Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AGREEMENT AND 

RELEASE OF CLAIMS 
 This
Separation Agreement and Release of Claims (the “Separation Agreement”) is entered into by and between Alector, LLC (“Alector” or the “Company”) and Shehnaaz Suliman (“you” or
“your”). The term “Party” or “Parties” as used herein shall refer to you, the Company, or both, as may be appropriate. 

1.    Last Day of Employment. Your last day of employment with Alector is on
December 31, 2021 (the “Separation Date”). You acknowledge that you have been paid all wages due and owed through the Separation Date, including any and all accrued but unused vacation. 

2.    Health Insurance. Your health insurance benefits will end on December 31, 2021. To the
extent provided by the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you may be eligible to continue your
group health insurance benefits at your own expense. You will be provided with a separate notice describing your rights and obligations under COBRA. 

3.    Severance Benefits. You entered into the Alector, Inc. Change in Control and Severance
Agreement with the Company, signed by you on December 10, 2019 (the “Severance Plan”). Subject to the Severance Plan, you are entitled to certain severance benefits upon the execution of a release. Any additional severance
benefits beyond those provided in the Severance Plan are considered by Alector on a case-by-case basis. In consideration for you signing this Separation Agreement,
allowing it to become effective as set forth in Section 18 below, and complying with the terms and conditions of this Separation Agreement and the Severance Plan, Alector agrees to the following: 

 

	 	a.	 Severance Pay. Pursuant to the Severance Plan, Alector will provide you with a lump
sum severance payment equal to Three Hundred, Seventy-Five Thousand Dollars ($375,000), less applicable deductions and withholdings (the “Severance Payment”). The Severance Payment represents nine (9) months of your regular
annual gross salary in effect as of the Separation Date (i.e., $500,000 annually). The Severance Payment will be paid on the Company’s next regular payroll schedule date that is at least eight (8) calendar days after receipt of this signed
Separation Agreement and, in all cases, but in no event later than March 15, 2022.  

  

	 	b.	 Severance Bonus. Alector will provide you with a lump sum bonus payment equal to Three Hundred,
Thirty-Seven Thousand, Five Hundred Dollars ($337,500), less applicable deductions and withholdings (the “Severance Bonus”). The Severance Bonus will be paid on the Company’s next regular payroll schedule date that is at least
eight (8) calendar days after receipt of this signed Separation Agreement and, in all cases, but in no event later than March 15, 2022.  

	 	c.	 COBRA Benefits. Pursuant to the Severance Plan, if after the Separation Date, you have properly
and timely elected to continue medical, dental, and/or vision coverage under the Company’s group health plan in accordance with the continuation requirements of COBRA, the Company shall pay directly to the applicable COBRA plan administrator
the premiums for continued medical, dental and vision coverage for you and other eligible dependents under COBRA for a period of nine (9) months, starting January 1, 2022 and ending on September 30, 2022. Thereafter, you shall be
entitled to continue such COBRA coverage for the remainder of the COBRA period at your own expense, pursuant to the terms of COBRA. 

  

	 	d.	 Equity. You acknowledge that you have the following outstanding awards with the Company: (i)
23,212 incentive stock options pursuant to the January 1, 2020 stock option agreement, (ii) 526,788 non-qualified stock options pursuant to the January 1, 2020 stock option agreement, (iii) 9,769
incentive stock options pursuant to the October 1, 2020 stock option agreement, (iv) 179,444 non-qualified stock options pursuant to the October 1, 2020 stock option agreement, (v) 50,000 performance
stock units pursuant to the May 7, 2021 restricted stock agreement, and (vi) 50,000 performance stock units pursuant to the May 7, 2021 restricted stock agreement (the “Grants”). The Grants were issued to you under the
Company’s 2019 Equity Incentive Plan (the “Plan”) and shall remain subject to the Plan and the award agreements issued thereunder. In further consideration for your execution of this Separation Agreement, Alector shall cause
all incentive stock options and non-qualified stock options subject to the Grants that would have otherwise vested in accordance with the terms of the Plan and the award agreements, absent a termination of
employment, during the nine (9) month period immediately following the Separation Date to become fully vested and exercisable as of the Separation Date (the “Accelerated Grants”). For the avoidance of doubt, the Accelerated
Grants shall not include any performance stock units (which will remain entirely unvested as of the Separation Date). 

  

	 	e.	 Unemployment Benefits. Alector agrees not to contest your application for unemployment.

  

	 	f.	 Except as otherwise provided in this Section 3, all salary payments and employee benefits described above
shall terminate on the Separation Date. 

 4.    No Consideration Absent Execution of
this Separation Agreement. You understand and agree that you would not receive the severance benefits specified in Section 3 above, except for your execution of this Separation Agreement and the fulfillment of the promises contained
herein. You further understand and agree that you are receiving additional consideration that you would not be entitled to receive under any Company policy, practice, or plan if you did not execute this Separation Agreement. 

 5.    General Release, Claims Not Released and Related
Provisions. 
  

	 	a.	 General Release of Claims. You, individually and on behalf of your heirs, executors,
administrators, representatives, attorneys, successors, and assigns knowingly and voluntarily releases and forever discharge Alector including its parent corporation, affiliates, subsidiaries, divisions, predecessors, insurers, reinsurers,
successors, and assigns, and their current and former employees, attorneys, officers, directors, and agents thereof, both individually and in their business capacities, and their employee benefit plans and programs and the trustees, administrators,
fiduciaries, and insurers of such plans and programs, both individually and in their business capacities (collectively, the “Released Parties”), to the full extent permitted by law, of and from any and all claims, known and unknown,
asserted and unasserted, which you have or may have against the Released Parties as of the date of execution of this Separation Agreement including, but not limited to, any alleged violation of: 

 

	 	•	 	 Title VII of the Civil Rights Act of 1964; 

 

	 	•	 	 The Civil Rights Act of 1991; 

 

	 	•	 	 Sections 1981 through 1988 of Title 42 of the United States Code, as amended; 

 

	 	•	 	 The Employee Retirement Income Security Act of 1974 (“ERISA”) (as modified below);

  

	 	•	 	 The Immigration Reform and Control Act; 

 

	 	•	 	 The Americans with Disabilities Act of 1990; 

 

	 	•	 	 The Age Discrimination in Employment Act of 1967 (“ADEA”); 

 

	 	•	 	 The Workers Adjustment and Retraining Notification Act; 

 

	 	•	 	 The Occupational Safety and Health Act; 

 

	 	•	 	 The Sarbanes-Oxley Act of 2002; 

 

	 	•	 	 The Fair Credit Reporting Act; 

 

	 	•	 	 The Family and Medical Leave Act; 

 

	 	•	 	 The Equal Pay Act; 

  

	 	•	 	 The Genetic Information Nondiscrimination Act of 2008; 

 

	 	•	 	 California Family Rights Act – Cal. Gov’t Code § 12945.2; 

	 	•	 	 California Fair Employment and Housing Act – Cal. Gov’t Code § 12900 et seq.;

  

	 	•	 	 California Unruh Civil Rights Act – Cal. Civ. Code § 51 et seq.; 

 

	 	•	 	 Statutory Provisions Regarding the Confidentiality of AIDS Information – Cal. Health & Safety Code
§ 120775 et seq.; 

  

	 	•	 	 California Confidentiality of Medical Information Act – Cal. Civ. Code § 56 et seq.;

  

	 	•	 	 California Parental Leave Law – Cal. Lab. Code § 230.7 et seq.; 

 

	 	•	 	 California Military Personnel Bias Law – Cal. Mil. & Vet. Code § 394; 

 

	 	•	 	 The California Occupational Safety and Health Act, as amended, and any applicable regulations thereunder;

  

	 	•	 	 The California Consumer Credit Reporting Agencies Act – Cal. Civ. Code § 1785 et seq.

  

	 	•	 	 California Investigative Consumer Reporting Agencies Act – Cal. Civ. Code § 1786 et seq.;

  

	 	•	 	 Those provisions of the California Labor Code that lawfully may be released; 

 

	 	•	 	 Any other federal, state or local civil or human rights law or any other federal, state or local law, regulation
or ordinance; 

  

	 	•	 	 Any public policy, contract, tort or common law; or 

 

	 	•	 	 Any basis for recovering costs, fees or other expenses including attorneys’ fees incurred in these matters.

  

	 	b.	 Claims Not Released. You are not waiving any rights you may have to: (i) your vested Company
equity grants or any other vested accrued employee benefits under any of the Company’s health, welfare, or retirement benefit plans as of the Separation Date or unemployment claims (which the Company agrees not to contest); (ii) any rights or
claims you may have for indemnification, and/or contribution, advancement or payment of related expenses pursuant to the Indemnification Agreement, dated as of December 9, 2019 (“Indemnification Agreement”), attached as Exhibit
B, or any other written agreement with the Company, the Company’s Bylaws or other organizing documents, and/or under applicable law; (iii) benefits or rights to seek benefits under applicable workers’ compensation (except as to
claims under Labor Code sections 132a and 4553), unemployment insurance or indemnification statutes or pursue claims which by law 

	 	
cannot be waived by signing this Separation Agreement; (iv) enforce or challenge the validity of this Separation Agreement; (v) coverage under any directors and officers liability
insurance, other insurance policies of the Company, COBRA or any similar state law; (vi) as a shareholder of the Company, if applicable; and (vii) any claims arising after the date you sign this Separation Agreement.

  

	 	c.	 Government Agencies. Nothing in this Separation Agreement prohibits, prevents, or otherwise
limits you from filing a charge or complaint with or participating, testifying, or assisting in any investigation, hearing, action, or other proceeding before any federal, state, or local government agency (e.g. EEOC, NLRB, SEC, DFEH, DLSE, etc.) or
in any legislative or judicial proceeding, nor does anything in this Separation Agreement preclude, prohibit, or otherwise limit, in any way, your rights and abilities to contact, communicate with, or report unlawful conduct to federal, state, or
local officials for investigation, or otherwise participate in any whistleblower program administered by any such agencies. However, to the maximum extent permitted by law and expressly excluding your participation in any federal whistleblower
programs, you agree that if such an administrative claim is made, you shall not be entitled to recover any individual monetary relief or other individual remedies. 

 

	 	d.	 Collective/Class Action Waiver. If any claim is not subject to release, to the extent permitted
by law, you waive any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective, or multi-party action or proceeding based on such a claim in which the Company, or
any of the other Released Parties, is a party. 

 6.    Waiver of California Civil Code
Section 1542. To affect a full and complete general release as described above, you expressly waive and relinquish all rights and benefits of section 1542 of the Civil Code of the State of
California, and do so understanding and acknowledging the significance and consequence of specifically waiving section 1542. Section 1542 of the Civil Code of the State of California states as follows: 

A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at
the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party. 

Thus, notwithstanding the provisions of section 1542, and to implement a full and complete release and discharge of the Released Parties, you expressly
acknowledge this Separation Agreement is intended to include in its effect, without limitation, all claims you do not know or suspect to exist in your favor at the time of signing this Separation Agreement, and that this Separation Agreement
contemplates the extinguishment of any such claims. You warrant you have read this Separation Agreement, including this waiver of California Civil Code section 1542, and that you have consulted with or had the opportunity to consult with counsel of
your choosing about this Separation Agreement and specifically about the waiver of section 1542, and that you understand this Separation Agreement and the section 1542 waiver, and so you freely and knowingly enter

 
into this Separation Agreement. You further acknowledge that you later may discover facts different from or in addition to those you now know or believe to be true regarding the matters released
or described in this Separation Agreement, and even so you agree that the releases and agreements contained in this Separation Agreement shall remain effective in all respects notwithstanding any later discovery of any different or additional facts.
You expressly assume any and all risk of any mistake in connection with the true facts involved in the matters, disputes, or controversies released or described in this Separation Agreement or with regard to any facts now unknown to you relating
thereto. 
 7.    Acknowledgements and Affirmations. 

 

	 	a.	 You affirm that you have not filed or caused to be filed any claim, complaint, or action against any of the
Released Parties in any forum or form, and that you presently are not a party to any claim, complaint, or action against any of the Released Parties in any forum or form. Nothing in this Separation Agreement or the acknowledgements and affirmations
in this Section 7 is intended to impair your rights under whistleblower laws or cause you to disclose your participation in any governmental whistleblower program or any whistleblowing statute(s) or regulation(s) allowing for anonymity.

  

	 	b.	 You affirm that you have received all compensation, wages, bonuses, commissions, and benefits which are due and
payable as of the date of execution of this Separation Agreement. You also affirm that you have been (or within 30 days after the Separation Date will be) reimbursed for all expenses necessarily incurred by you in following the Company’s
directions or incurred in performing your duties during your employment with Alector. 

  

	 	c.	 You affirm and acknowledge that, pursuant to the terms and conditions of the Plan and the Grants, the Company
awarded you 32,981 incentive stock options, 706,232 nonqualified stock options, and 100,000 performance stock units. You further acknowledge that the Grants are your only outstanding equity awards with respect to the Company. You acknowledge and
affirm that the vesting of the Grants will cease on the Separation Date. You affirm that as of the Separation Date, 17,412 incentive stock options of the Grant will be vested and exercisable, 15,569 incentive stock options of the Grant will be
unvested, 451,377 nonqualified stock options of the Grant will be vested and exercisable, 254,855 nonqualified stock options of the Grant will be unvested, and 100,000 performance stock units will be unvested/unreleased. Pursuant to the Plan and the
award agreements for the Grants, you acknowledge and agree that you shall have three (3) months following the Separation Date to exercise all vested options under the Grants; following the expiration of three (3) months, all vested, but
unexercised, options under the Grants shall be forfeited and you shall have no further right, title, or interest in the vested options. You further acknowledge that any unvested options and any unreleased performance stock units under the Grants
shall terminate and be forfeited immediately upon the Separation Date, pursuant to the terms and conditions of the Plan and the award agreements for the Grants. 

	 	d.	 You acknowledge that you are an individual who is within the category of employees deemed to be a
“Specified Employee” within the meaning and in accordance with Treasury Regulation section 1.409A-1(i). Section 409A of the Internal Revenue Code of 1986, as amended, and the related
interpretive guidance thereunder (“Section 409A”) requires the deferral of payment or commencement of any nonqualified deferred compensation subject to Code Section 409A payable upon separation from service until the date that is
six (6) months following separation from service or, if earlier, the earliest other date as is permitted under Code Section 409A (and any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on
the day after the expiration of the six (6) month period or such shorter period, if applicable). You acknowledge that no payments and benefits provided for in this Agreement are “nonqualified deferred compensation” within the meaning
of Section 409A, and therefore you shall not be subject to a six (6) month delay in payment. You understand and agree that you shall be solely responsible for the payment of any taxes, penalties, interest or other expenses incurred by you
on account of non-compliance with Section 409A. If either you or the Company reasonably determine that any payment or benefit under this Separation Agreement will violate Section 409A, you and the
Company will use best efforts to restructure the payment or benefit in a manner that is either exempt from or compliant with Section 409A. You and the Company agree to execute any and all amendments to this Separation Agreement as may be
necessary to ensure compliance with the distribution provisions of Section 409A in an effort to avoid or minimize, to the extent allowable by law, the tax (and any interest or penalties thereon) associated with Section 409A.

  

	 	e.	 You further affirm that you have no known workplace injuries or occupational diseases and that you have been
granted or has not been denied any leave to which you further affirm that you have no known workplace injuries or occupational diseases and that you have been granted or has not been denied any leave to which you were entitled under the Family and
Medical Leave Act, the California Family Rights Act, or disability accommodation laws. 

  

	 	f.	 You also affirm that you have not been retaliated against for reporting any allegations of wrongdoing by
Alector or any of its officers, directors, or employees including, but not limited to, allegations of corporate fraud. 

  

	 	g.	 You further affirm that all of the Company’s decisions regarding your pay and benefits through the date of
your execution of this Separation Agreement were not discriminatory based on race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, marital status, national origin, ancestry, mental or physical disability,
medical condition, age, pregnancy, denial of medical and family care leave, pregnancy disability leave, or any other classification protected by law. 

8.    Limited Disclosure. 
  

	 	a.	 You agree that you will not publicize or disclose or cause or knowingly permit or authorize the publicizing or
disclosure of the contents of this Separation 

	 	
Agreement, including the amount paid as severance, or of the negotiations leading up to this Separation Agreement (hereafter collectively referred to as “Confidential Agreement
Information”) to any person, firm, organization, or entity of any and every type, public or private, for any reason, at any time, without the prior written consent of Alector unless otherwise compelled by operation of law. The Parties
acknowledge their intention that the provisions of this Section 8 create no liability for disclosures made: (i) prior to your execution of this Separation Agreement; (ii) by persons from public information released prior to your
execution of this Separation Agreement; (iii) to enforce the terms of this Separation Agreement or in any other legal dispute between the Parties; or (iv) as otherwise compelled by subpoena, court order or other operation of law. In
addition, the Parties are free to disclose to any persons, and in any manner or forum, the contents of any mutually-agreed internal or external communications regarding your departure from the Company. 

 

	 	b.	 The foregoing notwithstanding, you acknowledge the confidentiality provisions of this Section 8 constitute
a material inducement to the Company to enter into this Separation Agreement and represents that you have not directly or indirectly disclosed any Confidential Agreement Information to any third-party prior to your execution of this Separation
Agreement, except as otherwise permitted in Section 8(c) herein. 

  

	 	c.	 You are permitted to disclose Confidential Agreement Information to your domestic partner, financial advisors,
tax advisors, or attorneys with whom you choose to consult regarding your consideration of this Separation Agreement. You will inform each such person to whom you disclose Confidential Agreement Information that the information is confidential. You
also are permitted to disclose Confidential Agreement Information to any federal, state, or local government or regulatory agency. 

9.    Return of Company Property/Information; Pre-Existing
Agreements. 
  

	 	a.	 You affirm that you have returned of Alector’s documents and property in your possession including, but
without limitation, all Electronic Media Systems and Electronic Media Equipment as defined in the “At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement”
signed by you on December 5, 2019, and attached hereto as Exhibit A, including any and all computers, laptops, computer/laptop accessories, external storage devices, thumb drives, mobile devices (including but not limited to smart
phones, tablets and e-readers), telephone equipment, and other electronic media devices. You also acknowledge your agreement under Exhibit A that anything you created or worked on for the Company while
working for the Company belongs solely to the Company and you have not and will not remove or retain such property, including but not limited to notes, reports, files, memoranda, or records. Likewise, you confirm your agreement herein that you will
not copy, delete, or alter any information, including personal information voluntarily created or stored, contained in Company Electronic Media Equipment before you return the information to the Company.

	 	
You also affirm that you have returned all cardkey/badge passes, door and file keys, safe combinations, computer access codes, disks and instructional or personnel manuals, and other physical or
personal property that you received or prepared or helped to prepare in connection with your employment with Alector (“Company Property”). 

  

	 	b.	 You acknowledge and agree that in the course of your employment with Alector, you have acquired:
(i) confidential information including without limitation information received by the Company from third-parties, under confidential conditions; (ii) other technical, product, business, financial, or development information from the
Company, the use or disclosure of which reasonably might be construed to be contrary to the interest of the Company; or (iii) any other proprietary information or data, including but not limited to client lists, which you may have acquired
during your employment, including all Company Property or Company Confidential Information as defined in Exhibit A (hereafter collectively referred to as “Company Information”). You understand and agree that such Company
Information was disclosed to you in confidence and for use only by Alector. You understand and agree that, except as otherwise permitted herein with respect to Confidential Agreement Information, you: (i) will keep such Company Information
confidential at all times, (ii) will not disclose or communicate Company Information to any third-party, and (iii) will not make use of Company Information on your own behalf, or on behalf of any third-party. In view of the nature of your
employment and the nature of Company Information you received during the course of your employment, you agree that any unauthorized disclosure to third-parties of Company Information or other violation, or threatened violation, of this Separation
Agreement would cause irreparable damage to the confidential or trade secret status of Company Information and to Alector and that, therefore, Alector, and each person constituting Alector hereunder, shall be entitled to seek an injunction
prohibiting you from any such disclosure, attempted disclosure, violation, or threatened violation. 

  

	 	c.	 The Parties acknowledge and agree that the terms and conditions set forth in Exhibit A shall in no way
be altered, modified, enhanced, diminished, or amended by this Separation Agreement, and that Exhibit A stands alone, operates individually, and shall be enforced separately without reference to or effect by the Separation Agreement.

  

	 	d.	 The undertakings set forth in this Section 9 shall survive the termination of this Separation Agreement or
other arrangements contained in this Separation Agreement. 

 10.    Nonadmission of
Wrongdoing. The Parties agree that neither this Separation Agreement nor the furnishing of the consideration for this Separation Agreement shall be deemed or construed at any time for any purpose as an admission by you, the Released Parties
or any other person of any wrongdoing or evidence of any liability or unlawful conduct of any kind. 

11.    Non-Disparagement. You agree you will not
criticize, denigrate, or otherwise disparage the Company, its affiliates, including any Released Parties in any manner likely to be harmful to it or them or their business, business reputation or personal reputation, or any of it or their products,
processes, policies, practices, standards of conduct or areas of research orally, in writing, including but not limited to on or through any social media platform or application. In addition, you agree not to assist or counsel any attorneys or their
clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company or any Releasee, provided that you may respond accurately and fully to any question, inquiry
or request for information when required by law, court order or other legal process, as requested by or communicated to a governmental or regulatory agency, or as necessary in any legal dispute between the Parties. The Company agrees to instruct
those employees and the current members of its Board of Directors that are notified of this Separation Agreement to not to make any defamatory comments about you, your character, traits, qualifications, skills, experience or job performance. 

12.    Job References. You agree to direct all individuals inquiring about your employment with
Alector to Clare Hunt, Head of People, at ch@alector.com or 415-233-4400. The Company will verify employment, including your last position and dates of
employment. 
 13.    Liens and Attorneys’ Fees/Indemnification. 

 

	 	a.	 You acknowledge that you solely are responsible for any liens made in connection with any services performed on
your behalf by any attorney or other third-parties. 

  

	 	b.	 You acknowledge and agree that you will indemnify the Released Parties for any and all costs any of them incur
as a result of any claims made by any attorneys or other third-parties to recover monies from the amounts payable to you under this Separation Agreement. 

14.    Governing Law and Interpretation. 

 

	 	a.	 This Separation Agreement shall be governed and conformed in accordance with the laws of the State of
California, without regard to its conflict of law rules. Parol evidence shall not be admissible to alter, vary, or supplement the term of this Separation Agreement. Should any provision of this Separation Agreement be declared illegal or
unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision immediately shall become null and void, leaving the remainder of this Separation Agreement in full
force and effect. 

  

	 	b.	 In the event of a breach of any provision of this Separation Agreement, any Party may institute an action
specifically to enforce any term or terms of this Separation Agreement or seek damages for breach. In an action to enforce any term or terms of this Separation Agreement or to seek damages for breach of this Separation Agreement, in addition to any
other available relief, the prevailing party in that action shall be entitled to recover costs and reasonable attorney’s fees, as determined in the manner prescribed by applicable law. 

 15.    Amendment. This Separation Agreement may not
be modified, altered, or changed except in writing and signed by both Parties wherein specific reference is made to this Separation Agreement. 

16.    Miscellaneous. 
  

	 	a.	 This Separation Agreement may be signed in counterparts, both of which shall be deemed an original, but both of
which, taken together shall constitute the same instrument. A signature made on an electronically mailed copy of the Separation Agreement or a signature transmitted by electronic mail shall have the same effect as the original signature.

  

	 	b.	 The section headings used in this Separation Agreement are intended solely for convenience of reference and
shall not in any manner amplify, limit, modify, or otherwise be used in the interpretation of any of the provisions hereof. 

  

	 	c.	 This Separation Agreement was the result of negotiations between the Parties and their respective counsel. In
the event of vagueness, ambiguity, or uncertainty, this Separation Agreement shall not be construed against the Party preparing it, but shall be construed as if both Parties prepared it jointly. 

 

	 	d.	 If you or Alector fails to enforce this Separation Agreement or to insist on performance of any term, that
failure does not mean a waiver of that term or of the Separation Agreement. The Separation Agreement remains in full force and effect anyway. 

17.    Entire Agreement. This Separation Agreement sets forth the entire agreement between the
Parties, and fully supersedes any prior agreements or understandings between the Parties, except the Indemnification Agreement and those specifically identified in Section 9(b), which are incorporated herein by reference. You acknowledge that
you have not relied on any representations, promises, or agreements of any kind made to you in connection with your decision to accept this Separation Agreement, except for those set forth in this Separation Agreement. 

18.    Consideration and Revocation Periods - Notice. 

 

	 	a.	 You acknowledge that you have already attained the age of forty (40) and understand that this is a full
release of all existing claims whether currently known or unknown including, but not limited to, claims for age discrimination under the Age Discrimination in Employment Act. 

 

	 	b.	 You further acknowledge that you have been advised to consult with an attorney of your own choosing before
signing this Separation Agreement, in which you waive important rights, including those under the Age Discrimination in Employment Act. 

  

	 	c.	 By executing this Separation Agreement, you also acknowledge that you have been afforded at least twenty-one (21) calendar days to consider the meaning and effect of this Separation Agreement and to discuss the contents and meaning of this Separation Agreement, as well as the alternatives to signing this
Separation 

	 	
Agreement, with an attorney of your choosing, and have done so. You agree that the twenty-one (21) day consideration period began on the date this
Separation Agreement first was delivered to you and that if the Company changes any of the terms of the offer contained in this Separation Agreement (whether the changes are material or not), the twenty-one
(21) day consideration period shall not be restarted but shall continue without interruption. 

  

	 	d.	 You understand that the releases contained in this Separation Agreement do not extend to any rights or claims
that you have under the Age Discrimination in Employment Act that first arise after execution of this Separation Agreement. 

  

	 	e.	 If you sign this Separation Agreement before the twenty-one
(21) day consideration period expires, the seven (7) day revocation period (described in Section 18(f) below) immediately shall begin. If you sign this Separation Agreement before the twenty-one
(21) day consideration period expires, you agree that you knowingly and voluntarily have accepted the shortening of the twenty-one (21) day consideration period and that the Company has not promised
you anything or made any representations that are not contained in this Separation Agreement. In addition, if you sign this Separation Agreement before the twenty-one (21) day consideration period
expires, you acknowledge and affirm that the Company has not threatened to withdraw or alter the offer contained in this Separation Agreement prior to the expiration of the twenty-one (21) day
consideration period. 

  

	 	f.	 You may revoke this Separation Agreement for a period of seven (7) calendar days following the date you
execute this Separation Agreement. Any revocation during this period must be submitted in writing and state, “I hereby revoke my acceptance of our Separation Agreement and General Release of Claims.” The revocation must be delivered by
email to Clare Hunt (ch@alector.com) or her designee, or mailed to 131 Oyster Point Blvd Ste 600, South San Francisco, CA 94080 and postmarked within seven (7) calendar days after your execution of this Separation Agreement. The foregoing
notwithstanding, this Separation Agreement shall not become effective and enforceable until the seven (7) day revocation period has expired. 

I, SHEHNAAZ SULIMAN, UNDERSTAND AND ACKNOWLEDGE THAT I HAVE HAD AT LEAST TWENTY-ONE (21) CALENDAR DAYS TO
REVIEW THIS SEPARATION AGREEMENT PRIOR TO EXECUTION OF THIS SEPARATION AGREEMENT. I FURTHER UNDERSTAND AND ACKNOWLEDGE THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS SEPARATION AGREEMENT DO NOT RESTART OR AFFECT IN ANY MANNER THE
ORIGINAL TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD. 
 HAVING ELECTED TO EXECUTE THIS SEPARATION
AGREEMENT, TO FULFILL THE PROMISES AND TO RECEIVE THE CONSIDERATION SET FORTH IN SECTION 3 ABOVE, I FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTER INTO THIS SEPARATION AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS YOU HAVE OR
MIGHT HAVE AGAINST THE RELEASED PARTIES AS OF THE DATE OF EXECUTION OF THIS SEPARATION AGREEMENT. 

 IN WITNESS WHEREOF, the Parties hereto knowingly and voluntarily executed this
Separation Agreement and Release of Claims as of the date set forth below: 
  

					
	Executed on December 31, 2021	 		 	 /s/ Shehnaaz Suliman

		 		 	 Shehnaaz Suliman

			
		 		 	 ALECTOR, LLC

			
	Executed on December 31, 2021	 	By:	 	 /s/ Clare Hunt

		 		 	 Clare Hunt

		 		 	 Head of People

 Attachments: 
 Exhibit A:
At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement” and attached exhibits 

Exhibit B: Indemnification AgreementEXHIBIT 4.3

 

WARRANT AGREEMENT

 

between

 

TAILWIND TWO ACQUISITION CORP.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST
COMPANY

 

Dated March 9, 2021

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated March 9, 2021, is by and between Tailwind Two Acquisition Corp., a Cayman Islands exempted company (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such capacity, the “Warrant
Agent”).

 

WHEREAS, the Company has entered into that certain
Private Placement Warrants Purchase Agreement, with Tailwind Two Sponsor LLC, a Delaware limited liability company (the “Sponsor”),
pursuant to which the Sponsor has purchased an aggregate of 7,800,000 warrants, simultaneously with the closing of the Offering
(as defined below), bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”)
at a purchase price of $1.50 per Private Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase
one Ordinary Share (as defined below) at a price of $11.50 per share, subject to adjustment as described herein; and

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination, involving the Company and one or more businesses or entities (a “Business Combination”),
the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated
to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an
additional 1,000,000 Private Placement Warrants at a price of $1.50 per Private Placement Warrant; and

 

WHEREAS, the Company is engaged in an initial public
offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised
of one Ordinary Share and one-third of one Public Warrant (as defined below) (the “Units”) and, in connection
therewith, has determined to issue and deliver up to 11,500,000 redeemable warrants to public investors in the Offering (the “Public
Warrants” and, together with the Private Placement Warrants, the “Warrants”). Each whole
Warrant entitles the holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary
Shares”), for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A
holder of the Public Warrants will not be able to exercise any fraction of a Warrant; and

 

WHEREAS, the Company has
filed with the Securities and Exchange Commission (the “Commission”) registration statement on
Form S-1, File Number 333-253224, and a prospectus (the “Prospectus”), for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public
Warrants and the Ordinary Shares included in the Units; and

 

     

     

    

 

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

 

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

 

WHEREAS, all acts and things have been done and performed
which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant
Agent (if a physical certificate is issued), 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 initially be issued in registered form only.

 

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

 

		2.3.	Registration.

 

2.3.1.      Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry
form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations
and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests
in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by
institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution,
with respect to a Warrant in its account, a “Participant”).

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

		2.6.	Private Placement Warrants.

 

2.6.1.      The
Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or
any of its Permitted Transferees (as defined below) the Private Placement Warrants: (i) may be exercised for cash or on
a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) including the Ordinary Shares
issuable upon exercise of the Private Placement Warrants, may not be transferred, assigned or sold until thirty (30) days
after the completion by the Company of an initial Business Combination, (iii) shall not be redeemable by the Company
pursuant to Section 6.1 hereof and (iv) shall only be redeemable by the Company pursuant to Section 6.2
if the Reference Value (as defined below) is less than $18.00 per share (subject to adjustment in compliance with Section 4
hereof); provided, however, that in the case of (ii), the Private Placement Warrants and any Ordinary Shares issued upon
exercise of the Private Placement Warrants may be transferred by the holders thereof:

 

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

 

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

 

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

 

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

 

(e)   by
private sales or transfers made in connection with any forward purchase agreement or similar agreement or in connection with the
consummation of the Company’s Business Combination at prices no greater than the price at which the Private Placement Warrants
or Ordinary Shares, as applicable, were originally purchased;

 

		(f)	by virtue of the Sponsor’s
organizational documents upon liquidation or dissolution of the Sponsor;

 

		(g)	pro rata distributions
from the Sponsor to its members, partners, or stockholders pursuant to the Sponsor’s operating agreement

 

		(h)	to the Company for no value
for cancellation in connection with the consummation of our initial Business Combination;

 

		(i)	in the event of the Company’s
liquidation prior to the completion of its initial Business Combination; or

 

(j)    in
the event of the Company’s completion of a liquidation, merger, share exchange or other similar transaction which results
in all of the public shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent
to the completion of the Company’s initial Business Combination; provided, however, that, in the case of clauses
(a) through (g), these permitted transferees (the “Permitted Transferees”) must enter into a written
agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

 

    4

     

    

 

		3.	Terms and Exercise of Warrants.

 

3.1.  Warrant
Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of
this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share,
subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The
term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or
by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the
prior sentence at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less
than fifteen Business Days (unless otherwise required by the Commission, any national securities exchange on which the
Warrants are listed or applicable law); provided that the Company shall provide at least five days’ prior written
notice of such reduction to Registered Holders of the Warrants; and provided further, that any such reduction shall be
identical among all of the Warrants.

 

3.2.  Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing
on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a Business Combination,
and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and (B) terminating at the
earliest to occur of (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which the
Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s
amended and restated memorandum and articles of association, as amended from time to time, if the Company fails to complete a Business
Combination, and (z) other than with respect to the Private Placement Warrants then held by the Sponsor or its Permitted Transferees
with respect to a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per
share (subject to adjustment in compliance with Section 4 hereof), Section 6.2 hereof, 5:00 p.m., New York
City time on the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable
conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption
therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below) (other than with
respect to a Private Placement Warrant then held by the Sponsor or its Permitted Transferees in connection with a redemption pursuant
to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance
with Section 4 hereof), Section 6.2 hereof) in the event of a redemption (as set forth in Section 6
hereof), each Warrant (other than a Private Placement Warrant then held by the Sponsor or its Permitted Transferees in the event
of a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject
to adjustment in compliance with Section 4 hereof), Section 6.2 hereof) not exercised on or before the
Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease
at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the
Warrants by delaying the Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice
of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in
duration among all the Warrants.

 

    5

     

    

 

		3.3.	Exercise of Warrants.

 

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

 

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

 

		(b)	[Reserved];

 

(c)   with
respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor or a Permitted
Transferee, by surrendering the Warrants for that number of Ordinary Shares equal to (i) if in connection with a
redemption of Private Placement Warrants pursuant to Section 6.2 hereof, as provided in Section 6.2
hereof with respect to a Make-Whole Exercise and (ii) in all other scenarios the quotient obtained by dividing
(x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the
 “Sponsor Exercise Fair Market Value” (as defined in this subsection 3.3.1(c)) over the
Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the
 “Sponsor Exercise Fair Market Value” shall mean the average last reported sale price of the
Ordinary Shares for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of
exercise of the Private Placement Warrant is sent to the Warrant Agent;

 

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

 

		(e)	as provided in Section 7.4 hereof.

 

3.3.2.      Issuance
of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the
Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to
which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of
members of the Company, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned
Warrant, as applicable, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the
foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall
have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to
the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to
the Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is available. No
Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant
unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from
registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants.
Subject to Section 4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole
number of Ordinary Shares. The Company may require holders of Public Warrants to settle the Warrant on a “cashless
basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless
basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional
interest in an Ordinary Share, the Company shall round down to the nearest whole number, the number of Ordinary Shares to be
issued to such holder.

 

    6

     

    

 

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

 

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

 

3.3.5.      Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection
3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect
the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent
that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant
Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”)
of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of
Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made,
but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the
Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including,
without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion
or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this
paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of
outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the
Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10- Q, Current Report on
Form 8-K or other public filing with the 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, as transfer
agent (in such capacity, the “Transfer Agent”), setting forth the number of Ordinary Shares
outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two
(2) Business Days, confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any
case, the number of issued and outstanding Ordinary Shares shall be determined after giving effect to the conversion or
exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of
issued and outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time
to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such
notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after
such notice is delivered to the Company.

 

    7

     

    

 

		4.	Adjustments.

 

		4.1.	Share Capitalizations.

 

4.1.1.      Sub-Divisions.
If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued and outstanding Ordinary
Shares is increased by a capitalization or share dividend of Ordinary Shares, or by a sub-division of Ordinary Shares or other
similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Ordinary
Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Ordinary
Shares. A rights offering made to all or substantially all holders of Ordinary Shares entitling holders to purchase Ordinary Shares
at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a capitalization of a number
of Ordinary Shares equal to the product of (i) the number of Ordinary Shares 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 Ordinary Shares)
multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided
by (y) the Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities
convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, 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) “Historical Fair Market Value” means the volume weighted average price of the Ordinary Shares
during the ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares
shall be issued at less than their par value.

 

    8

     

    

 

4.1.2.      Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays to all or substantially all
of the holders of the Ordinary Shares a dividend or make a distribution in cash, securities or other assets on account of
such Ordinary Shares (or other shares into which the Warrants are convertible), other than (a) as described in subsection
4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the
holders of the Ordinary Shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption
rights of the holders of the Ordinary Shares in connection with a shareholder vote to amend the Company’s amended and
restated memorandum and articles of association (i) to modify the substance or timing of the Company’s obligation
to provide holders of Ordinary Shares the right to have their shares redeemed in connection with the Company’s initial
Business Combination or to redeem 100% of the Company’s public shares if it does not complete its initial Business
Combination within the time period required by the Company’s Amended and Restated Memorandum and Articles of
Association, as amended from time to time, or (ii) with respect to any other provision relating to the rights of holders
of Ordinary Shares, (e) as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business
Combination is presented to the shareholders of the Company for approval or (f) in connection with the redemption of
public shares upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of
its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such
Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s board of
directors (the “Board”), in good faith) of any securities or other assets paid on each Ordinary
Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash
Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per
share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending
on the date of declaration of such dividend or distribution to the extent it does not exceed $0.50 (which amount shall be
adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and
excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of
Ordinary Shares issuable on exercise of each Warrant).

 

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

 

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

 

    9

     

    

 

4.4.  Raising
of the Capital in Connection with the Initial Business Combination. If (x) the Company issues additional Ordinary
Shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business
Combination at an issue price or effective issue price of less than $9.20 per Ordinary Share (with such issue price or
effective issue price to be determined in good faith by the Board and, in the case of any such issuance to the Sponsor or its
affiliates, without taking into account any Class B ordinary shares, par value $0.0001 per share, of the Company held by
the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”),
(y) the aggregate gross proceeds from such issuances represent more than 50% of the total equity proceeds, and interest
thereon, available for the funding of the Company’s initial Business Combination on the date of the completion of the
Company’s initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of
Ordinary Shares during the twenty (20) trading day period starting on the trading day prior to the day on which the Company
consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per
share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and
the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2
shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price and
the $10.00 per share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to
be equal to the higher of the Market Value and the Newly Issued Price.

 

    10

     

    

 

4.5.  Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and
outstanding Ordinary Shares (other than a change under Section 4.1 or Section 4.2 hereof or
that solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with
or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that
does not result in any reclassification or reorganization of the issued and outstanding Ordinary Shares), or in the case of
any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or
substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in
lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares or stock or other securities or property (including cash) receivable upon
such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately
prior to such event (the “Alternative Issuance”); provided, however, that (i) if the holders
of the Ordinary Shares 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 Ordinary Shares 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 Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in
connection with redemption rights held by shareholders of the Company as provided for in the Company’s amended and
restated memorandum and articles of association or as a result of the repurchase of Ordinary Shares by the Company if a
proposed initial Business Combination is presented to the shareholders 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 issued and outstanding Ordinary Shares, 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 shareholder 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 Ordinary Shares held by such holder had been purchased pursuant
to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer)
as nearly equivalent as possible to the adjustments provided for in this Section 4; provided further that if less
than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form
of shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered
Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such
applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price
shall be reduced by an amount (in dollars) equal to the difference 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 (assuming zero dividends)
(“Bloomberg”). For purposes of calculating such amount, (i) Section 6 of this
Agreement shall be taken into account, (ii) the price of each Ordinary Share shall be the volume weighted average price
of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the effective date of
the applicable event, (iii) 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
(iv) 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 Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other
cases, the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the
trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a
change in Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection
4.1.1 or Sections 4.2, 4.3 and this Section 4.5. The provisions of this Section 4.5 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no
event shall the Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant.

 

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

 

    11

     

    

 

4.7.  No
Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue
fractional shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such 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; provided, however, that the Company may at any time in its sole discretion make any change in
the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter
issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so
changed.

 

		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. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

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

 

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

 

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

 

    12

     

    

 

 

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

 

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

 

		6.	Redemption.

 

6.1.  Redemption
of Warrants. When Shares Trade At or Above $18.00. Subject to Section 6.5 hereof, not less than all of the outstanding
Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent,
upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of
$0.01 per Warrant, provided that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance
with Section 4 hereof) and (b) there is an effective registration statement covering the issuance of the Ordinary
Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption
Period (as defined in Section 6.3 below).

 

6.2.   Redemption
of Warrants When Ordinary Shares Trade At or Above $10.00. Subject to Section 6.5 hereof, not less than all of the
outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of
the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a
Redemption Price of $0.10 per Warrant, provided that (i) the Reference Value equals or exceeds $10.00 per share (subject
to adjustment in compliance with Section 4 hereof) and (ii) if the Reference Value is less than $18.00 per
share (subject to adjustment in compliance with Section 4 hereof), the Private Placement Warrants are also
concurrently called for redemption on the same terms as the outstanding Public Warrants. During the 30-day Redemption Period
in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to
exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of
Ordinary Shares determined by reference to the table below, based on the Redemption Date (calculated for purposes of the
table as the period to expiration of the Warrants) and the “Redemption Fair Market Value” (as such term is
defined in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section 6.2,
the “Redemption Fair Market Value” shall mean the volume weighted average price of the Ordinary
Shares for the ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section 6.2
is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company
shall provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after the
ten (10) trading day period described above ends.

 

    13

     

    

 

	
        Redemption
Fair Market Value of Ordinary Shares

(period to expiration of warrants)

	
         

         

        Redemption Date
	 	
         

        < 

        10.00
	 	
         

         

        11.00
	 	
         

         

        12.00
	 	
         

         

        13.00
	 	
         

         

        14.00
	 	
         

         

        15.00
	 	
         

         

        16.00
	 	
         

         

        17.00
	 	
         

        > 

        18.00

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

 

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

 

    14

     

    

 

The share prices set forth in
the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise
of a Warrant or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable
upon exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column
headings shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which
is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of
which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table above
shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Warrant. If the
Exercise Price of a warrant is adjusted, (a) in the case of an adjustment pursuant to Section 4.4 hereof,
the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment multiplied
by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of
which is $10.00 and (b) in the case of an adjustment pursuant to Section 4.1.2 hereof, the adjusted share
prices in the column headings shall equal the share prices immediately prior to such adjustment less the decrease in the
Exercise Price pursuant to such Exercise Price adjustment. In no event shall the number of shares issued in connection with a
Make-Whole Exercise exceed 0.361 Ordinary Shares per Warrant (subject to adjustment).

 

6.3.  Date
Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the
Warrants pursuant to Sections 6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption
Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than
thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders
of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the
manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such
notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which
any Warrants are redeemed pursuant to Sections 6.1 or 6.2 and (b) “Reference Value”
shall mean the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day
period ending on the third trading day prior to the date on which notice of the redemption is given.

 

6.4.   Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant
to Section 6.3 hereof and prior to the Redemption Date. 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.

 

6.5.    Exclusion
of Private Placement Warrants. The Company agrees that (a) the redemption rights provided in Section 6.1 hereof
shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to
be held by the Sponsor or its Permitted Transferees and (b) if the Reference Value equals or exceeds $18.00 per share (subject
to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section 6.2 hereof
shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to
be held by the Sponsor or its Permitted Transferees. However, once such Private Placement Warrants are transferred (other than
to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem the Private Placement Warrants
pursuant to Section 6.1 or 6.2 hereof, provided that the criteria for redemption are met, including the opportunity
of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.4
hereof. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease
to be Private Placement Warrants and shall become Public Warrants under this Agreement, including for purposes of Section 9.8
hereof.

 

    15

     

    

 

 

 

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

 

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

 

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

 

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

 

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

 

7.4.1.     Registration
of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business Days
after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission
a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the
Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective within sixty (60) Business
Days following the closing of its initial Business Combination and to maintain the effectiveness of such registration statement,
and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions
of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th) Business Day following
the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first
(61st) Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective
by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless
basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption)
for that number of Ordinary Shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the
number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined
below) over the Warrant Price by (y) the Fair Market Value and (B) 0.361. Solely for purposes of this subsection
7.4.1, “Fair Market Value” shall mean the volume-weighted average price of the Ordinary Shares as
reported during the ten (10) trading day period immediately following the date that notice of exercise is received by the
Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless
exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the
 “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion
of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise
of the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required to be registered
under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United States
federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act)
of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2,
for the avoidance of doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue
to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

 

    	 	 16	 

      

    

 

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

 

		8.	Concerning the Warrant Agent and Other Matters.

 

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

 

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

 

8.2.1.     Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder
of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any
Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant
Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
or other entity organized and existing under the laws of the State of New York, in good standing and having its principal office
in the United States of America, 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.

 

    	 	 17	 

      

    

 

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

 

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

 

		8.3.	Fees and Expenses of Warrant Agent.

 

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

 

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

 

		8.4.	Liability of Warrant Agent.

 

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

 

8.4.2.     Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. The Company
agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of- pocket
costs and reasonable outside 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, fraud or bad faith.

 

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

 

    	 	 18	 

      

    

 

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

 

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

 

		9.	Miscellaneous Provisions.

 

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

 

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

 

Tailwind Two Acquisition Corp.

150 Greenwich Street,
29th Floor

New York, NY 10006

Attention: Matthew Eby

 

with a copy
to:

 

Kirkland & Ellis LLP 

601 Lexington Avenue

New York, New York 10022

 

Attention: Christian O. Nagler

Peter S. Seligson

Aaron M. Schleicher

 

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

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

    	 	 19	 

      

    

 

9.3. Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York. Subject to applicable law, the Company hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection
to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions
of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim
for which the federal district courts of the United States of America are the sole and exclusive forum.

 

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

 

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

 

9.5. 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 United States of America, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any
such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 

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

 

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

 

    	 	 20	 

      

    

 

9.8. Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of
(i) curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the
terms of the Warrants and this Agreement set forth in the Prospectus, or defective provision contained herein,
(ii) amending the definition of “Ordinary Cash Dividend” as contemplated by and in accordance with the
second sentence of subsection 4.1.2 or (iii) adding or changing any 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 rights of the Registered Holders under this Agreement. All other modifications or amendments, including
any modification or amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of
only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 65% of the
then-outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or
any provision of this Agreement with respect to the Private Placement Warrants, 65% of the then-outstanding Private Placement
Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise
Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered
Holders.

 

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

 

Exhibit A — Form of Warrant Certificate

 

Exhibit B Legend — Private Placement Warrants

 

    	 	 21	 

      

    

 

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

 

	 	TAILWIND TWO ACQUISITION CORP.
	 	 
	 	By: 	/s/ Matthew Eby
	 	Name: Matthew Eby
	 	Title:
    Co-Chief Executive Officer and Chief Financial Officer

 

 

	 	CONTINENTAL STOCK TRANSFER& TRUST COMPANY,
	 	as Warrant Agent
	 	 

	 	By: 	/s/ Douglas Reed
	 	Name:
Douglas Reed
	 	Title: Vice President

 

[Signature Page to Warrant Agreement]

 

    

    

    

 

EXHIBIT A

 

[FACE]

 

Number

 

Warrants

 

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

 

Tailwind Two Acquisition
Corp.

Incorporated Under the Laws of the Cayman
Islands

 

CUSIP G86613 125

 

Warrant Certificate

 

This Warrant Certificate certifies that [
], or registered assigns, is the registered holder of [ ] warrant(s) (the “Warrants” and each, a
 “Warrant”) to purchase Class A ordinary shares, $0.0001 par value (“Ordinary Shares”),
of Tailwind Two Acquisition Corp., a Cayman Islands exempted company (the “Company”). Each Warrant entitles
the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that
number of fully paid and nonassessable Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”)
as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment
of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein
and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement.

 

Each whole Warrant is initially exercisable for one
fully paid and non-assessable Ordinary Share. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the
exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon
exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of
Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth
in the Warrant Agreement.

 

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

 

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

 

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

 

    

    

    

 

This Warrant Certificate shall not be valid unless
countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall be governed by
and construed in accordance with the internal laws of the State of New York.

 

    24

    

    

 

	 	TAILWIND TWO ACQUISITION CORP.
	 	 
	 	By:
	 	Name:
	 	Title: Authorized Signatory
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
	 	AS WARRANT AGENT
	 	 
	 	By:
	 	Name:
	 	Title:

 

    

    

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [ ] Ordinary Shares and are issued
or to be issued pursuant to a Warrant Agreement dated as of March 9, 2021 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained
by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein
shall have the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

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

 

    

    

    

 

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

Neither the Warrants nor this Warrant Certificate
entitles any holder hereof to any rights of a shareholder of the Company.

 

    27

    

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event that the Warrant has been called for
redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a holder thereof elects to exercise
its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be determined
in accordance with subsection 3.3.1(c) or Section 6.2 of the Warrant Agreement, as applicable.

 

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

 

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

 

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

 

[Signature Page Follows]

 

     

      

    

 

 

	Date: [ ], 20	 
	 	 
	 	(Signature) 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

Signature Guaranteed:

 

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

 

     

      

    

 

EXHIBIT B

 

LEGEND

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES
LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN
THE LETTER AGREEMENT BY AND AMONG TAILWIND TWO ACQUISITION CORP. (THE “COMPANY”), TAILWIND TWO SPONSOR
LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO
THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED
IN THE RECITALS OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2
OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS A
ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION
AND SHAREHOLDER RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

 

NO. [ ] WARRANT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]