
and other out-of-pocket expenses, if any) for the Common Shares so purchased (including, without limitation, by any other Person in respect,
or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s obligation to so issue and deliver
such certificate (and to issue such Common Shares) or credit the balance account of such Holder or such Holder’s designee, as applicable,
with DTC for the number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may
be) (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder
a certificate or certificates representing such Warrant Shares or credit the balance account of such Holder or such Holder’s designee,
as applicable, with DTC for the number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise hereunder (as
the case may be) and, as an indemnity for loss hereunder, pay cash to the Holder in an amount equal to the excess (if any) of the Holder’s
total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the Common Shares so purchased (including,
without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”) over the product
of (A) such number of Warrant Shares multiplied by (B) the lowest Closing Sale Price of the Common Shares on any Trading Day
during the period commencing on the date of the applicable Exercise Notice and ending on the date of such issuance and payment under this
clause (ii) (the “Buy-In Payment Amount”). Nothing shall limit the Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance and/or injunctive relief
with respect to the Company’s failure to timely deliver certificates representing Common Shares (or to electronically deliver such
Common Shares) upon the exercise of this Warrant as required pursuant to the terms hereof. While this Warrant is outstanding, the Company
shall cause its transfer agent to participate in the DTC FAST Program. In addition to the foregoing rights, (i) if the Company fails
to deliver the applicable number of Warrant Shares upon an exercise pursuant to Section 1 by the applicable Share Delivery Date,
then the Holder shall have the right to rescind such exercise in whole or in part and retain and/or have the Company return, as the case
may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an exercise
shall not affect the Company’s obligation to make any payments that have accrued prior to the date of such notice pursuant to this
Section 1(c) or otherwise except with respect to any returned portion of an exercise under this subclause (i), and (ii) if
a registration statement (which may be the Registration Statement) covering the issuance or resale of the Warrant Shares that are subject
to an Exercise Notice is not available for the issuance or resale, as applicable, of such Exercise Notice Warrant Shares and the Holder
has submitted an Exercise Notice prior to receiving notice of the non-availability of such registration statement and the Company has
not already delivered the Warrant Shares underlying such Exercise Notice electronically without any restrictive legend by crediting such
aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s
balance account with DTC through its Deposit / Withdrawal At Custodian system, the Holder shall have the option, by delivery of notice
to the Company, to (x) rescind such Exercise Notice in whole or in part and retain or have returned, as the case may be, any portion
of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an Exercise Notice shall
not affect the Company’s obligation to make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or
otherwise, and/or (y) switch some or all of such Exercise Notice from a cash exercise to a Cashless Exercise.

 

(d)           Cashless
Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f) below), if prior to
the Expiration Date at the time of exercise hereof the Registration Statement is not effective (or the prospectus contained therein is
not available for use) for the issuance of all of the Warrant Shares, then the Holder may, in its sole discretion, exercise this Warrant
in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment
of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of Warrant Shares determined
according to the following formula (a “Cashless Exercise”):

 

	 	Net Number =	[(A-B) x (X)]	 
	 	 	A	 

 

For purposes of the foregoing formula:

 

    B-3

     

    

 

	A = 	As applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof, or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day.
	B = 	The Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.
	X = 	The number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If the Warrant Shares are issued in a Cashless Exercise,
the parties acknowledge and agree that in accordance with Section 3(a)(9) of the 1933 Act, the Warrant Shares take on the registered
characteristics of the Warrants being exercised. For purposes of Rule 144(d) promulgated under the 1933 Act, as in effect on
the Initial Exercise Date, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired
by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally
issued pursuant to the Underwriting Agreement. Notwithstanding anything herein to the contrary, on the Expiration Date, this Warrant shall
be automatically exercised via cashless exercise pursuant to this Section 1(d).

 

(e)           Disputes. In the case
of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares to be issued
pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve
such dispute in accordance with Section 13.

 

(f)            Limitations on Exercises.
The Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion
of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never
made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would
beneficially own in excess of 4.99% (the “Maximum Percentage”) of the Common Shares outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Common Shares beneficially owned by the Holder
and the other Attribution Parties shall include the number of Common Shares held by the Holder and all other Attribution Parties plus
the number of Common Shares issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made,
but shall exclude Common Shares which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially
owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred shares or warrants,
including other Registered Warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion
or exercise analogous to the limitation contained in this Section 1(f)(i). For purposes of this Section 1(f)(i), beneficial
ownership shall be calculated in accordance with Section 13(d) of the 1934 Act. For purposes of determining the number of outstanding
Common Shares the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on
the number of outstanding Common Shares as reflected in (x) 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, (y) a more recent
public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the
number of Common Shares outstanding (the “Reported Outstanding Share Number”). If the Company receives an Exercise
Notice from the Holder at a time when the actual number of outstanding Common Shares is less than the Reported Outstanding Share Number,
the Company shall (i) notify the Holder in writing of the number of Common Shares then outstanding and, to the extent that such

 

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Exercise
Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 1(f)(i), to exceed the
Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be acquired pursuant to such Exercise
Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably
practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at
any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing
or by electronic mail to the Holder the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder
and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance
of Common Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially
own, in the aggregate, more than the Maximum Percentage of the number of outstanding Common Shares (as determined under Section 13(d) of
the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial
ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled
ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the
issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder
for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such increase
not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to any other
percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will
not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase
or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Registered Warrants that is
not an Attribution Party of the Holder. For purposes of clarity, the Common Shares issuable pursuant to the terms of this Warrant in excess
of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or
Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect
on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f)(i) to
the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended
beneficial ownership limitation contained in this Section 1(f)(i) or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder
of this Warrant.

 

(g)           Reservation of Shares.

 

(i)            Required Reserve
Amount. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under this Warrant
a number of Common Shares at least equal to 100% of the maximum number of Common Shares as shall be necessary to satisfy the Company’s
obligation to issue Common Shares under the Registered Warrants then outstanding (without regard to any limitations on exercise) (the
“Required Reserve Amount”); provided that at no time shall the number of Common Shares reserved pursuant to this Section 1(g)(i) be
reduced other than proportionally in connection with any exercise or redemption of Registered Warrants or such other event covered by
Section 2(a) below. The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved)
shall be allocated pro rata among the holders of the Registered Warrants based on number of Common Shares issuable upon exercise of Registered
Warrants held by each holder on the Issuance Date (without regard to any limitations on exercise) or increase in the number of reserved
shares, as the case may be (the “Authorized Share Allocation”). In the event that a holder shall sell or otherwise
transfer any of such holder’s Registered Warrants, each transferee shall be allocated a pro rata portion of such holder’s
Authorized Share Allocation. Any Common Shares reserved and allocated to any Person which ceases to hold any Registered Warrants shall
be allocated to the remaining holders of Registered Warrants, pro rata based on the number of Common Shares issuable upon exercise of
the Registered Warrants then held by such holders (without regard to any limitations on exercise).

 

    B-5

     

    

 

(ii)           Insufficient Authorized
Shares. If, notwithstanding Section 1(g)(i) above, and not in limitation thereof, at any time while any of the Registered
Warrants remain outstanding, the Company does not have a sufficient number of authorized and unreserved Common Shares to satisfy its obligation
to reserve the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall immediately take all
action necessary to increase the Company’s authorized Common Shares to an amount sufficient to allow the Company to reserve the
Required Reserve Amount for all the Registered Warrants then outstanding. Without limiting the generality of the foregoing sentence, as
soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty (60) days after
the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its shareholders for the approval of an increase
in the number of authorized Common Shares. In connection with such meeting, the Company shall provide each shareholder with a proxy statement
and shall use its best efforts to solicit its shareholders’ approval of such increase in authorized Common Shares and to cause its
board of directors to recommend to the shareholders that they approve such proposal. In the event that the Company is prohibited from
issuing Common Shares upon an exercise of this Warrant due to the failure by the Company to have sufficient Common Shares available out
of the authorized but unissued Common Shares (such unavailable number of Common Shares, the “Authorization Failure Shares”),
in lieu of delivering such Authorization Failure Shares to the Holder, the Company shall pay cash in exchange for the cancellation of
such portion of this Warrant exercisable into such Authorization Failure Shares at a price equal to the sum of (i) the product of
(x) such number of Authorization Failure Shares and (y) the greatest Closing Sale Price of the Common Shares on any Trading
Day during the period commencing on the date the Holder delivers the applicable Exercise Notice with respect to such Authorization Failure
Shares to the Company and ending on the date of such issuance and payment under this Section 1(f); and (ii) to the extent the
Holder purchases (in an open market transaction or otherwise) Common Shares to deliver in satisfaction of a sale by the Holder of Authorization
Failure Shares, any Buy-In Payment Amount, brokerage commissions and other out-of-pocket expenses, if any, of the Holder incurred in connection
therewith.

 

(h)          Warrant Agency Agreement.
If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency
Agreement, dated [on or about the Issuance Date] with [__] (the “Warrant Agency Agreement”). To the extent any provision
of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and
be controlling.

 

2.            ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise of this
Warrant are subject to adjustment from time to time as set forth in this Section 2.

 

(a)           Share Dividends and Splits.
Without limiting any provision of Section 4, if the Company, at any time on or after the Subscription Date, (i) pays a share
dividend on one or more classes of its then outstanding Common Shares or otherwise makes a distribution on any class of capital shares
that is payable in Common Shares, (ii) subdivides (by any share split, share dividend, recapitalization or otherwise) one or more
classes of its then outstanding Common Shares into a larger number of shares or (iii) combines (by combination, reverse share split
or otherwise) one or more classes of its then outstanding Common Shares into a smaller number of shares, then in each such case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares outstanding immediately before such
event and of which the denominator shall be the number of Common Shares outstanding immediately after such event. Any adjustment made
pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of shareholders
entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall
become effective immediately after the effective date of such subdivision or combination.

 

(b)          Number of Warrant Shares.
Simultaneously with any adjustment to the Exercise Price pursuant to this Section 2, the number of Warrant Shares that may be purchased
upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price
payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior
to such adjustment (without regard to any limitations on exercise contained herein).

 

    B-6

     

    

 

(c)           Other Events. In the
event that the Company (or any Subsidiary (as defined in the Underwriting Agreement)) shall take any action to which the provisions hereof
are not strictly applicable, or, if applicable, would not operate to protect the Holder from dilution or if any event occurs of the type
contemplated by the provisions of this Section 2 but not expressly provided for by such provisions (including, without limitation,
the granting of share appreciation rights, phantom share rights or other rights with equity features), then the Company’s board
of directors shall in good faith determine and implement an appropriate adjustment in the Exercise Price and the number of Warrant Shares
(if applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant to this Section 2(c) will
increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2, provided
further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against such dilution,
then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment bank of nationally
recognized standing to make such appropriate adjustments, whose determination shall be final and binding absent manifest error and whose
fees and expenses shall be borne by the Company.

 

(d)          Calculations. All calculations
under this Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th of a share, as applicable. The number of
Common Shares outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition
of any such shares shall be considered an issuance or sale of Common Shares.

 

(e)            Voluntary Adjustment By
Company. The Company may at any time during the term of this Warrant, subject to the prior consent of the Principal Market if less
than $[ ][2] (as adjusted for share splits, share dividends,
share combinations, recapitalizations or other similar transactions), with the prior written consent of the holders of a majority of the
Registered Warrants then outstanding, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate
by the board of directors of the Company.

 

3.            RIGHTS
UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if the Company shall declare
or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Common Shares, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, shares or other securities, property, options, evidence
of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, plan of arrangement or
other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case,
the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if
the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations or
restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a
record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to
be determined for the participation in such Distribution (provided,
however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder
and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution
to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership of such Shares Common Shares as a result of
such Distribution (and beneficial ownership) to the extent of any such excess) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time or times, if ever, as its right thereto would not result in the Holder and the other Attribution
Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such Distribution (and any Distributions
declared or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there
had been no such limitation).

 

2Insert 20% of the per Unit offering price.

    B-7

     

    

 

4.             PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)           Purchase Rights. In
addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any Options, Convertible
Securities or rights to purchase shares, warrants, securities or other property pro rata to the record holders of any class of Common
Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable
upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without
limitation, the Maximum Percentage) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase
Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the grant, issuance
or sale of such Purchase Rights (provided, however, that to the extent that the Holder’s right to participate in any
such Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall
not be entitled to participate in such Purchase Right to the extent of the Maximum Percentage (and shall not be entitled to beneficial
ownership of such Common Shares as a result of such Purchase Right (and beneficial ownership) to the extent of any such excess) and such
Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times, if ever, as its right
thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the
Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent
Purchase Right held similarly in abeyance) to the same extent as if there had been no such limitation).

 

(b)           Fundamental Transactions.
The Company shall not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes in writing all
of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b) pursuant to written
agreements in form and substance satisfactory to the Holder and approved by the Holder prior to such Fundamental Transaction, including
agreements to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for a corresponding number
of capital shares equivalent to of Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such capital shares (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the
value of such capital shares, such adjustments to the number of capital shares and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction) and (ii) the Successor
Entity (including its Parent Entity) is a publicly traded corporation whose common shares are quoted on or listed for trading on an Eligible
Market. Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that
from and after the date of the applicable Fundamental Transaction, the provisions of this Warrant referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation
of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise
of this Warrant at any time after the consummation of the applicable Fundamental Transaction, in lieu of the Common Shares (or other securities,
cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable
thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such publicly traded common shares
(or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the
happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction
(without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding
the foregoing, and without limiting Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice
to the Company to waive this Section 4(b) to permit the Fundamental Transaction without the assumption of this Warrant. In addition
to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which
holders of Common Shares are entitled to receive securities or other assets with respect to or in exchange for Common Shares (a “Corporate
Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon
an exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction but prior to the Expiration Date,
in lieu of the Common Shares (or other securities, cash, assets or other property (except such items still issuable under Sections 3 and
4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription
rights) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant
been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this
Warrant). Provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder.

 

    B-8

     

    

 

(c)           Black Scholes Value.
Notwithstanding the foregoing and the provisions of Section 4(b) above, at the request of the Holder delivered at any time commencing
on the earliest to occur of (x) the public disclosure of any Fundamental Transaction, (y) the consummation of any Fundamental
Transaction and (z) the Holder first becoming aware of any Fundamental Transaction through the date that is thirty (30) days after
the public disclosure of the consummation of such Fundamental Transaction by the Company pursuant to a Current Report on Form 8-K
filed with the SEC, the Company or the Successor Entity (as the case may be) shall purchase this Warrant from the Holder on the date of
such request by paying to the Holder cash in an amount equal to the Black Scholes Value. Payment of such amounts shall be made by the
Company (or at the Company’s direction) to the Holder on or prior to the later of (x) the second (2nd) Trading Day after the
date of such request and (y) the date of consummation of such Fundamental Transaction; provided, however, if the Fundamental
Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors or the consideration
is not in all shares of the Successor Entity, the Holder shall only be entitled to receive from the Company or any Successor Entity, as
of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the
Black Scholes Value (as defined below) of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common
Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, shares or any
combination thereof, or whether the holders of Common Shares are given the choice to receive from among alternative forms of consideration
in connection with the Fundamental Transaction.

 

(d)          Application. The provisions
of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events and shall be applied
as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations on the exercise of
this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage, applied however with respect
to capital shares registered under the 1934 Act and thereafter receivable upon exercise of this Warrant (or any such other warrant)).

 

5.             NONCIRCUMVENTION. The Company hereby covenants
and agrees that the Company will not, by amendment of its certificate of incorporation or other organizational documents or through any
reorganization, transfer of assets, consolidation, merger, amalgamation, plan of arrangement, dissolution, issuance or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all
times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder.
Without limiting the generality of the foregoing, the Company (a) shall not increase the par value of any Common Shares receivable
upon the exercise of this Warrant above the Exercise Price then in effect, and (b) shall take all such actions as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Common Shares upon the exercise of
this Warrant, which Common Shares shall be freely tradeable pursuant to all applicable securities laws. Notwithstanding anything herein
to the contrary, if after the sixty (60) calendar day anniversary of the Issuance Date, the Holder is not permitted to exercise this Warrant
in full for any reason (other than pursuant to restrictions set forth in Section 1(f) hereof), the Company shall use its best
efforts to promptly remedy such failure, including, without limitation, obtaining such consents or approvals as necessary to permit such
exercise into Common Shares.

 

6.            WARRANT HOLDER NOT DEEMED A SHAREHOLDER.
Except as otherwise specifically provided herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be entitled
to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in
this Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a shareholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of shares, reclassification
of shares, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant.
In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices
and other information given to the shareholders of the Company generally, contemporaneously with the giving thereof to the shareholders.

 

    B-9

     

    

 

7 .            REISSUANCE
OF WARRANTS.

 

(a)           Transfer of Warrant.
If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company will forthwith issue
and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing
the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares
then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the
right to purchase the number of Warrant Shares not being transferred.

 

(b)           Lost, Stolen or Mutilated
Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and,
in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable
form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder
a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)           Exchangeable for Multiple
Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new
Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares
then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is
designated by the Holder at the time of such surrender; provided, however, no warrants for fractional Common Shares shall be given.

 

(d)           Issuance of New Warrants.
Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like
tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares
then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or Section 7(c), the
Warrant Shares designated by the Holder which, when added to the number of Common Shares underlying the other new Warrants issued in connection
with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date,
as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions
as this Warrant.

 

8.             NOTICES. (a) General. Whenever
notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in writing, (i) if
delivered (a) from within the domestic United States, by first-class registered or certified airmail, or nationally recognized overnight
express courier, postage prepaid, electronic mail or by facsimile or (b) from outside the United States, by International Federal
Express, electronic mail or facsimile, and (ii) will be deemed given (A) if delivered by first-class registered or certified
mail domestic, three (3) Business Days after so mailed, (B) if delivered by nationally recognized overnight carrier, one (1) Business
Day after so mailed, (C) if delivered by International Federal Express, two (2) Business Days after so mailed and (D) if
delivered by electronic mail, when sent (provided that such sent email is kept on file (whether electronically or otherwise) by the sending
party and the sending party does not receive an automatically generated message from the recipient’s email server that such e-mail
could not be delivered to such recipient) and (E) if delivered by facsimile, upon electronic confirmation of receipt of such facsimile,
and will be delivered and addressed as follows:

 

	 	(i)	if to the Company, to:

 

 

Splash Beverage Group, Inc.

1314 E Las Olas Blvd.,
Suite 221

Fort Lauderdale, 33301

Attn: Dean Huge

Phone: (954) 745-5815

Email: Dean@splashbeveragegroup.com

 

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

 

    B-10

     

    

Sichenzia Ross Ference
LLP

1185 Avenue of the Americas,
31st Floor

New York, NY 10036

Attn: Darrin Ocasio,
Esq.

Phone: (212) 930-9700

Email: dmocasio@srf.law

 

(ii)            if to the Holder, at such address or
other contact information delivered by the Holder to Company or as is on the books and records of the Company.

 

(b)           Required Notices. The
Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant (other than the issuance of
Common Shares upon exercise in accordance with the terms hereof), including in reasonable detail a description of such action and the
reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately
upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation
of such adjustment(s), (ii) at least ten Trading Days prior to the date on which the Company closes its books or takes a record (A) with
respect to any dividend or distribution upon the Common Shares, (B) with respect to any grants, issuances or sales of any Options,
Convertible Securities or rights to purchase shares, warrants, securities or other property to holders of Common Shares or (C) for
determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information
shall be made known to the public prior to or in conjunction with such notice being provided to the Holder, and (iii) at least ten
(10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided hereunder constitutes,
or contains, material, non-public information regarding the Company or any of its Subsidiaries, the Company shall simultaneously file
such notice with the SEC pursuant to a Current Report on Form 8-K. It is expressly understood and agreed that the time of execution
specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

9.            AMENDMENT AND WAIVER. Except as otherwise
provided herein, the provisions of this Warrant (other than Section 1(f)) may be amended and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of
the Holder. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party.

 

10.          SEVERABILITY. If any provision of this
Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision
that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be
valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions
of this Warrant so long as this Warrant as so modified continues to express, without material change, the original intentions of the parties
as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not
substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits
that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid
or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

 

11.          GOVERNING LAW. This Warrant shall be governed
by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance
of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws
of any jurisdictions other than the State of New York. The Company hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof to the Company at its principal executive office
and agrees that such service shall constitute good and sufficient service of process and notice thereof. The Company hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding
is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing
contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company
in any other jurisdiction to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security
for such obligations, or to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    B-11

     

    

 

12.          CONSTRUCTION; HEADINGS. This Warrant shall
be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof. The
headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.

 

13 .          DISPUTE RESOLUTION.

 

(a)           Submission to Dispute Resolution.

 

(i)            In the case of a dispute
relating to the Exercise Price, the Closing Sale Price, the Bid Price, Black Scholes Value or fair market value or the arithmetic calculation
of the number of Warrant Shares (as the case may be) (including, without limitation, a dispute relating to the determination of any of
the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic
mail (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances giving rise to such dispute
or (B) if by the Holder, at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and
the Company are unable to promptly resolve such dispute relating to such Exercise Price, such Closing Sale Price, such Bid Price, Black
Scholes Value or such fair market value or such arithmetic calculation of the number of Warrant Shares (as the case may be), at any time
after the second (2nd) Business Day following such initial notice by the Company or the Holder (as the case may be) of such
dispute to the Company or the Holder (as the case may be), then the Holder may, at its sole option, select an independent, reputable investment
bank to resolve such dispute.

 

(ii)           The Holder and the
Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with the
first sentence of this Section 13 and (B) written documentation supporting its position with respect to such dispute, in each
case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on which
the Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents referred to in the immediately
preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute Documentation”)
(it being understood and agreed that if either the Holder or the Company fails to so deliver all of the Required Dispute Documentation
by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be
entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to such investment bank with
respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was
delivered to such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company
and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit
any written documentation or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation).

 

(iii)          The Company
and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and the Holder of such
resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses of such
investment bank shall be borne solely by the Company, and such investment bank’s resolution of such dispute shall be final and binding
upon all parties absent manifest error.

 

    B-12

     

    

 

(b)          Miscellaneous. The Company
expressly acknowledges and agrees that (i) this Section 13 constitutes an agreement to arbitrate between the Company and the
Holder (and constitutes an arbitration agreement) under the rules then in effect under § 7501, et seq. of the New York Civil
Practice Law and Rules (“CPLR”) and that the Holder is authorized to apply for an order to compel arbitration
pursuant to CPLR § 7503(a) in order to compel compliance with this Section 13, (ii) the terms of this Warrant shall
serve as the basis for the selected investment bank’s resolution of the applicable dispute, such investment bank shall be entitled
(and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines are required
to be made by such investment bank in connection with its resolution of such dispute and in resolving such dispute such investment bank
shall apply such findings, determinations and the like to the terms of this Warrant, (iii) the Holder (and only the Holder), in its
sole discretion, shall have the right to submit any dispute described in this Section 13 to any state or federal court sitting in
The City of New York, Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 13 and (iv) nothing
in this Section 13 shall limit the Holder from obtaining any injunctive relief or other equitable remedies (including, without limitation,
with respect to any matters described in this Section 13).

 

14.          REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS,
BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available
under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein
shall limit the right of the Holder to pursue actual and consequential damages for any failure by the Company to comply with the terms
of this Warrant. The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as
expressly provided herein. Amounts set forth or provided for herein with respect to payments, exercises and the like (and the computation
thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other
obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will
cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that,
in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available
remedies, to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent
jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other security. The Company
shall provide all information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s
compliance with the terms and conditions of this Warrant (including, without limitation, compliance with Section 2 hereof). The issuance
of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be made without charge to the Holder
or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not be required to pay any tax
which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than the Holder
or its agent on its behalf.

 

15.           PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Warrant is placed in the hands of an attorney for collection or
enforcement or is collected or enforced through any legal proceeding or the holder otherwise takes action to collect amounts due under
this Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy, reorganization, receivership of the
company or other proceedings affecting company creditors’ rights and involving a claim under this Warrant, then the Company shall
pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements.

 

16.          TRANSFER. This Warrant may be offered for
sale, sold, transferred or assigned without the consent of the Company.

 

17.           CERTAIN DEFINITIONS. For purposes of this
Warrant, the following terms shall have the following meanings:

 

(a)           “1933 Act”
means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(b)         “1934 Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(c)           “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control
with, such Person, it being understood for purposes of this definition that “control” of a Person means the power directly
or indirectly either to vote 10% or more of the shares having ordinary voting power for the election of directors of such Person or direct
or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

    B-13

     

    

 

(d)          “Attribution Parties”
means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed
accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the Holder’s investment
manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder or any of the foregoing, (iii) any
Person acting or who could be deemed to be acting as a Group together with the Holder or any of the foregoing and (iv) any other
Persons whose beneficial ownership of the Company’s Common Shares would or could be aggregated with the Holder’s and the other
Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing is to subject collectively
the Holder and all other Attribution Parties to the Maximum Percentage.

 

(e)           “Bid Price”
means, for any security as of the particular time of determination, the bid price for such security on the Principal Market as reported
by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market
for such security, the bid price of such security on the principal securities exchange or trading market where such security is listed
or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security
in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of determination,
or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average of the bid prices of any
market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of
such time of determination. If the Bid Price cannot be calculated for a security as of the particular time of determination on any of
the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually determined
by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such
dispute shall be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted
for any shares dividend, share split, share combination or other similar transaction during such period.

 

(f)            “Black Scholes Value”
means the value of the unexercised portion of this Warrant remaining on the date of the Holder’s request pursuant to Section 4(c),
which value is calculated using the greater of the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg,
as a put option or a call option, utilizing (i) an underlying price per share equal to, at the Holder’s election, either, (1) the
highest or lowest (at the Holder’s election) Closing Sale Price of the Common Shares during the period beginning on the Trading
Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental
Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to Section 4(c) or the sum of
the price per share being offered in cash in the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration
being offered in the applicable Fundamental Transaction (if any), (ii) (1) if calculating as a call option, a strike price equal
to the Exercise Price in effect on the date of the Holder’s request pursuant to Section 4(c) if calculating as a put option,
a strike price equal to $___[3] (as adjusted for share splits,
share dividends, share combinations, recapitalizations or other similar events), (iii) a risk-free interest rate corresponding to
the U.S. Treasury rate for a period equal to the greater of (1) the remaining term of this Warrant as of the date of the Holder’s
request pursuant to Section 4(c) the remaining term of this Warrant as of the date of consummation of the applicable Fundamental
Transaction or as of the date of the Holder’s request pursuant to Section 4(c) if such request is prior to the date of
the consummation of the applicable Fundamental Transaction, (iv) a zero cost of borrow and (v) an expected volatility equal
to the greater of 100% and the 30 day volatility obtained from the “HVT” function on Bloomberg (determined utilizing a 365
day annualization factor) as of the Trading Day immediately following the earliest to occur of (A) the public disclosure of the applicable
Fundamental Transaction, (B) the consummation of the applicable Fundamental Transaction and (C) the date on which the Holder
first became aware of the applicable Fundamental Transaction.

 

(g)           “Bloomberg”
means Bloomberg, L.P.

 

(h)           “Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by
law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to
remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar
orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic
funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers
on such day.

 

3Insert Warrant Exercise
Price

 

    B-14

     

    

 

(i)             “Closing Sale Price”
means, for any security as of any date, the last closing trade price for such security on the Principal Market, as reported by Bloomberg,
or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last
trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal
securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or
trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing does not apply, the last trade price
of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no
last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported
in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated
for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market
value of such security, then such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations
shall be appropriately adjusted for any share dividend, share split, share combination or other similar transaction during such period.

 

(j)            “Common Shares”
means (i) the Company’s common shares, no par value per share, and (ii) any capital shares into which such common shares
shall have been changed or any share capital resulting from a reclassification of such common shares.

 

(k)           “Convertible Securities”
means any shares or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible
into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any Common Shares.

 

(l)             “Eligible Market”
means The New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market
or the Principal Market.

 

(m)          “Expiration Date”
means the date that is the fifth (5th) anniversary of the Issuance Date or, if such date falls on a day other than a Business Day or on
which trading does not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday.

 

(n)          “Fundamental Transaction”
means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more
related transactions, (i) consolidate, amalgamate, enter into a plan of arrangement, or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject
to or have its Common Shares be subject to or party to one or more Subject Entities making, a purchase, takeover bid, tender or exchange
offer that is accepted by the holders of at least either (x) 50% of the outstanding Common Shares, (y) 50% of the outstanding
Common Shares calculated as if any Common Shares held by all Subject Entities making or party to, or Affiliated with any Subject Entities
making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of Common Shares such that all
Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer,
become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding Common
Shares, or (iv) consummate a share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, redesignation, reclassification, spin-off or plan of arrangement) with one or more Subject Entities whereby all such
Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Shares,
(y) at least 50% of the outstanding Common Shares calculated as if any Common Shares held by all the Subject Entities making or party
to, or Affiliated with any Subject Entity making or party to, such share purchase

 

    B-15

     

    

agreement or other business combination were not outstanding;
or (z) such number of Common Shares such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3
under the 1934 Act) of at least 50% of the outstanding Common Shares, or (v) reorganize, recapitalize, redesignate, or reclassify
its Common Shares, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in
one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment,
transfer, license, conveyance, tender, tender offer, takeover bid, exchange, reduction in outstanding Common Shares, merger, consolidation,
amalgamation, business combination, spin-off, plan of arrangement, reorganization, recapitalization or reclassification or otherwise in
any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common
Shares, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Shares not held by all
such Subject Entities as of the date of this Warrant calculated as if any Common Shares held by all such Subject Entities were not outstanding,
or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding Common Shares or other equity securities
of the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other
shareholders of the Company to surrender their Common Shares without approval of the shareholders of the Company or (C) directly
or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering
into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which
case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition
to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended
treatment of such instrument or transaction.

 

(o)           “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(p)          “Options”
means any rights, warrants or options to subscribe for or purchase Common Shares or Convertible Securities.

 

(q)           “Parent Entity”
of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security
is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with
the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(r)            “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(s)           “Principal Market”
means the NYSE American.

 

(t)            “SEC” means
the United States Securities and Exchange Commission or the successor thereto.

 

(u)          “Spot Price”
means, as applicable: (i) the Closing Sale Price of the Common Shares on the Trading Day immediately preceding the date of the applicable
Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that
is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening
of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities
laws) on such Trading Day, (ii) the Bid Price of the Common Shares as of the time of the Holder’s execution of the applicable
Exercise Notice if such Exercise Notice is executed during “regular trading hours” on a Trading Day and is delivered within
two (2) hours thereafter pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Shares on
the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed
and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day.

 

(v)          “Subject Entity”
means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

    B-16

     

    

 

(w)          “Successor Entity”
means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental Transaction
or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

(x)           “Trading Day”
means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Shares, any day on which
the Common Shares is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Shares,
then on the principal securities exchange or securities market on which the Common Shares is then traded, provided that “Trading
Day” shall not include any day on which the Common Shares is scheduled to trade on such exchange or market for less than 4.5 hours
or any day that the Common Shares is suspended from trading during the final hour of trading on such exchange or market (or if such exchange
or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00
p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder or (y) with respect to all
determinations other than price determinations relating to the Common Shares, any day on which The New York Stock Exchange (or any successor
thereto) is open for trading of securities.

 

(y)           “VWAP” means,
for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or, if the Principal
Market is not the principal trading market for such security, then on the principal securities exchange or securities market on which
such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as
reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing does not apply, the dollar
volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during
the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price
and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets
Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases,
the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company
and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with
the procedures in Section 13. All such determinations shall be appropriately adjusted for any share dividend, share split, share
combination, recapitalization or other similar transaction during such period.

 

(Signature Page Follows)

 

    B-17

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

 

	 	SPLASH BEVERAGE GROUP, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

	 	To:	SPLASH BEVERAGE GROUP, INC.

 

(1)          The undersigned hereby elects
to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)           Payment shall take the form
of (check applicable box):

 

	 	☐	in lawful money of the
    United States; or
	 	 	 
	 	☐	if permitted the cancellation
    of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant
    with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection
    2(c).

 

(3)           Please issue said Warrant Shares
in the name of the undersigned or in such other name as is specified below:

 

________________________________________________

  

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

________________________________________________

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 

 

	Signature of Authorized Signatory of Investing Entity:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

    

     

    

 

NOTICE OF EXERCISE

 

TO BE EXECUTED
BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON SHARES

 

Date: _____________ __, 20__

 

To: SPLASH BEVERAGE
group, inc.

 

The undersigned holder hereby exercises the right to
purchase _________________ of Common Shares (“Warrant Shares”) of Splash Beverage Group, Inc., a Colorado corporation
(the “Company”), evidenced by Warrant to Purchase Common Shares No. _______ (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1. Form of Exercise Price.
The Holder intends that payment of the Aggregate Exercise Price shall be made as:

 

____________ a “Cash Exercise”
with respect to _________________ Warrant Shares; and/or

 

____________ a “Cashless
Exercise” with respect to _______________ Warrant Shares.

 

In the event that the Holder has
elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder hereby represents
and warrants that (i) this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date set forth below and
(ii) if applicable, the Bid Price as of such time of execution of this Exercise Notice was $________.

 

2. Payment of Exercise Price.
In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto,
the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the
Warrant.

 

3. Delivery of Warrant Shares.
The Company shall deliver to Holder, or its designee or agent as specified below, __________ Warrant Shares in accordance with the terms
of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

[ ] Check here if requesting delivery
as a certificate to the following name and to the following address:

 

	 	Issue to:	 
	 	 	 

 

[ ] Check here if requesting delivery
by Deposit/Withdrawal at Custodian as follows:

 

	 	DTC Participant:	 
	 	DTC Number:	 
	 	Account Number:	 
	 	 
	 	 
	Name of Registered Holder	 
	 	 	 	 

	By:	 	 	Tax ID:	 
	Name:	 	 	Email:	 
	Title:	 	 	Telephone:	 
	 	 	 	Facsimile:	 

 

    

     

    

 

EXHIBIT
B

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges
this Exercise Notice and hereby directs ______________________to issue the above indicated number of Common Shares in accordance with
the Transfer Agent Instructions dated _________, 20__, from the Company and acknowledged and agreed to by____________________________.

 

	 	SPLASH BEVERAGE GROUP, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    

     

    

 

EXHIBIT A

 

Form of Warrant Certificate Request Notice

 

WARRANT CERTIFICATE REQUEST NOTICE

 

 

	To:	[__], as Warrant Agent for Splash Beverage Group, Inc. (the “Company”)

 

The undersigned Holder of Common
Stock Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Definitive
Certificate evidencing the Warrants held by the Holder as specified below:

 

	1)	Name of Holder of Warrants in form of Global Warrants:
	 	 
	2)	Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):
	 	 
	3)	Number of Warrants in name of Holder in form of Global Warrants:
	 	 
	4)	Number of Warrants for which Definitive Certificate shall be issued:
	 	 
	5)	Number of Warrants in name of Holder in form of Global Warrants after issuance of Definitive Certificate, if any:
	 	 
	6)	Definitive Certificate shall be delivered to the following address:

 

 

The undersigned hereby acknowledges
and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate, the Holder is deemed to have
surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the
Definitive Certificate.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

 

Signature of Authorized Signatory of Investing Entity: __________________________________________________

 

Name of Authorized Signatory: ____________________________________________________________________

 

Title of Authorized Signatory: _____________________________________________________________________

 

Date: ________________________________________________________________________________________

 

    A-1

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant,
execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please
    Print)
	 	 	 
	Address:	 	 
	 	 	 
	 	 	(Please
    Print)

 

	Phone Number:	 	 
	 	 	 
	Email Address:	 	 
	 	 	 
	Dated:	 	 
	 	 	 
	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:	 	 

 

B-1Exhibit 10.4

 

FORM OF SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is being entered into as of the date set forth on the signature page hereto, by and
between Pioneer Merger Corp., a Cayman Islands exempted company, which shall be domesticated
as a Delaware corporation prior to the closing of the Transaction (as defined herein) (“SPAC”), and the undersigned
subscriber (the “Investor”).

 

WHEREAS, this Subscription
Agreement is being entered into in connection with the Business Combination Agreement, dated as of the date hereof (as may be amended,
supplemented or otherwise modified from time to time, the “Combination Agreement”), by and among SPAC, Acorns Grow
Incorporated, a Delaware corporation (the “Company”), and Pioneer SPAC Merger Sub Inc. (“SPAC Merger Sub”),
pursuant to which, among other things, SPAC Merger Sub will merge with and into the Company, with the Company as the surviving company
in the merger and, after giving effect to such merger, the Company will become a subsidiary of SPAC, on the terms and subject to the conditions
therein (the transactions contemplated by the Combination Agreement, including the merger, the “Transaction”);

 

WHEREAS, in connection with
the Transaction, SPAC is seeking commitments from interested investors to purchase, following the Domestication (as defined below) and
prior to the closing of the Transaction, shares of SPAC’s common stock, par value $0.0001
per share (the “Shares”), in a private placement for a purchase price of $10.00 per share (the “Per Share
Purchase Price”); 

 

WHEREAS,
on or about the date of this Subscription Agreement, SPAC is entering into subscription agreements (the “Other Subscription Agreements”
and together with the Subscription Agreement, the “Subscription Agreements”) with certain other investors (the “Other
Investors” and together with the Investor, the “Investors”), severally and not jointly, pursuant to which
the Investors, severally and not jointly, have agreed to purchase on the closing date of the Transaction, inclusive of the Shares subscribed
for by the Investor, an aggregate amount of up to 16,500,000 Shares, at the Per Share Purchase Price;

 

WHEREAS, prior to the closing
of the Transaction (and as more fully described in the Combination Agreement), SPAC will
domesticate as a Delaware corporation in accordance with Section 388 of the General Corporation Law of the State of Delaware and de-register
as a Cayman Islands exempted company in accordance with Section 206 of the Cayman Islands Companies Law (2020 Revision) (the “Domestication”);
and

 

WHEREAS,
the aggregate purchase price to be paid by the Investor for the subscribed Shares (as set forth on the signature page hereto) is referred
to herein as the “Subscription Amount.” 

 

NOW, THEREFORE, in connection
therewith, and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Investor and SPAC acknowledges and agrees as follows:

 

1.                  
Subscription. The Investor hereby subscribes for and agrees to purchase from SPAC and SPAC hereby agrees to sell and issue
to the Investor the number of Shares set forth on the signature page of this Subscription Agreement on the terms and subject to the conditions
provided for herein. Investor acknowledges and agrees that, as a result of the Domestication, the Shares that will be purchased by the
Investor and issued by SPAC pursuant hereto shall be shares of common stock in a Delaware corporation (and not, for the avoidance of doubt,
ordinary shares in a Cayman Islands exempted company).

 

     

     

    

 

2.                   Closing.
The closing of the sale of the Shares contemplated hereby (the “Closing”)
is contingent upon the substantially concurrent consummation of the Transaction. The Closing shall occur on the date of, and
substantially concurrently with and conditioned upon the effectiveness of, the Transaction. Upon (a) satisfaction or waiver of the
conditions set forth in Section 3 below and (b) delivery of written notice from (or on behalf of) SPAC to the Investor (the
 “Closing Notice”), that SPAC reasonably expects all conditions to the
closing of the Transaction to be satisfied or waived on a date that is not less than five (5) business days from the date on which
the Closing Notice is delivered to the Investor, the Investor shall deliver to SPAC, three (3) business days prior to the closing
date specified in the Closing Notice (the “Closing Date”), (i) the
Subscription Amount by wire transfer of United States dollars in immediately available funds to the account(s) specified by SPAC in
the Closing Notice and (ii) any other information that is reasonably requested in the Closing Notice in order for SPAC to issue the
Investor’s Shares, including, without limitation, the legal name of the person in whose name such Shares are to be issued and
a duly executed Internal Revenue Service Form W-9 or W-8, as applicable. On the Closing Date, SPAC shall issue a number of Shares to
the Investor set forth on the signature page to this Subscription Agreement and subsequently cause such Shares to be registered in
book entry form in the name of the Investor on SPAC’s share register; provided, however, that SPAC’s
obligation to issue the Shares to the Investor is contingent upon SPAC having received the Subscription Amount in full accordance
with this Section 2. If the Closing does not occur within ten (10) business days
following the Closing Date specified in the Closing Notice, SPAC shall promptly (but not later than one (1) business day
thereafter) return the Subscription Amount in full to the Investor. For purposes of this Subscription Agreement, “business
day” shall mean a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to close. Notwithstanding anything to the contrary in Section 8 hereof, if this Subscription Agreement
terminates, SPAC shall promptly (but no later than two (2) business days thereafter) return the Subscription Amount (if delivered)
without any deduction for or on account of any tax, withholding, charges, costs, fees, expenses, or set-off to the Investor, by wire
transfer of U.S. dollars in immediately available funds to the account specified by the Investor, and any book-entries for the
Shares will be deemed repurchased and cancelled.

 

In lieu of the foregoing
for [·] investors:

 

Closing. The closing
of the sale of the Shares contemplated hereby (the “Closing”) is contingent
upon the substantially concurrent consummation of the Transaction. The Closing shall occur on the date of, and substantially concurrently
with and conditioned upon the effectiveness of, the Transaction. Upon satisfaction or waiver of the conditions set forth in this Section
2 and Section 3 below and delivery of written notice from (or on behalf of) SPAC to the Investor (the “Closing
Notice”), that SPAC reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on
a date that is not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor (the “Closing
Date”), on the Closing Date, (a) the Investor shall deliver to SPAC the Subscription Amount against delivery of the Investor’s
shares pursuant to the following clause (b), by wire transfer of United States dollars in immediately available funds to the account(s)
specified by SPAC in the Closing Notice (which account(s) shall not be escrow account(s)) and (b) SPAC shall issue a number of Shares
to the Investor set forth on the signature page to this Subscription Agreement, free and clear of any liens or other restrictions (other
than those arising under state or federal securities laws), registered in book entry form in the name of the Investor (or its nominee
in accordance with its delivery instructions) and provide evidence from the SPAC’s transfer agent showing Investor (or such nominee)
as the owner of such Shares on and as of the Closing Date. Investor shall provide SPAC no later than three (3) business days prior to
the Closing Date such information that is reasonably requested in the Closing Notice in order for SPAC to issue the Investor’s Shares,
including, without limitation, the legal name of the person or nominee in whose name such Shares are to be issued and a duly executed
Internal Revenue Service Form W-9 or W-8, as applicable. If the closing of the Transaction does
not occur within one (1) business day following the Closing, SPAC shall promptly (but not later than one (1) business day thereafter)
return the Subscription Amount in full to the Investor by wire transfer of U.S. dollars in immediately available funds to the account
specified by Investor, and any book-entries for the Shares shall be deemed cancelled. For purposes of this Subscription Agreement, “business
day” shall mean a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to close.

 

3.                  
Closing Conditions.

 

a.                   
The obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement
is subject to the satisfaction or written waiver of the following conditions:

 

(i)                 
no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law,
rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the consummation
of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the transactions contemplated
hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any such restraint
or prohibition; and

 

    2 

     

    

 

(ii)               
 all conditions precedent to the closing of the Transaction under the Combination Agreement shall have been satisfied (as
determined by the parties to the Combination Agreement and other than those conditions under the Combination Agreement which, by their
nature, are to be fulfilled at the closing of the Transaction, including to the extent that any such condition is dependent upon the consummation
of the purchase and sale of the Shares pursuant to this Subscription Agreement) or waived and the closing of the Transaction shall be
scheduled to occur concurrently with or on the same date as the Closing Date.

 

b.                     The
obligation of SPAC to consummate the issuance and sale of the Shares pursuant to this Subscription Agreement shall be subject to the
satisfaction or written waiver of the following conditions: (i) all representations and warranties of the Investor contained in this
Subscription Agreement are true and correct in all material respects (other than representations and warranties that are qualified as
to materiality or Material Adverse Effect (as defined herein), which representations and warranties shall be true in all respects) at
and as of the Closing Date (unless they specifically speak as of an earlier date, in which case they shall be true and correct in all
material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined
herein), which representations and warranties shall be true in all respects) as of such date), and consummation of the Closing shall
constitute a reaffirmation by the Investor of each of the representations and warranties of the Investor contained in this Subscription
Agreement as of the Closing Date and (ii) all obligations, covenants and agreements of the Investor required to be performed by it at
or prior to the Closing Date shall have been performed in all material respects.

 

c.                     The obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription Agreement shall be
subject to the satisfaction or written waiver of the following conditions: (i) all representations and warranties of SPAC contained in
this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified
as to materiality or Material Adverse Effect (as defined herein), which representations and warranties shall be true in all respects)
at and as of the Closing Date, and consummation of the Closing shall constitute a reaffirmation by SPAC of each of the representations
and warranties of SPAC contained in this Subscription Agreement as of the Closing Date, (ii) all obligations, covenants and agreements
of SPAC required by the Subscription Agreement to be performed by it at or prior to the Closing Date shall have been performed in all
material respects, (iii) no suspension of the listing or qualification for offering or sale or trading of the Shares in any jurisdiction
or on the Stock Exchange (as defined below) shall have occurred, and to the SPAC’s knowledge, no initiation or threatening of any
proceedings for such purposes shall have occurred and be continuing, and the Shares being acquired hereunder shall have been approved
for listing on the Stock Exchange, subject to official notice of issuance, (iv) the terms of the Combination Agreement (as the same exists
on the date of this Subscription Agreement) shall not have been amended or modified in a manner, and no waiver thereunder shall have occurred,
that would reasonably be expected to be materially adverse to the economic benefits that the Investor would reasonably expect to receive
under this Subscription Agreement, without such Investor’s written consent, (v) the Domestication shall have been consummated and
SPAC shall be duly incorporated, validly existing and in good standing under the laws of the State of Delaware and cease to be a Cayman
Islands exempted company, and (vi) no material adverse effect on the business, financial condition, shareholders’ equity or results
of operations of SPAC and its subsidiaries, taken as a whole (a “Material Adverse Effect”)
shall have occurred, provided, that, the issuance by the SEC (as defined herein) of the Statement on Accounting and Reporting Considerations
for Warrants Issued by Special Purpose Acquisition Companies, made on April 12, 2021 (the “Statement”), and any consequences
thereof or actions taken by SPAC directly in response thereto, shall not cause any of the conditions in this clause (c) to be deemed to
not have been satisfied so long as any such consequences or actions shall not have a Material Adverse Effect. For the avoidance of doubt,
any restatement of the financial statements of SPAC and any amendments to previously filed SEC reports or delays in filing SEC reports,
in connection with the Statement or any subsequent related agreements or other guidance from the SEC with respect to the Statement, shall
not be considered to result in a Material Adverse Effect.

 

4.                  
Further Assurances. At or prior to the Closing Date, the parties hereto shall execute and deliver or cause to be executed
and delivered such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary
in order to consummate the subscription as contemplated by this Subscription Agreement.

 

5.                  
SPAC Representations and Warranties. SPAC represents and warrants to the Investor that:

 

    3 

     

    

 

a.                     SPAC is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands
(to the extent such concept exists in such jurisdiction). SPAC has all power (corporate or otherwise) and authority to own, lease and
operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this
Subscription Agreement. As of the Closing Date, following the Domestication, SPAC will be duly incorporated, validly existing as a corporation
and in good standing under the laws of the State of Delaware with all power (corporate or otherwise) and authority to own, lease and
operate its properties and conduct its business as proposed to be conducted and perform its obligations under this Subscription Agreement.

 

b.                     As of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the Investor against full payment
therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable,
free and clear of any liens or other restrictions (other than those arising under applicable state or federal securities laws) and will
not have been issued in violation of or subject to any preemptive or similar rights created under SPAC’s certificate of incorporation
and bylaws (each as amended on the Closing Date) or under the General Corporation Law of the State of Delaware or the laws of the Cayman
Islands, as the case may be, or under any agreement or instrument to which SPAC is a party or by which SPAC is bound or otherwise.

 

c.                     Each of this Subscription Agreement, the Other Subscription Agreement and the Business Combination has been duly authorized,
executed and delivered by SPAC and, assuming that this Subscription Agreement constitutes the valid and binding agreement of the Investor,
this Subscription Agreement is a valid, legal and binding obligation of SPAC, enforceable against SPAC in accordance with its terms, except
as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws
relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered at law or equity.

 

d.                     The execution, delivery and performance by SPAC of this Subscription Agreement and the Business Combination and the issuance
and sale of the Shares pursuant to this Subscription Agreement and the compliance by SPAC with all of the provisions of this Subscription
Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
upon any of the property or assets of SPAC or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust,
loan agreement, lease, license or other agreement or instrument to which SPAC or any of its subsidiaries is a party or by which SPAC or
any of its subsidiaries is bound or to which any of the property or assets of SPAC or any of its subsidiaries is subject that would reasonably
be expected to have a Material Adverse Effect, or materially affect the validity of the Shares
or the legal authority of SPAC to timely comply in all material respects with the terms of this Subscription Agreement; (ii) result in
any violation of the provisions of the organizational documents of SPAC; or (iii) result in any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over SPAC or any of its
properties that would reasonably be expected to have a Material Adverse Effect or materially affect the validity of the Shares or the
legal authority of SPAC to timely comply in all material respects with this Subscription Agreement.

 

e.                     SPAC is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute
a default or violation) of any term, condition or provision of (i) the organizational documents of SPAC, (ii) any loan or credit agreement,
guarantee, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which, as of the date of this Subscription
Agreement, SPAC is a party or by which SPAC’s properties or assets are bound or (iii) any statute or any judgment, order, rule or
regulation of any court or governmental agency, taxing authority or regulatory body, domestic or foreign, having jurisdiction over SPAC
or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

f.                      As
of their respective dates, all forms, reports, statements, schedules, prospectuses, proxies, registration statements or other
documents (the “SEC Reports”) required to be filed by SPAC with the U.S. Securities and Exchange Commission (the
 “SEC”) complied in all material respects with the applicable requirements of the Securities Act of 1933, as
amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements
of SPAC included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and
regulations of the SEC with respect thereto as in effect at the time of filing and fairly present in all material respects the
financial position of SPAC as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, year-end audit adjustments. A copy of each SEC Report is available to the
Investor via the SEC’s EDGAR system. There are no outstanding or unresolved comments in comment letters received by SPAC from
the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Reports. Notwithstanding the foregoing,
no representation is being made with respect to the accounting treatment of the SPAC’s issued and outstanding Warrants (as
defined below) arising in connection with any required restatement of the SPAC’s historical financial statements, or as to any
deficiencies in disclosure (including with respect to financial statement presentation or accounting and disclosure controls)
arising from the treatment of such Warrants as equity rather than liabilities in light of the Statement.

 

    4 

     

    

 

g.                     SPAC is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person
in connection with the execution, delivery and performance by SPAC of this Subscription Agreement (including, without limitation, the
issuance of the Shares), other than (i) filings with the SEC, (ii) filings required by applicable state securities laws, (iii) filings
required by the Nasdaq, or such other applicable stock exchange on which SPAC’s common stock is then listed (the “Stock
Exchange”), (iv) filings required by the Combination Agreement as conditions to consummation of the Transaction, and (v) the
failure of which to obtain would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

h.                     As of the date of this Subscription Agreement, the authorized capital stock of SPAC consists of 5,000,000 preference shares
(“Preferred Shares”), 500,000,000 Class A ordinary shares (“Class A Shares”), and 50,000,000 Class
B ordinary shares (the “Class B Shares”), each par value $0.0001 per share. As of the date of this Subscription Agreement,
(i) no Preferred Shares are issued and outstanding, (ii) 40,250,000 Class A Shares are issued and outstanding, (iii) 10,062,500 Class
B Shares are issued and outstanding and (iv) 13,416,667 redeemable warrants and 3,350,000 private placement warrants to acquire Class
A Shares (collectively, the “Warrants”) are outstanding. Following the Domestication, and immediately prior to the
closing of the Transaction (assuming that all shares to be issued pursuant to the Subscription Agreements have been issued and that no
holders of Class A Shares have validly elected to redeem their shares in connection with the closing of the Transaction), the authorized
capital stock of SPAC will consist of 100,000 shares of preferred stock, par value $0.0001 per share (“Delaware Preferred Shares”)
and 321,700,000 shares of common stock, par value $0.0001 per share (“Delaware Common Shares”), of which (1) no Delaware
Preferred Shares will be issued and outstanding, (2) a number of Delaware Common Shares will be issued and outstanding pursuant to the
Combination Agreement, subject in all respects to the assumptions referenced in such section, and (3) 13,416,632 redeemable warrants and
3,350,000 private placement warrants to acquire Delaware Common Shares will be outstanding. All (A) issued and outstanding Class A Shares
and Class B Shares have been duly authorized and validly issued, are fully paid and are non-assessable and (B) outstanding warrants have
been duly authorized and validly issued. Except as set forth above and pursuant to the Other Subscription Agreements, the Combination
Agreement and the other agreements and arrangements referred to therein or in the SEC Reports, there are no outstanding options, warrants
or other rights to subscribe for, purchase or acquire from SPAC any Class A Shares, Class B Shares or other equity interests in SPAC,
or securities convertible into or exchangeable or exercisable for such equity interests. There are no securities or instruments issued
by or to which SPAC is a party containing anti-dilution or similar provisions that will be triggered by the issuance of the Shares pursuant
to this Subscription Agreement or the Other Subscription Agreements that have not been or will not be waived on or prior to the Closing
Date. As of the date hereof, SPAC has no subsidiaries, other than Pioneer SPAC Merger Sub, and does not own, directly or indirectly, interests
or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are no stockholder agreements, voting
trusts or other agreements or understandings to which SPAC is a party or by which it is bound relating to the voting of any securities
of SPAC, other than (1) as set forth in the SEC Reports and (2) as contemplated by the Combination Agreement.

 

i.                      As
of the date hereof, the issued and outstanding Class A Shares are registered pursuant to Section 12(b) of the Exchange Act, and are
listed for trading on the Stock Exchange, and following the Domestication, the issued and outstanding Delaware Common Shares will be
registered pursuant to Section 12(b) of the Exchange Act and listed for trading on the Stock Exchange. Except as disclosed in
SPAC’s filings with the SEC, there is no suit, action, proceeding or investigation pending or, to the knowledge of SPAC,
threatened against the SPAC by the Stock Exchange or the SEC, respectively, to prohibit or terminate the listing of the Class A
Shares or, when issued, the Delaware Common Shares, or to deregister the Class A Shares or, when registered and issued in connection
with the Domestication, the Delaware Common Shares, under the Exchange Act. SPAC has taken no action that is designed to terminate
the registration of the Class A Shares under the Exchange Act, other than in connection with the Domestication and subsequent
registration under the Exchange Act of the Delaware Common Shares.

 

    5 

     

    

 

j.                      Assuming the accuracy of the Investor’s representations and warranties set forth in Section 6 of this Subscription
Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by SPAC to the Investor hereunder.
The Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner
involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

k.                     Except
for such matters as have not had or would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect,
there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge
of SPAC, threatened against SPAC or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding
against SPAC.

 

l.                      SPAC is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have
a Material Adverse Effect. The Company has not received any written communication from a governmental entity that alleges that the Company
is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default, or violation
would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. Notwithstanding the foregoing,
no representation is being made with respect to the accounting treatment of the SPAC’s issued and outstanding Warrants (as defined
below) arising in connection with any required restatement of the SPAC’s historical financial statements, or as to any deficiencies
in disclosure (including with respect to financial statement presentation or accounting and disclosure controls) arising from the treatment
of such Warrants as equity rather than liabilities in light of the Statement.

 

m.                    Other
than the Placement Agent (as defined below), SPAC has not engaged any broker, finder, commission agent, placement agent or arranger in
connection with the sale of the Shares, and SPAC is not under any obligation to pay any broker’s fee or commission in connection
with the sale of the Shares other than to the Placement Agent.

 

n.                     SPAC
is not, and immediately after receipt of payment for the Shares and prior to the closing of the Transaction, will not be, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

o.                     Neither
SPAC nor any of its subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency,
reorganization, receivership, liquidation, administration or winding up or failed to pay its debts when due, nor does SPAC or any of
its subsidiaries have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy
proceedings or seek to commence an administration.

 

p.                     There
has been no action taken by SPAC, or, to the knowledge of SPAC, any officer, director, equityholder, manager, employee, agent or representative
of SPAC, in each case, acting on behalf of the SPAC, in violation of any applicable Anti-Corruption Laws (as herein defined), (i) SPAC
has not been convicted of violating any Anti-Corruption Laws or subjected to any investigation by a governmental authority for violation
of any applicable Anti-Corruption Laws, (ii) SPAC has not conducted or initiated any internal investigation or made a voluntary, directed,
or involuntary disclosure to any governmental authority regarding any alleged act or omission arising under or relating to any noncompliance
with any Anti-Corruption Laws and (iii) SPAC has not received any written notice or citation from a governmental authority for any actual
or potential noncompliance with any applicable Anti-Corruption Laws. As used herein, “Anti-Corruption Laws” means any applicable
laws relating to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the UK Bribery Act 2010,
and any similar law that prohibits bribery or corruption.

 

    6 

     

    

 

q.                     None
of SPAC nor any of its directors is (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered
by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued
by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by
any OFAC sanctions program, (ii) owned, directly or indirectly, or controlled by, or acting on behalf of, one or more persons that are
named on the OFAC List; (iii) organized, incorporated, established, located, resident or born in, or a citizen, national or the government,
including any political subdivision, agency or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine
or any other country or territory embargoed or subject to substantial trade restrictions by the United States, (iv) a Designated National
as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (v) a non-U.S. shell bank or providing banking services indirectly
to a non-U.S. shell bank. SPAC agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable
law, provided that SPAC is permitted to do so under applicable law. To the extent required, it maintains policies and procedures reasonably
designed to ensure compliance with OFAC-administered sanctions programs, including for the screening of its investors against the OFAC
sanctions programs, including the OFAC List.

 

r.                      Other than the Other Subscription Agreements, the Combination Agreement and any other agreement expressly contemplated by
the Combination Agreement or described in the SEC Reports, SPAC has not entered into any side letter or similar agreement with any investor
in connection with such investor’s direct or indirect investment in SPAC (other than any side letter or similar agreement relating
to the transfer to any investor of (i) securities of SPAC by existing securityholders of SPAC, which may be effectuated as a forfeiture
to SPAC and reissuance, or (ii) securities to be issued to the direct or indirect securityholders of the Company pursuant to the Transaction
Agreement). The Other Subscription Agreements have not been amended in any material respect following the date of this Subscription Agreement,
and reflect the same Per Share Purchase Price and terms that are no more favorable to the Other Investor thereunder than the terms of
this Subscription Agreement.

 

s.                     SPAC
acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by Investor in connection with
a bona fide margin agreement, provided such pledge shall be (i) pursuant to an available exemption from the registration requirements
of the Securities Act or (ii) pursuant to, and in accordance with, a registration statement that is effective under the Securities Act
at the time of such pledge, and the Investor effecting a pledge of Shares shall not be required to provide SPAC with any notice thereof;
provided, however, that none of SPAC, the Company or their respective counsels shall be required to take any action (or refrain from
taking any action) in connection with any such pledge, other than providing any such lender of such margin agreement with an acknowledgment
that the Shares are not subject to any contractual prohibition on pledging or lock up, the form of such acknowledgment to be subject
to review and comment by SPAC in all respects.

 

6.                  
Investor Representations and Warranties. The Investor represents and warrants to SPAC that:

 

a.                     The
Investor, or each of the funds managed by or affiliated with the Investor for which the Investor is acting as nominee, as applicable,
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), a “qualified purchaser”
(as defined in Section 2(a)(51) of the Investment Company Act) or an institutional “accredited investor” (within the meaning
of Rule 501(a) under the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) is
acquiring the Shares only for his, her or its own account and not for the account of others, or if the Investor is subscribing for the
Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act) or “accredited investor” (within the meaning of Rule 501(a) under the
Securities Act), the Investor has full investment discretion with respect to each such account, and has the full power and authority
to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring
the Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and
shall provide the requested information set forth on Schedule A) or any securities laws of the United States or any other jurisdiction.
The Investor is not an entity formed for the specific purpose of acquiring the Shares. The Investor further acknowledges that it is aware
that the sale to it is being made in reliance on a private placement exemption from registration under the Securities Act and is acquiring
the Shares for its own account or for an account over which it exercises sole discretion for another qualified institutional buyer or
accredited investor.

 

    7 

     

    

 

b.                     The
Investor (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced in investing
in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions
and investment strategies involving a security or securities and (iii) has exercised independent judgment in evaluating its participation
in the purchase of the Shares. Accordingly, the Investor understands that the offering meets (1) the exemptions from filing under FINRA
Rule 5123(b)(1)(A) and (2) the institutional customer exemption under FINRA Rule 2111(b).

 

c.                     The
Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Shares have not been registered under the Securities Act or any other applicable securities laws.
The Investor acknowledges and agrees that the Shares are being offered for sale in a transaction not requiring registration under the
Securities Act, and that the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent
an effective registration statement under the Securities Act, except pursuant to any exemption therefrom or in a transaction not subject
to such registration requirements. The Investor acknowledges and agrees that the Shares will be subject to the foregoing transfer restrictions
and, as a result of these transfer restrictions, the Investor may not be able to readily offer, resell, transfer, pledge or otherwise
dispose of the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time.
The Investor acknowledges and agrees that the Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant
to Rule 144 promulgated under the Securities Act (“Rule 144”) until at least one year from the Closing Date. The Investor
acknowledges and agrees that it has been advised to consult legal counsel and tax and accounting advisors prior to making any offer,
resale, transfer, pledge or disposition of any of the Shares.

 

d.                     The
Investor acknowledges and agrees that the Investor is purchasing the Shares directly from SPAC. The Investor further acknowledges that
there have been no representations, warranties, covenants and agreements made to the Investor by or on behalf of SPAC, the Company, any
of their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of
the foregoing or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and
agreements of SPAC expressly set forth in Section 5 of this Subscription Agreement.

 

e.                     The
Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under Section
406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as amended,
or any applicable similar law.

 

f.                      The Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary in
order to make an investment decision with respect to the Shares, including, with respect to SPAC, the Transaction and the business of
the Company and its direct and indirect subsidiaries. Without limiting the generality of the foregoing, the Investor acknowledges that
he, she or it has reviewed the SEC Reports and other information as the Investor has deemed necessary to make an investment decision with
respect to the Shares. However, neither any such inquiries, nor any due diligence investigation conducted by the Investor or any of the
Investor’s professional advisors nor anything else contained herein, shall modify, limit, or otherwise affect the Investor’s
right to rely on SPAC’s representations, warranties, covenants, and agreements contained in this Subscription Agreement. The Investor
acknowledges and agrees that the Investor and the Investor’s professional advisor(s), if any, have had the full opportunity to ask
such questions, receive such answers and obtain such information as the Investor and such Investor’s professional advisor(s), if
any, have deemed necessary to make an investment decision with respect to the Shares.

 

g.                     The
Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and SPAC, the Company or
a representative of SPAC or the Company, and the Shares were offered to the Investor solely by direct contact between the Investor and
SPAC, the Company or a representative of SPAC or the Company. The Investor did not become aware of this offering of the Shares, nor were
the Shares offered to the Investor, by any other means. The Investor acknowledges that the Shares (i) were not offered to it by any form
of general solicitation or general advertising and (ii) to its knowledge, are not being offered to it in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. The Investor acknowledges that
it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation (including,
without limitation, SPAC, the Company, the Placement Agent, any of their respective affiliates or any control persons, officers, directors,
employees, partners, agents or representatives of any of the foregoing), other than the representations and warranties of SPAC contained
in Section 5 of this Subscription Agreement, in making its investment or decision to invest in SPAC. The Investor acknowledges that certain
information provided to the Investor was based on projections, and such projections were prepared based on assumptions and estimates
that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties
that could cause actual results to differ materially from those contained in the projections. The Investor acknowledges that such information
and projections were prepared without the participation of the Placement Agent and that the Placement Agent does not assume responsibility
for independent verification of, or the accuracy or completeness of, such information or projections.

 

    8 

     

    

 

h.                     The
Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including
those set forth in the SEC Reports. The Investor has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting, legal and tax advice
as the Investor has considered necessary to make an informed investment decision and the Investor has made its own assessment and has
satisfied itself concerning relevant tax and other economic considerations relative to its purchase of the Shares. The Investor will
not look to the Placement Agent for all or part of any such loss or losses the Investor may suffer, is able to sustain a complete loss
on its investment in the Shares.

 

i.                      Alone,
or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment in
the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this time and in
the foreseeable future to bear the economic risk of a total loss of the Investor’s investment in SPAC. The Investor acknowledges
specifically that a possibility of total loss exists.

 

j.                      In making its decision to purchase the Shares, the Investor has relied solely upon independent investigation made by the
Investor. Without limiting the generality of the foregoing, the Investor has not relied on any statements or other information provided
by or on behalf of the Placement Agent or any of its respective affiliates or any control persons, officers, directors, employees, partners,
agents or representatives of any of the foregoing concerning SPAC, the Company, the Transaction, the Combination Agreement, this Subscription
Agreement or the transactions contemplated hereby or thereby, the Shares or the offer and sale of the Shares.

 

k.                     The
Investor acknowledges that (i) SPAC, the Company and the Placement Agent currently may have, and later may come into possession of, information
regarding SPAC or the Company that is not known to the Investor and that may be material to a decision to enter into this transaction
to purchase the Shares (“Excluded Information”) and (ii) the Investor has determined to enter into this transaction
to purchase the Shares notwithstanding its lack of knowledge of the Excluded Information.

 

l.                      The Investor acknowledges that the Placement Agent: (i) has not provided the Investor with any information or advice with
respect to the Shares, (ii) has not made any representation, express or implied as to SPAC, the Company, the Company’s credit quality,
the Shares or the Investor’s purchase of the Shares, (iii) has not acted as the Investor’s financial advisor or fiduciary
in connection with the issue and purchase of Shares, (iv) may have acquired, or during the term of the Shares may acquire, non-public
information with respect to the Company, which, subject to the requirements of applicable law, the Investor agrees need not be provided
to it, and (v) may have existing or future business relationships with SPAC and the Company (including, but not limited to, lending, depository,
risk management, advisory and banking relationships) and will pursue actions and take steps that it deems or they deem necessary or appropriate
to protect its or their interests arising therefrom without regard to the consequences for a holder of Shares, and that certain of these
actions may have material and adverse consequences for a holder of Shares.

 

m.                    The
Investor acknowledges that it has not relied on the Placement Agent in connection with its determination as to the legality of its acquisition
of the Shares or as to the other matters referred to herein and the Investor has not relied on any investigation that the Placement Agent,
any of its affiliates or any person acting on their behalf have conducted with respect to the Shares, SPAC or the Company. The Investor
further acknowledges that it has not relied on any information contained in any research reports prepared by the Placement Agent or any
of its affiliates.

 

n.                     The
Investor acknowledges that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or made any
findings or determination as to the fairness of this investment.

 

    9 

     

    

 

o.                     The
Investor, if not an individual, has been duly formed or incorporated and is validly existing and is in good standing under the laws of
its jurisdiction of formation or incorporation, with power and authority to enter into, deliver and perform its obligations under this
Subscription Agreement.

 

p.                     The
execution, delivery and performance by the Investor of this Subscription Agreement and the transactions contemplated herein are within
the powers of the Investor, have been duly authorized and will not constitute or result in a breach or default under or conflict with
any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other
undertaking, to which the Investor is a party or by which the Investor is bound, and, if the Investor is not an individual, will not
violate any provisions of the Investor’s organizational documents, including, without limitation, its incorporation or formation
papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement
is genuine, and the signatory, if the Investor is an individual, has legal competence and capacity to execute the same or, if the Investor
is not an individual, the signatory has been duly authorized to execute the same, and, assuming that this Subscription Agreement constitutes
the valid and binding obligation of SPAC, this Subscription Agreement constitutes a legal, valid and binding obligation of the Investor,
enforceable against the Investor in accordance with its terms except as may be limited or otherwise affected by (i) bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii)
principles of equity, whether considered at law or equity.

 

q.                     The
Investor is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S.
Treasury Department’s Office of Foreign Assets Control (“OFAC”) or
in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC
List”), or a person or entity prohibited by any OFAC sanctions program, (ii) owned, directly or indirectly, or controlled
by, or acting on behalf of, one or more persons that are named on the OFAC List; (iii) organized, incorporated, established, located,
resident or born in, or a citizen, national or the government, including any political subdivision, agency or instrumentality thereof,
of, Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine or any other country or territory embargoed or subject to substantial
trade restrictions by the United States, (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part
515, or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (each, a “Prohibited
Investor”). The Investor agrees to provide law enforcement agencies, if requested thereby, such records as required
by applicable law, provided that the Investor is permitted to do so under applicable law. If the Investor is a financial institution
subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”),
as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing
regulations (collectively, the “BSA/PATRIOT Act”), the Investor maintains
policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required,
it maintains policies and procedures reasonably designed to ensure compliance with OFAC-administered sanctions programs, including for
the screening of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required by applicable law,
the Investor maintains policies and procedures reasonably designed to ensure that the funds held by the Investor and used to purchase
the Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor.

 

r.                      No disclosure or offering document has been prepared by Citigroup Global Markets Inc. or any of its respective affiliates
(the “Placement Agent”) in connection with the offer and sale of the Shares.

 

s.                     Neither
Placement Agent, nor any of its respective affiliates nor any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing have made any independent investigation with respect to SPAC, the Company or its subsidiaries or any of their
respective businesses, or the Shares or the accuracy, completeness or adequacy of any information supplied to the Investor by SPAC. The
Placement Agent has not made and does not make any representation as to SPAC, the Company or the quality or value of the Shares.

 

t.                      In
connection with the issue and purchase of the Shares, the Placement Agent has not acted as the Investor’s financial advisor or
fiduciary. In addition, the Investor acknowledges and agrees that the Placement Agents have not provided any recommendation or investment
advice nor have the Placement Agents solicited any action from it with respect to the offer and sale of the Shares and it has consulted
with its own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The Investor further acknowledges
and agrees that, although the Placement Agents may choose to provide certain Regulation Best Interest and Form CRS disclosures or other
documentation to it in connection with the offer and sale of the Shares, the Placement Agents are not making a recommendation to participate
in the offer and sale of the Shares, or to enter into any purchase agreement or similar document, and nothing set forth in any such disclosure
or documents that may be provided to it from time to time is intended to suggest that the Placement Agents are making such a recommendation.

 

    10 

     

    

 

u.                     The Investor has and, when required to deliver payment to SPAC pursuant
to Section 2 above, will have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant
to this Subscription Agreement.

 

v.                     The Investor acknowledges the SEC’s issuance of the Statement, and the SPAC’s
ongoing review of the implications of such statement, and the Investor agrees that any actions taken by SPAC as a result of such review
and in accordance with such statement shall not be deemed to constitute a breach of any of the representations, warranties or covenants
in this Subscription Agreement.

 

7.                  
Registration Rights.

 

a.                     In
the event that the Shares are not registered in connection with the consummation of the Transaction, SPAC agrees that, within thirty
(30) calendar days after the Closing Date, it will file with the SEC (at its sole cost and expense) a registration statement
registering the resale of the Shares (the “Registration Statement”), and it shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the
earlier of (i) sixty (60) calendar days after the filing thereof (or ninety (90) calendar days after the filing thereof if the SEC
notifies SPAC that it will “review” the Registration Statement) following the Closing Date and (ii) ten (10) business
days after SPAC is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be
 “reviewed” or will not be subject to further review. SPAC’s obligations to include the Shares issued pursuant to
this Subscription Agreement (or shares issued in exchange therefor) for resale in the Registration Statement are contingent upon the
Investor furnishing in writing to SPAC such information regarding the Investor, the securities of SPAC held by the Investor and the
intended method of disposition of such Shares, which shall be limited to non-underwritten public offerings, as shall be reasonably
requested by SPAC to effect the registration of such Shares, and shall execute such documents in connection with such registration
as SPAC may reasonably request that are customary of a selling stockholder in similar situations. In connection with the foregoing,
Investor shall not be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on
the ability to transfer the Shares. SPAC agrees to cause such Registration Statement, or another shelf registration statement that
includes the Shares to be sold pursuant to this Subscription Agreement, to remain effective until the earliest of (i) the second
anniversary of the Closing, (ii) the date on which the Investor ceases to hold any Shares issued pursuant to this Subscription
Agreement, or (iii) on the first date on which the Investor is able to sell all of its Shares issued pursuant to this Subscription
Agreement (or shares received in exchange therefor) under Rule 144 within 90 days without the public information, volume or manner
of sale limitations of such rule (such date, the “End Date”). The Investor agrees to disclose its ownership to
SPAC upon request to assist it in making the determination with respect to Rule 144 described in clause (iii) above. In no event
shall the Investor be identified as a statutory underwriter in the Registration Statement unless in response to a comment or request
from the staff of the SEC or another regulatory agency; provided, that if the SEC requests that the Investor be identified as
a statutory underwriter in the Registration Statement, the Investor will have an opportunity to withdraw its Shares from the
Registration Statement. Notwithstanding the foregoing, if the SEC prevents SPAC from including any or all of the shares proposed to
be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the
Shares acquired hereunder by the applicable shareholders or otherwise, such Registration Statement shall register for resale such
number of Shares which is equal to the maximum number of Shares as is permitted by the SEC. In such event, the number of Shares to
be registered for each selling shareholder named in the Registration Statement shall be reduced pro rata among all such selling
shareholders and, as promptly as practicable after being permitted to register additional Shares under Rule 415 under the Securities
Act, SPAC shall amend the Registration Statement or file a new Registration Statement to register such additional Shares thereunder
and cause such amendment or Registration Statement to become effective as promptly as practicable. SPAC will provide a draft of the
Registration Statement to Investor at least two (2) business days in advance of the filing of the Registration Statement, provided
that in no event shall SPAC be required to delay or postpone such filing as a result of or in connection with Investor’s
review of such filing. In the case of the registration, qualification, exemption or compliance effected by SPAC pursuant to this
Subscription Agreement, SPAC shall, upon reasonable request, inform Investor as to the status of such registration, qualification,
exemption and compliance. SPAC shall, at its expense, prior to the End Date, (1) use commercially reasonable efforts to qualify the
Shares issued hereunder for listing on the Stock Exchange upon which the Shares have been listed, (2) use commercially reasonable
efforts to update or amend the Registration Statement as necessary to include the Shares, (3) use commercially reasonable efforts to
obtain the withdrawal of any order suspending the effectiveness of the Registration Statement as promptly as reasonably practicable
and to enable the undersigned to sell the Shares under the Registration Statement, and (4) use commercially reasonable efforts to
file all reports, and provide all customary and reasonable cooperation, necessary to enable the Investor to resell the Shares
pursuant to the Registration Statement.

 

    11 

     

    

 

For as long as the Investor holds the Shares, SPAC will use
commercially reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary to enable the Investor
to resell the Shares pursuant to Rule 144 of the Securities Act (when Rule 144 of the Securities Act becomes available to the Investor).
Notwithstanding anything to the contrary contained herein, SPAC may amend the Registration Statement so as to convert the Registration
Statement to a Registration Statement on Form S-3 at such time after SPAC becomes eligible to use such Form S-3. SPAC shall advise the
Investor as promptly as practicable: (A) when a Registration Statement or any post-effective amendment thereto has become effective; (B)
of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings
for such purpose; (C) of the receipt by SPAC of any notification with respect to the suspension of the qualification of the Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and (D) subject to the applicable
provisions of this Section 7, of the occurrence of any event that requires the making of any changes in the Registration Statement or
prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be
stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which
they were made) not misleading. Notwithstanding anything to the contrary set forth herein, SPAC shall not, when so advising Investor of
such events, provide Investor with any material, nonpublic information regarding SPAC other than to the extent that providing notice to
Investor of the occurrence of the events listed in (A) through (D) above may constitute material, nonpublic information regarding SPAC.
The Investor acknowledges and agrees that SPAC may suspend the use of any such registration statement if it determines, in good faith
upon advice of legal counsel, that in order for such registration statement not to contain a material misstatement or omission, an amendment
thereto would be needed to include information that would at that time not otherwise be required in a current, quarterly, or annual report
under the Exchange Act, provided, that, (i) SPAC shall not so delay filing or so suspend the use of the Registration Statement for a period
of more than sixty (60) consecutive days or more than a total of one hundred twenty (120) calendar days, in each case in any three hundred
sixty (360) day period and (ii) SPAC shall use commercially reasonable efforts to make such Registration Statement available for the sale
by the Investor of such securities as soon as practicable thereafter.

 

b.                  
In the case of the registration, qualification, exemption or compliance effected by SPAC pursuant to this Subscription Agreement,
SPAC shall, upon reasonable request, inform the Investor as to the status of such registration, qualification, exemption and compliance.
At its expense, SPAC shall, at its expense:

 

(i)           advise
the Investor as promptly as practicable (but within no later than 5 business days): (A) when a Registration Statement or any post-effective
amendment thereto has become effective; (B) of any request by the SEC for amendments or supplements to any Registration Statement or
the prospectus included therein or for additional information; (C) of the issuance by the SEC of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for such purpose; (D) of the receipt by SPAC of any notification with
respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or the initiation or threatening
of any proceeding for such purpose; and (E) subject to the applicable provisions of this Section 7, of the occurrence of any event that
requires the making of any changes in the Registration Statement or prospectus so that, as of such date, the statements therein are not
misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of a prospectus, in the light of the circumstances under which they were made) not misleading. Notwithstanding anything to the contrary
set forth herein, SPAC shall not, when so advising the Investor of such events, provide the Investor with any material, nonpublic information
regarding SPAC other than to the extent that providing notice to the Investor of the occurrence of the events listed in (A) through (D)
above constitutes material, nonpublic information regarding SPAC;

 

    12 

     

    

 

(ii)          use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration
Statement as promptly as reasonably practicable and to enable the Investor to sell the Shares under the Registration Statement; and

 

(iii)         the occurrence of any event contemplated in Section 7(b)(i), except for such times as SPAC is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of a Registration Statement, SPAC shall use its commercially reasonable efforts
to as promptly as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related
prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus
will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

 

c.                   
Indemnification.

 

(i)           SPAC agrees to indemnify and hold harmless, to the extent permitted by law, the Investor, its directors, officers, employees,
advisers and agents, and each person who controls the Investor (within the meaning of the Securities Act or the Exchange Act) and each
affiliate of the Investor (within the meaning of Rule 405 under the Securities Act) from and against any and all out-of-pocket losses,
claims, damages, liabilities and expenses (including, without limitation, any reasonable and documented attorneys’ fees and expenses
incurred in connection with defending or investigating any such action or claim) caused by any untrue or alleged untrue statement of material
fact contained in any Registration Statement, prospectus included in any Registration Statement (“Prospectus”) or preliminary
Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information
furnished in writing to SPAC by or on behalf of the Investor expressly for use therein.

 

(ii)          The Investor agrees, severally and not jointly with any other person that is a party to the Other Subscription Agreements,
to indemnify and hold harmless SPAC, its directors, officers, employees and agents and each person who controls SPAC (within the meaning
of the Securities Act) against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys’
fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus
or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit
so furnished in writing by or on behalf of the Investor expressly for use therein. In no event shall the liability of the Investor be
greater in amount than the dollar amount of the net proceeds received by such Investor upon the sale of the Shares purchased pursuant
to this Subscription Agreement giving rise to such indemnification obligation.

 

(iii)         Any
person entitled to indemnification herein shall (1) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to
indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (2) permit such indemnifying
party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent.
An indemnifying party who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more
than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of legal counsel to any indemnified party a conflict of interest exists between such indemnified party and any other of
such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

    13 

     

    

 

(iv)         The indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer, director, employee, agent, affiliate or controlling person
of such indemnified party and shall survive the transfer of the Shares purchased pursuant to this Subscription Agreement.

 

(v)          If the indemnification provided under this Section 7(c) from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by or on behalf of, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party
as a result of the losses or other liabilities referred to in Sections 7(c)(i), (ii) and (iii) above shall be deemed to include, subject
to the limitations set forth above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution pursuant to this Section 7(c)(v) from any person who was not guilty of such fraudulent misrepresentation.
Any contribution pursuant to this Section 7(c)(v) by any seller of Shares shall be limited in amount to the amount of net proceeds received
by such seller from the sale of such Shares pursuant to the Registration Statement. Notwithstanding anything to the contrary herein, in
no event will any party be liable for consequential, special, exemplary or punitive damages in connection with this Subscription Agreement.

 

d.                  
The SPAC shall, at its expense, use commercially reasonable efforts, if requested by Investor to (i) cause the removal of
restrictive legends from any Shares being sold under the Registration Statement or pursuant to Rule 144 at the time of sale of such Shares
and (ii) cause its legal counsel to deliver an opinion, if necessary, to the transfer agent in connection with the removal of such restrictive
legends, in each case, upon the receipt of customary representations and other documentation from the Investor that is necessary to establish
that restrictive legends are no longer required as reasonably requested by the SPAC, its counsel or the transfer agent. SPAC shall be
responsible for the fees of its transfer agent, its legal counsel and all DTC fees associated with such legend removal.

 

8.                   Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the
parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier to
occur of (a) such date and time as the Combination Agreement is terminated in accordance with its terms without being consummated,
(b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) 30 days after the
Termination Date (as defined in the Combination Agreement as in effect on the date hereof), if the Closing has not occurred by such
date other than as a result of a breach of Investor’s obligations hereunder, or (d) if any of the conditions to Closing set
forth in Section 3 of this Subscription Agreement are (i) not satisfied or waived prior to the Closing or (ii) not capable of being
satisfied on the Closing and, in each case of (i) and (ii), as a result thereof, the transactions contemplated by this Subscription
Agreement will not be and are not consummated at the Closing (the termination events described in clauses (a)–(d) above,
collectively, the “Termination Events”); provided that nothing herein will relieve any party from
liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or
in equity to recover losses, liabilities or damages arising from any such willful breach. SPAC shall notify the Investor in writing
of the termination of the Combination Agreement promptly after the termination of such agreement. Upon the occurrence of any
Termination Event, this Subscription Agreement shall be void and of no further effect and any monies paid by the Investor to SPAC in
connection herewith shall promptly (and in any event within one (1) business day) following the Termination Event be returned to the
Investor.

 

    14 

     

    

 

9.                  
Trust Account Waiver. The Investor acknowledges that SPAC is a blank check company with the powers and privileges to effect
a merger, asset acquisition, reorganization or similar business combination involving SPAC and one or more businesses or assets. The Investor
further acknowledges that, as described in SPAC’s prospectus relating to its initial public offering dated January 7, 2021 (the
 “IPO Prospectus”) available at www.sec.gov, substantially all of SPAC’s
assets consist of the cash proceeds of SPAC’s initial public offering and private placement of its securities, and substantially
all of those proceeds have been deposited in a trust account (the “Trust Account”)
for the benefit of SPAC, its public shareholders and the underwriters of SPAC’s initial public offering. Except with respect to
interest earned on the funds held in the Trust Account that may be released to SPAC to pay its tax obligations and to fund certain of
its working capital requirements, the cash in the Trust Account may be disbursed only for the purposes set forth in the IPO Prospectus.
For and in consideration of SPAC entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged,
the Investor hereby irrevocably waives any and all right, title and interest, or any claim of any kind it has or may have in the future,
in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account as a result of, or arising out
of, this Subscription Agreement; provided, however, that nothing in this Section 9 shall be deemed to limit the Investor’s
right, title, interest or claim to any monies held in the Trust Account by virtue of its record or beneficial ownership of Shares currently
outstanding on the date hereof, pursuant to exercised redemption rights with respect to any such Shares, except to the extent that the
Investor has otherwise agreed in writing with SPAC to not exercise such redemption right.

 

10.                 
Miscellaneous.

 

a.                   
Neither this Subscription Agreement nor any rights that may accrue to the parties hereunder (other than the Shares acquired
hereunder, if any) may be transferred or assigned without the prior written consent of each of the other parties hereto; provided that
(i) this Subscription Agreement and any of the Investor’s rights and obligations hereunder may be assigned to an affiliate or any
fund or account managed by the same investment manager as the Investor or by an affiliate (as defined in Rule 12b-2 of the Exchange Act)
of such investment manager without the prior consent of SPAC and (ii) the Investor’s rights under Section 7 may be assigned to an
assignee or transferee of the Shares; provided further that prior to such assignment any such assignee shall agree in writing to be bound
by the terms hereof; provided, that no assignment pursuant to clause (i) of this Section 10 shall relieve the Investor of its obligations
hereunder.

 

b.                  
SPAC may request from the Investor such additional information as SPAC may deem necessary to register the resale of the
Shares and evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall promptly provide such information as
may reasonably be requested to the extent readily available; provided, that, SPAC agrees to keep any such information provided by Investor
confidential except (i) as necessary to include in any registration statement SPAC is required to file hereunder, (ii) as required by
the federal securities law or pursuant to other routine proceedings of regulatory authorities or (iii) to the extent such disclosure is
required by law, at the request of the staff of the SEC or regulatory agency or under the regulations of any national securities exchange
on which SPAC’s securities are listed for trading. The Investor acknowledges and agrees that if it does not provide SPAC with such
requested information, SPAC may not be able to register the Investor’s Shares for resale pursuant to Section 7 hereof. The Investor
acknowledges that SPAC may file a copy of this Subscription Agreement (or a form of this Subscription Agreement) with the SEC as an exhibit
to a periodic report or a registration statement of SPAC.

 

c.                   
Each of the parties hereto acknowledges that the other party will rely on the acknowledgments, understandings, agreements,
representations and warranties contained in this Subscription Agreement. The Investor acknowledges that the Placement Agent will rely
on the acknowledgments, understandings, agreements, representations and warranties of the Investor contained in Sections 6, 10 and 11
of this Subscription Agreement, including Schedule A hereto. Prior to the Closing, the Investor agrees to promptly notify SPAC if any
of the acknowledgments, understandings, agreements, representations and warranties set forth in Section 6 are no longer accurate in any
material respect (other than those acknowledgments, understandings, agreements, representations and warranties qualified by materiality,
in which case the Investor shall notify SPAC if they are no longer accurate in any respect).

 

    15 

     

    

 

d.                    SPAC,
the Company and the Placement Agent are each entitled to rely upon this Subscription Agreement and each is irrevocably authorized to
produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby; provided, however, that the foregoing clause of this Section 10(d) shall not
give the Company or the Placement Agent any rights other than those expressly set forth herein and, without limiting the generality of
the foregoing and for the avoidance of doubt, in no event shall the Company be entitled to rely on any of the representations and warranties
of SPAC or Investor set forth in this Subscription Agreement.

 

e.                    The Investor hereby acknowledges and agrees that it will not, nor will any person acting at the Investor’s direction
or pursuant to any understanding with Investor, directly or indirectly, offer, sell, pledge, contract to sell, sell any option in, or
engage in hedging activities or execute any “short sales” (as defined in Rule 200 of Regulation SHO under the Exchange Act)
with respect to, any Shares or any securities of SPAC or any instrument exchangeable for or convertible into any Shares or any securities
of SPAC until the consummation of the Transaction (or such earlier termination of this Subscription Agreement in accordance with its terms).
For the avoidance of doubt, this Section 10(e) shall not apply to (i) any sale (including the exercise of any redemption right) of securities
of SPAC (A) held by the Investor, its controlled affiliates or any person or entity acting on behalf of the Investor or any of its controlled
affiliates prior to the execution of this Subscription Agreement or (B) purchased by the Investor, its controlled affiliates or any person
or entity acting on behalf of the Investor or any of its controlled affiliates in open market transactions after the execution of this
Subscription Agreement or (ii) ordinary course, non-speculative hedging transactions so long as the sales or borrowings relating to such
hedging transactions are not settled with the Shares subscribed for hereunder and the number of securities sold in such transactions does
not exceed the number of securities owned or subscribed for at the time of such transactions. Notwithstanding the foregoing, (1) nothing
herein shall prohibit any entities under common management with the Investor that have no knowledge of this Subscription Agreement or
of the Investor’s participation in the transactions contemplated hereby (including the Investor’s controlled affiliates and/or
affiliates) from entering into any short sales, and (2) in the case of an Investor that is a multi-managed investment vehicle whereby
separate portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no knowledge of the
investment decisions made by the portfolio managers managing other portions of such Investor’s assets, this Section 10(e) shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares
covered by this Subscription Agreement.

 

f.                     All of the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive
the Closing. For the avoidance of doubt, if for any reason the Closing does not occur prior to the consummation of the Transaction, all
representations, warranties, covenants and agreements of the parties hereunder shall survive the consummation of the Transaction and remain
in full force and effect.

 

g.                    This Subscription Agreement may not be amended, modified, waived or terminated (other than pursuant to the terms of Section
8 above) except by an instrument in writing, signed by each of the parties hereto, provided, however, that no modification or waiver by
SPAC of the provisions of this Subscription Agreement shall be effective without the prior written consent of the Company (other than
modifications or waivers that are solely ministerial in nature or otherwise immaterial and do not affect any economic or any other material
term of this Subscription Agreement). No failure or delay of any party in exercising any right or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right
or power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would
otherwise have hereunder.

 

h.                    This Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and supersedes all other prior
agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter
hereof. Except as set forth in Section 7(b), Section 10(c), Section 10(d), this Section 10(h) and Section 11 with respect to the persons
specifically referenced therein, and Section 6 with respect to the Placement Agent, this Subscription Agreement shall not confer any rights
or remedies upon any person other than the parties hereto, and their respective successors and assigns, and the parties hereto acknowledge
that such persons so referenced are third party beneficiaries of this Subscription Agreement with right of enforcement for the purposes
of, and to the extent of, the rights granted to them, if any, pursuant to the applicable provisions.

 

    16 

     

    

 

i.                     Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs,
executors, administrators, successors, legal representatives and permitted assigns.

 

j.                     If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid,
illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not
in any way be affected or impaired thereby and shall continue in full force and effect.

 

k.                    This Subscription Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in
..pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All
counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement. Counterparts may be
delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic
Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method
and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

l.                     The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of
this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting
a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement, this
being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. For the avoidance
of doubt, the Placement Agent is third party beneficiary with rights to enforce Section 5, Section 6, Section 10 and Section 11 hereof
on its own behalf and not, for the avoidance of doubt, on behalf of SPAC or the Company.

 

m.                    If any change in the number, type or classes of authorized shares of SPAC (including the Shares), other than as contemplated
by the Combination Agreement or any agreement contemplated by the Combination Agreement, shall occur between the date hereof and immediately
prior to the Closing by reason of reclassification, recapitalization, stock split (including reverse stock split) or combination, exchange
or readjustment of shares, or any stock dividend, the Per Share Purchase Price and number of Shares issued to the Investor shall be appropriately
adjusted to reflect such change.

 

n.                    This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless
of the laws that might otherwise govern under applicable principles of conflicts of laws thereof) as to all matters (including any action,
suit, litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding, hearing, audit, investigation or reviews by or
before any governmental entity related hereto), including matters of validity, construction, effect, performance and remedies.

 

    17 

     

    

 

o.                    Each
party hereto hereby, and any person asserting rights as a third party beneficiary may do so only if he, she or it, irrevocably
agrees that any action, suit or proceeding between or among the parties hereto, whether arising in contract, tort or otherwise,
arising in connection with any disagreement, dispute, controversy or claim arising out of or relating to this Subscription Agreement
or any related document or any of the transactions contemplated hereby or thereby (“Legal Dispute”) shall be
brought only to the exclusive jurisdiction of the United States District Court for the Southern District of New York and the Supreme
Court of the State of New York, and each party hereto hereby consents to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law,
any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court
or that any such suit, action or proceeding that is brought in any such court has been brought in an inconvenient forum. During the
period a Legal Dispute that is filed in accordance with this Section 10(o) is pending before a court, all actions, suits or
proceedings with respect to such Legal Dispute or any other Legal Dispute, including any counterclaim, cross-claim or interpleader,
shall be subject to the exclusive jurisdiction of such court. Each party hereto and any person asserting rights as a third party
beneficiary may do so only if he, she or it hereby waives, and shall not assert as a defense in any Legal Dispute, that
(a) such party is not personally subject to the jurisdiction of the above named courts for any reason, (b) such action,
suit or proceeding may not be brought or is not maintainable in such court, (c) such party’s property is exempt or immune
from execution, (d) such action, suit or proceeding is brought in an inconvenient forum, or (e) the venue of such action,
suit or proceeding is improper. A final judgment in any action, suit or proceeding described in this Section 10(o) following the
expiration of any period permitted for appeal and subject to any stay during appeal shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by applicable laws. EACH OF THE PARTIES HERETO AND ANY PERSON
ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY MAY DO SO ONLY IF HE, SHE OR IT IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO
TRIAL BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY AND FOR ANY COUNTERCLAIM RELATING THERETO. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE
IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL
ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY. FURTHERMORE, NO PARTY HERETO NOR ANY PERSON ASSERTING RIGHTS AS A THIRD PARTY BENEFICIARY SHALL
SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT BE
WAIVED.

 

p.                    Any notice or communication required or permitted hereunder to be given to a party hereunder shall be in writing and either
delivered personally, emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage
prepaid, to such address(es) or email address(es) set forth on the signature page hereto, and shall be deemed to be given and received
(i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice, if sent by email, or (iii) three
(3) business days after the date of mailing to the address below or to such other address or addresses as a party may hereafter designate
by notice to the other party pursuant to this Section 10(p).

 

11.               
Non-Reliance and Exculpation. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement,
representation or warranty made by any person, firm or corporation (including, without limitation, the
Placement Agent, any of its respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing), other than the statements, representations and warranties of SPAC expressly contained in Section 5 of this Subscription
Agreement, in making its investment or decision to invest in SPAC. The Investor acknowledges and agrees that none of (i) any other investor
pursuant to this Subscription Agreement or any other subscription agreement related to the private placement of the Shares (including
the investor’s respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives
of any of the foregoing), (ii) the Placement Agent, its respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing, or (iii) any Non-Party Affiliate or
any party to the Combination Agreement (other than SPAC), shall have any liability to the Investor pursuant to, arising out of or relating
to this Subscription Agreement, the negotiation hereof or its subject matter, or the transactions contemplated hereby, including, without
limitation, with respect to any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase
of the Shares or with respect to any claim (whether in tort, contract, under federal or state securities laws or otherwise) for breach
of this Subscription Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith,
as expressly provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or
materials of any kind furnished by SPAC, the Company, the Placement Agent or any Non-Party Affiliate concerning SPAC, the Company, the
Placement Agent, any of their controlled affiliates, this Subscription Agreement or the transactions contemplated hereby. For purposes
of this Subscription Agreement, “Non-Party Affiliates” means each former, current or future officer, director, employee, partner,
member, manager, direct or indirect equityholder or affiliate of SPAC, the Company, the Placement Agent or any of SPAC’s, the Company’s
or the Placement Agent’s controlled affiliates or any family member of the foregoing.

 

    18 

     

    

 

12.                 Disclosure.
SPAC shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription
Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the
 “Disclosure Document”) disclosing all material terms of the transactions contemplated hereby and by the Other
Subscription Agreements, the Transaction and any other material, nonpublic information that SPAC has provided to the Investor
at any time prior to the filing of the Disclosure Document. Upon the issuance of the Disclosure Document, to the knowledge of SPAC,
the Investor shall not be in possession of any material, non-public information received from SPAC or any of its officers,
directors, or employees or agents, and the Investor shall no longer be subject to any confidentiality or similar obligations under
any current agreement, whether written or oral, with SPAC, the Placement Agent or any of their affiliates, relating to the
transactions contemplated by this Subscription Agreement. Notwithstanding anything in this Subscription Agreement to the contrary,
SPAC shall not publicly disclose the name of the Investor or any of its affiliates or advisers, or include the name of the Investor
or any of its affiliates or advisers without the prior written consent of the Investor (i) in any press release or marketing
materials or (ii) in any filing with the SEC or any regulatory agency or trading market, except as required by the federal
securities law or pursuant to other routine proceedings of regulatory authorities, or to the extent such disclosure is required by
law, at the request of the staff of the SEC or regulatory agency or under the regulations of any national securities exchange on
which SPAC’s securities are listed for trading, in which case SPAC shall provide Investor with prior written notice of such
disclosure permitted under this clause (ii).

 

13.                 
Separate Obligations. The obligations of Investor under this Subscription Agreement are several and not joint with the obligations
of any Other Investor under the Other Subscription Agreements, and Investor shall not be responsible in any way for the performance of
the obligations of any Other Investor under the Other Subscription Agreements. The decision of Investor to purchase the Shares pursuant
to this Subscription Agreement has been made by Investor independently of any Other Investor and independently of any information, materials,
statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial
or otherwise) or prospects of SPAC, and neither Investor nor any of its agents or employees shall have any liability to any Other Investor
(or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or
in any Other Subscription Agreement, and no action taken by Investor, shall be deemed to constitute Investor or any Other Investor under
the Other Subscription Agreements as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that Investor or any Other Investors are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by the this Subscription Agreement and the Other Subscription Agreements. Investor acknowledges that no Other Investor has
acted as agent for Investor in connection with making its investment hereunder and no Other Investor will be acting as agent of Investor
in connection with monitoring its investment in the Shares or enforcing its rights under this Subscription Agreement. Investor shall be
entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement,
and it shall not be necessary for any Other Investor to be joined as an additional party in any proceeding for such purpose.

 

[SIGNATURE PAGES
FOLLOW]

 

    19 

     

    

 

IN WITNESS WHEREOF,
the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set
forth below.

 

	Name of Investor:	 	State/Country of Formation or Domicile:
	 	 	 
	By:  	 	 	 
	Name:  	 	 	 
	Title:  	 	 	 
	 	 	 
	Name in which Shares are to be registered (if different):	 	Date: May 26, 2021
	 	 	 
	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State, Zip:
	 	 	 
	Attn:  	 	 	Attn:  	 
	 	 	 
	Telephone No.:	 	Telephone No.:
	Facsimile No.:    	 	Facsimile No.:
	 	 	 
	Email: 	 	 
	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by SPAC in the Closing Notice.

 

     

     

    

 

IN WITNESS WHEREOF, SPAC has
accepted this Subscription Agreement as of the date set forth below.

 

	 	PIONEER MERGER CORP.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[add address for purposes of notice]

 

Date:      May 26, 2021

 

     

     

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS
OF THE INVESTOR

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS
	 	(Please check the applicable subparagraphs):

 

 ̈  We
are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

** OR **

 

	B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS
	 	(Please check the applicable subparagraphs):

 

	 	1.	 ̈  We are an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act), and have marked and initialed the appropriate box on the following page indicating the provision under which we qualify as an “accredited investor.”

 

		2.	 ̈  We are not a natural person.

 

Rule 501(a) under the Securities Act, in relevant
part, states that an “accredited investor” shall mean any person who comes within any of the below listed categories, or who
the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person.
The Investor has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to the Investor and
under which the Investor accordingly qualifies as an “accredited investor.”

 

 ̈  Any
bank, registered broker or dealer, insurance company, registered investment company, business development company, or small business investment
company;

 

 ̈  Any
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions
for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

 ̈  Any
employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered
investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

 

 ̈  Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or partnership, not
formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

 

 ̈  Any
trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated
person; or

 

 ̈  Any
entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

 ** OR **

	
     

    C.
	
     

    QUALIFIED PURCHASER STATUS

	 	
    (Please check the applicable subparagraphs):

     

    FOR INDIVIDUALS: 

 

     

     

    

 

	 	1.	 ̈  A natural person who owns not less than U.S.$5,000,000 in investments.  For this purpose, investments owned by the Investor include all investments that are the Investor’s separate property and any investments held jointly with the Investor’s spouse, as community property or otherwise, but do not include investments that are the separate property of the Investor’s spouse unless the interest will be a joint investment of the Investor and the Investor’s spouse.

 

		2.	☐  A natural person who has discretionary investment authority with regard to at least U.S.$25,000,000 of investments, including for this purpose solely the Investor’s own investments and investments of third parties that are themselves accurately described by one or more paragraphs of this Section C.

 

 

	 	
    (Please check the applicable subparagraphs):

     

    FOR ENTITIES:

     

 

	 	3.	 ̈  A corporation, partnership, limited liability company, trust or other organization that:  (i)was not organized or reorganized and is not operated for the specific purpose of acquiring the interest or any other interest in SPAC, and less than 40% of the assets of which will consist of interests in SPAC (calculated as of the time of the Investor’s execution of this Subscription Agreement); (ii)owns not less than U.S.$5,000,000 in investments; and (iii)is owned directly or indirectly solely by or for two or more natural persons who are related as siblings or spouses (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organizations, or trusts established by or for the benefit of such persons.

 

		4.	 ̈  A trust:  (i) that is not described in paragraph (3) of this Section C; (ii) that was not organized or reorganized and is not operated for the specific purpose of acquiring the interest or any other interest in SPAC, and less than 40% of the assets of which will consist of interests in SPAC (calculated as of the time of the Investor’s execution of this Subscription Agreement); and (iii) with respect to which each of the settlors and other contributors of assets, trustees, and other authorized decision makers is a person described in paragraph (1), (2), (3) or (4) of this Section C.

 

	 	
    

    5.
	
    

     ̈  An
entity that:  (i) was not organized or reorganized and is not operated for the specific purpose of acquiring the interest or any
other interest in SPAC, and less than 40% of the assets of which will consist of interests in SPAC (calculated as of the time of the
Investor’s execution of this Subscription Agreement); and (ii) has discretionary investment authority with regard to at least U.S.$25,000,000
of investments, whether for its own account or for the account of other persons that are themselves accurately described by one or more
other paragraphs of this Section C.

 

		6. 	 ̈  An
    entity, each and every beneficial owner of which is a person accurately described by one or more of the foregoing paragraphs of this Section
    C or is itself an entity each and every beneficial owner of which is a person accurately described by one or more of the foregoing paragraphs
    of this Section C. If the Investor is a qualified purchaser solely for the reason described in this paragraph 6, the Investor
    shall, at the request of the SPAC, submit to SPAC a separate qualified purchaser questionnaire for each beneficial owner of the Investor’s
    securities.

 

This page should
be completed by the Investor

and constitutes
a part of the Subscription Agreement.

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