Document:

EX-10.1

 Exhibit 10.01 

May 17, 2022 
 Patrik Frisk 

BY HAND 
  

	Re:	 Terms of Separation 

Dear Patrik: 
 This letter agreement (the
“Separation Agreement”) confirms the agreement between you and Under Armour, Inc. (together with its affiliates, the “Company”), regarding your separation from service with the Company. Reference is made to that
certain Employee Confidentiality, Non-Competition, and Non-Solicitation Agreement by and between you and the Company, dated June 22, 2017, as amended on
June 30, 2021 (the “Confidentiality Agreement”). 
 1. Transition Period and Separation Date. 

(a) Transition Period. Effective at the close of business on May 31, 2022 (the “Transition Date”), you will
cease serving as the Company’s Chief Executive Officer and President, and the Transition Date will be the last day on which you hold any other positions that you currently hold with the Company or any of the Company’s subsidiaries. In
addition by executing this Separation Agreement, you hereby resign from the Company’s board of directors (the “Board”), and from each other Company subsidiary board of directors (or equivalent governing body) and all committees
of each such board of which you are a member, in each case effective at the close of business on the Transition Date. During the period commencing on the Transition Date and ending on September 1, 2022 (the “Transition
Period”), the Company will employ you as an advisor. In your position as an advisor, you will cooperate with the Board and your successor(s) to effectuate an orderly and professional transition of your duties to your successor(s) as
identified by the Board and to provide other transition services as reasonably requested by the Company, and you will cooperate with and assist the Company with any organizational or internal communications regarding your transition. During the
Transition Period, the Company will continue to pay you your base salary at the current rate, and you will continue to be entitled to all employee benefits for active employees to which you are currently entitled. Further, you will continue to vest
into your Company equity awards during the Transition Period in accordance with their terms. 
 (b) Separation from Employment. You
hereby acknowledge and agree that, as of the last day of the Transition Period (your “Separation Date”), you will terminate from all officer, director, and employee positions at the Company and its subsidiaries. During the
Transition Period and thereafter, you will remain bound by the covenants contained in the Confidentiality Agreement and all other agreements and Company policies to which you are currently subject in accordance with their terms. Notwithstanding
anything to the contrary in the Company’s Third Amended and Restated 2005 Omnibus Long-Term Incentive Plan (the “2005 Plan”) or in any other plan or award agreement governing any stock options, restricted stock units, or
other equity-based awards held 

 Patrik Frisk 

May 17, 2022 
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 by you (together with the Plan, the “Equity Award Documentation”), your Separation Date
will be the last day of your Service (as defined in the 2005 Plan) for all purposes under the Equity Award Documentation, and you will not be entitled to any continued vesting in any of your equity-based awards following your Separation Date.
Nothing herein restricts or prohibits the Company from terminating your employment at any time prior to the Separation Date with Cause (as defined in your Confidentiality Agreement), if Cause exists, and if the Company terminates you with Cause, you
will not be entitled to any payments or benefits hereunder (including the consulting engagement described below), other than the Accrued Amounts (as defined below). 

2. Post-Employment Engagement as a Consultant. During the period commencing on September 5, 2022, and ending on September 4,
2023 (the “Consulting Period”), the Company will engage you as a consultant to provide the services outlined in, and you agree to execute, and to perform the duties specified in, a consulting agreement with the Company in the form
attached hereto as Exhibit B (the “Consulting Agreement”). During the Consulting Period, you will not have any authority, express or implied, to bind or act on behalf of the Company. 

3. Payments Upon Separation. 

(a) General. In connection with your termination, the Company is agreeing to provide you with a separation benefits package as detailed
below, provided that (i) you sign this Separation Agreement, including the General Release attached as Exhibit A and the Reaffirmation Clause (as described below, which Reaffirmation Clause may not be signed prior to September 1,
2022), and return them to the Company by the deadlines specified herein, (ii) you do not revoke your acceptance of the General Release or the Reaffirmation Clause, and (iii) you comply with the terms of this Separation Agreement and
satisfactorily perform your duties as an advisor through the full Transition Period. You understand and agree that the Separation Benefits described below, to which you are not otherwise entitled, are adequate legal consideration for the promises
and representations made by you in this Separation Agreement. 
 (b) Separation Benefits. The Company will pay or provide you with
the following separation benefits(collectively, the “Separation Benefits”): (i) an aggregate cash separation benefit equal to two times the sum of (x) your current base salary plus (y) your target annual cash
incentive award (at the current target of 165% of your current base salary), (ii) a cash amount equal to $38,000, intended to reimburse you for 18 times the current monthly premium cost for COBRA continuation coverage under the Company’s health
insurance plans (based on your coverage elections as in effect on the Separation Date) as well as potential outplacement services, (iii) a cash amount equal to $200,000 to reimburse you for potential costs incurred by you in connection with
your relocation from the Baltimore area, and (iv) direct payment on your behalf of the costs of an accountant for personal income tax preparation services for the 2021 and 2022 tax years, consistent with past practice. The Separation Benefits
described in clauses (i)—(iii) above will be paid by the Company in a lump sum with the Company’s first regular payroll that is at least eight days after you deliver to the Company the signed Reaffirmation Clause, and the Separation
Benefits described in clause (iv) above will be provided by the Company in the form of a direct payment to the tax preparer upon receipt of an invoice for services. In addition, without regard to whether you sign this Separation Agreement or
the General Release, you will remain entitled to receive or retain, as applicable, (i) any earned but unpaid base salary and accrued vacation through the 

 Patrik Frisk 

May 17, 2022 
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Separation Date, payable in accordance with the Company’s payroll practices and applicable law, (ii) any vested account balance under the Company’s 401(k) plan, payable in
accordance with the terms of that plan, (iii) your accrued but unused paid time off in accordance with the Company’s paid time off policies, and (iv) any unreimbursed business expenses incurred by you through the Separation Date in
accordance with the Company’s business expense reimbursement policies (the “Accrued Amounts”). 
 For the avoidance of
doubt, the amounts set forth in this Separation Agreement and the Consulting Agreement are the sole and exclusive amounts payable to you in connection with your termination of employment with the Company, and you are not entitled to receive any
additional separation benefits under any plan, program, agreement, or arrangement, including without limitation, the Confidentiality Agreement or any executive severance policy as currently in effect or in effect as of your Separation Date. 

(c) Restrictive Covenants. By signing this Separation Agreement and the General Release, you acknowledge and reaffirm your
understanding of, and agreement to comply with, all of your post-employment obligations set forth in the Confidentiality Agreement, in accordance with their terms. In addition, you agree not to make any statement that is intended to become public,
or that should reasonably be expected to become public, that criticizes, ridicules, disparages, or is otherwise derogatory of the Company or any of its affiliates or related parties, including any individuals known to you to be current or former
employees, officers, or directors. The Company agrees that it will not, and will instruct its executive officers and directors to not, make or issue any statement that is intended to become public, or that should reasonably be expected to become
public, and that criticizes, ridicules, disparages, or is otherwise derogatory of you. The foregoing does not prohibit you, the Company, or any of its officers or directors from making any statements as compelled by legal process or to protect your,
its, or their legal rights (including under this Separation Agreement) or any statements required to be made to a governmental authority, nor does the foregoing prohibit any of the Company’s officers or directors from making any statements as
may be required in the exercise of their fiduciary duties to the Company and its shareholders. 
 Notwithstanding anything in this
Separation Agreement to the contrary, you will not be entitled to receive any of the unpaid Separation Benefits, and the Company will not be required to enter into the Consulting Agreement, if (i) you breach the terms of the Confidentiality
Agreement or (y) this Separation Agreement (including the General Release), (ii) you fail to sign and return the signed Separation Agreement to the Company by the deadline below, including the General Release attached as Exhibit A and
the Reaffirmation Clause, or (iii) you revoke your acceptance of this Separation Agreement, the General Release, or the Reaffirmation Clause. 

4. No Admission. Nothing contained in this Separation Agreement will constitute or be treated as an admission by you or the Company or
any of its affiliates or related parties of any liability, wrongdoing, or violation of law. 

 Patrik Frisk 

May 17, 2022 
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 5. Reaffirmation. You agree to sign the Reaffirmation Clause below on the last day of
the Consulting Period in order to extend and reaffirm the promises made by you in this Separation Agreement through September 1, 2022, including but not limited to the General Release. 

6. Enforcement. If you breach any of the terms of the Separation Agreement, the Company may immediately cease providing the Separation
Benefits described above, to the extent that those payments and benefits have not yet been provided, to the fullest extent permitted by law. This will in no way limit the Company’s rights to pursue all legal and equitable remedies available to
it as a result of your breach of the Separation Agreement. 
 7. Severability. If any term of this Separation Agreement is held to be
invalid, void, or unenforceable, the remainder of this Separation Agreement will remain in full force and effect and will in no way be affected, and the parties will use their best efforts to find an alternate way to achieve the same result. 

8. Taxes. The parties agree that all payments and benefits under this Separation Agreement are intended to comply with, or be exempt
from, Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Separation Agreement will be
interpreted and administered to be in compliance with or exempt from Section 409A. Each separately identified amount to be paid or benefit to be provided to you pursuant to this Separation Agreement, including each amount designated as having a
different payment date from the other amounts, will be construed as a separate payment for purposes of Section 409A. 
 9. Transfer
of Rights. You agree you have not assigned or transferred to another any released matter or any right to any of the consideration provided by Company set forth in this Separation Agreement. 

10. Governing Law; Consent to Jurisdiction; Service of Process. The formation, construction, and interpretation of this Separation
Agreement and the General Release, including but not limited to its enforceability, shall at all times and in all respects be governed by the laws of the State of Maryland, without reference to its conflict-of-law rules. The Company has the right to enforce this Separation Agreement and General Release or pursue claims relating to it in any forum having jurisdiction. Any legal action that you initiate
against the Company that relates in any way to this Separation Agreement and General Release, including, without limitation, for a declaratory judgment, will be brought exclusively in the state courts of Maryland. If the Company elects to sue in
Maryland for any claim relating in any way to this Separation Agreement and General Release, you agree to waive any defense of lack of personal jurisdiction, inconvenient jurisdiction, or improper venue. Each party further agrees that service of any
process, summons, notice, or document pursuant to Section 10 is effective service of process in any action, suit, or proceeding in Maryland with respect to any matters to which it has submitted to jurisdiction as set forth
in the immediately preceding sentence. 
 11. MUTUAL WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX
TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES HERETO WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY 

 Patrik Frisk 

May 17, 2022 
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(RATHER THAN ARBITRATION RULES), THE PARTIES HERETO DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF
THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT,
TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, OR RELATED OR INCIDENTAL TO THIS SEPARATION AGREEMENT AND GENERAL RELEASE OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THE RELATIONSHIP ESTABLISHED AMONG THE PARTIES HEREUNDER. 

12. Execution. This Separation Agreement may be executed in counterparts, each of which will be considered an original, but all of
which together will constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature. 

13. Cooperation with the Company. As reasonably requested by the Company following the date hereof, you agree to cooperate fully with
the Company and the Board and to provide information and testimony regarding any current or future actual or threatened litigation, claim, investigation, inquiry, dispute, controversy, or proceeding arising from actions or events occurring during
your employment or consultancy with the Company. In connection therewith, the Company agrees to use its reasonable best efforts to assure that any request for such cooperation will not unduly interfere with your other material business and personal
obligations and commitments. The Company agrees to reimburse you for any reasonable out-of-pocket expenses that you may incur when providing such information or
testimony, in each case subject to advance written approval of the Board. 
 14. Complete Agreement. This Separation Agreement,
including the General Release attached as Exhibit A and the Consulting Agreement attached as Exhibit B, and the agreements referenced herein and therein, are the complete agreement regarding your consulting and separation benefits. On
the effective date of the General Release, this Separation Agreement will become a legally binding contract, and will supersede all prior discussions, promises, and negotiations on the subject. For the avoidance of doubt, following the Separation
Date, you will not be entitled to receive any payments or benefits from the Company, whether in respect of your services to the Company or otherwise prior to or following the date hereof, other than the Accrued Amounts, any consulting fees payable
pursuant to the Consulting Agreement, and the Separation Benefits. This Separation Agreement can be modified or amended only by a subsequent written agreement signed by you and an authorized officer of the Company. 

Patrik, thank you for your contributions to the Company. We all wish you the very best in your future professional endeavors. 

[Signature Page Follows] 

 Best regards, 

/s/ John Stanton 
 John Stanton 

EVP, General Counsel & Corporate Secretary 
  

	
	ACKNOWLEDGED AND AGREED:
	
	/s/ Patrik Frisk
	Patrik Frisk

 EXHIBIT A 

GENERAL RELEASE 

FOR AND IN CONSIDERATION OF the separation pay and benefits to be provided to me in the Separation Agreement to which this General Release is
attached as Exhibit A (other than the Accrued Amounts), payment of which is conditioned on my signing this General Release and to which I am not otherwise entitled, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, I, on my own behalf and on behalf of my heirs, executors, administrators, beneficiaries, representatives, and assigns, and all others connected with or claiming through me, hereby release and forever discharge the
Company and its current and past parents, subsidiaries, and other affiliates and all of their respective past, present, and future officers, directors, trustees, equity holders, employees, agents, employee benefit plans, general and limited
partners, members, managers, investors, joint venturers, representatives, successors and assigns, and all others connected with any of them, both individually and in their official capacities (collectively, the “Released Parties”),
to the extent provided below (the “General Release”). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms
hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined will have the meanings given to them in the Separation Agreement. 

1. I understand that any payments or benefits paid or granted to me under the Separation Agreement (other than the Accrued Amounts) represent,
in part, consideration for signing this General Release and are not salary, wages, or benefits to which I was already entitled. I understand and agree that I will not receive any payments or benefits specified in the Separation Agreement (other than
the Accrued Amounts) unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan,
program, policy, or arrangement maintained or hereafter established by the Company or its affiliates, unless otherwise expressly provided therein. 

2. I knowingly and voluntarily (for myself and my heirs, executors, administrators, and assigns) release and forever discharge the Company and
the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for
costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (arising through the date on which this General Release is executed by me) and whether known or unknown, suspected, or claimed
against the Company or any of the Released Parties that I, my spouse, or any of my heirs, executors, administrators, or assigns may have (including, without limitation, any allegation, claim or violation, arising under Title VII of the Civil Rights
Act of 1964, the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act, the Americans with Disabilities Act, the Family and Medical Leave Act, Title 20 of the
Maryland Code, and/or the fair employment practices statute of the state or states in which I was previously employed by the Company or otherwise had a relationship with the Company or any of its 

 
subsidiaries or other affiliates, each as amended from time to time (all of the foregoing collectively referred to herein as the “Claims”)). This General Release will not apply
to (a) any claim that arises after I sign this General Release, (b) any rights to indemnification or coverage under any officer or director policy that I may have, (c) any claim that may not be waived pursuant to applicable law, or
(d) my rights to the Accrued Amounts and the Separation Benefits under the Separation Agreement. 
 3. I represent that I have made no
assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above. 
 4. I agree that this
General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 that arise after the date I execute this General Release. I acknowledge and agree that my separation from
employment with the Company in compliance with the terms of the Agreement will not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967). Nothing in this General
Release prevents me from filing a charge with, cooperating with, or providing information to any federal or state administrative or enforcement agency, including without limitation the United States Equal Employment Opportunity Commission
(“EEOC”) or any other government agency. I understand, however, that, except where such rights may not be waived under applicable law, I am giving up all rights to receive money or other individual relief recovered by the EEOC on my
behalf as a result of any charge with respect to any matter covered by this General Release, or in connection with any judgment, award, settlement, or other payment or other relief resulting from or related to any Claim covered by this General
Release. 
 5. I agree that I hereby waive all rights to sue or obtain equitable, remedial, or punitive relief from any or all Released
Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not being
required to waive any right that cannot be waived under law; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such right. 

6. By signing this General Release, I acknowledge and intend that it will be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release will be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims
(notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected, and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I
acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to provide me with certain payments under the terms of the Separation Agreement. I
further agree that if I should bring a Claim seeking damages against the Company, or if I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release will serve as a complete defense to
such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release. 

 7. I acknowledge that any payments paid or granted to me under the Separation Agreement in
connection with this General Release and my obligations under this General Release are in addition to anything of value to which I am entitled from the Company. I agree that receipt of any consideration and all payments under the Separation
Agreement are contingent on my full compliance with its terms and conditions, including this General Release. Should I breach any provision of the Separation Agreement or this General Release, including but not limited to filing a lawsuit based upon
any Claim covered by this General Release, I will immediately return to the Company any payment received and the Company shall no longer be obligated to pay me any payment or benefit otherwise due (other than the Accrued Amounts). 

8. I agree that neither this General Release, nor the furnishing of the consideration for this General Release, will be deemed or construed at
any time to be an admission by the Company, any Released Party, or myself of any improper or unlawful conduct. 
 9. I agree that if I
violate this General Release by suing the Company or the other Released Parties with regard to the Claims (except for those claims excluded from the General Release as expressly provided herein), I will pay all costs and expenses of defending
against the suit incurred by the Released Parties, including reasonable attorneys’ fees. 
 10. No
non-disclosure provision in this General Release or in any other agreement between the Company and me prohibits or restricts me (or my attorney) from responding to any inquiry by the Securities and Exchange
Commission (SEC), the Department of Justice (DOJ), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity or law enforcement branch, agency, or entity (a “Governmental
Entity”). Additionally, nothing herein or in any other agreement between the Company and me is intended to impair my right to communicate, cooperate, or file a complaint with any Governmental Entity with respect to possible violations of
any federal, state, or local law or regulation, or otherwise make disclosures to any Governmental Entity, in each case, that are protected under the whistleblower or similar provisions of any such law or regulation, provided that in each case such
communications and disclosures are consistent with applicable law. Nothing herein is intended to impair my right to receive an award from a Governmental Entity for information provided under any whistleblower or similar program. 

11. I represent that I am not aware of any claim by me other than the claims that are released by this General Release. I acknowledge that I
may hereafter discover claims or facts in addition to, or different from, those that I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and that, if known or suspected at the time of
entering into this General Release, may have materially affected this General Release and my decision to enter into it. 

 12. This General Release, together with the Separation Agreement, constitutes the complete
agreement between myself and the Company in respect of the subject matter hereof and supersedes all prior agreements between myself and the Company in respect of the subject matter hereof except to the extent set forth herein. For the avoidance of
doubt, however, nothing in this General Release will constitute an amendment to or waiver of any Released Party’s right to enforce any obligations that survive a termination of my employment, including without limitation, any non-competition covenant, non-solicitation covenant, and any other restrictive covenants, in each case, to the extent applicable. 

13. Whenever possible, each provision of this General Release will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this General Release is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any other
provision or any other jurisdiction, but this General Release will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained herein. 

14. I EXPRESSLY WAIVE ALL RIGHTS AFFORDED BY ANY STATUTE THAT LIMITS THE EFFECT OF A RELEASE WITH RESPECT TO UNKNOWN CLAIMS. 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 

1. I HAVE READ IT CAREFULLY; 
 2.
I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE
AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 
 3. I VOLUNTARILY CONSENT TO
EVERYTHING IN IT; 
 4. I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND
CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION; 
 5. I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS GENERAL
RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS GENERAL RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD; 

6. I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS GENERAL RELEASE TO REVOKE IT AND THAT THIS GENERAL RELEASE WILL
NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED; 

 7. I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY
COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 
 8. I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED,
CHANGED, OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME. 

*    *    *    *    * 

 Please indicate your agreement with the above terms of the Separation Agreement and General Release by
signing below no later than June 7, 2022. 
 * * * * * 

I agree to the terms of this Separation Agreement and General Release, and I am voluntarily signing this release of all claims. I acknowledge that I have read
and understand this Separation Agreement and General Release, and have had the opportunity to review this by counsel of my own choosing or decline to do so. I understand that I cannot pursue any of the claims and rights that I have waived in this
Separation Agreement at any time in the future. 
  

							
	Date: May 17, 2022	 		 		 	/s/ Patrik Frisk
		 		 		 	Patrik Frisk

 REAFFIRMATION CLAUSE 

(sign within 21 days following September 1, 2022) 
 By
signing below, I am extending and reaffirming the promises and agreements of each of the paragraphs in the Separation Agreement and General Release through September 1, 2022. 

 

							
	Date:                                    
	 		 		 	 
		 		 		 	Patrik Frisk

 EXHIBIT B 

CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (this “Agreement”) is made as of September 5, 2022, by and between Under Armour, Inc., a
Maryland corporation (together with its affiliates, the “Company”), and Patrik Frisk (“Consultant”). 

WHEREAS, prior to June 1, 2022, Consultant served the Company as its Chief Executive Officer and President, and from June 1, 2022,
until the Separation Date (as defined below), Consultant served the Company as an advisor; 
 WHEREAS, Consultant’s last day of
employment with the Company was September 1, 2022 (the “Separation Date”); and 
 WHEREAS, pursuant to a
Separation Agreement entered into between the parties in connection with Consultant’s termination of employment with the Company, to which this Agreement is attached as an exhibit (the “Separation Agreement”), the Company
and Consultant desire to enter into an agreement containing the terms and conditions pursuant to which Consultant will provide certain agreed-upon consulting services to the Company following his Separation Date. Capitalized terms used, but not
defined, herein will have the meanings given to them in the Separation Agreement. 
 NOW, THEREFORE, in consideration of the mutual
covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

1. Consulting Arrangement. 

(a) Services. Commencing on September 5, 2022, Consultant will serve as a consultant to the Company until the termination of this
Agreement pursuant to Section 1(c) below (the “Term”). Consultant’s services to the Company, will include (i) making himself reasonably available during regular business hours, and
(ii) subject to Consultant’s other business commitments that are not in violation of the Confidentiality Agreement, providing advice and guidance as may be required from time to time at the direction of the Company’s Chief Executive
Officer (interim or otherwise) or Executive Chairman (the “Services”). Consultant acknowledges and agrees that he will perform the Services performed with the degree of skill, care, and diligence expected of a professional
experienced in providing the same or similar services, personally and using his reasonable best efforts at all times to promote the business and interests of the Company. Consultant agrees to provide the Services to the Company at times and
locations reasonably agreed to by Consultant and the Company. Consultant shall comply with all applicable policies and procedures of the Company (including, without limitation, any technology use and confidentiality). 

(b) Consulting Fees. In consideration for Consultant’s services as described herein during the Term, the Company will pay
Consultant an aggregate cash fee equal to $1,300,000, to be paid in equal quarterly installments of $325,000 each, in arrears (the “Consulting Fees”), no later than December 1, 2022, March 1, 2023, June 1, 2023, and
September 4, 2023. Consultant 

 
will submit quarterly invoices to the Company, if and when requested in order to receive payment. Consultant will be issued a Form 1099 reporting these payments. The Consulting Fees will be the
sole remuneration paid or provided to Consultant by the Company during the Term and in respect of his consulting services to the Company hereunder. Consultant hereby expressly acknowledges and agrees that, following the Separation Date, Consultant
will no longer be entitled to receive any compensation, benefits, or other payments or forms of remuneration (whether cash, property, or vesting of unearned compensation) in respect of his employment services to the Company through the Separation
Date, other than as explicitly set forth in the Separation Agreement. For the avoidance of doubt, Consultant will not receive or earn any vesting or other credit in respect of any stock options, restricted stock units, or other unvested equity
awards held by him as of the Separation Date, which Consultant acknowledges were forfeited in their entirety without payment as of the close of business on the Separation Date. 

(c) Termination. The Term will continue until the earliest to occur of the following: (i) September 4, 2023,
(ii) Consultant’s resignation, (iii) Consultant’s death or disability, and (iv) the Company’s termination of the consulting services for Cause (as defined in the Confidentiality Agreement). From and after the end of the
Term, however occurring, Consultant will not be entitled to any compensation, benefits, or other payments or forms of remuneration, whether cash or property, other than accrued but unpaid Consulting Fees through the end of the Term, if any. 

(d) Expense Reimbursement. Upon presentation of reasonable substantiation and documentation as may be specified by the Company from
time to time, the Company will reimburse Consultant for all reasonable out-of-pocket business and travel expenses incurred and paid by Consultant during the Term in
connection with the performance of Consultant’s duties hereunder. 
 (e) Restrictive Covenants. During the Term, Consultant will
remain bound by the Confidentiality Agreement, which will remain in full force and effect in accordance with its terms. 
 2.
Notices. All notices, demands, or other communications to be given or delivered under or by reason of the provisions of this Agreement must be in writing. Such notices, demands, and other communications must be sent to the parties at the
addresses indicated below: 
 If to the Company: 

Under Armour Inc. 
 1020 Hull
Street 
 Baltimore, Maryland 21230 

Attention: General Counsel 

Email: jstanton@underarmour.com 

Copied: mshadman@underarmour.com 

If to Consultant: Consultant’s last known address on file with the Company, or such other address or to the attention of such other
party as the recipient party specifies by prior written notice to the sending party. 

  
 - 2 - 

 3. General Provisions. 

(a) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any
other provision or any other jurisdiction, but this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained herein. 

(b) Entire Agreement. This Agreement, those documents expressly referred to herein, and other documents of even date herewith embody
the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements, or representations by or among the parties, written or oral, which may have related to Consultant’s employment or
provision of services with the Company. 
 (c) Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings
of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement includes the corresponding masculine, feminine, or neuter forms, and
the singular form of nouns, pronouns, and verbs include the plural and vice versa. The use of the word “including” in this Agreement is by way of example rather than by limitation. Reference to any agreement, document, or instrument means
such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof and, if applicable, hereof. The use of the words “or,” “either,” and “any” is not
exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if drafted jointly by the
parties hereto, and no presumption or burden of proof should arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

(d) Counterparts. This Agreement may be executed in multiple counterparts with the same effect as if all signing parties had signed the
same document. All counterparts are construed together and constitute the same instrument. 
 (e) Successors and Assigns. This
Agreement binds and inures to the benefit of and is enforceable by Consultant, the Company and its affiliates, and their respective successors and assigns; provided, that the rights and obligations of Consultant under this Agreement may not be
assigned or delegated. 
 (f) Governing Law; Consent to Jurisdiction; Service of Process. The formation, construction, and
interpretation of this Agreement, including but not limited to its enforceability, shall at all times and in all respects be governed by the laws of the State of Maryland, without reference to its conflict-of-law rules. The Company has the right to enforce this Agreement or pursue claims relating to it in any forum having jurisdiction. Any legal action that Consultant initiates against the Company that
relates in any way to this Agreement, including, without limitation, for a declaratory judgment, will be brought exclusively in the state courts of Maryland. If the Company elects to sue in Maryland for any claim relating in any way to this
Agreement, 

  
 - 3 - 

 
Consultant agrees to waive any defense of lack of personal jurisdiction, inconvenient jurisdiction, or improper venue. Each party further agrees that service of any process, summons, notice, or
document pursuant to Section 2 is effective service of process in any action, suit, or proceeding in Maryland with respect to any matters to which it has submitted to jurisdiction as set forth in the immediately preceding
sentence. 
 (g) MUTUAL WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND
ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES HERETO WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES HERETO DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH
APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY
DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, OR RELATED OR INCIDENTAL TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THE RELATIONSHIP ESTABLISHED
AMONG THE PARTIES HEREUNDER. 
 (h) Remedies. Each of the parties to this Agreement has all rights and remedies set forth in this
Agreement, all rights and remedies that such party has been granted at any time under any other agreement or contract, and all of the rights that such party has under any law. Each of the parties to this Agreement will be entitled to enforce its
rights under this Agreement specifically, to recover damages and costs caused by any breach of any provision of this Agreement, and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may
not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance
and other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
 (i) Amendment and
Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the Company and Consultant. No failure by any party to insist upon the strict performance of any covenant, duty, agreement, or condition of
this Agreement or to exercise any right or remedy consequent upon a breach thereof constitutes a waiver of any such breach or any other covenant, duty, agreement, or condition. The waiver by any party of a breach of any covenant, duty, agreement, or
condition of this Agreement of any other party may not operate or be construed as a waiver of any subsequent breach of that provision or any other provision hereof. 

(j) No Withholding. Consultant will at all times during the Term be an independent contractor of the Company. Nothing in this Agreement
will be construed as creating an employer-employee relationship. Consultant will be solely liable for the payment of all federal, state, and local taxes associated with compensation paid to Consultant in respect of his consulting services hereunder,
and Consultant will not be eligible for any benefits under any of the employee benefits programs of the Company or its affiliates. Consultant will indemnify, defend, and hold harmless 

  
 - 4 - 

 
the Company and its affiliates, including their equity-holders, partners, directors, officers, employees, agents, representatives, contractors, and subcontractors, against any claim or liability
of any kind (including penalties, fees, or charges of any kind whatsoever) resulting from the failure by Consultant to pay such taxes or file any such tax forms. 

(k) No Third-Party Beneficiaries. Except as expressly provided herein, no term or provision of this Agreement is intended to be, or
will be, for the benefit of any person or entity not a party hereto, and no other person or entity has any right or cause of action hereunder. 

*     *     *     *     * 

  
 - 5 - 

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

			
	UNDER ARMOUR, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	CONSULTANT
	
	 
	Patrik FriskExhibit 4.4

 

WARRANT AGREEMENT

 

This WARRANT AGREEMENT (this
“Agreement”) is made as of [●], 2022 between Acri Capital Acquisition Corporation, a Delaware corporation,
with offices at 13284 Pond Springs Rd, Ste 405, Austin, Texas 78729 (“Company”), and VStock Transfer, LLC, a California
limited liability company, with offices at 18 Lafayette Place, Woodmere, NY 11598, as warrant agent (“Warrant Agent”).

 

WHEREAS, the Company is engaged
in a public offering (the “Public Offering”) of up to 8,625,000 units (including 1,125,000 units which may be issued
pursuant to an overallotment option granted to the underwriters of the Public Offering), each unit (the “Units”) comprised
of one share of Class A common stock of the Company, par value $0.0001 per share (“Class A Common Stock”) and one-half
(1/2) of one warrant (“Public Warrants”), where each whole warrant entitles the holder to purchase one share of Class
A Common Stock at a price of $11.50 per share, subject to adjustment as described herein, and in connection therewith, will issue and
deliver up to 4,312,500 warrants (the “Public Warrants”) to the public investors in connection with the Public Offering;
and

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-263477
 (“Registration Statement”) and prospectus (“Prospectus”), for the registration, under the
Securities Act of 1933, as amended (“Securities Act”) of, among other securities, the Public Warrants; and

 

WHEREAS, the Company has received
binding commitments (“Subscription Agreements”) from the Company’s sponsor, Acri Capital Sponsor LLC (the “Sponsor”),
simultaneously with the closing of the Public Offering, up to an aggregate of 4,790,000 warrants (or up to 5,240,000 warrants if the over-allotment
option is exercised in full or in part) (the “Private Warrants”) at a price of $1.00 per Private Warrant. Each Private
Warrant entitles the holder to purchase one share of Class A Common Stock at a price of $11.50 per share, bearing the legend set forth
in Exhibit B hereto; and

 

WHEREAS, the Company may issue
up to an additional 3,000,000 warrants (the “Working Capital Warrants” and together with the Public Warrants and the
Private Warrants, the “Warrants”) at a price of $1.00 per Working Capital Warrant, in satisfaction of certain working
capital loans made by the Company’s officers, directors, initial stockholders and their affiliates; and

 

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

 

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

 

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

  

     

     

    

 

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

 

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

 

2. Warrants.

 

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

 

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

 

2.3. Effect of Countersignature.
Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant Agent pursuant to this
Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

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

 

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

 

    2

     

    

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd business day following
the date of the Prospectus or, if such 52nd business 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 with the consent of EF Hutton, division of Benchmark Investments, LLC, (the “Representative”),
but in no event will the Representative allows separate trading of the securities comprising the Units until (i) the Company has
filed a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross
proceeds of the Public Offering including the proceeds received by the Company from the exercise of the underwriters’ over-allotment
option in the Public Offering, if the over-allotment option is exercised prior to the filing of the Form 8-K, and (ii) the
Company has issued a press release and has filed a Current Report on Form 8-K announcing when such separate trading shall begin (the
“Detachment Date”).

 

2.6. Private Warrant
and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be identical to the Public Warrants. 

 

3. Terms and Exercise
of Warrants

 

3.1. Warrant Price.
Each Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), 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 Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the
last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share at
which the 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 twenty (20) Business
Days; provided, that the Company shall provide at least twenty (20) days’ prior written notice of such reduction to registered
holders of the Warrants and, provided further that any such reduction shall be applied consistently to all of the Warrants.

 

3.2. Duration of Warrants.
A Warrant may be exercised only during the period (a) commencing on the later of: (i) the date of the consummation by the Company of a
merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with
one or more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement),
and (ii) the date that is twelve (12) months from the date of the closing of the Public Offering, and (b) terminating at 5:00 p.m., New
York City time on the earlier to occur of (i) the date that is five (5) years after the date on which the Company consummates a Business
Combination, (ii) at 5:00 p.m., New York City time on the Redemption Date as provided in Section 6.2 of this Agreement and (iii) the
liquidation of the Trust Account (defined below) (“Expiration Date”). The period of time from the date the Warrants
will first become exercisable until the expiration of the Warrants shall hereafter be referred to as the “Exercise Period.”
Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), as applicable, each outstanding
Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof
under this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty (20) days’
prior written notice of any such extension to registered holders and, provided further that any such extension shall be applied consistently
to all of the Warrants. Notwithstanding anything to the contrary contained herein, for so long as any Private Warrant is held by the Sponsor
and/or its designees, such Private Warrant may not be exercised after five years from the effective date of the Registration Statement.

 

    3

     

    

 

3.3. Exercise of Warrants.

 

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

 

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

 

(b) in the event
of a redemption pursuant to Section 6.1 hereof in which the Company’s management has elected to force all holders of Warrants
to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of 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 difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market
Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average last reported sale
price 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 holders of the Warrants pursuant to Section 6 hereof; or

  

(c) as provided
in Section 7.4 hereof.

 

3.3.2. Issuance
of Shares of Class A Common Stock. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book
entry position, 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, and if such Warrant shall not have been exercised in full, a new countersigned Warrant, or book
entry position, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no
event will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash 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 has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of
the registered holder of the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied with respect
to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and such Warrant may have no value and
expire worthless, in which case the purchaser of a Unit containing such Warrants shall have paid the full purchase price for the Unit
solely for the shares of Class A Common Stock underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered
holder in any state in which such exercise or issuance would be unlawful.

 

    4

     

    

 

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 for shares of Class A Common Stock is issued shall for
all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant, 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, except
that, if the date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Warrant
Agent are closed, such person shall be deemed to have become the holder of such shares 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 cause the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
Percentage”) of the shares of Class A Common 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 stock or warrants) subject to a limitation on conversion or exercise analogous
to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
For purposes of the Warrant, in determining the number of outstanding shares of 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 SEC as the case may be, (2) a
more recent public announcement by the Company or (3) any other notice by the Company or the Warrant Agent setting forth the number
of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company
shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Class A Common Stock then
outstanding. In any case, the number of 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 outstanding
shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease
the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase
shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    5

     

    

 

4. Adjustments.

 

4.1. Stock Dividends;
Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of
Class A Common Stock is increased by a stock dividend payable in Class A Common Stock, or by a split up of Class A Common Stock, or other
similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Class A Common Stock
issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Class A Common Stock.

 

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

 

4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the shares of Class A Common Stock or other shares of the Company’s capital
stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined
by the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend
divided by all outstanding shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend);
provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment
described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all
other cash dividends and cash distributions paid on the shares of Class A Common Stock during the 365-day period ending on the
date of declaration of such dividend or distribution does not exceed $0.50 per share (taking into account all of the outstanding shares
of the Company at such time (whether or not any shareholders waived their right to receive such dividend) and as adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that
resulted in an adjustment to the Warrant Price or to the number of shares of Class A Common Stock issuable on exercise of each Warrant)
but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment
to satisfy the conversion rights of the holders of the shares of Class A Common Stock in connection with a proposed initial Business Combination
or certain amendments to the Company’s Amended and Restated Certificate of Incorporation (as described in the Registration Statement)
or (d) any payment in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate
a Business Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired,
pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the shares of Class
A Common Stock during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will
be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference
between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period, including
such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions
paid or made in such 365-day period prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if
following the closing of the Company’s initial Business Combination, there were 100,000,000 shares outstanding and the Company paid
a $1.00 dividend to 17,500,000 of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then
no adjustment to the Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share
which is less than $0.50 per share.

 

    6

     

    

 

4.4 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 Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of 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 Class
A Common Stock so purchasable immediately thereafter.

 

4.5. Replacement of
Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Class A Common
Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of Class A Common Stock),
or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in
which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the 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 Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu
of the shares of 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 of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have
received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification also
results in a change in the shares of Class A Common Stock covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made
pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive
reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced
to less than the par value per share issuable upon exercise of the Warrant. Notwithstanding anything to the contrary herein, in the event
of any tender offer for shares of Class A Common Stock, the offeror shall not make any tender offer for Warrants if the effect of such
offer would be to require the Warrants to be accounted for as liabilities under applicable accounting principles.

 

4.6. Issuance in connection
with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional shares of Class A Common
Stock or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Company’s
initial stockholders, or their affiliates, without taking into account any founders’ shares held by them prior to such issuance),
(b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c)
the Fair Market Value (as defined below) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the shares of Class
A Common Stock or equity-linked securities, and the $16.50 per share redemption trigger price will be adjusted (to the nearest cent) to
be equal to 180% of the higher of the Fair Market Value and the price at which the Company issues shares of Class A Common Stock or equity-linked
securities. Solely for purposes of this Section 4.6, the “Fair Market Value” shall mean the volume weighted average
reported trading price of Class A Common Stock for the twenty (20) trading days starting on the trading day prior to the date of the consummation
of the Business Combination.

 

    7

     

    

 

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

 

4.8. No Fractional
Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon 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
up to the nearest whole number of shares of Class A Common Stock to be issued to the Warrant holder.

 

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

 

4.10 Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint
a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose
of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust
the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. Nevertheless, the Warrants may
not be adjusted solely as a result of issuance of any securities in connection with a Business Combination or of an adjustment to the
conversation ratio of the Company’s Class B common stock, par value $0.0001 per share into Class A Common Stock.

 

    8

     

    

 

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, in the case of certificated Warrants, 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, either in certificated form or in book entry position, together
with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants,
or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number
of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent
shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for
the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

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

 

5.4. Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants, except as provided pursuant to the provisions
of Section 8.3.1.

 

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

 

5.6. Private Warrants
and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants until
after the consummation by the Company of an initial Business Combination, except for transfers (i) among the initial shareholders
or to the initial shareholders’ or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s
shareholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to
a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s
immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant
to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of
a Business Combination, (vii) in connection with the consummation of a Business Combination by private sales at prices no greater
than the price at which the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior
to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business
Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their shares of Class A Common Stock for cash, securities or other property, in each case (except
for clauses (vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration
for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted
Transferee”) or the trustee or legal guardian for such transferee agrees to be bound by the transfer restrictions contained
in this section and any other applicable agreement the transferor is bound by.

 

    9

     

    

 

5.7. Transfers prior
to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which
such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore,
each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding
the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after the Detachment Date.

 

6. Redemption.

 

6.1. Redemption.
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 the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the last sale price of the Class A Common Stock equals or exceeds $16.50 per share (subject to adjustment
in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period commencing
after the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given and
provided that there is an effective registration statement covering 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 or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the
Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of shares of Class A Common
Stock upon exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company
is unable to effect such registration or qualification.

 

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

 

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

 

    10

     

    

 

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

 

7.1. No Rights as
Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including,
without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to
receive notice as 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 will 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. The Company agrees that as soon as practicable, but in no event later than thirty (30) Business
Days after the closing of its initial Business Combination, it shall use its reasonable best efforts to file with the Securities and Exchange
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, and it shall use its reasonable best efforts to take such action as is necessary to register or qualify for
sale, in those states in which the Warrants were initially offered by the Company and in those states where holders of Warrants then reside,
the shares of Class A Common Stock issuable upon exercise of the Warrants, to the extent an exemption is not available. The Company will
use its reasonable best 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 of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared
effective by the 60th day following the closing of the Business Combination, holders of the Warrants shall have the right, during the
period beginning on the 61st day after the closing of the Business Combination and ending upon such registration statement being declared
effective by the Securities and Exchange Commission, and during any other period when the Company shall fail to have maintained an effective
registration statement covering the shares of 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 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 any doubt, unless and
until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration
obligations under the first three sentences of this subsection 7.4.1.

 

    11

     

    

 

8. Concerning the
Warrant Agent and Other Matters.

 

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

 

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

 

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

 

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

 

    12

     

    

 

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

 

8.3. Fees and Expenses
of Warrant Agent.

 

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

 

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

 

8.4. Liability of
Warrant Agent.

 

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

 

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

 

8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4
hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any shares of Class A Common Stock to be issued pursuant to this Agreement, the Amended and Restated Certificate of
Incorporation of the Company, or any Warrant or as to whether any shares of Class A Common Stock will, when issued, be valid and fully
paid and non-assessable.

 

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

 

    13

     

    

 

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 (i) if by email when the email is sent, (ii) if by hand or overnight delivery, when so
delivered, or (iii) 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:

 

Acri Capital Acquisition Corporation

13284 Pond Springs Rd, Ste 405

Austin, Texas 78729

Attn: “Joy” Yi Hua, Chief
Executive Officer

 

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

 

Robinson & Cole LLP

666 Third Avenue, 20th Floor

New York, NY 10017

Attn: Arila E. Zhou, 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
(i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows:

 

Vstock Transfer,
LLC

19 Lafayette Place,
Woodmere, NY 11598

Attn: Compliance
Department

 

9.3. Applicable Law
and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all
respects by the laws of the State of New York. 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. The provisions of this paragraph will apply to suit, action, proceeding or claim brought to enforce any
liability or duty arising under the Securities Act. 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 Agreement. If any action, the subject matter of which is within the scope the forum provisions of this Warrant Agreement, is filed
in a court other than a court of 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 holder of our warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction
of the state and federal courts located in the State 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.

 

    14

     

    

 

9.4. Persons Having
Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof
is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered
holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representative, any right, remedy, or claim under
or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative shall
be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and the Representative with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered
holders of the Warrants.

 

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

 

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

  

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

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of (i) a majority
of the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation
of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken
after the consummation of a Business Combination. 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. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

9.9 Trust Account
Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event
that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the
Company and not against the property held in the Trust Account.

 

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

  

[signature page follows]

 

    15

     

    

 

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

  

	 	ACRI CAPITAL ACQUISITION 

CORPORATION
	 	 
	 	By:	 
	 	 	Name: 	“Joy” Yi Hua
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	VSTOCK TRANSFER, LLC
	 	 
	 	By:	 
	 	 	Name: [●]
	 	 	Title: [●]

 

[signature page to the Warrant Agreement]

 

    16

     

    

 

EXHIBIT A

 

WARRANT CERTIFICATE

 

    17

     

    

 

EXHIBIT B

 

LEGEND FOR PRIVATE PLACEMENT WARRANTS

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT
BY AND AMONG ACRI CAPITAL ACQUISITION CORPORATION (THE “COMPANY”), ACRI CAPITAL SPONSOR LLC AND THE OTHER PARTIES
THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER
THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3.2 OF THE WARRANT AGREEMENT REFERRED
TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY
TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

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

 

 

18

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