Document:

Exhibit 10.4

 

PURECYCLE TECHNOLOGIES, INC.

NOTICE OF GRANT OF PERFORMANCE-BASED RESTRICTED
STOCK UNITS 

 

PureCycle Technologies, Inc.
(the “Company”) hereby grants to the Participant the number of performance-based Restricted Stock Units (“PRSUs”)
set forth below under the PureCycle Technologies, Inc. 2021 Equity and Incentive Compensation Plan (the “Plan”). The
PRSUs are subject to all of the terms and conditions in this Notice of Grant of Performance-Based Restricted Stock Units (this “Grant
Notice”), in the Performance-Based Restricted Stock Units Agreement attached hereto (the “Agreement”) and
in the Plan. Capitalized terms used, but not otherwise defined, in this Grant Notice will have the meanings given to such terms in the
Plan or Agreement, and the Plan and the Agreement are hereby incorporated by reference into this Grant Notice. If there are any inconsistences
between this Grant Notice or the Agreement and the Plan, the terms of the Plan shall govern.

 

	Participant:	Michael Dee
	Type of Grant:	Performance-Based Restricted Stock Units
	Date of Grant:	July [__], 2021
	Number of PRSUs:	200,000
	Performance Period:	September 17, 2021 through March 17, 2024
	Vesting Schedule:	Subject to the conditions set forth in the Agreement, including but not limited to the Participant’s continuous employment with the Company or a Subsidiary until the applicable vesting date, the PRSUs shall vest in full if the Market Value per Share is greater than $18.00 for any period of 20 trading days out of any 30 consecutive trading days within the Performance Period.

 

     

     

    

 

PURECYCLE TECHNOLOGIES, INC.

 

Performance-Based Restricted Stock Units
Agreement

 

PureCycle Technologies, Inc.
(the “Company”) has granted, pursuant to the PureCycle Technologies, Inc. 2021 Equity and Incentive Compensation Plan
(the “Plan”), to the Participant named in the Notice of Grant of Performance-Based Restricted Stock Units (the “Grant
Notice”) to which this Performance-Based Restricted Stock Units Agreement is attached (together with the Grant Notice, this
“Agreement”) an award of Performance-Based Restricted Stock Units as set forth in such Grant Notice, subject to the
terms and conditions set forth in this Agreement.

 

1.           
Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings
given to such terms in the Plan. As used in this Agreement:

 

		(a)	“Cause” shall mean “Cause” (or a term of substantively similar meaning)
as defined in an individual employment agreement in effect as of the Date of Grant between the Participant and the Company or any Subsidiary
(an “Employment Agreement”) or as set forth in an executive severance plan in which the Participant participates as
of the Date of Grant, if any in each case, or, if the Participant does not have an Employment Agreement or participate in such executive
severance plan as of the Date of Grant (or such Employment Agreement or plan does not define “Cause”), then “Cause”
shall mean (i) the Participant’s commission of, conviction for, or plea of guilty or nolo contendere to, a felony or a crime involving
moral turpitude, or other material act or omission involving dishonesty or fraud, (ii) the Participant’s conduct that results in
or is reasonably likely to result in harm to the reputation or business of the Company or any of its affiliates in any material way, (iii)
the Participant’s failure to perform duties as reasonably directed by the Company or the Participant’s material violation
of any rule, regulation, policy or plan for the conduct of any service provider to the Company or its affiliates or its or their business
(which, if curable, is not cured within 5 days after notice thereof is provided to the Participant) or (iv) the Participant’s gross
negligence, willful malfeasance or material act of disloyalty with respect to the Company or its affiliates (which, if curable, is not
cured within 5 days after notice thereof is provided to the Participant).

 

		(b)	“Company’s Business” means the design, development, manufacture, marketing or
sale of sustainable plastic solutions, recycling technology or related services and any other business that the Company conducts as evidenced
on the Company’s website or marketing materials of the Company.

 

		(c)	“Disability” (or similar terms) shall mean a circumstance in which the Participant
is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can
be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months and otherwise
satisfies the requirements to be disabled under Section 409A of the Code.

 

     

     

    

 

		(d)	“Good Reason” shall have the meaning set forth in the Participant’s Employment
Agreement or set forth in an executive severance plan in which the Participant participates as of the Date of Grant, if any, or, if the
Participant does not have an Employment Agreement or participate in such executive severance plan as of the Date of Grant (or such Employment
Agreement or plan does not define “Good Reason”), then “Good Reason” shall mean the occurrence of any of the following
events without the Participant’s express written consent: (i) an involuntary material reduction in the Participant’s then-current
base salary, (ii) a mandatory relocation of the Participant’s primary work location to a location more than 50 miles from the Participant’s
work location as of the date of this Agreement or (iii) a material breach by the Company of the terms of this Agreement. To terminate
the Participant’s employment for Good Reason, the Participant must provide written notice to the Company of the existence of the
circumstances providing grounds for termination for Good Reason within 90 days of the initial existence of such grounds and the Company
must have at least 30 days from the date on which such notice is provided to cure such circumstances. If the Participant does not terminate
his employment for Good Reason within 30 days after the expiration of the Company’s cure period, then the Participant will be deemed
to have waived his right to terminate for Good Reason with respect to such grounds.

 

		(e)	“Restricted Territory” means: (i) the geographic area(s) within a fifty (50) mile radius
of any and all Company location(s) in, to, or for which the Participant worked, to which the Participant was assigned or had any responsibility
(either direct or supervisory) at the time of termination of the Participant’s employment and at any time during the two (2) year
period prior to such termination; (ii) the United States, and (iii) all of the specific customer accounts, whether within or outside of
the geographic area described in (i) and (ii) above, with which the Participant had any contact or for which the Participant had any responsibility
(either direct or supervisory) at the time of termination of the Participant’s employment and at any time during the two (2) year
period prior to such termination.

 

2.            
Grant of PRSUs. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the
Plan, the Company has granted to the Participant, as of the Date of Grant, the number of PRSUs set forth in the Grant Notice. Each PRSU
shall represent the right of the Participant to receive one share of Common Stock subject to and upon the terms and conditions of this
Agreement.

 

3.            
Restrictions on Transfer of PRSUs. Subject to Section 15 of the Plan, neither the PRSUs evidenced hereby nor any
interest therein or in the shares of Common Stock underlying such PRSUs shall be transferable prior to payment to the Participant pursuant
to Section 6 hereof other than by will or pursuant to the laws of descent and distribution.

 

4.            
Vesting of PRSUs.

 

		(a)	The PRSUs shall vest in accordance with the Vesting Schedule set forth in the Grant Notice (the period
from the Date of Grant until the applicable vesting date, the “Vesting Period”).
Any PRSUs that do not so become vested will be forfeited, including, except as provided in Sections 4(b), 4(c)
or 4(d) below, if the Participant ceases to be continuously employed by the Company or a Subsidiary for any reason prior
to the end of the Vesting Period. For purposes of this Agreement, “continuously employed” (or substantially similar terms)
means the absence of any interruption or termination of the Participant’s employment with the Company or a Subsidiary. Continuous
employment shall not be considered interrupted or terminated in the case of transfers between locations of the Company and its Subsidiaries.

 

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		(b)	Notwithstanding Section 4(a) above, upon the Participant’s death or Disability, in
each case prior to the end of the Vesting Period, the PRSUs shall vest in full.

 

		(c)	Notwithstanding Section 4(a) above, upon any termination of the Participant’s employment
as a result of a termination by the Company or a Subsidiary without Cause or by the Participant for Good Reason prior to the end of the
Vesting Period, the PRSUs shall vest in full.

 

		(d)	Notwithstanding Section 4(a) above, in the event of a Change in Control that occurs prior
to the end of the Vesting Period, the PRSUs shall become vested and payable in accordance with Section 5 below.

 

		5.	Effect of a Change in Control.

 

		(a)	Notwithstanding Section 4(a) above, if at any time before the end of the Vesting Period
or forfeiture of the PRSUs, and while the Participant is continuously employed by the Company or a Subsidiary, a Change in Control occurs,
then all of the PRSUs will become vested, except to the extent that a Replacement Award is provided to the Participant in accordance with
Section 5(b) to continue, replace or assume the PRSUs covered by this Agreement (the “Replaced Award”)
immediately prior to (and contingent upon) the Change in Control.

 

		(b)	For purposes of this Agreement, a “Replacement Award” means an award (i) of the same
type (e.g., performance-based restricted stock units) as the Replaced Award, (ii) that has a value at least equal to the value
of the Replaced Award, (iii) that relates to publicly traded equity securities of the Company or its successor in the Change in Control
or another entity that is affiliated with the Company or its successor following the Change in Control, (iv) if the Participant holding
the Replaced Award is subject to U.S. federal income tax under the Code, the tax consequences of which to such Participant under the Code
are not less favorable to such Participant than the tax consequences of the Replaced Award, and (v) the other terms and conditions of
which are not less favorable to the Participant holding the Replaced Award than the terms and conditions of the Replaced Award (including
the provisions that would apply in the event of a subsequent termination of employment or Change in Control). A Replacement Award may
be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with or be exempt from Section
409A of the Code. Without limiting the generality of the foregoing, the Replacement
Award may take the form of a continuation of the Replaced Award if the requirements of the two preceding sentences are satisfied. The
determination of whether the conditions of this paragraph are satisfied will be made by the Board or Committee, as constituted immediately
before the Change in Control, in its sole discretion.

 

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6.            
Form and Time of Payment of PRSUs.

 

		(a)	Payment for the PRSUs, after and to the extent they have become vested, shall be made in the form of one
share of Common Stock for each vested RSU. Payment shall be made as soon as administratively practicable following (but no later than
thirty (30) days following) the date that the PRSUs become vested pursuant to Section 4 hereof.

 

		(b)	In all events, payment for the PRSUs (to the extent vested) shall be made within the short-term deferral
period for purposes of Section 409A of the Code.

 

		(c)	The Company’s obligations to the Participant with respect to the PRSUs will be satisfied in full
upon the issuance of shares of Common Stock corresponding to such PRSUs.

 

7.           
Dividend Equivalents; Voting and Other Rights.

 

		(a)	The Participant shall have no rights of ownership in the shares of Common Stock underlying the PRSUs and
no right to vote the shares of Common Stock underlying the PRSUs until the date on which the shares of Common Stock underlying the PRSUs
are issued or transferred to the Participant pursuant to Section 6 above.

 

		(b)	From and after the Date of Grant and until the earlier of (i) the time when the PRSUs become vested and
are paid in accordance with Section 6 hereof and (ii) the time when the Participant’s right to receive shares of Common
Stock in payment of the PRSUs is forfeited in accordance with Section 4 hereof, on the date that the Company pays a cash
dividend (if any) to holders of shares of Common Stock generally, the Participant shall be credited with cash per RSU equal to the amount
of such dividend. Any amounts credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and
conditions (including vesting, payment and forfeitability) as apply to the PRSUs based on which the dividend equivalents were credited,
and such amounts shall be paid in cash at the same time as the PRSUs to which they relate are settled.

 

		(c)	The obligation of the Company under this Agreement will be merely that of an unfunded and unsecured promise
of the Company to deliver shares of Common Stock in the future, and the rights of the Participant will be no greater than that of an unsecured
general creditor. No assets of the Company will be held or set aside as security for the obligations of the Company under this Agreement.

 

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8.           
 Adjustments. The number of shares of Common Stock issuable for each PRSU and the other terms and conditions of the
grant evidenced by this Agreement are subject to mandatory adjustment, including as provided in Section 11 of the Plan.

 

9.           
Taxes. To the extent that the Company is required to withhold federal, state, local, or foreign taxes or other amounts
in connection with any payment made or benefit realized by the Participant under this Agreement, and the amounts available to the Company
for such withholding are insufficient, it shall be a condition to the receipt of such payment or the realization of such benefit that
the Participant make arrangements satisfactory to the Company for payment of the balance of such taxes or other amounts required to be
withheld. If the Participant’s benefit is to be received in the form of shares of Common Stock, then, unless otherwise determined
by the Committee, the Company will withhold shares of Common Stock having a value equal to the amount required to be withheld. The shares
of Common Stock used for tax or other withholding will be valued at an amount equal to the fair market value of such shares of Common
Stock on the date the benefit is to be included in the Participant’s income. In no event will the market value of Common Stock to
be withheld pursuant to this Section 9 to satisfy applicable withholding taxes or other amounts exceed the minimum amount
of taxes required to be withheld. Notwithstanding any other provision of this Agreement, the Company shall not be obligated to guarantee
any particular tax result for the Participant with respect to any payment provided to the Participant hereunder, and the Participant shall
be responsible for any taxes imposed on the Participant with respect to any such payment.

 

10.         
Compliance with Law.

 

		(a)	The Company shall make reasonable efforts to comply with all applicable federal and state securities laws;
provided, however, that notwithstanding any other provision of the Plan and this Agreement, the Company shall not be obligated
to issue any shares of Common Stock pursuant to this Agreement if the issuance thereof would result in a violation of any such law.

 

		(b)	Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prevents the Participant
from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise
testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and
for purpose of clarity the Participant is not prohibited from providing information voluntarily to the Securities and Exchange Commission
pursuant to Section 21F of the Exchange Act.

 

11.           Compliance
With Section 409A of the Code. To the extent applicable, it is intended that this Agreement and the Plan comply with or be
exempt from the provisions of Section 409A of the Code. This Agreement and the Plan shall be administered in a manner consistent
with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall
have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent
permitted by Section 409A of the Code and may be made by the Company without the consent of the Participant). Notwithstanding the
foregoing, the Company is not guaranteeing any particular tax outcome, and the Participant shall remain solely liable for any and
all tax consequences associated with the PRSUs.

 

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12.         
Competitive Activity; Non-Solicitation; Confidentiality.

 

		(a)	Acknowledgements and Agreements. The Participant hereby acknowledges and agrees that in the performance
of Participant’s duties to the Company, the Participant shall be brought into frequent contact with existing and potential customers
of the Company throughout the world. The Participant also agrees that trade secrets and confidential information of the Company, more
fully described in Section 12(e)(i), gained by the Participant during the Participant’s association with the
Company, have been developed by the Company through substantial expenditures of time, effort and money and constitute valuable and unique
property of the Company. The Participant further understands and agrees that the foregoing makes it necessary for the protection of the
Company’s business that the Participant not compete with the Company during the Participant’s employment with the Company
and not compete with the Company for a reasonable period thereafter, as further provided in the following subparagraphs. In consideration
of the Participant’s receipt of the PRSUs and the confidential information described herein, the Participant agrees to the restrictive
covenants in this Section 12.

 

		(b)	Covenants.

 

		(i)	Covenants During Employment. While employed by the Company, the Participant shall not compete with
the Company anywhere in the world. In accordance with this restriction, but without limiting its terms, while employed by the Company,
the Participant shall not:

 

		(A)	create, establish, enter into, be employed by or engage in any manner, either directly or indirectly,
in any business which competes with the Company’s business;

 

		(B)	solicit customers, business, patronage or orders for, or sell, any products or services in competition
with, or for any business that competes with, the Company’s business;

 

		(C)	divert, entice or otherwise take away any customers, vendors, business, patronage or orders of the Company
or attempt to do so; or

 

		(D)	promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or
other entity engaged in any business which competes with the Company’s business.

 

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		(ii)	Covenants Following Termination. For a period of two (2) years following the termination of the
Participant’s employment for any reason, the Participant shall not:

 

		(A)	accept employment from, enter into or engage in any business which competes with the Company’s Business
within the Restricted Territory;

 

		(B)	solicit customers, business, patronage or orders for, or sell, any products and services in competition
with, or for any business, wherever located, that competes with, the Company’s Business within the Restricted Territory;

 

		(C)	divert, entice or otherwise take away any customers, business, patronage or orders of the Company within
the Restricted Territory, or attempt to do so; or

 

		(D)	promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or
other entity engaged in any business which competes with the Company’s Business within the Restricted Territory.

 

		(iii)	Indirect Competition. For the purposes of Section 12(b)(i) and (ii)
inclusive, but without limitation thereof, the Participant shall be in violation thereof if the Participant engages in any or all of the
activities set forth therein directly as an individual on the Participant’s own account, or indirectly as a partner, joint venturer,
employee, agent, salesperson, consultant, officer and/or director of any firm, association, partnership, corporation or other entity,
or as a stockholder of any corporation in which the Participant or the Participant’s spouse, child or parent owns, directly or indirectly,
individually or in the aggregate, more than five percent (5%) of the outstanding stock.

 

		(iv)	If it shall be judicially determined that the Participant has violated this Section 12(b),
then the period applicable to each obligation that the Participant shall have been determined to have violated shall automatically be
extended by a period of time equal in length to the period during which such violation(s) occurred.

 

		(c)	The Company. For purposes of this Section 12, the Company shall include any
and all direct and indirect subsidiary, parent, affiliated or related companies of the Company for which the Participant worked or had
responsibility at the time of termination of the Participant’s employment and at any time during the two (2) year period prior to
such termination.

 

		(d)	Non-Solicitation. The Participant shall not, directly or indirectly, at any time, during the
                                                               period of the Participant’s employment or for one year thereafter, attempt to disrupt, damage, impair or interfere with the
                                                               Company’s business by raiding any of the Company’s employees or soliciting any of them to resign from their employment
                                                               with the Company, or by disrupting the relationship between the Company and any of its consultants, agents or representatives. The
                                                               Participant acknowledges that this covenant is necessary
to enable the Company to maintain a stable workforce and remain in business.

 

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		(e)	Further Covenants.

 

		(i)	The Participant shall keep in strict confidence, and shall not, directly or indirectly, at any time, during
or after the Participant’s employment with the Company, disclose, furnish, disseminate, make available or, except in the course
of performing the Participant’s duties of employment, use any trade secrets or confidential business and technical information of
the Company or its customers or vendors, without limitation as to when or how the Participant may have acquired such information. With
respect to materials that are trade secrets, the protection shall last for so long as the materials remain trade secrets as defined by
law. For the remainder of the confidential information, the protection shall last for 20 years post-termination. Such confidential information
shall include, without limitation, the Company’s unique selling, manufacturing and servicing methods and business techniques, plant
schematics and operating manuals, training, service and business manuals, promotional materials, training courses and other training and
instructional materials, vendor and product information, customer and prospective customer lists, other customer and prospective customer
information, strategic business plans, systems designs and other business information. The Participant specifically acknowledges that
all such confidential information, whether reduced to writing, maintained on any form of electronic media or maintained in the mind or
memory of the Participant, and whether compiled by the Company and/or the Participant, derives independent economic value from not being
readily known to or ascertainable by proper means by others who can obtain economic value from its disclosure or use, that reasonable
efforts have been made by the Company to maintain the secrecy of such information, that such information is the sole property of the Company
and that any retention and use of such information by the Participant during the Participant’s employment with the Company (except
in the course of performing the Participant’s duties and obligations to the Company) or after the termination of the Participant’s
employment shall constitute a misappropriation of the Company’s trade secrets.

 

		(ii)	The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall
not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (A) is
made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and solely for
the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal. In addition, the DTSA provides that an individual who files a lawsuit for retaliation
by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and usethe trade secret information in the
court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret,
except pursuant to court order.

 

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		(iii)	The Participant agrees that upon termination of the Participant’s employment with the Company for
any reason, the Participant shall return to the Company, in good condition, all property of the Company, including, without limitation,
the originals and all copies of any materials which contain, reflect, summarize, describe, analyze or refer or relate to any items of
information listed in Section 12(e)(i) of this Agreement. In the event that such items are not so returned, the Company
shall have the right to charge the Participant for all reasonable damages, costs, attorneys’ fees and other expenses incurred in
searching for, taking, removing and/or recovering such property.

 

		(f)	Discoveries and Inventions; Work Made for Hire.

 

		(i)	The Participant agrees that upon conception and/or development of any idea, discovery, invention, improvement,
software, writing or other material or design that: (A) relates to the business of the Company, or (B) relates to the Company’s
actual or demonstrably anticipated research or development, or (C) results from any work performed by the Participant for the Company,
the Participant does hereby assign to the Company the entire right, title and interest in and to any such idea, discovery, invention,
improvement, software, writing or other material or design. The Participant has no obligation to assign any idea, discovery, invention,
improvement, software, writing or other material or design that the Participant conceives and/or develops entirely on the Participant’s
own time without using the Company’s equipment, supplies, facilities, or trade secret information unless the idea, discovery, invention,
improvement, software, writing or other material or design: (x) relates to the business of the Company, or (y) relates to the
Company’s actual or demonstrably anticipated research or development, or (z) results from any work performed by the Participant
for the Company. The Participant agrees that any idea, discovery, invention, improvement, software, writing or other material or design
that relates to the business of the Company or relates to the Company’s actual or demonstrably anticipated research or development
which is conceived or suggested by the Participant, either solely or jointly with others, within one (1) year following the termination
of the Participant’s employment shall be presumed to have been so made, conceived or suggested in the course of such employment
with the use of the Company’s equipment, supplies, facilities, and/or trade secrets.

 

		(ii)	In order to determine the rights of the Participant and the Company in any idea, discovery, invention,
improvement, software, writing or other material, and to insure the protection of the same, the Participant agrees that during the Participant’s
employment, and for two (2) years after the termination of the Participant’s employment,
the Participant shall disclose immediately and fully to the Company any idea, discovery, invention, improvement, software, writing or
other material or design conceived, made or developed by the Participant solely or jointly with others. The Company agrees to keep any
such disclosures confidential. The Participant also agrees to record descriptions of all work in the manner directed by the Company and
agrees that all such records and copies, samples and experimental materials shall be the exclusive property of the Company. The Participant
agrees that at the request of and without charge to the Company, but at the Company’s expense, the Participant shall execute a written
assignment of the idea, discovery, invention, improvement, software, writing or other material or design to the Company and shall assign
to the Company any application for letters patent or for trademark registration made thereon, and to any common-law or statutory copyright
therein; and that Participant shall do whatever may be necessary or desirable to enable the Company to secure any patent, trademark, copyright,
or other property right therein in the United States and in any foreign country, and any division, renewal, continuation, or continuation
in part thereof, or for any reissue of any patent issued thereon. In the event the Company is unable, after reasonable effort, and in
any event after ten (10) business days, to secure the Participant’s signature on a written assignment to the Company of any application
for letters patent or to any common-law or statutory copyright or other property right therein, whether because of the Participant’s
physical or mental incapacity or for any other reason whatsoever, the Participant irrevocably designates and appoints the Corporate Secretary
of the Company as the Participant’s attorney-in-fact to act on the Participant’s behalf to execute and file any such application
and to do all other lawfully permitted acts to further the prosecution and issuance of such letters patent, copyright or trademark.

 

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		(iii)	The Participant acknowledges that, to the extent permitted by law, all work papers, reports, documentation,
drawings, photographs, negatives, tapes and masters thereof, prototypes and other materials (hereinafter, “items”), including
without limitation, any and all such items generated and maintained on any form of electronic media, generated by the Participant during
the Participant’s employment with the Company shall be considered a “work made for hire” and that ownership of any and
all copyrights in any and all such items shall belong to the Company. The item shall recognize the Company as the copyright owner, shall
contain all proper copyright notices, e.g., “(creation date) PureCycle Technologies, Inc., All Rights Reserved,” and shall
be in condition to be registered or otherwise placed in compliance with registration or other statutory requirements throughout the world.

 

		(g)	Communication of Contents of Agreement. While employed by the Company and for two (2) years
                                                               thereafter, the Participant shall communicate the contents of Section 12 of this Agreement to any person, firm,
                                                               association, partnership, corporation or other entity that the Participant
intends to be employed by, associated with or represent.

 

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		(h)	Confidentiality Agreements. The Participant agrees that the Participant shall not disclose to the
Company or induce the Company to use any secret or confidential information belonging to the Participant’s former employers. The
Participant warrants that the Participant is not bound by the terms of a confidentiality agreement or other agreement with a third party
that would preclude or limit the Participant’s right to work for the Company and/or to disclose to the Company any ideas, inventions,
discoveries, improvements or designs or other information that may be conceived during employment with the Company. The Participant agrees
to provide the Company with a copy of any and all agreements with a third party that preclude or limit the Participant’s right to
make disclosures or to engage in any other activities contemplated by the Participant’s employment with the Company.

 

		(i)	Relief. The Participant acknowledges and agrees that the remedy at law available to the Company
for breach of any of the Participant’s obligations under this Agreement would be inadequate. The Participant therefore agrees that,
in addition to any other rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may
be granted in any proceeding which may be brought to enforce any provision contained in Sections 12(b), 12(d),
12(e), 12(f), 12(g) and 12(h) inclusive, of this Agreement, without the necessity
of proof of actual damage.

 

		(j)	Reasonableness. The Participant acknowledges that the Participant’s obligations under this
Section 12 are reasonable in the context of the nature of the Company’s Business and the competitive injuries
likely to be sustained by the Company if the Participant were to violate such obligations. The Participant further acknowledges that this
Agreement is made in consideration of, and is adequately supported by, the agreement of the Company to perform its obligations under this
Agreement and by other consideration, which the Participant acknowledges constitutes good, valuable and sufficient consideration.

 

		(k)	Other Acknowledgements. The restrictions in this Section 12 do not supersede,
and are in addition to, restrictive covenants contained in any other form of agreement, such as an employment agreement, between the Company
and the Participant, to the extent enforceable pursuant to the terms of the other agreement. Nothing in this Agreement prevents the Participant
from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise
testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations.

 

		(l)	Prevailing Party’s Litigation Expenses. In the event of litigation between the Company and
the Participant related to this Section 12, the non-prevailing party shall reimburse the prevailing party for any costs
and expenses (including, without limitation, attorneys’ fees) reasonably incurred by the prevailing party in connection therewith.

 

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13.          Survival.
Subject to any limits on applicability contained therein, Section 12 shall survive and continue in full force in accordance
with its terms notwithstanding any termination of the Participant’s employment or the vesting or forfeiture of this award.

 

14.          Interpretation. Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary
or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal
Revenue Service.

 

15.          No Right to Future Awards or Employment. The grant of the PRSUs under this Agreement to the Participant is a voluntary,
discretionary award being made on a one-time basis and it does not constitute a commitment to make any future awards. The grant of the
PRSUs and any payments made hereunder will not be considered salary or other compensation for purposes of any severance pay or similar
allowance, except as otherwise required by law. Nothing contained in this Agreement shall confer upon the Participant any right to be
employed or remain employed by the Company or any of its Subsidiaries, nor limit or affect in any manner the right of the Company or any
of its Subsidiaries to terminate the employment or adjust the compensation of the Participant.

 

16.          Relation to Other Benefits. Any economic or other benefit to the Participant under this Agreement or the Plan shall
not be taken into account in determining any benefits to which the Participant may be entitled under any other compensatory arrangement
maintained by the Company or any of its Subsidiaries.

 

17.          Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the
amendment is applicable hereto; provided, however, that no amendment shall adversely affect the rights of the Participant
under this Agreement without the Participant’s written consent, and the Participant’s consent shall not be required to an
amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code or Section 10D of the Exchange Act.

 

18.          Severability. In the event that one or more of the provisions of this Agreement shall be invalidated for any reason
by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and
the remaining provisions hereof shall continue to be valid and fully enforceable.

 

19.          Relation to Plan. The PRSUs granted under this Agreement and all of the terms and conditions hereof are subject to
all of the terms and conditions of the Plan. In the event of any inconsistency between this Agreement and the Plan, the terms of the Plan
will govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise
herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement.

 

20.          Clawback.
Notwithstanding anything in this Agreement to the contrary, the Participant acknowledges and agrees that this Agreement and the
award described herein are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect
from time to time specifically to implement Section 10D of the Exchange Act and any applicable rules or regulations promulgated
thereunder (including applicable rules and regulations of any national securities exchange on which the Common Stock may be
traded).

 

    12

     

    

 

21.          Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to the PRSUs and the
Participant’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the
Participant’s consent to participate in the Plan by electronic means. The Participant hereby consents to receive such documents
by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company.

 

22.          Choice of Law; Venue. This Agreement shall be governed by and construed with the internal substantive laws of the
State of Delaware, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction.
In addition, the Participant agrees that the state and federal courts located in the state of Florida shall have jurisdiction in any action,
suit or proceeding against the Participant based on or arising out of this Agreement and the Participant hereby: (a) submits to the personal
jurisdiction of such courts; (b) consents to service of process in connection with any action, suit or proceeding against the Participant;
and (c) irrevocably waives any other requirement (whether imposed by statute, rule of court or otherwise) or any objection which the Participant
now or hereafter may have with respect to personal jurisdiction, venue or service of process.

 

23.          Successors and Assigns. Without limiting Section 3 hereof, the provisions of this Agreement shall inure
to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Participant, and
the successors and assigns of the Company.

 

24.          Acknowledgement. The Participant acknowledges that the Participant (a) has received a copy of the Plan, (b) has had
an opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the
Plan and (d) agrees to such terms and conditions.

 

25.          Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same agreement.

 

[Signatures on following page]

 

    13

     

    

 

IN WITNESS WHEREOF, the undersigned have executed
this Agreement on the day and year indicated below.

 

	 	PURECYCLE TECHNOLOGIES, INC.
	 	 
	 	By:	                           

 

	 	Name:	 

	 	Title:	 

	 	Date:	                           
	 	 
	 	Participant Acknowledgment and Acceptance

 

	 	By:	 

 

	 	Print Name:	 

	 	Date:Exhibit 4.4

 

WARRANT AGREEMENT

 

SACHEM ACQUISITION CORP

 

and

 

[-----------------------]

 

Dated [●], 2021

 

This Warrant Agreement (this “Agreement”),
dated [●], 2021, is by and between Sachem Acquisition Corp., a Maryland company (the “Company”), and [------------------],
as warrant agent (in such capacity, the “Warrant Agent”).

 

WHEREAS, the Company is engaged
in an initial public offering (the “Offering”) of units of the Company’s equity securities (the “Units”),
each such unit comprised of one share of the Company’s Class A common stock, par value $0.001 per share (the “Class
A Common Stock”) and one-half of one redeemable warrant and, in connection therewith, has determined to issue and deliver
up to 2,875,000 redeemable warrants, including up to 375,000 redeemable warrants subject to the Over-allotment Option, (the “Warrants”)
to public investors in the Offering. Only whole Warrants are exercisable. Each whole Warrant entitles the holder thereof to purchase one
share of Class A Common Stock, for $11.50 per share, subject to adjustment as described herein. A holder of the 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 No. 333-XXXXXX, and a prospectus (the “Prospectus”), for the registration, under the Securities
Act of 1933, as amended (the “Securities Act”), of the Units, the Warrants and the shares of Class A Common
Stock included in the Units; and 

 

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

 

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

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or
on behalf of the Warrant Agent (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 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”). 

 

If the Depositary subsequently ceases to make
its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements
for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available
in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation
each book-entry Warrant, 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 shares of Class A Common Stock and 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 EF Hutton, division of Benchmark Investments, LLC formerly known as Kingswood Capital
Markets, division of Benchmark Investments, LLC, as representative of the several underwriters, but in no event shall the shares of
Class A Common Stock and the 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 of the Company reflecting the receipt by the Company
of the gross proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of
their right to purchase additional Units in the Offering (the “Over-allotment Option”), if the
Over-allotment Option is exercised prior to the filing of the Current Report on Form 8-K, and (b) the Company issues a
press release 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 share of Class A Common Stock and one-half of one whole Warrant. If, upon the detachment of 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.                  Terms
and Exercise of Warrants.

  

3.1              Warrant
Price.  Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of
this Agreement, to purchase from the Company the number of shares of Class A Common Stocks 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 shares of Class A Common Stock may be purchased at the time a Warrant is exercised. The Company in its
sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than
fifteen Business Days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed
or applicable law); provided, however, 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) 
5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable
conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption
therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below), each Warrant not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall
cease at 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, however, 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.  

 

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 Share
of Class A Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse
of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in accordance with
the Depositary’s procedures, and (iii) the payment in full of the Warrant Price for each Share of Class A Common Stock as to
which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the
Warrant for the shares of Class A Common Stock and the issuance of such shares of Class A Common Stock, as follows: 

 

(a)            in
lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent; 

 

(b)       in
the event of a redemption pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants
for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Class A Common Stocks underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this
subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection
3.3.1(b) and Section 6.2, the “Fair Market Value” shall mean the average last
reported sale price of the shares of Class A Common Stock for the ten (10) trading days ending on the third trading day prior to the
date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof; or 

 

     

     

    

 

(d)       as
provided in Section 7.4 hereof. 

 

 3.3.2        Issuance
of Shares of Class A Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a book-entry position or certificate, as applicable, for the number of shares of Class A Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it 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 share of Class A Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant
exercise unless a registration statement under the Securities Act with respect to the shares of Class A Common Stock underlying the 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 shares
of Class A Common Stock upon exercise of a Warrant unless the shares of Class A Common Stock 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 shares of Class A Common Stock. The Company may require holders of 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 a share of Class A Common Stock, the Company shall round down to the nearest whole number, the number of shares of Class A
Common Stock to be issued to such holder. 

 

3.3.3        Valid
Issuance. All shares of Class A Common Stock 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 shares of Class A Common Stock 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 shares of Class A Common Stocks 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 5% (the “Maximum
Percentage”) of the shares of Class A Common Stock outstanding immediately after giving effect to such exercise. For
purposes of the foregoing sentence, the aggregate number of shares of Class A Common Stock beneficially owned by such person and its
affiliates shall include the number of shares of Class A Common Stock issuable upon exercise of the Warrant with respect to which
the determination of such sentence is being made, but shall exclude shares of Class A Common Stock that would be issuable upon
(x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and
(y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned
by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred 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 shares of Class A Common Stock, the holder may rely on the number of outstanding shares of
Class A Common Stock as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on
Form 10-Q, Current Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more
recent public announcement by the Company or (3) any other notice by the Company or ______________, as transfer agent (in such
capacity, the “Transfer Agent”), setting forth the number of shares of Class A Common Stock
outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two
(2) Business Days, confirm orally and in writing to such holder the number of shares of Class A Common Stock then outstanding.
In any case, the number of issued and outstanding shares of Class A Common Stock shall be determined after giving effect to the
conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number
of issued and outstanding shares of Class A Common Stock was reported. By written notice to the Company, the holder of a Warrant may
from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such
notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day
after such notice is delivered to the Company. 

 

        4.          Adjustments.

  

4.1              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
shares of Class A Common Stock is increased by a capitalization or share dividend of shares of Class A Common Stock, or by a sub-division
of shares of Class A Common Stock or other similar event, then, on the effective date of such share capitalization, sub-division or similar
event, the number of shares of Class A Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase
in the issued and outstanding shares of Class A Common Stock. A rights offering made to all or substantially all holders of shares of
Class A Common Stock entitling holders to purchase shares of Class A Common Stock at a price less than the “Historical
Fair Market Value” (as defined below) shall be deemed a capitalization of a number of shares of Class A Common Stock
equal to the product of (i) the number of shares of Class A Common Stock actually sold in such rights offering (or issuable under
any other equity securities sold in such rights offering that are convertible into or exercisable for the shares of Class A Common Stock)
multiplied by (ii) one (1) minus the quotient of (x) the price per shares of Class A Common Stock 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 shares of Class A Common Stock, in determining the price payable for shares of Class
A Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable
upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average price
of the shares of Class A Common Stock during the ten (10) trading day period ending on the trading day prior to the first date on
which the shares of Class A Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right
to receive such rights. No shares of Class A Common Stock shall be issued at less than their par value.

 

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 shares of Class A Common Stock a dividend or make a distribution in cash, securities or other assets on account of such
shares of Class A Common Stock (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 shares of Class A Common Stock in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights
of the holders of the shares of Class A Common Stock in connection with a shareholder vote to amend the Company’s amended and restated
memorandum and articles of association (i) to affect the substance or timing of the Company’s obligation to provide for the
redemption of shares of Class A Common Stock in connection with an initial Business Combination or to redeem 100% of the Company’s
public shares if the Company does not consummate its initial Business Combination within 24 months from the closing of the Offering,
or 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 share of Class A Common Stock in respect of such Extraordinary Dividend.
For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend
or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions
paid on the shares of Class A Common Stock 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 shares of Class A Common Stocks 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 shares of Class A Common Stock is decreased by a consolidation, combination, reverse share split or reclassification of
shares of Class A Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split,
reclassification or similar event, the number of shares of Class A Common Stock issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in issued and outstanding shares of Class A Common Stock.

 

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

 

4.4       [Reserved]

 

4.5              Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding
shares of Class A Common Stock (other than a change covered by Section 4.1 or Section 4.2 hereof
or that solely affects the par value of the shares of Class A Common Stock), or in the case of any merger or consolidation of the Company
with or into another entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not
result in any reclassification or reorganization of the issued and outstanding shares of Class A Common Stock), or in the case of any
sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as
an entirety in connection with which the Company is dissolved, the Registered Holder of the Warrants shall thereafter have the right to
purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Class A
Common Stock 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; and if any reclassification or reorganization
also results in a change in share of Class A Common Stock covered by Section 4.1 or Section 4.2, then such
adjustment shall be made pursuant to Sections 4.1, 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, 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.

 

     

     

    

 

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 shares of Class A Common Stock 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 that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel
such Warrant and issue new Warrants in exchange 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.

 

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 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 for Cash. All, but 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 6.2 below, at a Redemption Price of $0.01 per Warrant, provided that (a) the Reference Value equals
or exceeds $16.50 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there is an
effective registration statement covering the issuance of the shares of Class A Common Stock issuable upon exercise of the Warrants, and
a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below).

 

6.2              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, 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 and
(b) “Reference Value” shall mean the last reported sales price of the shares of Class A Common
Stock 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.

 

6.3              Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3.3.1(b) of
this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof
and prior to the Redemption Date. 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.

 

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

 

     

     

    

 

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

 

7.4.1        Registration
of the Shares of Class A Common Stock. 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 shares of Class A Common Stock
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 shares of Class A Common Stock
issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in
accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of shares of Class A Common
Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A Common Stock 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. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall
mean the volume-weighted average price of the shares of Class A Common Stock as reported during the ten (10) trading day period
ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such
Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the
Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a
Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an
outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless
basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and
(ii) the shares of Class A Common Stock issued upon such exercise shall be freely tradable under United States federal
securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) 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 the Warrants have been exercised or have expired, the Company shall continue to be
obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

 

7.4.2        Cashless
Exercise at Company’s Option. If the shares of Class A Common Stock are at the time of any exercise of a 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 Warrants who exercise Warrants to exercise such 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 shares of Class A Common Stock 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 shares of Class A Common Stock issuable upon exercise of the 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 shares of Class A Common Stock upon the exercise of the Warrants, but the Company shall
not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

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.

 

     

     

    

 

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 shares of Class A Common Stock 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, 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 shares of Class A Common Stock to be issued
pursuant to this Agreement or any Warrant or as to whether any shares of Class A Common Stock shall, when issued, be valid and fully
paid and nonassessable.

 

     

     

    

 

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

 

8.4.5        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 ___________________________ 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:

 

Sachem Acquisition Corp.

698 Main Street

Branford, Connecticut 06405

Attention: [●]

 

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

 

Kurzman Eisenberg Corbin & Laver, LLP

One N. Broadway, 12th Floor

White Plains, New York 10601

Attention: Joel J. Goldschmidt, Esq.

 

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:

  

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 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. 

 

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, shall require the
vote or written consent of the Registered Holders of 50% of the then-outstanding 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

 

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

 

	 	TRADEUP GLOBAL CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	VSTOCK TRANSFER, LLC
	 	 
	 	By:	 
	 	 	 
	 	 	Name:
	 	 	 
	 	 	Title:

 

     

     

    

 

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

 

Sachem Acquisition Corp

 

Incorporated Under the Laws of the State of
Maryland

 

CUSIP [●]

 

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 shares of Class A common stock,
$0.001 par value (“Class A Common Stock”), of Sachem Acquisition Corp., a Maryland corporation (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 shares of Class A Common Stock as set forth below, at the exercise price (the
 “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless
exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate
and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth
herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement.

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable share of Class A Common Stock. 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 a share of Class A Common
Stock, the Company shall, upon exercise, round down to the nearest whole number the number of shares of Class A Common Stock to be issued
to the Warrant holder. The number of shares of Class A Common Stock 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 Share of Class A Common Stock 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.

 

 

     

     

    

 

 

[Form of Warrant Certificate] 

 

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [               ]
shares of Class A Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [●], 2021 (the “Warrant
Agreement”), duly executed and delivered by the Company to _________________, a ___________ __________________, 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 shares of Class A Common Stock to be issued upon exercise is effective under the Securities Act
and (ii) a prospectus thereunder relating to the shares of Class A Common Stock is current, except through “cashless exercise”
as provided for in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

     

     

    

 

Election to Purchase 

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

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

 

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

 

(Signature Page Follows)

 

     

     

    

 

Date: [               ],
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).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00330-of-00352.parquet"}]]