Document:

Exhibit 4.4

 

WARRANT AGREEMENT

 

between

 

PAPAYA GROWTH OPPORTUNITY CORP. I

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

Dated [●], 2022

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of [●], 2022, is by and between Papaya Growth Opportunity Corp. I, a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”,
also referred to herein as the “Transfer Agent”).

 

WHEREAS, the Company is engaged in an initial public offering
(the “Offering”) of units of the Company’s equity securities, each such unit comprised of one share of
Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-half of one
redeemable Public Warrant (as defined below) (the “Units”) and, in connection therewith, will issue and deliver
up to 12,500,000 warrants (or up to 14,375,000 warrants if the Over-Allotment Option (as defined below) is exercised in full) to public
investors in the Offering (the “Public Warrants”); and

 

 WHEREAS,
on [●], 2022 the Company entered into those certain Private Placement Unit Subscription Agreements with each of (i) Papaya Growth
Opportunity I Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), (ii) Cantor Fitzgerald &
Co., the representative (the “Representative”) of the underwriters in the Offering (the “Underwriters”)
and (iii) J.V.B. Financial Group, LLC on behalf of its Cohen and Company Capital Markets division (“CCM”) (each
a “Private Placement Unit Subscription Agreement” and collectively the “Private Placement Unit
Subscription Agreements”) pursuant to which the Sponsor, the Representative and CCM agreed to purchase an aggregate of
1,290,500 units (or 1,365,500 units if the underwriters exercise their Over-Allotment Option (as defined below) in full) simultaneously
with the closing of the Offering bearing the legend set forth in Exhibit B hereto (the “Private Placement Units”)
at a purchase price of $10.00 per Private Placement Unit. The Private Placement Units are identical to the units in the Offering, and
in connection therewith, the Company has determined to issue and deliver up to 645,250 warrants (or up to 682,750 warrants if the Over-Allotment
Option is exercised in full) (the “Private Placement Warrants”); and 

 

WHEREAS, in order to finance the Company’s transaction
costs in connection with an intended initial Business Combination (as defined below), the Sponsor or an affiliate of the Sponsor or certain
of the Company’s executive officers and directors may, but are not obligated to, loan to the Company funds as the Company may require,
of which up to $1,500,000 of such loans may be convertible into up to an additional 1,500,000 warrants at a price of $1.00 per warrant
(the “Working Capital Warrants”); and

 

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

 

WHEREAS, the Company has filed with the Securities and Exchange
Commission (the “Commission”) a registration statement on Form S-1, File No. 333-261317 (the “Registration
Statement”) and prospectus (the “Prospectus”), for the registration, under the Securities Act
of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the Common Stock included
in the Units; and

 

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

 

    

     

    

 

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

 

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

 

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

 

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

 

2. Warrants.

 

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

 

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

 

2.3 Registration.

 

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

 

If the Depositary subsequently ceases
to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making
other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary
to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver
to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver
to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificate”).
Such Definitive Warrant Certificate shall be in the form annexed hereto as Exhibit A, with appropriate insertions, modifications
and omissions, as provided above.

 

    

     

    

 

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

 

2.4 Detachability of Warrants. The Common
Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if
such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for
normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or
earlier (the “Detachment Date”) with the consent of Cantor Fitzgerald & Co., as representative of the
several underwriters (the “Representative”), but in no event shall the Common Stock and the Public Warrants
comprising the Units be separately traded until (A) the Company has filed a current report on Form 8-K with the Commission containing
an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received
by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-Allotment
Option”), if the Over-Allotment Option is exercised prior to the filing of the current report on Form 8-K, and (B) the
Company issues a press release and files with the Commission a current report on Form 8-K announcing when such separate trading shall
begin.

 

2.5 No Fractional Warrants Other Than as Part of
Units. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised of one share of
Common Stock and one-half of one Public Warrant. If, upon the detachment of Public Warrants from Units or otherwise, a holder of Warrants
would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to
be issued to such holder.

 

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

 

(a) to the Company’s , Representative’s
or CCM’s officers or directors, any affiliates or family members of any of such officers or directors, any members or partners of
the Sponsor, the Representative or CCM or its affiliates, any affiliates of the Sponsor, the Representative or CCM or any employees of
such affiliates;

 

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

 

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

 

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

 

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

 

(f) in the event of the Company’s
liquidation prior to consummation of the Company’s Business Combination; or

 

    

     

    

 

(g) by virtue of the laws of the
State of Delaware or the Sponsor’s organizational documents upon dissolution of the Sponsor, the organizational documents of the
Representative upon dissolution of the Representative or the organizational documents of CCM upon the dissolution of CCM; provided,
however, that, in each case these permitted transferees (the “Permitted Transferees”) must enter into
a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement and the other restrictions contained
in (1) the letter agreement, dated as of the date hereof, by and among the Company, the Sponsor and the Company’s officers and directors,
(2) the Private Placement Unit Purchase Agreement between the Company and the Sponsor, (3) the Private Placement Unit Purchase Agreement
between the Company and the Representative and (4) the Private Placement Unit Purchase Agreement between the Company and CCM. Notwithstanding
the foregoing, with respect to any Private Placement Warrants held by the Underwriters and/or their designees, in addition to the foregoing
restriction on transfer of the Private Placement Warrants, the Private Placement Warrants purchased by the Underwriters and/or their designees
shall not be sold during the Offering, or sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following
the date of effectiveness of the Registration Statement or commencement of sales of the Offering, except to any member participating in
the Offering and the officers or partners thereof. Additionally, the Private Placement Warrants purchased by the Underwriters and/or its
designees shall not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective
economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness of the Registration
Statement or commencement of sales of the Offering, except as permitted in accordance with FINRA Rule 5110(e)(2)(B). Additionally, the
Private Placement Warrants purchased by the Underwriters may not be exercised more than five (5) years after the effective Registration
Statement.

 

The Private Placement Warrants will not be fungible with the Public
Warrants, and, once registered, will trade separately. 

 

2.7 Working Capital Warrants. The Working
Capital Warrants shall be identical to the Private Placement Warrants.

 

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

 

3. Terms and Exercise of Warrants.

 

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

 

3.2 Duration of Warrants. A Warrant may
be exercised only during the period (the “Exercise Period”) commencing on the date that is thirty (30) days
after the first date on which the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination, involving the Company and one or more businesses (a “Business Combination”),
and terminating at 5:00 p.m., New York City time on the earliest to occur of: (x) the date that is five (5) years after the
date on which the Company completes its initial Business Combination, (y) the liquidation of the Company, or (z) other than
with respect to the Private Placement Warrants and the Working Capital Warrants, the Redemption Date (as defined below) as provided in
Section 6.2 hereof (the “Expiration Date”); provided, however, that the exercise of
any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect
to an effective registration statement. Except with respect to the right to receive the Redemption Price (as defined below) (other than
with respect to a Private Placement Warrant or a Working Capital Warrant) to the extent then held by the original purchasers thereof or
their Permitted Transferees in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant (other
than a Private Placement Warrant or a Working Capital Warrant to the extent then held by the original purchasers thereof or their Permitted
Transferees in the event of a redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company
in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall
provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further
that any such extension shall be identical in duration among all the Warrants. Notwithstanding anything contained in this Agreement to
the contrary, so long as the Private Placement Warrants held by the Underwriters are held by the Underwriters or their designees or affiliates,
such Private Placement Warrants may not be exercised after five years from the effective date of the Registration Statement.

 

    

     

    

 

3.3 Exercise of Warrants.

 

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

 

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

 

(b) in the event of a redemption
pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”) has elected
to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that
number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value”, as defined in
this subsection 3.3.1(b) by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and
Section 6.3, the “Fair Market Value” shall mean the average last sale price of the Common Stock for the ten (10) trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant
to Section 6 hereof;

 

(c) with respect to any Private
Placement Warrant or Working Capital Warrant, by surrendering the Warrants for that number of shares of Common Stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference
between the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.3.1(c), by (y) the Fair
Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average reported
last sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice
of exercise of the Warrant is sent to the Warrant Agent; or

 

(d) as provided
in Section 7.4 hereof.

 

    

     

    

 

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

 

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

 

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

 

3.3.5 Maximum Percentage. A holder
of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection
3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.9% (or such other
amount as a holder may specify) (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with
respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon
(x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its
affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this
paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding shares
of Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s
most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing
with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the
Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written
request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date
as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant
may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such
notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice
is delivered to the Company.

 

    

     

    

 

4. Adjustments.

 

4.1 Stock Dividends.

 

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

 

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

 

    

     

    

 

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

 

4.3 Adjustments in Exercise Price.

 

4.3.1 Whenever the number of shares of
Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or Section 4.2
above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment
by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants
immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable
immediately thereafter.

 

4.3.2 If (i) the Company issues
additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock for capital
raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less
than $9.20 per share of Common Stock, with such issue price or effective issue price to be determined in good faith by the Board (and
in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by such holder
or affiliates, as applicable, prior to such issuance) (the “New Issuance Price”), (ii) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of
the initial Business Combination on the date of the consummation thereof (net of redemptions) and (iii) the volume weighted average
trading price of the Common Stock during the 20 trading day period starting on the trading day prior to the day on which the Company consummates
the initial Business Combination (such price, the "Market Value") is below $9.20 per share, the Warrant Price shall be adjusted
(to the nearest cent) to be equal to 115% of the higher of the Market Value and the New Issuance Price and the Redemption Trigger Price
(as defined below) shall be adjusted to equal to 180% of the higher of the Market Value and the Newly Issued Price.

 

4.4 Replacement of Securities upon Reorganization, etc.
In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change under subsections
4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in
the case of any merger or consolidation of the Company with or into another entity or conversion of the Company as another entity (other
than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another entity of the assets or
other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders
of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in
the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event.
If any reclassification or reorganization also results in a change in shares of Common Stock covered by subsection 4.1.1, then
such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4.
The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of
the Warrant.

 

    

     

    

 

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

 

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

 

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

 

4.8 No Adjustment. For the avoidance of
doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the conversion ratio of the Company’s
Class B common stock (the “Class B Common Stock”) into shares of Common Stock or the conversion of
the shares of Class B Common Stock into shares of Common Stock, in each case, pursuant to the Company’s Charter, as amended
from time to time.

 

5. Transfer and Exchange of Warrants.

 

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

 

5.2 Procedure for Surrender of Warrants.
Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant
Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any
Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry Warrant Certificate and Definitive Warrant Certificate
may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a
nominee of a successor depository; provided further, however, that in the event that a Warrant surrendered for transfer
bears a restrictive legend (as in the case of the Private Placement Warrants and the Working Capital Warrants), the Warrant Agent shall
not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the
Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

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

 

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

 

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

 

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

 

    

     

    

 

6. Redemption.

 

6.1 Redemption. Subject to Section 6.4
hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable
and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described
in Section 6.2 below, at the price of $0.01 per Warrant (the “Redemption Price”), provided that
the last sales price of the Common Stock reported has been at least $18.00 per share (subject to adjustment in compliance with Section 4
hereof) (the “Redemption Trigger Price”), on each of twenty (20) trading days within the thirty (30) trading-day
period ending on the third trading day prior to the date on which notice of the redemption is given and provided that there is an effective
registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto,
available throughout the 30-day Redemption Period (as defined in Section 6.2 below) or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1; provided, however, that if and when
the Public Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of shares of
Common Stock upon exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws
or the Company is unable to effect such registration or qualification.

 

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

 

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

 

6.4 Exclusion of Private Placement Warrants
and Working Capital Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply
to the Private Placement Warrants or the Working Capital Warrants.

 

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

 

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

 

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

 

    

     

    

 

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

 

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

 

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

 

7.4.2 Cashless Exercise at Company’s
Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that it
satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor
statute), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public
Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor statute)
as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall not be required to file or
maintain in effect a registration statement for the registration, under the Securities Act, of the Common Stock issuable upon exercise
of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company does not elect at the time of exercise to
require a holder of Public Warrants who exercises Public Warrants to exercise such Public Warrants on a “cashless basis,”
it agrees to use its commercially reasonable efforts to register or qualify for sale the Common Stock issuable upon exercise of the Public
Warrant under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available.

 

    

     

    

 

 

8. Concerning the Warrant Agent and Other Matters.

 

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

 

8.2 Resignation, Consolidation, or Merger of
Warrant Agent.

 

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

 

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

 

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

 

8.3 Fees and Expenses of Warrant Agent.

 

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

 

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

 

     

     

    

 

8.4 Liability of Warrant Agent.

 

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

 

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

 

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

 

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

 

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

 

9. Miscellaneous Provisions.

 

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

 

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

 

Papaya Growth Opportunity Corp. I

2201 Broadway #750

Oakland, CA 94612

Attention: Clay Whitehead

 

with a copy to:

 

McDermott Will & Emery LLP

One Vanderbilt Avenue

New York, NY 10017

Attention: Ari Edelman

Email: aedelman@mwe.com

 

     

     

    

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

9.3 Applicable Law and Exclusive Forum.
The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the
State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of
another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way
to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action,
proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Notwithstanding the foregoing, (i) the provisions of this Agreement will not apply to suits brought to enforce any liability
or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole
and exclusive forum, and (ii) unless the Company consents in writing to the selection of an alternative forum, the federal district
courts of the United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any
complaint asserting a cause of action arising under the Securities Act or the rules and regulations promulgated thereunder. We note
that there is uncertainty as to whether a court would enforce this provision and that investors cannot waive compliance with the federal
securities laws and the rules and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for
state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability
created by the Exchange Act or the rules and regulations thereunder.

 

Any person or entity purchasing or otherwise acquiring
any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this Section 9.3.
If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located
within the State of New York or the United States District Court for the Southern District of New York (a “Foreign Action”)
in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the
state and federal courts located within the State of New York or the United States District Court for the Southern District of New York
in connection with any action brought in any such court to enforce the forum provisions (an “Enforcement Action”),
and (y) having service of process made upon such warrant holder in any Enforcement Action by service upon such warrant holder’s
counsel in the Foreign Action as agent for such warrant holder.

 

9.4 Persons Having Rights under this Agreement.
Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other than the parties hereto and the
Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. The Underwriters and CCM shall be deemed to be a third-party beneficiary of this Agreement with respect
to Section 7.4, Section 9.4 and Section 9.8. All covenants, conditions, stipulations, promises, and agreements contained
in this Agreement shall be for the sole and exclusive benefit of the parties hereto and, for purposes of Sections 7.4, 9.4
and 9.8, the Underwriters and CCM, and their successors and assigns and of the Registered Holders of the Warrants.

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	PAPAYA GROWTH OPPORTUNITY CORP. I
	 	 
	 	By:	 
	 	Name:	 Clay Whitehead
	 	Title:	 Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED
FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

PAPAYA GROWTH OPPORTUNITY CORP. I

Incorporated Under the Laws of the State of
Delaware

 

CUSIP [●]

 

Warrant Certificate

 

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

 

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

 

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

 

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

 

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

 

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

 

This Warrant Certificate shall be governed by and construed in accordance
with the internal laws of the State of New York, without regard to conflicts of laws principles thereof.

 

     

     

    

 

	 	PAPAYA GROWTH OPPORTUNITY CORP. I 
	 	 
	 	By:	 
	 	Name:	Clay Whitehead
	 	Title:  	Chief Executive Officer

 

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

 

     

     

    

 

[Form of Warrant Certificate]

[Reverse]

 

The Warrants evidenced by this Warrant Certificate are part of a duly
authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued or to be issued pursuant
to a Warrant Agreement dated as of [●], 2022 (the “Warrant Agreement”), duly executed and delivered by
the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant
Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent,
the Company and the holders (the words “holders” or “holder” meaning the Registered
Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon
written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to
them in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably elects to exercise the right, represented
by this Warrant Certificate, to receive shares of Common Stock and herewith tenders payment for such shares of Common Stock to the order
of Papaya Growth Opportunity Corp. I (the ”Company”) in the amount of $[__] in accordance with the terms hereof. The
undersigned requests that a certificate for such shares of Common Stock be registered in the name of [_____], whose address is [_____]
and that such shares of Common Stock be delivered to [_____], whose address is [_____]. If said number of shares of Common Stock is less
than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the
remaining balance of such shares of Common Stock be registered in the name of [_____], whose address is [_____], and that such Warrant
Certificate be delivered to [_____], whose address is [_____].

 

In the event that the Warrant has been called for redemption by the
Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6.3
of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance
with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement.

 

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

 

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

 

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

 

[Signature Page Follows]

 

     

     

    

 

	Date: 	 	 
	 	 	(Signature)
	 	 	 
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Tax Identification Number)
	
     

    Signature Guaranteed:
	 	 
	 	 	 

 

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

 

     

     

    

 

EXHIBIT B

LEGEND

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN (1) THE LETTER AGREEMENT
BY AND AMONG PAPAYA GROWTH OPPORTUNITY CORP. I (THE “COMPANY”), PAPAYA GROWTH OPPORTUNITY I SPONSOR, LLC. (THE “SPONSOR”)
AND THE OTHER PARTIES THERETO, (2) THE PRIVATE PLACEMENT UNIT SUBSCRIPTION AGREEMENT BY AND BETWEEN THE COMPANY AND THE SPONSOR, (3) THE
PRIVATE PLACEMENT UNIT SUBSCRIPTION AGREEMENT BY AND BETWEEN THE COMPANY AND CANTOR FITZGERALD & CO. AND (4) THE PRIVATE PLACEMENT
UNIT SUBSCRIPTION AGREEMENT BY AND BETWEEN THE COMPANY AND J.V.B. FINANCIAL GROUP, LLC, THE SECURITIES REPRESENTED BY THIS CERTIFICATE
MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL
BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE
(AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A
COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS
AGREEMENT TO BE EXECUTED BY THE COMPANY.”Exhibit 10.1

 

[__], 2022

 

Papaya Growth Opportunity Corp. I

2201 Broadway, #750

Oakland, CA 94612

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter ("Letter Agreement")
is being delivered to you in accordance with the Underwriting Agreement (the "Underwriting Agreement") entered
into, or proposed to be entered into, by and between Papaya Growth Opportunity Corp. I, a Delaware corporation (the "Company"),
and Cantor Fitzgerald & Co. ("Cantor"), as the representative of the underwriters (the "Underwriters"),
relating to an underwritten initial public offering (the "Offering"), of up to 28,750,000 of the Company's units
(the "Units"), each comprised of one share of the Company's Class A common stock, par value $0.0001 per share
(the "Common Stock"), and one half of one warrant, each whole warrant exercisable for one share of Common Stock
(each, a "Warrant"). The Units sold in the Offering will be registered under the Securities Act of 1933, as amended
(the "Securities Act"), pursuant to a registration statement on Form S-1 and prospectus (the "Prospectus")
filed by the Company with the Securities and Exchange Commission (the "Commission"). The Company expects that
the Units will be listed for trading on the Nasdaq Global Market. Certain capitalized terms used herein are defined in paragraph 16 hereof.

 

The Insiders signatory hereto hereby agree with
the Company as follows:

 

1.
Each Insider agrees that, if the Company seeks stockholder approval of (a) a proposed initial Business Combination or (b) a proposed amendment
to the Company's amended and restated certificate of incorporation (as may be amended from time to time, the "Charter")
to modify the substance or timing of the Company's obligation to redeem 100% of the Offering Shares if the Company does not complete its
initial Business Combination within 15 months, which is extendable at the Sponsor’s option to up to 21 months, from the completion
of the Offering, then in connection with such proposed initial Business Combination or amendment to the Charter, such person shall vote,
as applicable, all Founder Shares, Placement Shares and any shares acquired by such person in the Offering or in the secondary public
market in favor of such proposed initial Business Combination or such amendment to the Charter, as applicable.

 

2.
(a) Each Insider hereby agrees that, if the Company fails to consummate a Business Combination within 15 months, which is extendable at
the Sponsor’s option to up to 21 months, from the consummation of the Offering, such person shall take all reasonable steps to cause
the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
ten business days thereafter, redeem the Offering Shares at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including any amounts representing interest earned on the Trust Account, less interest previously released
to, or reserved for use by, the Company in an amount up to $100,000 to pay dissolution expenses and less any other interest released to,
or reserved for use by, the Company to pay franchise and income taxes, divided by the number of Offering Shares then outstanding, which
redemption will completely extinguish the holder's rights as a stockholder with respect to his, her or its Offering Shares (including
the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company's remaining stockholders and the Company's board of directors (the "Board"),
dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company's obligations under Delaware law to provide for claims
of creditors and other requirements of applicable law.

 

(b) Each Insider agrees to not propose any amendment
to the Charter that would affect the substance or timing of the Company's obligation to redeem 100% of the Offering Shares if the Company
does not consummate a Business Combination within 15 months, which is extendable at the Sponsor’s option to up to 21 months, from
the completion of the Offering, unless the Company provides the holders of Offering Shares with the opportunity to redeem their Offering
Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account, including any amounts representing interest earned on the Trust Account, less any interest released to, or reserved for
use by, the Company to pay franchise and income taxes, divided by the number of then outstanding Offering Shares.

 

     

     

    

 

(c) Each Insider acknowledges and agrees that
Founder Shares or Placement Shares held by him, her or it are not entitled to, and have no right, interest or claim of any kind in or
to, any monies held in the Trust Account or distributed as a result of any liquidation of the Trust Account.

 

(d) Each Insider waives, with respect to any Founder
Shares or Placement Shares held by such undersigned party, any redemption rights he, she or it may have (i) in connection with the consummation
of an initial Business Combination, (ii) if the Company fails to consummate its initial Business Combination or liquidates within 15 months,
which is extendable at the Sponsor’s option to up to 21 months, from the completion of the Offering or (iii) if the Company seeks
an amendment to its Charter that would affect the substance or timing of the Company's obligation to redeem 100% of the Offering Shares
as described above. If any of the Insiders should acquire Offering Shares in or after the Offering, each Insider hereby waives with respect
to such Offering Shares held by such undersigned party any redemption rights such party may have in connection with the consummation of
a Business Combination or a stockholder vote to amend the Charter to modify the substance or timing of the Company's obligation to redeem
100% of the Offering Shares if the Company does not complete its initial Business Combination within 15 months or up to 21 months, as
applicable, from the completion of the Offering; provided, however, that the Insiders will be entitled to redemption rights with respect
to such Offering Shares held by them if the Company fails to consummate a Business Combination or liquidates within 15 months or up to
21 months, as applicable, from completion of the Offering.

 

3. (a) To the extent that the Underwriters do not exercise in
full their over-allotment option to purchase an additional 3,750,000 Units (as described in the Prospectus), the Initial Holders shall
return to the Company for cancellation, at no cost, an aggregate number of Founder Shares determined by multiplying 956,250 by a fraction:
(i) the numerator of which is 3,750,000 minus the number of shares of the Common Stock purchased by the Underwriters upon the exercise
of their over-allotment option, and (ii) the denominator of which is 3,750,000. The Initial Holders further agree that, if the Company
effects a stock split, stock dividend, reverse stock split, contribution back to capital or otherwise in connection with any increase
or decrease in the size of the Offering, to the extent that the Underwriters do not exercise their over-allotment option in full, the
aggregate number of shares that the Initial Holders will be required to return to the Company as set forth in the immediately preceding
sentence shall be adjusted so that the Founder Shares held by the Initial Holders and their Permitted Transferees represent 20.0% of the
Company's issued and outstanding shares of Common Stock immediately following such forfeiture. The number of Founder Shares to be returned
by each Initial Holder, if any, pursuant to this Section 3(a) shall be determined on a pro-rata basis based on the percentage of outstanding
Founder Shares held by each Initial Holder at the time of such forfeiture.

 

(b) Subject to paragraph 3(d), the Founder Shares
owned by the Insiders shall not be transferable or salable until the earliest of (a) one year after the completion of a Business Combination
and (b) subsequent to a Business Combination, (x) if the last reported sale price of the Common Stock equals or exceeds $12.00 per share
(as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after a Business Combination or (y) the date on which we complete a liquidation,
merger, share exchange, reorganization, recapitalization or other similar transaction that results in all of the Company's public stockholders
having the right to exchange their Common Stock for cash, securities or other property. (such applicable period being the "Founder
Lock-Up Period"). During the Founder Lock-Up Period, the Insiders shall not, except as described in the Prospectus, (I) sell,
offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose
of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder (the "Exchange Act"), with respect to the Founder Shares then subject to the Founder Lock-Up Period,
(II) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any of the Founder Shares then subject to the Founder Lock-Up Period, whether any such transaction is to be settled by delivery of
the Common Stock or such other securities, in cash or otherwise, or (III) publicly announce any intention to effect any transaction specified
in clause (b)(I) or (b)(II).

 

     

     

    

 

(c) Until 30 days after the consummation of
the initial Business Combination ("Placement Unit Lock-Up Period"), the Sponsor shall not, except as
described in the Prospectus, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or
liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to the Placement
Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants, (ii) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the
Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants, whether any such
transaction is to be settled by delivery of the Common Stock or such other securities, in cash or otherwise, or (iii) publicly
announce any intention to effect any transaction specified in clause (c)(i) or (c)(ii).

 

(d) Notwithstanding the provisions contained in
paragraphs 3(b) and 3(c) hereof, any Insider may transfer, as applicable, the Founder Shares and/or Placement Units, Placement Shares,
Placement Warrants, or shares of Common Stock underlying the Placement Warrants (1) in connection with an initial Business Combination
with the consent of the Company to any third party that agrees in writing to be bound by the provisions of this agreement applicable to
Insiders (other than paragraph 1 and the second sentence of paragraph 2(d)); and (2) (a) to the Company's officers, the Company's directors,
the Initial Holders, Cantor, CCM, or Cantor or CCM's officers, directors or direct or indirect equityholders, (b) to an affiliate or immediate
family member of any of the Company's officers, directors, Initial Holders or Cantor or CCM, (c) to any member, officer or director of
the Sponsor, or any immediate family member, partner, affiliate or employee of a member of the Sponsor, or any officers, directors, or
direct or indirect equityholders of Cantor or CCM, (d) by gift to any Permitted Transferee under any of the immediately preceding subsections
(a) through (c), a trust, the beneficiaries of which are one or more Permitted Transferees under any of the immediately preceding subsections
(a) through (c), or a charitable organization, (e) by virtue of laws of descent and distribution upon death of any of the Company’s
officers, the Company’s directors, the Initial Holders, or members of Sponsor, or any officers, directors or direct or indirect
equityholders of Cantor or CCM, (f) pursuant to a qualified domestic relations order, (g) in the event of the Company's liquidation prior
to consummation of its initial Business Combination, (h) by virtue of the laws of Delaware, the Sponsor's limited liability company agreement
upon dissolution of the Sponsor, or the organizational documents of Cantor upon dissolution of Cantor or the organizational documents
of CCM upon the dissolution of CCM, as applicable, (i) subsequent to the Company's consummation of its initial Business Combination, in
the event of a liquidation, merger, stock exchange or other similar transaction which results in all of the Company's stockholders having
the right to exchange their shares of Common Stock for cash, securities or other property, (j) subsequent to the Company's consummation
of its initial Business Combination, in the event of a consolidation, merger or other similar transaction in which the Company is the
surviving entity that results in the directors and officers of the Company ceasing to comprise a majority of the Board (in the case of
directors) or management (in the case of officers) of the surviving entity or (k) through private sales or transfers made in connection
with any forward purchase agreement or similar arrangement or in connection with the consummation of the Company's initial Business Combination
at prices no greater than the price at which the Founder Shares, Placement Shares or Placement Warrants were originally purchased (each,
a "Permitted Transferee"); provided, however, that, in the case of subclauses (a) through (f), (h) and (k), these
transferees enter into a written agreement with the Company agreeing to be bound by the transfer restrictions set forth herein. For the
avoidance of doubt, for the purposes of this Agreement, a managed account managed by the same investment manager of any member of the
Sponsor shall be deemed an affiliate of such member.

 

(e) Further, each Insider agrees that after the
Founder Lock-Up Period or the Placement Unit Lock-Up Period, as applicable, has elapsed, the Founder Shares and/or Placement Units, Placement
Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants owned by such Insider shall only be transferable
or saleable pursuant to a sale registered under the Securities Act or pursuant to an available exemption from registration under the Securities
Act. The Company and each Insider acknowledges that pursuant to that certain registration rights agreement to be entered into among the
Company and certain security holders of the Company, parties to the agreement may request that a registration statement relating to the
Founder Shares and/or Placement Units, Placement Shares, Placement Warrants, or shares of Common Stock underlying the Placement Warrants
be filed by the Company with the Commission prior to the end of the Founder Lock-Up Period or the Placement Unit Lock-Up Period, as the
case may be; provided, however, that such registration statement does not become effective prior to the end of the Founder Lock-Up Period
or the Placement Unit Lock-Up Period, as applicable.

 

     

     

    

 

(f) Subject to the limitations described herein,
each Insider shall retain all of such Insider's rights as a security holder during, as applicable, the Founder Lock-Up Period and/or Placement
Unit Lock-Up Period including, without limitation, the right to vote, as the case may be, the Founder Shares and/or Placement Shares.

 

(g) During the Founder Lock-Up Period and Placement
Unit Lock-Up Period, all dividends payable in cash with respect to such securities shall be paid, as applicable, to each security holder,
but all dividends payable in Common Stock or other non-cash property shall become subject to the applicable lock-up period as described
herein and shall only be released from such lock-up in accordance with the provisions of this paragraph 3.

 

4.
Without limiting the provisions of paragraph 3(d) hereof, during the period commencing on the effective date of the Underwriting Agreement
and ending 180 days after such date, each of the undersigned shall not (i) sell, offer to sell, contract or agree to sell, hypothecate,
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act with
respect to any Units, Placement Units, shares of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities convertible
into, or exercisable, or exchangeable for, shares of Common Stock owned by an undersigned party, (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, Placement Units, shares of
Common Stock, Warrants, Placement Shares, Placement Warrants or any securities convertible into, or exercisable, or exchangeable for,
shares of Common Stock owned by the undersigned, whether any such transaction is to be settled by delivery of such securities, in cash
or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii); provided, however, that
the restrictions of this Section 4 shall not apply to any distributions by the Sponsor to its members of Units, Placement Units, shares
of Common Stock, Warrants, Placement Shares, Placement Warrants or any securities convertible into, or exercisable, or exchangeable for,
shares of Common Stock.

 

5.
(a) In the event of the liquidation of the Trust Account without the consummation of a Business Combination, the Sponsor (the "Indemnitor")
agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third
party for services rendered or products sold to the Company or (ii) any prospective target business (a "Target")
as described in the Prospectus; provided, however, that such indemnification of the Company by the Indemnitor shall apply only to the
extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not
reduce the amount of funds in the Trust Account to below $10.20 (regardless of whether or not the Underwriters exercise any portion of
their overallotment option) per Offering Share and only if such third party or Target has not executed an agreement waiving claims against
any and all rights to seek access to the Trust Account, regardless of whether such agreement is enforceable. In the event that any such
executed waiver is deemed to be unenforceable against such third party, the Indemnitor shall not be responsible for any liability as a
result of any such third party claims. Notwithstanding any of the foregoing, indemnification of the Company by the Indemnitor pursuant
to this paragraph 5 shall not apply as to any claims arising from the Company's obligation pursuant to the Underwriting Agreement to indemnify
the Underwriters.

 

(b) If the Company is liquidated within 15 months,
which is extendable at the Sponsor’s option to up to 21 months, following completion of the Offering, to the extent that interest
income on the balance of the Trust Account (net of any taxes payable) released to the Company in an amount up to $100,000 to pay dissolution
expenses and any other interest released to, or reserved for use by, the Company to pay franchise and income taxes and loans from the
Sponsor (each as described in the Prospectus) are insufficient to fund the costs and expenses of liquidation, the Indemnitor agrees to
pay the balance of the amount necessary to complete the liquidation of the Company.

 

6.
The Company agrees that the Company will not engage any third party to render services, agree to purchase any products from such third
party, or enter into any discussion or any acquisition agreement with a Target unless (i) such third party or Target has agreed to execute
a waiver against any right, title, interest or claim of any kind in or to any monies held in the Trust Account or any proceeds from the
Trust Account, that is acceptable to the Board or (ii) the Board and Sponsor have each consented in writing to dispense with such waiver
with respect to such services, product, discussions or acquisition agreement, in each case with the written consent of the Indemnitor
as part of the consent of the Board. In addition the Company shall endeavor, together with the officers and directors of any acquisition
target for its initial Business Combination, to obtain waivers of claims to the monies held in the Trust Account from creditors of such
acquisition target (which, for the avoidance of doubt, shall include creditors existing prior to the initial Business Combination as well
as after completion of the initial Business Combination).

 

     

     

    

 

7.
In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, each officer and director of
the Company who is signatory to this Agreement agrees that until the earliest of the Company's initial Business Combination, liquidation
or the time at which such person ceases to be an officer or director of the Company, such person shall present to the Company for its
consideration, prior to presentation to any other entity, any suitable Business Combination opportunities of which such person (or companies
or entities which such person manages or controls) becomes aware, subject to any current or future fiduciary or contractual obligations
of such person that such person discloses to the Company.

 

8.
Each officer and director signatory hereto represents and warrants that the biographical information furnished to the Company by him or
her is true and accurate in all material respects and does not omit any material information with respect to such person's background.
Each of the answers of such person to the items in questionnaires furnished to the Company by such officer and director is true and accurate
in all material respects.

 

9.
Each of the undersigned represents and warrants that her, she or it:

 

(a) is not subject to or a respondent in any legal
action for any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the
offering of securities in any jurisdiction;

 

(b) has never been convicted of, or pleaded guilty
to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining
to any dealings in any securities, and the undersigned is not currently a defendant in any such criminal proceeding; and

 

(c) has never been suspended or expelled from
membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied,
suspended or revoked.

 

10.
Each Insider agrees that he, she or it shall receive no finder's fees, consulting fees or other similar compensation from the Company
prior to, or for any services they render in order to effectuate, the consummation of the initial Business Combination, other than the
following:

 

(a) repayment of loans of up to $300,000 made
to the Company by the Sponsor or its affiliate prior to completion of the Offering in connection with organizational expenses and the
preparation, filing and consummation of the Offering;

 

(b) payments to the Sponsor of $33,333 per month,
for up to 15 months, which is extendable at the Sponsor’s option to up to 21 months, as described in the Prospectus, for office
space, utilities, secretarial and administrative support;

 

(c) payment to FintechForce, Inc., an entity affiliated
with the Company’s Chief Financial Officer, a fee of $10,000 per month for CFO services, financial planning and analysis and general
professional services;

 

(d) payment to an advisor a fee of $14,400 per
month for advisory and consulting services relating to target identification, analysis, and support;

 

(e) reimbursement for any out-of-pocket expenses
related to identifying, investigating and consummating an initial Business Combination; and

 

(f) repayment of non-interest bearing loans, if
any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or one of its affiliates to finance transaction
costs in connection with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business
Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts.
Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants
would be identical to the Placement Warrants.

 

     

     

    

 

11.
Each of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations,
and warranties set forth herein in proceeding with the Offering.

 

12.
Each of the undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to the Underwriters
and their legal representatives or agents (including any investigative search firm retained by the Underwriters) any information they
may have about such undersigned party's background and finances ("Information"), purely for the purposes of performing
required due diligence examinations in connection with the Offering (provided that the Underwriters agree to hold such Information in
confidence). Each of the undersigned agrees that neither the Underwriters nor their agents shall be violating such undersigned party's
right of privacy by requesting and obtaining the Information in accordance with this Section 12.

 

13.
Each of the undersigned acknowledges and agrees that the Company will not consummate any initial Business Combination that involves a
company which is affiliated with such undersigned party unless the Company obtains an opinion from an independent investment banking firm
that is a member of the Financial Industry Regulatory Authority that the Business Combination is fair to the Company's stockholders from
a financial perspective.

 

14.
Each officer and director signatory hereto represents and warrants that he or she has full right and power, without violating any agreement
to which such person is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former
employer), to enter into this Letter Agreement and to serve as an officer of the Company or as a director on the Board, as applicable,
and hereby consents to being named in the Prospectus as an officer and/or as a director of the Company, as applicable.

 

15. As used in this Letter Agreement, (i) "Business
Combination" shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar Business
Combination, involving the Company and one or more businesses; (ii) "Founder Shares" shall mean the 7,528,875
shares of Class B common stock of the Company, par value $0.0001 per share, acquired by the Sponsor and the other Initial Holders for
an aggregate purchase price of $25,000 prior to the consummation of the Offering; (iii) "Initial Holders" shall
mean the Sponsor and any Insider that holds Founder Shares; (iii) "Offering Shares" shall mean the shares of
Common Stock included in the units sold in the Offering; (iv) "Placement Shares" shall mean the shares of Common
Stock sold as part of the Placement Units; (v) "Placement Warrants" shall mean the Warrants to purchase up to
an aggregate of 682,750 shares of the Common Stock that are included in the Placement Units; (vi) "Placement Units"
shall mean the aggregate of 1,290,500 Units (or up to 1,365,500 Units if the Underwriters’ over-allotment option is exercised in
full) of the Company (each Placement Unit consists of one-half of one Placement Warrant and one Placement Share) sold in the Private
Placement to the Sponsor, Cantor and J.V.B. Financial Group, LLC on behalf og its Cohen & Company Capital Markets division (“CCM”)
for an aggregate purchase price of $12,905,000 (or up to $13,655,000 if the Underwriters’ over-allotment option is exercised in
full); (vii) "Trust Account" shall mean the trust account into which net proceeds of the Offering and the Private
Placement will be deposited; (viii) "Prospectus" shall mean the prospectus included in the registration statement
filed by the Company in connection with the Offering, as supplemented or amended from time to time; (ix) "Private Placement"
shall mean that certain private placement transaction occurring simultaneously with the closing of the Offering pursuant to which the
Company has agreed to sell an aggregate of 1,290,500 Placement Units (or up to 1,365,500 Placement Units if the Underwriters’ over-allotment
option is exercised in full) to the Sponsor, Cantor and CCM; (x) "Sponsor" shall mean Papaya Growth Opportunity
I Sponsor, LLC, a Delaware limited liability company; (xi) "Insiders" shall mean the Sponsor and its members,
any holders of Founder Shares, any person who receives Placement Units, Founder Shares or their respective underlying securities as a
Permitted Transferee and each officer and director of the Company; and (y) references to completion of the Offering shall exclude any
exercise of the Underwriters' over-allotment option.

 

16.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent
they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument
executed by the parties hereto.

 

     

     

    

 

17.
No party may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent
of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer
or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on each undersigned party and each of
such undersigned party's, as applicable, heirs, personal representatives, successors and assigns.

 

18.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable
to contracts entered into within the borders of such state and without giving effect to conflicts of law principles that would result
in the application of the substantive laws of another jurisdiction. The parties (i) agree that any action, proceeding, claim or dispute
arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the federal or state courts in the borough
of Manhattan in the City of New York, and irrevocably submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive
and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

19.
Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery,
electronic or facsimile transmission.

 

20.
This Letter Agreement shall terminate in the event that the Offering is not completed by December 31, 2022; and, provided, further, that
paragraph 5 of this Letter Agreement shall survive any liquidation of the Company.

 

[Signature page follows]

 

     

     

    

 

	 	Sincerely,
	 	 
	 	PAPAYA GROWTH OPPORTUNITY CORP. I 

a Delaware corporation  
	 	 	 
	 	By:	 
	 	Name:	Clay Whitehead
	 	Title:	Chief Executive Officer

 

	 	PAPAYA GROWTH OPPORTUNITY I SPONSOR,
    LLC, a Delaware limited liability company
	 	 	 
	 	By:	 
	 	Name:	Clay Whitehead
	 	Title:	Managing Member

 

[Signature Page to Letter Agreement]

 

     

     

    

 

	 	 
	 	Clay
    Whitehead, individually
	 	 
	 	 
	 	Dan
    Rogers, individually
	 	 
	 	 
	 	Alexander
    Spiro, individually
	 	 
	 	 
	 	Patrick
    Pohlen, individually
	 	 
	 	 
	 	Dave
    Yarnold, individually
	 	 
	 	 
	 	Dee
    Dee Sklar, individually
	 	 
	 	 
	 	Patricia
    Nakache, individually

 

[Signature Page to Letter Agreement]

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