Document:

EMPLOYMENT AGREEMENT

 

 

This Employment Agreement (the “Agreement”)
is made and entered into on this 19th day of July, 2012, by and between Cyalume Technologies, Inc., a Delaware corporation (the
“Company”), and Dale S. Baker (“Employee”).

 

WHEREAS, the Company desires to employ Employee
as Chief Operating Officer (COO) of the Company, and Employee desires to accept such employment upon the terms and conditions set
forth herein.

 

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

 

		1.	TERM. This Agreement shall be for an initial term of three (3) years (“Initial Term”). Employee shall commence
employment on September 10, 2012 (the “Effective Date”). The Agreement shall continue for successive one-year periods
thereafter unless and until terminated by either party upon thirty (30) days’ written notice prior to the Agreement’s
anniversary/expiration date, or until terminated pursuant to Section 8 of this Agreement.

 

		2.	DUTIES OF EMPLOYEE.

 

		(a)	Duties. Employee shall be employed as COO. Employee’s duties shall be such executive, managerial, administrative,
and professional duties as are commensurate with the position of COO, and as shall be assigned by the Chief Executive Officer or
the Board of Directors of the Company, or by their authorized designees. Employee may delegate duties to other employees of the
Company as he reasonably determines is in the best interest of the Company, consistent with the general authority and power given
to him hereunder. The principal place of employment of Employee shall be at the Company’s executive offices in West Springfield,
Massachusetts.

 

		(b)	Exclusive Employment. Employee shall devote the whole of his business time, attention and abilities to carrying out
his duties hereunder. The Company acknowledges that Employee owns a restaurant and agrees that will not be a violation of the Exclusive
Employment provision. Additionally, Employee shall be allowed to participate on the Board of Directors of various not-for-profit
and for-profit boards as long as such does not prevent him from performing the duties and responsibilities of his position with
the Company.

 

		(c)	Loyal and Conscientious Performance. Employee agrees that to the best of his ability and experience, and in compliance
with all applicable laws and the Company’s policies, Certificate of Incorporation and Bylaws, as they may be amended from
time to time, he will at all times loyally and conscientiously perform all the duties and obligations required of him by the terms
of this Agreement. Employee further agrees he shall use his best efforts to promote the interests and reputation of the Company
and its affiliates and not do anything which is to the detriment of the Company or its affiliates.

 

    	 

    	 	

    
 

		3.	COMPENSATION AND BENEFITS

 

		(a)	Salary. For all the services to be rendered by Employee in any capacity hereunder, the Company shall pay Employee, in
equal installments consistent with the Company’s practices for its employees, salary and compensation as set forth in Schedule
1 attached to this Agreement and incorporated herein. The Company shall have the ability to withhold from the compensation
otherwise due to Employee under this Agreement any amounts required to be withheld from compensation from time to time under applicable
law.

 

		(b)	Severance Benefits.

 

		(i)	In the event Employee’s employment with the Company is terminated by the Company other than as a result of death, disability
(as defined in Section 8(a)(ii)), retirement or for “cause” (as defined in Section 8(a)(iii)), or if Employee’s
employment with the Company is terminated by Employee for the reason set forth in Section 8(d), and upon execution by Employee
of a separation agreement prepared by the Company within ten (10) days of the date of termination of Employee’s employment,
the Company will pay Employee, at normal payroll intervals for six (6) months, a sum equal to Employee’s annual Base Salary
in effect at the time of termination hereunder, less applicable deductions and withholdings.

 

		(ii)	In the event that Employee elects to terminate this Agreement for any reason other than that set forth in Section 8(d), or
in the event that this Agreement is terminated due to Employee’s death or disability, the Company shall not be obligated
to pay to Employee any severance payments whatsoever and Employee shall be entitled only to that Base Salary and those benefits
which he has earned through the date of such termination.

 

		(c)	Fringe Benefits. So long as Employee remains in the employ of the Company, Employee shall be provided those benefits
set forth in Schedule 1 to this Agreement. Employee shall also receive such additional benefits as may be authorized from
time to time by the Company’s Board of Directors.

 

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		(d)	Stock Options. Employee shall receive Three Hundred Fifty Thousand (350,000) stock options on the Effective Date (“Stock
Options”). Twenty percent (20%) of the Stock Options shall vest each year on the anniversary date of the Effective Date of
this Agreement over a period of five (5) years. In the event that, prior to the date that the Stock Option are fully exercisable,
(i) there is a Change of Control (as defined below), or (ii) Employee’s engagement with the Company is terminated
by the Company without Cause (as defined in Paragraph 8(b) or (c)) or by Employee for Good Reason (as defined in Paragraph 8(d)),
the Stock Options shall become fully vested and exercisable as to the remaining shares (“Change of Control Shares”)
as of the date of such Change of Control or termination; provided, however, that, if termination of Employee’s engagement
occurs under Sections 8(b), (c) or (d) as described in Section 3(d)(ii) above within the first eighteen (18) months after the Effective
Date, then only two-fifths (2/5) of the Change of Control Shares shall become exercisable as of the date of such termination. A
“Change of Control” shall be deemed to have occurred if (i) any person (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended (“Exchange Act”)), other than the Company, any employee benefit
plan of the Company, or any entity owned directly or indirectly by the shareholders of the Company in substantially the same proportion
as their ownership of stock of the Company, enters into a merger, acquisition, consolidation, purchase, stock acquisition, asset
acquisition, or similar business transaction with the Company and, as a result thereof, becomes the beneficial owner (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of securities of the Company (not including in the securities beneficially
owned by such person any securities acquired directly from the Company or its affiliates) representing 50% or more of the combined
voting power of the Company’s then outstanding voting securities, unless the individuals who were members of the Board immediately
prior to the execution of the agreement providing for such transaction constitute a majority of the board of directors of the surviving
corporation or of a corporation directly or indirectly beneficially owning a majority of the voting securities of the surviving
corporation; (ii) individuals who are directors or director nominees of the Company as of the effective date of this Agreement
(the “Incumbent Board”) cease for any reason to constitute a majority of the Board, provided that any individual becoming
a director subsequent to the effective date of this Agreement whose appointment or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the Incumbent Board shall be considered as though such individual
were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs
as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or (iii) the stockholders of the
Company approve the complete liquidation or dissolution of the Company, or a sale or other disposition of all or substantially
all of the assets of the Company; provided, however, that any transfer of assets to related parties described in Treasury Regulation
§ 1.409A-3(i)(5)(vii)(B)(1) shall not constitute a Change in Control.

 

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		4.	NONCOMPETITION BY EMPLOYEE.

 

		(a)	During the term of this Agreement and for a period of one (1) year after Employee has ceased to be employed by Company for
any reason, Employee shall not, without the prior written consent of a duly authorized officer of Company, directly or indirectly
(i) engage in the business of, or (ii) assist or have an interest in (whether as proprietor, partner, investor, stockholders, officer,
director or any type of principal whatsoever), or (iii) enter the employment of or act as an agent, advisor, or consultant to any
person, firm, partnership, association, corporation, business organization, entity or enterprise that is, or is to become, directly
engaged in any business competitive with that of Company in any area or territory in which Company offers its services or products.

 

		(b)	During the term of this Agreement, and for a period of one (1) year after Employee has ceased to be employed by Company for
any reason, Employee shall not, without the prior written consent of a duly authorized officer of Company, solicit from any person,
company, firm or organization, or any affiliate of the foregoing, which was or is a client or associated firm of Company or which
Company was soliciting as a client or associated firm of Company during any of the twelve (12) months immediately preceding the
termination or expiration of the Agreement, any business substantially similar to that done by Company, including but not limited
to any business Employee was soliciting or on which he worked while employed by Company.

 

		5.	CONFIDENTIALITY. Employee acknowledges, understands and agrees that all trade secrets and information relating to the
business of the Company and/or its affiliates, including without limitation, procedures, product information, manufacturing techniques
or processes, expertise, records, customer or prospect lists and information, vendor lists and information, supplier lists and
information, internal operating forms, financial information or accounting methods, systems, books, manuals, employee information,
any confidential information concerning the business, the Company, its affiliates, or the business, policies or operations of the
business, the Company or its affiliates which Employee may learn, possess or control during the term of Employee’s continued
employment by the Company or any of its affiliates (as an employee, consultant, agent or otherwise) (collectively, “Trade
Secrets”) are confidential and shall remain the sole and exclusive property of the Company and its affiliates. Trade
Secrets include both written information and information not reduced to writing. Except as may be required pursuant to any law
or the order of a court, or except as may be public knowledge (which shall not have become public knowledge as a result of any
action of Employee), Employee shall not, at any time, retain, duplicate, remove from the business premises of Company or any of
its affiliates, make use of, other than in the ordinary course of fulfilling his duties as an employee of the Company, divulge
or otherwise disclose, directly or indirectly, any Trade Secrets. Employee shall not publish or disclose, and shall exercise his
best efforts to prevent others from publishing or disclosing, any Trade Secrets and he shall not use or attempt to use any such
knowledge or information which he may have or acquire in any manner which may injure or cause loss, whether directly or indirectly,
to the Company or its affiliates or use his personal knowledge or influence over any customers, clients, suppliers or contractors
of the Company or its affiliates so as to take advantage of the Company’s or its affiliate’s trade or business connections
or utilize information confidentially obtained by him.

 

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		6.	NON-SOLICITATION. Employee hereby covenants and agrees that, at all times during his employment with the Company and
for a period of one (1) year immediately following his termination for any reason, Employee shall not employ or seek to employ
any person employed at the time by the Company or any of its affiliates, or otherwise engage or entice, either directly or indirectly,
such person to leave such employment.

 

		7.	VIOLATION OF AGREEMENT.

 

		(a)	The restrictions set forth in Sections 4, 5 and 6 shall extend to any and all activities of Employee, whether alone or together
with or on behalf of or through any other person or entity.

 

		(b)	Employee’s obligations under Sections 4, 5 and 6 shall survive termination of this Agreement and of Employee’s
employment with the Company.

 

		(c)	Employee acknowledges that the restrictions contained in Sections 4, 5 and 6, in view of the nature of the business in which
Company is engaged, are reasonable and necessary to protect the legitimate interests of Company. Employee understands that the
remedies at law for his violation of any of the covenants or provisions of Sections 4, 5 and 6 will be inadequate, that such violations
will cause irreparable injury within a short period of time, and that Company shall be entitled to preliminary injunctive relief
and other injunctive relief against such violation. Such injunctive relief shall be in addition to, and in no way in limitation
of, any and all other remedies that Company shall have in law and equity for the enforcement of those covenants and provisions.
Employee further acknowledges that should he violate any of the covenants or provisions of Sections 4, 5 and 6, he will reimburse
Company for its reasonable costs and attorneys’ fees incurred to enforce the terms of this Agreement.

 

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		8.	TERMINATION.

 

		(a)	Employee’s employment hereunder may be terminated by the Company immediately upon the occurrence of any of the following
events, and the Company shall have no obligations to Employee for any period after the effective date of such termination, except
vested benefits or as otherwise provided in Section 3 herein:

 

		(i)	The death of Employee.

 

		(ii)	A mental or physical illness or injury that prevents Employee from performing his duties hereunder for a period of 90 consecutive
days or for 120 days in any 360-day period, or Employee has been declared by a court of competent jurisdiction to be mentally incompetent
or incapable of managing his affairs.

 

		(iii)	For “cause” which, for the purposes of this Section, shall mean:

 

		(A)	Continued gross neglect or willful failure to perform his duties and responsibilities; or

 

		(B)	Formally being charged, either criminally or civilly, with committing fraud, misappropriation or embezzlement, whether or not
in the performance of Employee’s duties as an employee of the Company; or

 

		(C)	Violations of any law which violation materially affects Employee’s performance of his duties to the Company; or

 

		(D)	The conviction of, or plea of guilty or nolo contendere to, a felony or crime involving moral turpitude; or

 

		(E)	Willfully engaging in conduct materially injurious to the Company or its affiliates; or

 

		(F)	Diverting any business opportunity of the Company or its affiliates for Employee’s direct or indirect personal gain;
or

 

		(G)	Failure to observe or perform the covenants and agreements contained in this Agreement, including but not limited to those
contained in Sections 4, 5 and 6 of this Agreement.

 

		(b)	Employee’s employment hereunder may be terminated at any time upon the mutual written agreement of Employee and the Company.

 

		(c)	Employee’s employment hereunder may be terminated by either party with thirty (30) days of written notice thereof. Notwithstanding
the foregoing, if Employee’s employment hereunder is terminated without “cause,” Employee shall be paid any applicable
severance benefits as set forth in Section 3(b), less applicable deductions and withholdings.

 

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		(d)	Employee may terminate his employment hereunder for Good Reason. “Good Reason” shall mean without the Employee’s
consent, (i) a material diminution in his title, duties or responsibilities such that Employee is no longer fulfilling the responsibilities
of a COO, (ii) a material reduction in base salary or annual bonus opportunity (other than pursuant to an across-the-board reduction
applicable to all similarly situated executives), or (iii) the relocation of the Employee’s principal place of employment
more than fifty (50) miles from its current location other than the relocation of Employee’s principal place of business
to South Florida.

 

		(e)	Except as may otherwise be set forth herein, in the event of termination of Employee’s employment by the Company as permitted
under clause (a) of this Section 8, Employee shall be entitled only to his base Salary and other compensation and benefits earned
through the date of termination.

 

		(f)	Upon the termination of his employment hereunder for any reason whatsoever, Employee shall immediately deliver to the Company
all documents, statistics, accounts, records, programs and other items of whatever nature or description (the “Documents”)
which may be in his possession or under his control which relate in any way to the Trade Secrets or the business or affairs of
the Company or of any of its affiliates, and no copies of any such Documents or any part thereof shall be retained by him.

 

		(g)	In the event of the termination of Employee’s employment under this Agreement, Employee shall be deemed to have resigned
from all positions held in the Company. Upon request of the Company, Employee shall promptly sign any and all documents reflecting
such resignations as of the date of termination of his employment.

 

		9.	REPRESENTATIONS. Employee hereby represents and warrants that this Agreement constitutes his valid and binding obligation
and, is enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement does not violate
any agreement, arrangement or restriction of any kind to which Employee is a party or by which he is bound. Notwithstanding the
foregoing, Employee makes no representation or warranty as to the enforceability of Sections 4 and 6 of this Agreement.

 

		10.	MISREPRESENTATION. Neither party hereto shall knowingly at any time make any untrue statement in relation to the other
or any of their affiliates and in particular Employee shall not after the termination of his employment hereunder wrongfully represent
himself as being employed by or connected with the Company or any affiliate of the Company.

 

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		11.	REIMBURSEMENT OF EXPENSES. The Company shall reimburse Employee for all ordinary and necessary out-of-pocket expenses
reasonably incurred by Employee on behalf of the business of the Company. Employee agrees that expense reports must be submitted
to obtain reimbursement of expenses as well as presentation of such supporting documentation as the Company may reasonably require.
Employee further agrees to submit with expense reports such records and logs as may be required by the relevant taxing authorities
for the substantiation of each such business expense as a deduction on the Company’s income tax returns. Any reimbursements
by the Company to Employee of any eligible expenses under this Agreement that are not excludable from Employee’s income for
Federal income tax purposes (the “Taxable Reimbursements”) shall be made by no later than the earlier of the date on
which they would be paid under the Company’s normal policies and the last day of the taxable year of Employee following the
year in which the expense was incurred. The amount of any Taxable Reimbursements to be provided to Employee, during any taxable
year of Employee shall not affect the expenses eligible for reimbursement in any other taxable year of Employee. The right to Taxable
Reimbursement shall not be subject to liquidation or exchange for another benefit.

 

		12.	INVENTIONS, ETC.

 

		(a)	It shall be part of the normal duties of Employee at all times to consider in what manner and by what new methods or devices
the products, services, processes, equipment or systems of the Company or any of its affiliates with which he is concerned or for
which he is responsible might be improved, and promptly to give to the Chief Executive Officer of the Company or Board of Directors
full details of any invention or improvement which he may from time to time make or discover in the course of his duties, and to
further the interests of the Company with regard thereto. Subject only to any contrary provisions of the laws of the United States
or the State of Delaware or the Commonwealth of Massachusetts, all such materials, inventions, improvements, methods, products,
services, equipment or systems shall be deemed to be “works made for hire,” and to the extent such items are not works
made for hire, Employee hereby irrevocably grants and assigns such materials, inventions, improvements, methods, products, services,
equipment or systems to the Company which shall be entitled, free of charge, to the sole ownership of any such invention or improvement.

 

		(b)	Employee shall, if and when required so to do by the Company, at the expense of the Company, apply or join with the Company
in applying for patents or other protection in any part of the world for any such discovery, invention or process as aforesaid
and shall at the expense of the Company, execute and do or cause to be done all instruments and things reasonably necessary for
vesting the said patent or other protection when obtained and all right, title and interest to and in the same in the Company or
in such other person as the Company may designate.

 

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		(c)	For the purpose of this clause Employee hereby irrevocably authorizes the Company as his attorney in his name to execute any
documents or take any actions which are required in order to give effect to the provisions of this Section and the Company is hereby
empowered to appoint and remove at its pleasure any person as agent and substitute for and on behalf of the Company in respect
of all or any of the matters aforesaid.

 

		13.	NOTICES. Any notices to be given hereunder by either party to the other may be effectuated either by personal delivery
in writing, by electronic facsimile transmission, by commercial overnight courier or by mail, postage prepaid, with return receipt
requested. Notices shall be addressed to the parties as follows:

 

If to the Company:

 

Cyalume Technologies, Inc.

96 Windsor Street

West Springfield, MA 01089

Attention: Chief Executive Officer

 

With a copy to:

 

Sapirstein & Sapirstein, P.C.

1350 Main Street

Springfield, MA 01103

Attention: Tani E. Sapirstein, Esq.

 

If to Employee:

 

Dale S. Baker

545 Coconut Circle

Weston, FL 33326

 

With a copy to:

 

BoyarMiller

4625 San Felipe, Suite 1200

Houston, Texas 77027

Attention: J. William Boyar, Esq.

Facsimile No.: (713) 552-1758

 

			Or to such other addresses as either the Company or Employee may designate by written notice to each other. Notices delivered
personally shall be deemed duly given on the date of actual receipt; mailed notices shall be deemed duly given as of the fifth
(5th) day after the date so mailed. Notices hereunder may be delivered by electronic facsimile transmission (fax) if
confirmation by sender is made within three (3) business days by mail or personal delivery.

 

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		14.	ATTORNEYS’ FEES. If any party shall bring an action to enforce this Agreement and does not prevail on its claims,
then the Party asserting such claims shall be responsible for paying the prevailing Party its reasonable attorney fees and costs
to defend against those claims.

 

		15.	WAIVER OF BREACH. The waiver by any party to a breach of any provision in this Agreement cannot operate or be construed
as a waiver of any subsequent breach by a party.

 

		16.	SEVERABILITY. The invalidity or unenforceability of any particular provision in this Agreement shall not affect the
other provisions hereof, and this Agreement shall be construed in all respects as if the invalid or unenforceable provision were
omitted.

 

		17.	ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and thereof and supersedes and cancels any and all previous agreements, written and oral, regarding the subject matter
hereof between the parties hereto. This Agreement shall not be changed, altered, modified or amended, except by a written agreement
signed by both parties hereto.

 

		18.	GOVERNING LAW. This Agreement shall be interpreted, construed and governed according to the laws of Delaware, without
giving effect to principles of conflicts or choice of laws of Delaware or of any other jurisdiction.

 

		19.	CONSENT TO JURISDICTION. Employee hereby irrevocably submits to the jurisdiction of any court of Delaware or any federal
court sitting in the State of Delaware over any suit, action or proceeding arising out of or relating to this Agreement. Employee
hereby agrees that a final judgment in any such suit, action or proceeding brought in any such court, after all appropriate appeals,
shall be conclusive and binding upon him.

 

		20.	SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
successors, permitted assigns, legal representatives and heirs, but neither this Agreement nor any rights hereunder shall be assignable
by any of its parties except as permitted by this Section. Employee agrees that this Agreement may be assigned or transferred by
operation of law by the Company upon a sale, merger, reorganization or other business combination of or involving the Company;
provided, however, that (i) such assignee or other successor to the Company shall assume all obligations of the Company hereunder
and (ii) that Employee shall perform all services required pursuant to this Agreement for any such assignee or successor.

 

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		21.	MISCELLANEOUS. The Section headings of this Agreement are for convenience of reference only and do not form a part hereof
and do not in any way modify, interpret, or construe the intentions of the parties. This Agreement may be executed in one or more
counterparts and all such counterparts shall constitute one and the same instrument.

 

		22.	RIGHT OF SET-OFF. The Company may at any time offset against any compensation or other remuneration due or to become
due to Employee, or anyone claiming through or under Employee, any debt or debts due or to become due from Employee to the Company.

 

		23.	SECTION 409A COMPLIANCE

 

		(a)	General. It is the intention of both the Company and Employee that the benefits and rights to which Employee could be entitled
pursuant to this Agreement comply with Section 409A of the Code and the Treasury Regulations and other guidance promulgated or
issued thereunder (“Section 409A”), to the extent that the requirements of Section 409A are applicable thereto, and
the provisions of this Agreement shall be construed in a manner consistent with that intention. If Employee or the Company believes,
at any time, that any such benefit or right that is subject to Section 409A does not so comply, it shall promptly advise the other
and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Section
409A (with the most limited possible economic effect on Employee and on the Company).

 

		(b)	Distributions on Account of Separation from Service. If and to the extent required to comply with Section 409A, no payment
or benefit required to be paid under this Agreement on account of termination of Employee’s employment shall be made unless
and until Employee incurs a “separation from service” with the meaning of Section 409A.

 

		(c)	6-Month Delay for Specified Employees.

 

		(i)	If Employee is a “specified employee,” then no payment or benefit that is payable on account of Employee’s
“separation from service,” as that term is defined for purposes of Section 409A, shall be made before the date that
is six months after Employee’s “separation from service” (or, if earlier, the date of Employee’s death)
if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation)
under Section 409A and such deferral is required to comply with the requirements of Section 409A. Any payment or benefit delayed
by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in
order to catch up to the original payment schedule.

 

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		(ii)	For purposes of this provision, Employee shall be considered to be a “specified employee” if, at the time of his
or her separation from service, Employee is a “key employee,” within the meaning of Section 416(i) of the Code, of
the Company (or any person or entity with whom the Company would be considered a single employer under Section 414(b) or Section
414(c) of the Code) any stock of which is publicly traded on an established securities market or otherwise.

 

		(d)	No acceleration of Payments. Neither the Company nor Employee, individually or in combination, may accelerate any payment or
benefit that is subject to Section 409A, except in compliance with Section 409A and the provisions of this Agreement, and no amount
that is subject to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section 409A.

 

		(e)	Treatment of Each Installment as a Separate Payment. For purposes of applying the provisions of Section 409A to this Agreement,
each separately identified amount to which Employee is entitled under this Agreement shall be treated as a separate payment. In
addition, to the extent permissible under Section 409A, any series of installment payments under this Agreement shall be treated
as a right to a series of separate payments.

 

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first above written.

 

	 	CYALUME TECHNOLOGIES, INC., a 	 
	 	Delaware corporation 	 
	 	 	 	 
	 	By:	/s/ Michael Bielonko	 
	 	Name:	Michael Bielonko	 
	 	Title:  	Chief Financial Officer	 

 

 

  

	 	DALE S. BAKER
	 
	 	 	 
	 	/s/ Dale S. Baker	 

  

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SCHEDULE 1

TO EMPLOYMENT AGREEMENT OF 

Dale S. Baker

 

		1.	Salary. The Company shall pay Employee an annual base salary (“Base Salary”) of Three Hundred Fifty Thousand
Dollars ($350,000), at normal payroll intervals and less applicable deductions and withholdings, which shall be subject to annual
adjustments at the sole discretion of the Board of Directors of the Company. The Base Salary shall increase ten percent (10%) for
every $35,000,000 of revenue growth calculated based on the Company’s fiscal year. Employee shall be eligible for the first
such increase when annual revenues total at least $105,000,000.

 

		2.	Cash Bonus

 

		(a)	Bonus. Employee shall be eligible for an annual bonus for each fiscal year of the Company (“Bonus”), subject
to the terms and conditions of this Section and Section 2(b). The payment and amount of any Bonus for a given fiscal year shall
be based on performance targets mutually agreed upon by the Parties in writing for such fiscal year (the “Annual Performance
Targets”). The Annual Performance Targets for the fiscal year in which the Effective Date occurs shall be established within
forty-five (45) days after the Effective Date, and the Annual Performance Targets for each subsequent fiscal year shall be established
within forty-five (45) days after the beginning of such fiscal year. If the Company’s performance meets, but does not exceed,
the Annual Performance Targets for a given fiscal year, the amount of the Bonus for such fiscal year shall equal 90% of the annualized
rate of the Base Salary in effect as of the end of such fiscal year. If the Company’s performance exceeds the Annualized
Performance Targets for a given fiscal year, the amount of the Bonus for such fiscal year shall equal 90% of the annualized rate
of the Base Salary in effect as of the end of such fiscal year, plus an additional 1% of such annualized rate for each 1% by which
the Company’s performance exceeds the Annualized Performance Targets for such fiscal year. If the Company’s performance
fails to meet the Annualized Performance Targets for a given fiscal year, the amount of the Bonus for such fiscal year shall equal
90% of the annualized rate of the Base Salary in effect as of the end of such fiscal year, less 2% of such annualized rate for
each 1% by which the Company’s performance failed to meet the Annualized Performance Targets for such fiscal year, provided,
however, that Employee shall not be eligible for any Bonus for a given fiscal year in which the Company’s performance was
less than or equal to 70% of the Annualized Performance Targets for such fiscal year. Provided Employee has not been terminated
under Section 8(a) (for ”cause” by the Company) prior to the payment thereof, Employee shall be eligible for (i) a
Bonus for each fiscal year on the last day of which Employee is employed hereunder and (ii) if Employee’s employment hereunder
is terminated other than on the last day of a fiscal year, a pro-rated Bonus for the fiscal year during which Employee’s
employment hereunder is terminated, based on the number of full calendar months Employee was employed hereunder during such fiscal
year. Any Bonus earned for any full or partial fiscal year shall be paid in the following fiscal year within 30 days after the
Company’s audited financial statements are issued, but in no event later than June 30th of such following fiscal
year regardless of whether such audited financial statements are issued by such date.

 

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		(b)	Bonus During the Period September 10, 2012 to December 31, 2012. Notwithstanding the foregoing Section 2(a), the Employee shall
only be eligible for a bonus for the period commencing on September 10, 2012 and ending on December 31, 2012, at the sole
discretion of the Board of Directors of the Company

 

		3.	Benefits. Employee shall be provided with health, life, and disability insurance coverages and other similar benefits
substantially equivalent to those provided to senior executive employees of the Company and their families from time to time, all
in accordance with the standard policies of the Company. The Company shall pay one hundred (100%) percent of the monthly health
insurance premium. Employee shall be permitted to participate in the Company’s 401(k) Retirement Plan.

 

		4.	Paid Time Off (PTO)/Sick Days. Employee shall be provided with three (3) weeks of PTO, accrued on a monthly basis, and
with sick days in accordance with the standard policies of the Company. Employee shall be permitted to carry over any unused PTO
into any subsequent period. Upon termination of employment, Employee shall not be paid for unused sick days, but will be paid for
accrued, unused PTO.

 

		5.	Apartment Allowance. The Employee shall be furnished a monthly apartment allowance in an amount to be approved by the
Chief Executive Officer in his sole discretion during the period when the Company headquarters is located in West Springfield,
Massachusetts.

 

6.            Moving Expenses. The Company shall reimburse the
Employee up to Ten Thousand and no/100 ($10,000.00) Dollars of his expenses incurred in moving his belongings from Las Vegas, Nevada
to the Springfield, Massachusetts area. In the event the Company relocates its corporate headquarters to Florida, the Company shall
reimburse the Employee up to Ten Thousand and no/100 ($10,000.00) Dollars of his expenses incurred in moving his belongings from
the Springfield, Massachusetts area to Florida.

 

    	14WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of July 19, 2012, is by and between Infinity Cross Border Acquisition Corporation,
a British Virgin Islands business company (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”).

      

WHEREAS, the
Company has entered into that certain Second Amended and Restated Sponsors Warrants Purchase Agreement, dated May 24, 2012 (“Sponsors
Warrants Purchase Agreement”) with Infinity I-China Fund (Cayman), L.P., Infinity I-China Fund (Israel), L.P., Infinity
I-China Fund (Israel 2), L.P. and Infinity I-China Fund (Israel 3), L.P. (collectively, the “Sponsors”)
pursuant to which the Sponsors will purchase an aggregate of 4,000,000 warrants (or 4,381,818 warrants, if the underwriters’
over-allotment option is exercised in full) of the Company (the “Sponsor Warrants”), at a purchase price
of $0.50 per Warrant, to be sold to the Sponsors simultaneously with the closing of the Offering (as defined below); and

 

WHEREAS,
the Company has entered into that certain Amended and Restated EBC Warrants Purchase Agreement, dated May 24, 2012 (“EBC
Warrants Purchase Agreement”) with EarlyBirdCapital, Inc. (“EBC”) or its designees
(collectively, the “EBC Warrantholders” and together with the Sponsors, the
“Insider Warrantholders”) pursuant to which the EBC Warrantholders will purchase an aggregate of 400,000
Warrants (or 438,182 Warrants, if the underwriters’ over-allotment option is exercised
in full) of the Company (the “EBC Warrants” and together with the Sponsor Warrants, the “Insider
Warrants”), at a purchase price of $0.50 per Warrant, to be sold to the EBC Warrantholders simultaneously with the
closing of the Offering (as defined below); and

 

WHEREAS, the
Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity
securities, each such unit comprised of one Ordinary Share (as defined below) and one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 5,000,000 warrants (including up to 750,000 warrants subject
to the Over-allotment Option (as defined below)) to public investors in the Offering (the “Public Warrants” and,
together with the Insider Warrants, the “Warrants”), each such Warrant evidencing the right of the holder
thereof to purchase one Ordinary Share of the Company, no par value per share (“Ordinary Shares”), for
$7.00 per share, subject to adjustment as described herein; and

 

WHERAS, the
Sponsors have agreed to purchase up to 40% of the Public Warrants sold in the Offering for $0.40 per Warrant during the period
commencing on the later of 61 days following the effective date of the Offering or when the Public Warrants commence separate trading
and terminating on the earlier of such maximum number of Warrants being purchased by the Sponsors and the Company’s announcement
of an initial Business Combination (as defined below) and the remainder of the Warrants sold in the Offering for $0.60 per Public
Warrant in a tender offer by the Sponsors (each a “Repurchased Public Warrant”); and

 

WHEREAS, in
connection with the Offering, the Company has granted a unit purchase option (the “UPO”) to EBC for $100
to acquire 500,000 units (“UPO Units”) at $8.80 per unit. The UPO Units are identical to the Units and each
UPO Unit consists of one Ordinary Share and one warrant to purchase one Ordinary Share for $7.00 per share, subject to adjustment
as described herein (the “UPO Warrants”, and, together with the Insider Warrants and the Public Warrants,
the “Warrants”); and

 

    	1

    	 

    

 

WHEREAS, the
Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement
on Form F-1, No. 333-173575 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
Public Warrants and Ordinary Shares included in the Units; and

 

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

 

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

 

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

 

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

 

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

 

2.            Warrants.

 

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

 

2.2           Effect
of Countersignature. 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.

 

2.3           Registration.

 

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

 

    	2

    	 

    

 

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

 

2.4          Detachability
of Warrants. The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the 90th
day following the date of the Prospectus or, if such 90th day is a Saturday, Sunday or federal holiday, or a day on
which banks in New York City are generally not open for normal business (a “Business Day”), then on the
immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the
consent of EarlyBirdCapital, Inc., as representative of the several underwriters, but in no event shall the Ordinary Shares and
the Public Warrants comprising the Units be separately traded until: (A) the Company has filed a report of foreign private
issuer on Form 6-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds
of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase
additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised
prior to the filing of the Form 6-K, and (B) the Company issues a press release and files with the Commission a report of
foreign private issuer on Form 6-K announcing when such separate trading shall begin.

 

2.5          Warrant
Attributes.

 

2.5.1           Insider
Warrants. The Insider Warrants and any Repurchased Public Warrants shall be identical to the Public Warrants, except that (a)
so long as they are held by the Insider Warrantholders or any of their Permitted Transferees (as defined below) the Insider Warrants
and the Repurchased Public Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c)
hereof, (ii)  may not be transferred, assigned or sold until after the completion by the Company of an initial Business Combination
(as defined below), and (iii) shall not be redeemable by the Company; and (b) the period during which the EBC Warrants are exercisable
may not be extended (pursuant to the last sentence of Section 3.2 or otherwise) beyond the date that is five years from the effective
date of the Registration Statement. For purposes of this Agreement, the term “Permitted Transferees” means anyone that
is transferred Insider Warrants in the following transactions:

 

(a) as gift to
such person’s immediate family or to a trust, the beneficiary of which is a member of such person’s immediate family,
an affiliate of such person or to a charitable organization,

 

(b) to the Company’s
or EBC’s officers or directors, any affiliate or family member of any of the Company’s officers or directors or any
affiliates of the Insider Warrantholders,

 

(c) by virtue
of the laws of descent and distribution upon death of such person,

 

(d) pursuant to
a qualified domestic relations order, or

 

(e) by virtue of the
laws of the jurisdiction of incorporation of an Insider Warrantholder upon dissolution of such Insider Warrantholder.

 

    	3

    	 

    

 

2.5.2        The
provisions of this Section 2.5 may not be modified, amended or deleted without the prior written consent of EBC.

 

3.            Terms
and Exercise of Warrants.

 

3.1           Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions
of such Warrant and of this Warrant Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the
price of $7.00 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 Warrant Agreement shall mean the price
per share at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may
lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business
Days, provided, that the Company shall provide at least twenty (20) days prior written notice of such reduction to
Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of
the Warrants.

     

3.2           Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the later of: (i) the date on which the Company completes an acquisition, engages in a share exchange, share reconstruction
and amalgamation or contractual control arrangement with, purchases all or substantially all of the assets or, or engages in any
other similar business combination with one or more businesses or entities (a “Business Combination”)
or (ii) the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York
City time on the earlier to occur of: (x) the date that is three (3) years after the date on which the Company completes
its initial Business Combination, (y) the liquidation of the Company, or if the Company fails to consummate a Business Combination
18 months from the closing of the Offering (or 21 month of the closing of the Offering) if a definitive agreement is executed within
18 months from the closing of the Offering but a Business Combination has not been consummated within such period), or (z) other
than with respect to the Insider Warrants and the Repurchased Public Warrants, the Redemption Date (as defined below) as provided
in Section 6.2 hereof (the “Expiration Date”); provided, however, that the
exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2
below with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price (other
than with respect to an Insider Warrant or Repurchased Public Warrant) in the event of a redemption (as set forth in Section 6
hereof), each Warrant (other than a Insider Warrant or a Repurchased Public Warrants in the event of a redemption) not exercised
on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days
prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension
shall be identical in duration among all the Warrants.

 

    	4

    	 

    

 

3.3          Exercise
of Warrants.

 

3.3.1           Payment.
Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each full Ordinary Share as to which the Warrant is exercised and any
and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Share
and the issuance of such Ordinary Share, as follows:

 

(a)  by wire
transfer of immediately available funds, in good certified check or good bank draft payable to the order of the Company;

 

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

 

(c) with respect
to the exercise of any Insider Warrant or Repurchased Public Warrant on a “cashless basis”, so long as such Insider
Warrant and Repurchased Public Warrant is held by the Insider Warrantholders, a partner or an affiliate of the Insider Warrantholders
or their Permitted Transferees, by surrendering the Warrants for that number of Ordinary Shares equal to the quotient obtained
by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between
the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.3.1(c), by (y) the Fair
Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean
the average last sale price of the Ordinary Shares for the ten (10) trading days ending on the third trading day prior to
the date on which notice of exercise of the Warrant is sent to the Warrant Agent; or

 

(d) as provided
in Section 7.4 hereof.

 

3.3.2           Issuance
of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in
payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a certificate or certificates for the number of full Ordinary Shares to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full,
a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the
foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have
no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary
Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s
satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall not be obligated
to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise 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 conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder
of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which
case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the
Ordinary Shares underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise.

 

    	5

    	 

    

 

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

 

3.3.4           Date of Issuance.
Each person in whose name any certificate for Ordinary Shares is issued shall for all purposes be deemed to have become the holder
of record of such Ordinary Shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective
of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the share transfer
books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business
on the next succeeding date on which the share transfer books are open.

 

3.3.5           Maximum Percentage.
A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this
subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she
or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s
Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise,
such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own
in excess of 9.8% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by
such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to
which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise
of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person
and its affiliates (including, without limitation, any convertible notes or convertible preferred 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 Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s
most recent annual report on Form 20-F, report of foreign private issuer on Form 6-K or other public filing with the Commission
as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or Continental
Stock Transfer & Trust Company as transfer agent (the “Transfer Agent”) setting forth the number
of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company
shall, within two (2) Business Days, confirm orally and in writing to such holder the number of Ordinary Shares then outstanding.
In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of
equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding Ordinary
Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum
Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any
such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    	6

    	 

    

 

4.            Adjustments.

 

4.1           Share
Dividends.

 

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

 

4.1.2           Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of
the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1.1
above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Ordinary
Shares in connection with a proposed initial Business Combination, (d) as a result of the repurchase of Ordinary Shares by
the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval or (e) in
connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination
(any such non- excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant
Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash
and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each Ordinary
Shares in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per Ordinary Share basis, with the per share amounts
of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of
declaration of such dividend or distribution (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 Ordinary Shares issuable on exercise of each Warrant) does not exceed $0.40 (being 5% of the offering price of
the Units in the Offering).

 

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

 

    	7

    	 

    

 

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

 

4.4          Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares
(other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the
par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity
of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company
is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable
and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her
or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however,
that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities,
cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets
constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average
of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively
make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders
of the Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights
held by shareholders of the Company as provided for in the Company’s memorandum and articles of association, as amended,
or as a result of the repurchase of Ordinary Shares by the Company if a proposed initial Business Combination is presented to the
shareholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker
thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such
maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange
Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning
of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding Ordinary Shares, the holder of a Warrant shall be entitled
to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually
have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or
exchange offer, accepted such offer and all of the Ordinary Shares held by such holder had been purchased pursuant to such tender
or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent
as possible to the adjustments provided for in this Section 4; provided further, however, that if more
than 30% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of
ordinary shares in the successor entity that is not listed for trading on a national securities exchange or on the OTC Bulletin
Board, or is not to be so listed for trading immediately following such event, then the Warrant Price shall be reduced by an amount
(in dollars) equal to the quotient of (x) $10.50 (subject to adjustment in accordance with Section 6.1 hereof) minus
the Per Share Consideration (as defined below) (but in no event, less than zero), and (y) if the applicable event is announced
on or prior to the third anniversary of the closing date of the initial Business Combination, 2; if the applicable event is announced
after the third anniversary of the closing date of the initial Business Combination and on or prior to the fourth anniversary of
the closing date of the initial Business Combination, 2.5; if the applicable event is announced after the fourth anniversary of
the closing date of the initial Business Combination and on or prior to the Expiration Date, 3. “Per Share Consideration”
means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash
per Ordinary Shares, and (ii) in all other cases, the volume weighted average price of the Ordinary Shares as reported during
the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification
or reorganization also results in a change in Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be
made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of
this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers.

 

    	8

    	 

    

 

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

 

4.6          No
Fractional Shares. Notwithstanding any provision contained in this Warrant 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, the number of the Ordinary Shares to be issued to such
holder.

 

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

 

    	9

    	 

    

 

4.8          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.

 

5.             Transfer
and Exchange of Warrants.

 

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

 

5.2          Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that
in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Insider Warrants), the Warrant
Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion
of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive
legend.

 

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

 

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

     

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

     

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

 

    	10

    	 

    

 

6.            Redemption.

 

6.1          Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Public Warrants may be redeemed, at the option
of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon
notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant
(the “Redemption Price”), provided that the last sales price of the Ordinary Shares reported has been
at least $10.50 per share (subject to adjustment in compliance with Section 4 hereof), on each of twenty (20) trading
days within the thirty (30) trading-day period ending on the third Business Day prior to the date on which notice of the
redemption is given and provided that commencing five business days prior to the date that the Company gives notice of redemption
(as described in Section 6.2 below), and during the entire period thereafter until the Redemption Date there is an effective registration
statement covering the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available
(as defined in Section 6.2 below).

     

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

     

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

     

6.4          Exclusion
of Certain Warrants.

 

6.4.1           The
Company agrees that the redemption rights provided in this Section 6 shall not apply to the Insider Warrants or the
Repurchased Public Warrants if at the time of the redemption such Insider Warrants or the Repurchased Public Warrants continue
to be held by the Insider Warrantholders, partners or affiliates of the Insider Warrantholders or their Permitted Transferees.
However, once such Insider Warrants or the Repurchased Public Warrants are transferred (other than to Permitted Transferees
under subsection 2.5), the Company may redeem such Warrants, provided that the criteria for redemption are met, including
the opportunity of the holder of such Warrants to exercise such Warrants prior to redemption pursuant to Section 6.3.
Insider Warrants or the Repurchased Public Warrants that are transferred to persons other than Permitted Transferees shall upon
such transfer cease to be Insider Warrants or Repurchased Public Warrants and shall become Public Warrants under this Agreement.

 

6.4.2           The
Company understands that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent
a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase
rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption is
met.

 

    	11

    	 

    

 

6.4.3           The
provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of EBC.

 

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

 

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

     

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

     

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

     

7.4          Registration
of Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days
after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a new registration
statement, for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants, and it
shall use its best efforts to take such action as is necessary to register or qualify for sale, in those states in which the Warrants
were initially offered by the Company, the Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption is
not available. The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of
such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with
the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following
the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st
Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective
by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,”
by exchanging the Warrants (in accordance with Section 3(a)(9) of the Act or another exemption) for that number of Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants,
multiplied by the difference between the Warrant Price and the “Fair Market Value” (as defined below) by (y) the
Fair Market Value. Solely for purposes of this Section 7.4, “Fair Market Value” shall mean the volume weighted
average price of the Ordinary Shares 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. The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside
law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance with
this Section 7.4 is not required to be registered under the Securities Act and (ii) the Ordinary Shares issued
upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such
term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive
legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company
shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4.
In addition, the Company agrees to use its best efforts to register the Ordinary Shares issuable upon exercise of a Warrant under
the blue sky laws of the states of residence of the exercising Warrant holder to the extent an exemption is not available. The
provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of EBC.

 

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8.            Concerning
the Warrant Agent and Other Matters.

 

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

 

8.2          Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1           Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If
the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder
of a Warrant (who shall, with such notice, submit his 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 Ordinary Shares not later than the effective date of any such appointment.

 

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

 

8.3          Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4          Liability
of Warrant Agent.

 

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

 

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

 

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

 

    	14

    	 

    

 

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

 

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

 

9.             Miscellaneous
Provisions.

 

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

 

9.2          Notices.
All notices, statements or other documents which are required or contemplated 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: (i) in writing and delivered personally or sent by first class
registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing,
(ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in
writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such
other electronic mail address as may be designated in writing by such party.  Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written
confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service
or five (5) days after mailing if sent by mail.

 

Addresses for notice:

 

Infinity Cross Border Acquisition Corporation

c/o Infinity-C.S.V.C.
Management Ltd.

3 Azrieli Center
(Triangle Tower)

42nd
Floor, Tel Aviv, Israel, 67023

Attn: Chief Financial Officer

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attention: Compliance Department

 

    	15

    	 

    

 

with a copy in each case (which shall not constitute service)
to:

 

Ellenoff Grossman & Schole LLP

150 East 42nd Street

New York, NY 10017

Attn: Stuart Neuhauser, Esq.

 

and

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

Attn: Steven Levine

 

and

 

Graubard Miller

405 Lexington Avenue, 19th Floor

New York, New York 10174

Attn: David Alan Miller, Esq.

 

9.3          Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

     

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 2.5, 6.4, 7.4 and 9.8 hereof, EBC, any right, remedy,
or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
EBC shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.5, 6.4, 7.4 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 EBC with respect to Sections 2.5, 6.4, 7.4 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.

 

    	16

    	 

    

 

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

 

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

     

 

9.8          Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any 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 and any amendment to the terms of only the Insider Warrants, shall
require the written consent of the Registered Holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing,
the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and
3.2, respectively, without the consent of the Registered Holders. Notwithstanding anything herein to the contrary, Sections
2.5, 6.4, 7.4 and 9.8, respectively, may not be modified, amended or deleted without the prior written consent of EBC. Notwithstanding
anything herein to the contrary, no amendment hereto shall amend the expiration date of the Public Warrants to a date prior to
30 days following the Business Combination without the written approval of EBC.

 

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

 

Exhibit A —
Form of Warrant Certificate

  

    	17

    	 

    

 

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

 

	 	Infinity Cross Border
 Acquisition Corporation
	 	 	 
	 	By:	/s/ Avishai Silvershatz
	 	 	Name: Avishai Silvershatz
	 	 	Title: Co-President, Co-CEO, Co-Chairman

 

	 	CONTINENTAL STOCK TRANSFER & 
 TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/ Leslie A. Deluca
	 	 	Name: Leslie A. Deluca
	 	 	Title: Vice President

 

Signature page to Warrant Agreement

 

    	 

    	 

    

 

EXHIBIT A

 

[See Exhibit 4.3 to the Registration Statement]

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