Document:

Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

by and among

 

Griffon Corporation,

 

and The Guarantors party hereto

and

 

Deutsche Bank Securities Inc.

 

Dated as of May 18, 2016

    	 

    	

    

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this
“Agreement”) is made and entered into as of May 18, 2016, by and among Griffon Corporation, a Delaware corporation
(the “Company”), the Guarantors named on Schedule 1 hereto (the “Guarantors”) and Deutsche Bank Securities
Inc., as the initial purchaser (the “Initial Purchaser”) of $125,000,000 aggregate principal amount of the Company’s
5.25% Senior Notes due 2022 (the “New Notes”) issued and sold pursuant to the Purchase Agreement (as defined below).
The Company previously issued and sold $600,000,000 aggregate principal amount of its 5.25% Senior Notes due 2022 (the “Original
Notes”) under the Indenture (as defined below). The New Notes constitute an issuance of Additional Notes (as defined in the
Indenture) under the Indenture.

 

This Agreement is made pursuant to the Purchase
Agreement, dated as of May 13, 2016 (the “Purchase Agreement”), among the Company, the Guarantors and the Initial Purchaser
(i) for the benefit of the Initial Purchaser and (ii) for the benefit of the holders from time to time of the Registrable Securities,
including the Initial Purchaser. The Original Notes were guaranteed (the “Original Guarantees” and, together with the
Original Notes, the “Original Securities”) on a senior basis by the guarantors listed in the purchase agreement relating
to the Original Notes. The New Notes will be guaranteed (the “Guarantees” and, together with the New Notes, the “New
Securities”) on a senior basis by the Guarantors. In order to induce the Initial Purchaser to purchase the New Notes, the
Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement
is a condition to the obligations of the Initial Purchaser as set forth in Section 7(h) of the Purchase Agreement. The parties
hereby agree as follows:

 

Section
1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings:

 

Additional Interest: As defined in
Section 5 hereof.

 

Advice: As defined in the last paragraph
of Section 7 hereof.

 

Agreement: As defined in the preamble
hereto.

 

Broker-Dealer: Any broker or dealer
registered under the Exchange Act.

 

Business Day: Any day other than a
Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies located in New York, New York
are authorized or obligated to be closed.

 

Commission: The U.S. Securities and
Exchange Commission.

 

Company: As defined in the preamble
hereto.

 

Consummate: A registered Exchange
Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (i) the filing with the Commission
of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer and its becoming
or being declared effective under the Securities Act, (ii) the maintenance of the continuous effectiveness of such Registration
Statement, and the keeping of the Exchange Offer open, for a period not less than the minimum period required pursuant to Section
3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of Exchange Securities in the same aggregate
principal amount as the ag-

    	 

    	

    

gregate principal amount of New Securities
that were tendered by Holders thereof pursuant to the Exchange Offer.

 

Exchange Act: The Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

Exchange Offer: The registration by
the Company under the Securities Act of the Exchange Securities pursuant to a Registration Statement pursuant to which the Company
offers the Holders of all outstanding Registrable Securities the opportunity to exchange all such outstanding Registrable Securities
held by such Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal amount of the Registrable
Securities tendered in such exchange offer by such Holders.

 

Exchange Offer Registration Statement:
The Registration Statement relating to the Exchange Offer, including the related Prospectus.

 

Exchange Notes: The 5.25% Senior Notes
due 2022 of the same series under the Indenture as the New Notes, to be issued to Holders in exchange for Registrable Securities
pursuant to this Agreement.

 

Exchange Securities: The Exchange
Notes and the related Guarantees, if any, attached thereto.

 

Existing Exchange Notes: The 5.25%
Senior Notes due 2022 of the same series under the Indenture as the Original Securities that were issued to Holders of Original
Securities in an exchange offer pursuant to the Existing Registration Rights Agreement.

 

Existing Exchange Securities: The
Existing Exchange Notes and the related Guarantees, if any, attached thereto.

 

Existing Registration Rights Agreement:
The Registration Rights Agreement, dated as of February 27, 2014, by and among the Company and Deutsche Bank Securities, Inc. as
representative of the several initial purchasers of the Original Securities.

 

FINRA: Financial Industry Regulatory
Authority, Inc.

 

Guarantees: As defined in the preamble
hereto.

 

Guarantors: As defined in the preamble
hereto.

 

Holder: As defined in Section 2(b)
hereof.

 

Indemnified Holder: As defined in
Section 9(a) hereof.

 

Indenture: The Indenture, dated as
of February 27, 2014, by and among the Company, the Guarantors and Wells Fargo Bank, National Association, as trustee (the “Trustee”),
pursuant to which the Original Securities were issued and the New Securities are to be issued, as such Indenture may be amended
or supplemented from time to time in accordance with the terms thereof.

 

Initial Placement: The issuance and
sale by the Company of the New Securities to the Initial Purchaser pursuant to the Purchase Agreement.

 

Initial Purchaser: As defined in the
preamble hereto.

 

New Notes: As defined in the preamble
hereto.

    	 

    	

    

New Securities: As defined in the
preamble hereto.

 

Interest Payment Date: As defined
in the Indenture and the New Notes.

 

Issue Date: The date of this Agreement,
May 18, 2016.

 

Original Guarantees: As defined in
the preamble hereto.

 

Original Notes: As defined in the
preamble hereto.

 

Original Securities: As defined in
the preamble hereto.

 

Person: Any individual, corporation,
limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government
or any agency or political subdivision thereof or any other entity.

 

Prospectus: The prospectus included
in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including
post-effective amendments, and all material incorporated by reference into such Prospectus.

 

Purchase Agreement: As defined in
the preamble hereto.

 

Registrable Securities: Each Security,
until the earliest to occur of (a) the date on which such Security is exchanged in the Exchange Offer for an Exchange Security
entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities
Act, (b) the date on which such Security has been effectively registered under the Securities Act and disposed of in accordance
with a Shelf Registration Statement, (c) the date on which such Security is distributed by a Broker-Dealer pursuant to the “Plan
of Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained
therein), (d) the date on which such Security does not bear a restricted CUSIP number and is sold pursuant to Rule 144
under the Securities Act under circumstances in which any legend borne by such New Security relating to restrictions on transferability
thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture and (e) the date on which
such New Security ceases to be outstanding.

 

Registration Default: As defined in
Section 5 hereof.

 

Registration Statement: Any registration
statement of the Company relating to (a) an offering of Exchange Securities pursuant to an Exchange Offer or (b) the registration
for resale of Registrable Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of
this Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective
amendments) and all exhibits and material incorporated by reference therein.

 

Securities: The New Securities and
the Exchange Securities.

 

Securities Act: The Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder.

 

Shelf Filing Deadline: As defined
in Section 4(a)(x) hereof.

 

Shelf Registration Statement: As defined
in Section 4(a)(x) hereof.

 

Suspension Period: As defined in the
final paragraph of Section 7 hereof.

    	 

    	

    

Trust Indenture Act: The Trust Indenture
Act of 1939, as amended, and the rules and regulations promulgated thereunder.

 

Underwritten Registration or Underwritten
Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to the public.

 

Section
2. Securities Subject to this Agreement.

 

(a) Registrable Securities. The
securities entitled to the benefits of this Agreement are the Registrable Securities.

 

(b) Holders of Registrable Securities.
A Person is deemed to be a holder of Registrable Securities (each, a “Holder”) whenever such Person owns Registrable
Securities.

 

Section
3. Registered Exchange Offer.

 

(a) Unless the Exchange Offer shall not
be permissible under applicable law or Commission policy (after the procedures set forth in Section 7(a)(i) hereof have been complied
with), the Company and the Guarantors shall (i) cause to be filed with the Commission within 180 days after the Issue Date (or
if such 180th day is not a Business Day, the next succeeding Business Day) the Exchange Offer Registration Statement, (ii) use
their commercially reasonable efforts to cause such Registration Statement to become or be declared effective at the earliest possible
time, but in no event later than 270 days after the Issue Date (or if such 270th day is not a Business Day, the next succeeding
Business Day), (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Registration Statement as
may be necessary in order to cause such Registration Statement to become or be declared effective, (B) if applicable, file a post-effective
amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in
connection with the registration and qualification of the Exchange Securities to be made under the state securities or blue sky
laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer and (iv) upon the Registration Statement
becoming or being declared effective, commence the Exchange Offer. The Exchange Offer Registration Statement shall be on the appropriate
form permitting registration of the Exchange Securities to be offered in exchange for the Registrable Securities and to permit
resales of Securities held by Broker-Dealers as contemplated by Section 3(c) hereof. The Company shall use its commercially reasonable
efforts to cause all Exchange Securities to have the same CUSIP number.

 

(b) The Company and the Guarantors shall
use their commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall
keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities
laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days
after the commencement of the Exchange Offer. The Company and the Guarantors shall cause the Exchange Offer to comply with all
applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange
Offer Registration Statement. The Company shall use its commercially reasonable efforts to cause the Exchange Offer to be Consummated
on the earliest practicable date after the Exchange Offer Registration Statement has become or been declared effective, but in
no event later than 330 days after the Issue Date (or if such 330th day is not a Business Day, the next succeeding Business Day).

 

(c) The Company and the Guarantors shall
indicate in a “Plan of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration
Statement that any Broker-Dealer who holds New Securities that are Registrable Securities and that were acquired for its own account
as a result of market-making activities or other trading activities (other than Registrable Securities

    	 

    	

    

acquired directly from the Company) may exchange
such New Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter”
within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act
in connection with any resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus
delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration
Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such resales
by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution”
shall not name any such Broker-Dealer or disclose the amount of New Securities held by any such Broker-Dealer except to the extent
required by the Commission.

 

The Company and the Guarantors shall use
their commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and
amended as required by the provisions of Section 7(c) hereof to the extent necessary to ensure that it is available for resales
of New Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities,
and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations
of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the
Exchange Offer Registration Statement becomes or is declared effective and (ii) the date on which a Broker-Dealer is no longer
required to deliver a prospectus in connection with market-making or other trading activities.

 

The Company and the Guarantors shall provide
sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day
(or shorter as provided in the foregoing paragraph) period in order to facilitate such resales.

 

Section
4. Shelf Registration.

 

(a) Shelf Registration. If (i)
the Company and the Guarantors are not required to file an Exchange Offer Registration Statement or to consummate the Exchange
Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section
7(a)(i) hereof have been complied with), (ii) for any reason the Exchange Offer is not Consummated within 330 days after the Issue
Date (or if such 330th day is not a Business Day, the next succeeding Business Day), or (iii) with respect to any Holder of Registrable
Securities (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, (B) such
Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus
and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such
Holder or (C) such Holder is a Broker-Dealer and holds New Securities acquired directly from the Company or one of its affiliates,
then, upon such Holder’s request, the Company shall:

 

(x) cause to be filed a shelf
registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration
Statement (in either event, the “Shelf Registration Statement”), as soon as practicable, but in no event later than
the earliest to occur of (1) the 60th day after the date on which the Company determines that it is not required to file the Exchange
Offer Registration Statement, (2) the 60th day after the date on which the Company receives notice from a Holder of Registrable
Securities as contemplated by clause (iii) above and (3) the 330th day after the Issue Date (or if such 330th day is not a Business
Day, the next succeeding Business Day) (such earliest date being the “Shelf Filing Deadline”), which Shelf Registration
Statement shall provide for resales of all Registrable Securities the Holders of which shall have provided the information required
pursuant to Section 4(b) hereof; and

    	 

    	

    

(y) use its commercially reasonable
efforts to cause such Shelf Registration Statement to become or be declared effective by the Commission at the earliest possible
time, but in no event later that the 120th day after the Shelf Filing Deadline (or if such 120th day is not a Business Day, the
next succeeding Business Day).

 

The Company and the Guarantors shall use
their commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended
as required by the provisions of Sections 7(b) and (c) hereof to the extent necessary to ensure that it is available for resales
of Registrable Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of
this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for
a period of at least one year following the effective date of such Shelf Registration Statement (or shorter period that will terminate
when all the Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement
or are otherwise no longer Registrable Securities).

 

Notwithstanding the foregoing, the Company
may suspend the offering and sale under the Shelf Registration Statement (the “Suspension Period”) for a period
or periods if (i) the board of directors reasonably determines that the continued use of such Shelf Registration Statement would
(A) require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment
of the board of directors of the Company (1) would be required to be made in such Shelf Registration Statement so that such Shelf
Registration Statement would not be materially misleading and (2) would not be required to be made at such time but for the continued
use of such Shelf Registration Statement or (B) would in the good faith and judgment of the board of directors of the Company be
expected to have a material adverse effect on the Company or its business or on the Company’s ability to effect a planned
or proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction and (ii) the Company notifies
the underwriters, if any, and the Holders of Registrable Securities within five days after the board of directors makes the relevant
determination set forth in clause (i); provided that the period or periods of suspension under clause (i) above shall not
exceed, in the aggregate, 60 days in any twelve-month period during which the Shelf Registration Statement is required to be effective.

 

(b) Provision by Holders of Certain
Information in Connection with the Shelf Registration Statement. No Holder of Registrable Securities may include any of its
Registrable Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to
the Company in writing, within 10 Business Days after receipt of a request therefor, such information as the Company may reasonably
request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein or
amendment or supplement thereto. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly
to the Company all information required to be disclosed in order to make the information previously furnished to the Company by
such Holder not materially misleading.

 

Section
5. Additional Interest. If (i) unless the Exchange Offer shall not be permissible under applicable law or Commission
policy, the Exchange Offer Registration Statement has not become or been declared effective by the Commission on or prior to the
270th day after the Issue Date (or if such 270th day is not a Business Day, the next succeeding Business Day), (ii) in the
event the Company is required to file a Shelf Registration Statement pursuant to Section 4(a) hereof, (A) the Shelf Registration
Statement is not filed by the Shelf Filing Deadline or (B) the Shelf Registration Statement has not become or been declared effective
by the Commission on or prior to the 120th day after the Shelf Filing Deadline (or if such 120th day is not a Business Day, the
next succeeding Business Day), (iii) unless the Exchange Offer shall not be permissible under applicable law or Commission policy,
the Exchange Offer has not been Consummated within 330 days after the Issue Date or (iv) any Registration Statement required by

    	 

    	

    

this Agreement is filed and declared effective
but shall thereafter cease to be effective or fail to be usable for its intended purpose without being immediately succeeded by
a post-effective amendment to such Registration Statement that cures such failure and that is itself immediately declared effective
(each such event referred to in clauses (i) through (iv), a “Registration Default”), the Company and the Guarantors
hereby agree that the interest rate borne by the Registrable Securities shall be increased by 0.25% per annum during the 90-day
period immediately following the occurrence of any Registration Default and shall increase by 0.25% per annum at the end of each
subsequent 90-day period (such increases, “Additional Interest”), but in no event shall such increase exceed 1.00%
per annum. Any amounts of Additional Interest due pursuant to this Section 5 will be paid in cash on the relevant Interest Payment
Date to Holders of record on the relevant regular record dates. Following the cure of all Registration Defaults relating to any
particular Registrable Securities, the interest rate borne by the relevant Registrable Securities will be reduced to the original
interest rate borne by such Registrable Securities; provided, however, that, if after any such reduction in interest
rate, a different Registration Default occurs, the interest rate borne by the relevant Registrable Securities shall again be increased
pursuant to the foregoing provisions.

 

All obligations of the Company and the Guarantors
set forth in the preceding paragraph that are outstanding with respect to any Registrable Security at the time such security ceases
to be a Registrable Security shall survive until such time as all such obligations with respect to such security shall have been
satisfied in full.

 

Notwithstanding the foregoing, (i) the amount
of Additional Interest payable shall not increase because more than one Registration Default has occurred and is pending at any
given time and (ii) a Holder of Registrable Securities that has not provided the information required pursuant to Section 4(b)
hereof within the time period set forth therein shall not be entitled to Additional Interest with respect to a Registration Default
that pertains to the relevant Shelf Registration Statement.

 

Section
6. Reserved.

 

Section
7. Registration Procedures.

 

(a) Exchange Offer Registration Statement.
In connection with the Exchange Offer, the Company and the Guarantors shall comply with all of the applicable provisions of
Section 7(c) hereof, shall use their commercially reasonable efforts to effect such exchange to permit the sale of Registrable
Securities being sold in accordance with the intended method or methods of distribution thereof, and shall comply with all of the
following provisions:

 

(i) If in the reasonable opinion
of counsel to the Company there is a question as to whether the Exchange Offer is permitted by applicable law, the Company and
the Guarantors hereby agree to seek a no-action letter or other favorable decision from the Commission allowing the Company and
the Guarantors to Consummate an Exchange Offer for such New Securities . The Company and the Guarantors hereby agree to pursue
the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action
to effect a change of Commission policy. The Company and the Guarantors hereby agree, however, to (A) participate in telephonic
conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth
the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently
pursue a favorable resolution by the Commission staff of such submission. 

 

(ii) As a condition to its
participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Registrable Securities shall furnish,
upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be

    	 

    	

    

contained in the letter of transmittal
contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it
is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in,
a distribution of the Exchange Securities to be issued in the Exchange Offer, (C) it is acquiring the Exchange Securities in its
ordinary course of business, (D) if it is a Broker-Dealer that holds Securities that were acquired for its own account as a result
of market-making activities or other trading activities (other than Securities acquired directly from the Company or any of its
affiliates), it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the
Exchange Securities received by it in the Exchange Offer, and (E) if it is a Broker-Dealer, that it did not purchase the Securities
to be exchanged in the Exchange Offer from the Company or any of its affiliates. In addition, all such Holders of Registrable Securities
shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees
that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired
in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of
the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation
(available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar
no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the
registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that
such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder
information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by
such Holder in exchange for New Securities acquired by such Holder directly from the Company.

 

(b) Shelf Registration Statement. In
connection with the Shelf Registration Statement, the Company and the Guarantors shall comply with all the provisions of Section
7(c) hereof and shall use their commercially reasonable efforts to effect such registration to permit the sale of the Registrable
Securities being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto the Company
will as expeditiously as is commercially reasonable prepare and file with the Commission a Shelf Registration Statement relating
to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Registrable
Securities in accordance with the intended method or methods of distribution thereof.

 

(c) General Provisions. In connection
with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Registrable Securities
(including, without limitation, any Registration Statement and the related Prospectus required to permit resales of New Securities
by Broker-Dealers), the Company and the Guarantors shall:

 

(i) use their commercially
reasonable efforts to keep such Registration Statement continuously effective during the period required by this Agreement and
provide all requisite financial statements;

 

(ii) upon the occurrence of
any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement
or omission or (B) not to be effective and usable for resale of Registrable Securities during the period required by this Agreement,
the Company shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting
any such misstatement or omission, and, in the case of either clause (A) or (B), use their commercially reasonable efforts to cause
such amendment to become or be declared effective and such Registration Statement and the related Prospectus to become usable for
their intended purpose(s) as soon as practicable thereafter;

    	 

    	

    

(iii) prepare and file with
the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep
the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter
period as will terminate when all Registrable Securities covered by such Registration Statement have been sold; cause the Prospectus
to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities
Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and
comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration
Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof
set forth in such Registration Statement or supplement to the Prospectus;

 

(iv) advise the underwriter(s),
if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus
or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any
post-effective amendment thereto, when the same has become or been declared effective, (B) of any request by the Commission for
amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating
thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under
the Securities Act or of the suspension by any state securities commission of the qualification of the Registrable Securities for
offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence
of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus,
any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any
additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading.
If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state
securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification
of the Registrable Securities under state securities or blue sky laws, the Company shall use its commercially reasonable efforts
to obtain the withdrawal or lifting of such order at the earliest possible time;

 

(v) furnish without charge
to the Initial Purchaser, each selling Holder named in any Registration Statement that has requested such copies, if any, and each
of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included
therein or any amendments or supplements to any such Registration Statement or Prospectus (other than any documents that will be
incorporated by reference in such Registration Statement or Prospectus), which documents will be subject to the review and comment
of such requesting Holders and underwriter(s) in connection with such sale, if any, for a period of at least five Business Days,
and the Company and the Guarantors will not file any such Registration Statement or Prospectus or any amendment or supplement to
any such Registration Statement or Prospectus to which the Initial Purchaser of Registrable Securities covered by such Registration
Statement or the underwriter(s), if any, shall reasonably object in writing within five Business Days after the receipt thereof
(such objection to be deemed timely made upon confirmation of facsimile transmission within such period). The objection of the
Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus
or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission;

 

(vi) make the Company’s
representatives reasonably available to the Initial Purchaser for customary due diligence matters;

    	 

    	

    

(vii) make available at reasonable
times for inspection by the Initial Purchaser, any Holder, the managing underwriter(s), if any, participating in any disposition
pursuant to such Registration Statement and any attorney or accountant retained by the Initial Purchaser, Holder or any of the
underwriter(s), in each case subject to confidentiality agreements in form and substance customarily entered into by the Initial
Purchaser or underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause
the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter,
attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the
filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent reasonably requested
by the managing underwriter(s), if any;

 

(viii) if requested by any
selling Holders listed as selling securityholders in any Registration Statement or the underwriter(s), if any, promptly incorporate
in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information
as such selling Holders and underwriter(s), if any, may reasonably request to have included therein, including, without limitation,
information relating to the “Plan of Distribution” of the Registrable Securities, information with respect to the principal
amount of Registrable Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms
of the offering of the Registrable Securities to be sold in such offering; and make all required filings of such Prospectus supplement
or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus
supplement or post-effective amendment;

 

(ix) cause the Registrable
Securities covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders
of a majority in aggregate principal amount of Registrable Securities covered thereby or the underwriter(s), if any;

 

(x) furnish to the Initial
Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of the Registration Statement,
as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, if requested,
all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference), unless,
in each case, publicly available;

 

(xi) deliver to each selling
Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus)
and any amendment or supplement thereto as such Persons reasonably may request; the Company and the Guarantors hereby consent to
the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s),
if any, in connection with the offering and the sale of the Registrable Securities covered by the Prospectus or any amendment or
supplement thereto;

 

(xii) in connection with an
underwritten offering pursuant to a Shelf Registration Statement, enter into such agreements (including an underwriting agreement),
and make such representations and warranties, and take all such other commercially reasonable actions in connection therewith in
order to expedite or facilitate the disposition of the Registrable Securities. In furtherance of the foregoing, the Company and
the Guarantors shall:

 

(A) furnish to the Initial Purchaser,
each selling Holder and each underwriter in such substance and scope as they may reasonably request and as are customarily made

    	 

    	

    

by issuers to underwriters in primary
underwritten offerings, upon the date of the effectiveness of the Shelf Registration Statement:

 

(1) a certificate, dated the
effectiveness of the Shelf Registration Statement, signed by (y) the Chief Executive Officer, the President or any Vice President
and (z) a principal financial or accounting officer of the Company, confirming customary matters;

 

(2) if requested by a majority
of selling Holders, an opinion, dated the date of effectiveness of the Shelf Registration Statement, of counsel for the Company,
covering the matters customarily covered in opinions requested in underwritten offerings;

 

(3) a customary comfort letter,
dated the date of effectiveness of the Shelf Registration Statement, from the Company’s independent accountants, in the customary
form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with
primary underwritten offerings;

 

(B) set forth in full or incorporate
by reference in the underwriting agreement, if any, the indemnification provisions and procedures of Section 9 hereof with respect
to all parties to be indemnified pursuant to said Section; and

 

(C) deliver such other documents
and certificates as may be reasonably requested by such parties to evidence compliance with Section 7(c)(xii)(A) hereof and with
any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this
Section 7(c)(xii), if any.

 

If at any time the representations
and warranties of the Company and the Guarantors contemplated in Section 7(c)(xii)(A)(1) hereof cease to be true and correct, the
Company and the Guarantors shall so advise the Initial Purchaser and the underwriter(s), if any, and each selling Holder promptly
and, if requested by such Persons, shall confirm such advice in writing;

 

(xiii) prior to any public
offering of Registrable Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel
in connection with the registration and qualification of the Registrable Securities under the state securities or blue sky laws
of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and all other acts or things necessary
or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Shelf Registration Statement;
provided, however, that the Company and the Guarantors shall not be required to register or qualify as a foreign corporation
where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation,
other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject;

 

(xiv) in the case of a Shelf
Registration Statement, shall issue, upon the request of any Holder of New Securities covered by the Shelf Registration Statement
and only in connection with any valid sale of Securities by such Holder pursuant to such registration statement (and provided that
such Holder delivers such certificates or opinions reasonably requested by the Company in connection with such sale), Exchange
Securities having an aggregate principal amount equal to the aggregate principal amount of New Securities surrendered to the Company
by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be regis-

    	 

    	

    

tered in the name of such Holder
or in the name of the purchaser(s) of such Exchange Securities, as the case may be; in return, the New Securities held by such
Holder shall be surrendered to the Company for cancellation;

 

(xv) in the case of a Shelf
Registration Statement, and subject to the forms of the Indenture, cooperate with the selling Holders and the underwriter(s), if
any, to facilitate the timely preparation and delivery of certificates or book-entry receipts, as applicable, representing Registrable
Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities or such book-entry receipts,
as applicable, to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may request
at least two Business Days prior to any sale of Registrable Securities made by such Holders or underwriter(s);

 

(xvi) use their commercially
reasonable efforts to cause the Registrable Securities covered by the Registration Statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s),
if any, to consummate the disposition of such Registrable Securities, subject to the proviso contained in Section 7(c)(xiii) hereof;

 

(xvii) if any fact or event
contemplated by Section 7(c)(iv)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the
Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of Registrable Securities, the Prospectus will not contain an untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading;

 

(xviii) not later than the
effective date of the Registration Statement covering such Exchange Securities, provide that the CUSIP and ISIN numbers for all
Exchange Securities shall be the same unrestricted CUSIP and ISIN numbers as borne by the Existing Exchange Securities and provide
the Trustee under the Indenture with printed certificates for such Exchange Securities which are in a form eligible for deposit
with the Depository Trust Company and take all other action necessary to ensure that all such Exchange Securities are eligible
for deposit with the Depository Trust Company;

 

(xix) cooperate and assist
in any filings required to be made with the FINRA and in the performance of any due diligence investigation by any underwriter
(including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and
regulations of the FINRA;

 

(xx) otherwise use their commercially
reasonable efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security
holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act
(which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Registrable Securities
are sold to underwriters in a firm commitment or commercially reasonable efforts Underwritten Offering or (B) if not sold to underwriters
in such an offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective
date of the Registration Statement; and

 

(xxi) cause the Indenture to
continue to be qualified under the Trust Indenture Act as of, and not later than the effective date of the first Registration Statement
required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Exchange Securities to
effect such changes to the Indenture as may be required for such Indenture to remain so

    	 

    	

    

qualified in accordance with the
terms of the Trust Indenture Act; and to execute and use their commercially reasonable efforts to cause the Trustee to execute,
all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission
to enable such Indenture to be so qualified in a timely manner.

 

Each Holder agrees by acquisition of a Registrable
Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 7(c)(iv)(D)
hereof or any Suspension Period, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the applicable
Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 7(c)(xvii) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the
Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference
in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities
that was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding
the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number
of days during the period from and including the date of the giving of such notice pursuant to Section 7(c)(iv)(D) hereof or notice
of any Suspension Period to and including the date when each selling Holder covered by such Registration Statement shall have received
the copies of the supplemented or amended Prospectus contemplated by Section 7(c)(xvii) hereof or shall have received the Advice;
provided, however, that no such extension shall be taken into account in determining whether Additional Interest is due
pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend
use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5
hereof.

 

Section
8. Registration Expenses.

 

(a) All expenses incident to the Company’s
and the Guarantors’ performance of or compliance with this Agreement will be borne by the Company and the Guarantors regardless
of whether a Registration Statement becomes or is declared effective, including, without limitation: (i) all registration and filing
fees and expenses (including filings made by the Initial Purchaser or Holder with the FINRA (and, if applicable, the fees and expenses
of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of the
FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses
of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company and, subject to Section
8(b) hereof, the Holders of Registrable Securities; (v) application and filing fees in connection with listing the Securities on
a securities exchange or automated quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of
independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required
by or incident to such performance).

 

The Company will, in any event, bear its
internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company.

 

(b) In connection with any Shelf Registration
Statement required by this Agreement, the Company and the Guarantors will reimburse the Initial Purchaser and the Holders of Registrable
Securities being registered pursuant to the Shelf Registration Statement for the reasonable fees and disburse-

    	 

    	

    

ments of not more than one counsel, who shall
be Cahill Gordon & Reindel llp or such other counsel as may be chosen by the
Holders of a majority in principal amount of the Registrable Securities for whose benefit such Registration Statement is being
prepared.

 

Section
9. Indemnification.

 

(a) The Company and the Guarantors agree
to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter
referred to as a “controlling person”) and (iii) the respective officers, directors, partners, employees, representatives
and agents of any Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred
to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages,
liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs
of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, including the reasonable and documented fees and expenses
of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out
of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement
or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein (in the case of any Prospectus, in the light of the circumstances
under which they were made), not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused
by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with
information relating to any of the Holders furnished in writing to the Company by or on behalf of any of the Holders expressly
for use therein. This indemnity agreement shall be in addition to any liability which the Company or any Guarantor may otherwise
have.

 

In case any action or proceeding (including
any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders
with respect to which indemnity may be sought against the Company or any Guarantor, such Indemnified Holder (or the Indemnified
Holder controlled by such controlling person) shall promptly notify the Company in writing; provided, however, that the
failure to give such notice shall not relieve any of the Company or any Guarantor of its obligations pursuant to this Agreement
unless and to the extent the Company or any such Guarantor did not otherwise learn of such action and such failure results
in the forfeiture by the Company or any Guarantor of substantial rights and defenses. Such Indemnified Holder shall have the right
to employ its own counsel in any such action and the reasonable and documented fees and expenses of such counsel shall be paid,
as incurred, by the Company or any Guarantor (regardless of whether it is ultimately determined that an Indemnified Holder is not
entitled to indemnification hereunder). The Company or any Guarantor shall not, in connection with any one such action or proceeding
or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys
(in addition to one local counsel for all indemnified parties taken as a whole in each jurisdiction
reasonably required and, in the event of an actual conflict, one additional counsel in each relevant jurisdiction for the affected
indemnified parties similarly situated taken as a whole) at any time for such Indemnified Holders, which firm shall be designated
by the Holders. The Company or any Guarantor shall be liable for any settlement of any such action or proceeding effected with
the Company’s prior written consent, which consent shall not be unreasonably withheld or delayed, and the Company or any
Guarantor agree to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense
by reason of any settlement of any action effected with the written consent of the Company. The Company or any Guarantor shall
not, without the prior written consent of

    	 

    	

    

each Indemnified Holder, settle or compromise
or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding
in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto),
unless such settlement, compromise, consent or termination (i) includes a complete and unconditional release of each Indemnified
Holder from all liability arising out of such action, claim, litigation or proceeding and (ii) does not include a statement as
to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Holder.

 

(b) Each Holder of Registrable Securities
agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, and its directors and officers who
sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) the Company, the Guarantors, and the officers, directors, partners, employees, representatives and agents
of each such Person, to the same extent as the foregoing indemnity from the Company and the Guarantors to each of the Indemnified
Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by or on
behalf of such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against
the Company, the Guarantors, or its directors or officers or any such controlling person in respect of which indemnity may be sought
against a Holder of Registrable Securities, such Holder shall have the rights and duties given to the Company, and the Company
and the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given
to each Holder by the preceding paragraph. This indemnity agreement shall be in addition to any liability which Holders may otherwise
have.

 

(c) Reserved.

 

(d) If the indemnification provided for
in this Section 9 is unavailable to an indemnified party under Section 9(a) or (b) hereof (other than by reason of exceptions provided
in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein,
then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages, liabilities, judgments, actions or expenses in such
proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one hand, and
the Holders, on the other hand, from the Initial Placement (which in the case of the Company shall be deemed to be equal to the
total gross proceeds to the Company and the Guarantors from the Initial Placement), the amount of Additional Interest which did
not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities,
judgments, actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the
relative fault of the Company and the Guarantors, on the one hand, and the Holders, on the other hand, in connection with the statements
or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations.
The relative fault of the Company or the Guarantors, on the one hand, and of the Indemnified Holder, on the other hand, shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors, on the one hand,
or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages,
liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph
of Section 9(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating
or defending any action or claim.

 

The Company, the Guarantors, and each Holder
of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were determined
by pro rata allocation

    	 

    	

    

(even if the Holders were treated as one entity
for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to
in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages,
liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 9, none of the Holders (and its related Indemnified
Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received
by such Holder with respect to the New Securities exceeds the amount of any damages which such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 9(d) are several in
proportion to the respective principal amount of New Securities held by each of the Holders hereunder and not joint.

 

Section
10. Rule 144A. The Company and the Guarantors hereby agree with each Holder, for so long as any Registrable Securities
remain outstanding, to make available to any Holder or beneficial owner of Registrable Securities in connection with any sale thereof
and any prospective purchaser of such Registrable Securities from such Holder or beneficial owner, the information required by
Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Securities pursuant to Rule 144A under
the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act.

 

Section
11. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires,
powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such
underwriting arrangements.

 

Section
12. Selection of Underwriters. If requested by the Holders of a majority in aggregate principal amount of the
Registrable Securities covered by the Shelf Registration Statement, the Holders of Registrable Securities covered by the Shelf
Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In such Underwritten
Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders
of a majority in aggregate principal amount of the Registrable Securities included in such offering; provided, however,
that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company.

 

Section
13. Miscellaneous.

 

(a) Remedies. The Company and the
Guarantors hereby agree that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by
it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy
at law would be adequate.

 

(b) No Inconsistent Agreements. The
Company and the Guarantors will not on or after the date of this Agreement enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof.
The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the

    	 

    	

    

rights granted to the holders of the Company’s
and the Guarantors’ securities under any agreement in effect on the date hereof.

 

(c) Adjustments Affecting the Securities.
The Company and the Guarantors will not take any action, or permit any change to occur, with respect to the Registrable Securities
that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer.

 

(d) Amendments and Waivers. The
provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions
hereof may not be given unless the Company and the Guarantors have (i) in the case of Section 5 hereof and this Section 13(d)(i),
obtained the written consent of Holders of all outstanding Registrable Securities and (ii) in the case of all other provisions
hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Registrable Securities (excluding
any Registrable Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure
from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the
Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered
pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Registrable Securities
being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly affects the
rights of the Initial Purchaser hereunder, the Company shall obtain the written consent of the Initial Purchaser with respect to
which such amendment, qualification, supplement, waiver, consent or departure is to be effective.

 

(e) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified,
return receipt requested), facsimile, or air courier guaranteeing overnight delivery:

 

(i) if to a Holder, at the
address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture;

 

 (ii) if to the Company:

 

Griffon Corporation
 712 Fifth Avenue, 18th Floor

New York, NY 10019

Facsimile: (212) 957-5096

Attention: General Counsel

 

With a copy to:

 

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

Facsimile: (212) 698-3599

Attention: Martin Nussbaum

 

All such notices and communications shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited
in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile; and on the next Business Day, if timely
delivered to an air courier guaranteeing overnight delivery.

    	 

    	

    

Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture.

 

(f) Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without
limitation, and without the need for an express assignment, subsequent Holders of Registrable Securities; provided, however,
that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent
such successor or assign acquired Registrable Securities from such Holder.

 

(g) Counterparts. This Agreement
may be executed in any number of counterparts (including by facsimile or other method of electronic transmission) and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement.

 

(h) Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(i) Governing Law. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW
RULES THEREOF.

 

(j) Severability. In the event
that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

 

(k) Entire Agreement. This Agreement
is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights
granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter.

 

(l) Third Party Beneficiaries.
Each Holder shall be a third party beneficiary to the agreements made hereunder (excluding those agreements made in Section 6 hereto)
between the Company and the Guarantors, on the one hand, and the Initial Purchaser, on the other hand, and shall have the right
to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the
rights of other Holders hereunder.

 

[Signature Pages Follow]

    	 

    	

    

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	 	GRIFFON CORPORATION
	 	 	 
	 	By:	/s/ Thomas D. Gibbons
	 	 	Name: Thomas D. Gibbons
	 	 	Title: Vice President and Treasurer
	 	 	 
	 	CLOPAY BUILDING PRODUCTS COMPANY, INC.
	 	 	 
	 	By:	/s/ Thomas D. Gibbons
	 	 	Name: Thomas D. Gibbons
	 	 	Title: Vice President and Treasurer
	 	 	 
	 	CLOPAY PLASTIC PRODUCTS COMPANY, INC.
	 	 	 
	 	By:	/s/ Thomas D. Gibbons
	 	 	Name: Thomas D. Gibbons
	 	 	Title: Vice President and Treasurer
	 	 	 
	 	TELEPHONICS CORPORATION
	 	 	 
	 	By:	/s/ Seth L. Kaplan
	 	 	Name: Seth L. Kaplan
	 	 	Title: Executive Vice President and Assistant Secretary
	 	 	 
	 	THE AMES COMPANIES, INC.
	 	 	 
	 	By:	/s/ Thomas D. Gibbons
	 	 	Name: Thomas D. Gibbons
	 	 	Title: Treasurer

 

[Signature Page to
Registration Rights Agreement]

    	 

    	

    

	 	ATT SOUTHERN, INC.
	 	 	 
	 	By:	/s/ Thomas D. Gibbons
	 	 	Name: Thomas D. Gibbons
	 	 	Title: Vice President and Treasurer
	 	 	 
	 	CLOPAY AMES TRUE TEMPER HOLDING CORP.
	 	 	 
	 	By:	/s/ Thomas D. Gibbons
	 	 	Name: Thomas D. Gibbons
	 	 	Title: Vice President and Treasurer

 

[Signature Page to
Registration Rights Agreement]

    	 

    	

    

The foregoing Registration Rights Agreement
is hereby confirmed and accepted as of the date first above written:

 

DEUTSCHE BANK SECURITIES INC., as the Initial Purchaser

 

	By:	/s/ Christopher Blum	 
	 	Name: Christopher Blum	 
	 	Title: Managing Director	 
	 	 	 
	By:	/s/ Robert D. Miller	 
	 	Name: Robert D. Miller	 
	 	Title: Managing Director	 

 

[Signature Page to
Registration Rights Agreement]

    	 

    	

    

SCHEDULE 1

 

	Guarantors
	 
	Name	 	Jurisdiction of Incorporation
	 	 	 
	ATT Southern, Inc.	 	Delaware
	Clopay Ames True Temper Holding Corp.	 	Delaware
	Clopay Building Products Company, Inc.	 	Delaware
	Clopay Plastics Products Company, Inc.	 	Delaware
	Telephonics Corporation	 	Delaware
	The AMES Companies, Inc.	 	DelawareEXHIBIT 4.4

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT (“Agreement”)
dated as of _________, 2016 is between PMV Acquisition Corp., a Delaware corporation, (“Company”), and Continental
Stock Transfer & Trust Company, a New York corporation (“Warrant Agent”).

 

WHEREAS, the Company has received a binding commitment from Mario J. Gabelli to purchase an aggregate of 1,000,000
units (the “Private Units”), each Private Unit comprised of one share of Common Stock (defined below) and one warrant
(the “Private Warrants”), pursuant to a Purchase Agreement (the “Private Unit Purchase Agreement”); and

 

WHEREAS, the Company has received a binding
commitment from CIBL, Inc., the managing member of the Company’s sponsor, to purchase an aggregate of 7,000,000
warrants (the “Private Placement Warrants”), pursuant to a Sponsor Warrant Purchase Agreement (the “Sponsor Warrant
Purchase Agreement”); and

 

WHEREAS, the Company is engaged in a public
offering (“Public Offering”) of units (the “Units”), each Unit comprised of one share of Common Stock (as
defined below) and one redeemable warrant (“Public Warrants” and together with the Private Warrants and Private Placement Warrants, the
“Warrants”) and, in connection therewith, has determined to issue and deliver up to 11,500,000 Public Warrants to the
public investors; and

 

WHEREAS, each Warrant evidences the right
of the holder thereof to purchase one-half of one share of common stock of the Company, par value $0.0001 per share (“Common
Stock”), for $5.75 per half share, subject to adjustment as described herein; and

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission a Registration Statement on Form S-1, No. 333-207590 (“Registration Statement”),
for the registration, under the Securities Act of 1933, as amended (“Act”), of, among other securities, the Warrants;
and

 

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

 

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

    	 

    	

    

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

 

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

 

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

 

2.           Warrants.

 

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

 

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

 

2.3        Effect of Countersignature.
Except with respect to uncertificated Warrants as described

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above, unless and until countersigned by the Warrant Agent pursuant
to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4.        Registration.

 

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

 

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

 

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

 

2.6        Private Warrant and Private Placement Warrant Attributes.
The Private Warrants and Private Placement Warrants will be issued in the same form as the Public Warrants but they (i) will not be redeemable by the
Company and (ii) may be exercised for cash or on a cashless basis at the holder’s option, in either case as long as the Private Warrants and Private

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Placement Warrants are held by the initial purchasers or
their affiliates and permitted transferees (as prescribed in Section 5.6 hereof). Once a Private Warrant or Private
Placement Warrant is transferred to a holder other than an affiliate or permitted transferee, it shall be treated as a Public
Warrant hereunder for all purposes.

 

3.           Terms and Exercise of Warrants

 

3.1.        Warrant Price. Each Warrant
shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant
and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of
$5.75 per half 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 Warrant Agreement refers to the price per share at which the 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 applied consistently to all of the Warrants.

 

3.2.        Duration of Warrants. A Warrant
may be exercised only during the period (“Exercise Period”) commencing on the later of 30 days after the consummation
by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities (“Business Combination”) (as described more fully in the
Registration Statement) or 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City time
on the earlier to occur of (i) five years from the consummation of a Business Combination and (ii) the Redemption Date as provided
in Section 6.2 of this Agreement (“Expiration Date”). Except with respect to the right to receive the Redemption Price
(as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date.
The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date;
provided, however, that the Company will provide at least twenty (20) days prior written notice of any such extension to registered
holders.

 

3.3.        Exercise of Warrants.

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

 

(a)        by good certified check
or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company); or

 

(b)        in the event of redemption
pursuant to Section 6 hereof in which the Company’s management has elected to force all holders of Warrants to exercise such
Warrants on a “cashless basis,” by surrendering the Warrants for that number of 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” (defined below) by (y) the Fair Market Value. Solely
for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of the
Common Stock for the 5 trading days ending on the third trading day prior to the date on which the notice of redemption is sent
to holders of Warrant pursuant to Section 6 hereof; or

 

(c)        with respect to any Private Warrants or Private
Placement Warrants, so long as such Private Warrants or Private Warrants or Private Placement Warrants are held by the initial purchases of the Private Warrants or Private Placement Warrants
or their permitted transferees, by surrendering such Private Warrants or Private Placement 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 exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value;
provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise
price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale
price of the Common Stock for the 5 trading days ending on the third trading day prior to the date of exercise; or

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(d)        in the event the registration
statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the closing of a Business Combination,
by surrendering such Warrants for that number of shares 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 exercise price of the
Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall
be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(d),
the “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the 5 trading days
ending on the day prior to the date of exercise.

 

3.3.2.    Issuance of Certificates.
As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if any),
the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of shares of Common
Stock to which he is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall
not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been
exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise. No
Warrant shall be exercisable 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 under the securities
laws of the state of residence of the registered holder of the Warrants. In the event that the condition in the immediately preceding
sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant
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. Warrants may not
be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

 

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

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3.3.4.    Date of Issuance. Each person
in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder
of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the share transfer
books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business
on the next succeeding date on which the share transfer books 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 9.8% (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 Securities and Exchange Commission as
the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or Continental Stock
Transfer & Trust Company setting forth the number of shares of Common Stock outstanding. For any

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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.

 

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)
multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value.
For purposes of this subsection 4.1, (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.           Adjustments.

 

4.1.        Stock Dividends - Split Ups.
If after the date hereof, 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 outstanding shares of Common Stock.

 

4.2.        Aggregation of Shares. If
after the date 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        Extraordinary Dividends. If
the Company, at any time while the Warrants are outstanding and unexpired, shall pay a cash dividend or make a distribution in
cash, securities or other assets to the holders of the shares of Common Stock or other shares of the Company’s capital stock
into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective
immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined
by the Company’s Board of Directors, in good faith) of any securities or other assets paid on each share of Common Stock
in respect of such Extraordinary

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Dividend; provided, however, that none of the following shall
be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any
cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions
paid on the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution does not
exceed $0.50 (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding
cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock
issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions
equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the holders of the shares of Common Stock in connection
with a proposed initial Business Combination or (d) any payment in connection with the Company’s liquidation and the distribution
of its assets upon its failure to consummate a Business Combination. Solely for purposes of illustration, if the Company, at a
time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40
of cash dividends and cash distributions on the Common Stock during the 365-day period ending on the date of declaration of such
$0.35 dividend, then the Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 dividend,
by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions
paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount
of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).

 

4.4        Adjustments in Exercise Price.
Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections
4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior
to such adjustment by a fraction (x) the numerator of which shall be the number of shares 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.

 

4.5.        Replacement of Securities upon
Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than
a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock), or in the case of
any merger

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or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Common Stock), or in the case of any sale or conveyance to another corporation or entity of
the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company
is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and
conditions specified in the Warrants and in lieu of the shares of 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 Warrant holder would have received if such Warrant holder had exercised his, her
or its Warrant(s) immediately prior to such event (the “Alternative Issuance” ); provided, however, that (i) if the
holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other
assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets constituting
the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind
and amount received per share by the holders of the Common Stock in such consolidation or merger that affirmatively make such election,
and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common Stock (other
than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by stockholders of the
Company as provided for in the Company’s amended and restated certificate of incorporation or as a result of the repurchase
of shares of Common Stock by the Company if a proposed initial Business Combination is presented to the stockholders of the Company
for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with
members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together
with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any
such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange
Act) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative
Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a
stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted
such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject
to adjustments

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(from and after the consummation of such tender or exchange
offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further, that if less than
70% of the consideration receivable by the holders of the Common Stock in the applicable event is payable in the form of common
stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises
the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company
pursuant to a Current Report on Form 8-K filed with the SEC, the Warrant Price shall be reduced by an amount (in dollars) equal
to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined
below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes
Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating
such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be
the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from
the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable
event , and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining
term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Common Stock consists
exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in all other cases, the volume weighted average
price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date
of the applicable event. If any reclassification also results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3,
then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section
4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

4.6.        Notices of Changes in Warrant.
Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give
written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the
increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a

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Warrant, setting forth in reasonable detail the method of calculation
and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or
4.5, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address set forth for such
holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect
therein, shall not affect the legality or validity of such event.

 

4.7.        No Fractional Warrants or Shares.
No fractional Warrants will be issued hereunder. Additionally, notwithstanding any provision contained in this Warrant Agreement
to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. Accordingly, a holder must exercise two
warrants to receive a share of Common Stock. If, by reason of any adjustment made pursuant to this Section 4, the holder of any
Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon
such exercise, round up to the nearest whole number of shares of Common Stock to be issued to the Warrant holder.

 

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

 

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

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5.           Transfer and Exchange of Warrants.

 

5.1.         Registration of Transfer.
The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender
of such Warrant for transfer, properly endorsed with signatures 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. 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 in the event that a Warrant surrendered for transfer
bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the
Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend.

 

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

 

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

 

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

 

5.6.        Private Warrants and Private Placement Warrants.
The Warrant Agent shall not register any transfer of Private Warrants or Private Placement Warrants until after the consummation by the Company of
an initial Business Combination,

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except for transfers (i) to the Company’s
officers, directors or employees, (ii) to a holder’s officer’s, directors, employees or members upon the holder’s
liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the holder’s immediate family
or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate family for estate planning purposes,
by virtue of the laws of descent and distribution upon death or pursuant to a qualified domestic relations order; (iv) to the Company
for no value for cancellation in connection with the consummation of a Business Combination; or (v) by private sales made at or
prior to the consummation of a Business Combination at prices no greater than the price at which the Private Warrants or Private Placement Warrants
were originally purchased, in each case (except for clause (iv)) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal guardian
for such transferee agrees to be bound by the terms of the Sponsor Warrant Purchase Agreement Private Unit Purchase Agreement.

 

6.           Redemption.

 

6.1.        Redemption. Subject to Section
6.4 hereof, not less than all of the outstanding Public Warrants may be redeemed, at the option of the Company, at any time while
they are exercisable and prior to their expiration (so long as there is a current registration statement in effect with respect
to the shares of Common Stock underlying the Warrants), at the office of the Warrant Agent, upon the notice referred to in Section
6.2, at the price of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock
equals or exceeds $24.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading
days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption
is given.

 

6.2.        Date Fixed for, and Notice of,
Redemption. In the event the Company shall elect to redeem all of the Public 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 30 days prior to the Redemption Date to the registered holders of the Warrants to be redeemed at their last
addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the registered holder received such notice.

 

6.3.        Exercise
After Notice of Redemption. The Public Warrants may be exercised, for cash

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

 

6.4         Exclusion
of Private Warrants and Private Placement Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to
the Private Warrants and Private Placement Warrants if at the time of the redemption such Private Warrants and Private Placement Warrants continue to be held by the initial
purchasers or their permitted transferees. However, once such Private Warrants and Private Placement Warrants are transferred (other than to permitted
transferees under Section 5.6), the Company may redeem the Private Warrants and Private Placement Warrants in the same manner as the Public 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.

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

 

7.4.        Registration
of Shares of Common Stock. The Company agrees that as soon as practicable after the closing of its initial Business
Combination but no later than 30 days after the closing, it shall use its best efforts to file with the Securities and
Exchange Commission a registration statement for the registration, under the Act, of the shares of Common Stock issuable upon
exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to register or qualify for
sale, in those states in which the Warrants were initially offered by the Company, the shares of Common Stock issuable upon
exercise of the Warrants, to the extent an exemption is not available. The Company will use its best efforts to cause the
same to become effective and to maintain the effectiveness of such registration statement until the expiration of the
Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees to use its best efforts to
register such securities under the blue sky laws of the states of residence of the exercising warrant holders to the extent
an exemption is not available. If any such registration statement has not been declared effective by the 90th day following
the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the
91st day after the closing of the Business Combination and ending upon such registration statement being declared effective
by the Securities and Exchange Commission, and during any other period when the Company shall fail to have maintained an
effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such
Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(d). The Company shall provide the
Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to
be registered under the Act and (ii) the shares of Common Stock issued upon such exercise will be freely tradable under
U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Act) of the
Company and, accordingly, will not be required to bear a restrictive legend. For the avoidance of any doubt, unless and until
all of the Warrants have been exercised on a cashless basis, the Company shall continue to be obligated to comply with
its registration obligations under the first three sentences of this Section 7.4.

 

8.           Concerning the Warrant Agent and Other Matters.

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

 

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

 

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

 

8.2.2.        Notice of Successor Warrant Agent.
In the event a successor Warrant Agent

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shall be appointed, the Company shall give notice thereof to
the predecessor Warrant Agent and the transfer agent for the shares of Common Stock not later than the effective date of any such
appointment.

 

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

 

8.3.        Fees and Expenses of Warrant
Agent.

 

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

 

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

 

8.4.        Liability of Warrant Agent.

 

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

 

8.4.2.        Indemnity. The Warrant Agent
shall be liable hereunder only for its own gross

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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); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions
of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence
of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty
as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or
as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

 

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

 

9.           Miscellaneous Provisions.

 

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

 

9.2.        Notices. Any notice, statement
or demand authorized by this Warrant 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 days after deposit of such notice, postage prepaid, addressed (until another

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address is filed in writing by the Company with the Warrant
Agent), as follows:

 

PMV Acquisition Corp.

One Corporate Center

Rye, New York 10580

Attn: Christopher J. Marangi, Chief Executive Officer

 

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

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Douglas S. Ellenoff, Esq.

 

and

 

Cantor Fitzgerald
& Co.

499 Park Avenue

New York, New
York 10022

Attn: General Counsel

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

 

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

 

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

 

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

 

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

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9.8        Amendments. This Agreement
may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of
curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall
not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to
increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders
of at least 65% of the then outstanding Public 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        Trust Account Waiver. The
Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established by the
Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event that
the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely
against the Company and not against the property held in the Trust Account.

 

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

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

 

	 	PMV ACQUISITION CORP.
	 	 	 
	 	By:	
	 	 	Name:  
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

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