Document:

Exhibit
        4.4

   

  WARRANT
        AGREEMENT

   

  THIS
      WARRANT AGREEMENT (this “Agreement”), dated as of October 1, 2020, is by and between ION Acquisition
      Corp 1 Ltd., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer &
      Trust Company, a New York limited purpose trust company, as warrant agent (in such capacity, the “Warrant Agent,”
      and also referred to herein as the “Transfer Agent”).

   

  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 Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary
          Shares”), and one-fifth of a redeemable Public Warrant (as defined below) (the “Units”)
      and, in connection therewith, has determined to issue and deliver up to 4,500,000 warrants (or up to 5,175,000 warrants if the
      Over-allotment Option (as defined below) is exercised in full) to public investors in the Offering (the “Public Warrants”);

   

  WHEREAS,
      the Company entered into separate agreements with ION Holdings 1, LP, a Cayman Islands exempted limited partnership (the “Sponsor”)
      and ION Co-investment LLC (“Cowen Investments” and, together with the Sponsor, the “Founders”),
      pursuant to which the Founders agreed to purchase an aggregate of 6,500,000 private placement warrants (or up to 7,175,000 private
      placement warrants if the Over-allotment Option is exercised in full) simultaneously with the closing of the Offering (the “Private
          Placement Warrants”), each bearing the legend set forth in Exhibit A hereto;

   

  WHEREAS,
      in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
      below), the Sponsor or an affiliate of the Sponsor or the Company’s officers and directors may, but are not obligated to,
      loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an
      additional 1,500,000 warrants at a price of $1.00 per warrant, which will be identical to the Private Placement Warrants (the
      “Working Capital Warrants,” and, together with the Public Warrants and the Private Placement Warrants,
      the “Warrants”);

   

  WHEREAS,
      each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment
      as described herein;

   

  WHEREAS,
      the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration
      statement on Form S-1, File No. 333-248815 (the “Registration Statement”) and a prospectus (the “Prospectus”),
      for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
      the Public Warrants and the Ordinary Shares included in the Units;

   

  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;

   

  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, if a physical certificate is issued, shall
      be in substantially the form of Exhibit B hereto, the provisions of which are incorporated herein and shall be signed by,
      or bear the electronic signature of, the Chairman of the Company’s board of directors (the “Board”),
      President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event
      the person whose electronic 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. All of the Public Warrants shall initially be represented by one or more book-entry certificates
      (each, a “Book-Entry Warrant Certificate”).

   

  
  
     

  

  
     

  

  
   

  2.2
      Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant
      to this Agreement, a Warrant certificate 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. All of the Public Warrants shall initially be represented
      by one or more Book-Entry Warrant Certificates deposited with The Depository Trust Company (the “Depositary”)
      and registered in the name of Cede & Co., a nominee of the Depositary. Ownership of beneficial interests in the Public Warrants
      shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its
      nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution,
      with respect to a Warrant in its account, a “Participant”).

   

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

   

  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 a Definitive Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any
      exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to
      the contrary.

   

  2.4
      Detachability of Warrants. The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on
      the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday,
      Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”),
      then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”)
      with the consent of Cowen and Company, LLC, 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 Current Report on Form
      8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the
      Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional
      Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior
      to the filing of the Current Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading
      shall begin.

   

  2.5
      No Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part
      of the Units, each of which is comprised of one Ordinary Share and one-fifth of one Public Warrant. If, upon the detachment of
      Public Warrants from the Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company
      shall round down to the nearest whole number the number of Warrants to be issued to such holder.

   

  
  
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  2.6
      Private Placement Warrants and Working Capital Warrants. The Private Placement Warrants and the Working Capital Warrants
      shall be identical to the Public Warrants, except that so long as they are held by the Founders or any of their Permitted Transferees
      (as defined below), as applicable, the Private Placement Warrants and the Working Capital Warrants: (i) shall not be redeemable
      by the Company; (ii) with respect to Private Placement Warrants held by Cowen Investments, will not be exercisable more than five
      years from the effective date of the Registration Statement in accordance with FINRA Rule 5110(f)(2)(G)(i); (iii) may not (including
      the Ordinary Shares issued upon exercise of the Private Placement Warrants and the Working Capital Warrants) be transferred, assigned
      or sold until the date that is thirty (30) days after the completion by the Company of an initial Business Combination (as defined
      below); and (iv) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof; provided,
        however, that in the case of (ii), the Private Placement Warrants and the Working Capital Warrants and any Ordinary Shares
      held by the Founders or any of their Permitted Transferees, as applicable, and issued upon exercise of the Private Placement Warrants
      and the Working Capital Warrants may be transferred by the holders thereof:

   

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

   

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

   

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

   

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

   

  (e)
      by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with
      the consummation of an initial Business Combination at prices no greater than the price at which the Ordinary Shares or Warrants
      were originally purchased;

   

  (f)
      by virtue of the laws of the Cayman Islands or the exempted limited partnership agreement of the Sponsor upon termination and
      winding-up of the Sponsor;

   

  (g)
      in the event of the Company’s liquidation prior to the consummation of a Business Combination; and

   

  (h)
      in the event that, subsequent to the consummation of an initial Business Combination, the Company completes a liquidation, merger,
      share exchange or other similar transaction which results in all of its shareholders having the right to exchange their Ordinary
      Shares for cash, securities or other property; provided, however, that, in the case of clauses (a) through (f), these transferees
      (the “Permitted Transferees”) enter into a written agreement with the Company agreeing to be bound by
      the transfer restrictions in this Agreement and the other restrictions contained in the letter agreement, dated as of the date
      hereof, by and among the Company, the Founders and the Company’s officers and directors.

   

  3.
      Terms and Exercise of Warrants.

   

  3.1
      Warrant Price. Each Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and
      of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share,
      subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
      Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to
      a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which the Ordinary Shares
      may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
      prior to the Expiration Date (as defined below) for a period of not less than fifteen (15) Business Days (unless otherwise required
      by the Commission, any national securities exchange on which the Warrants are listed or applicable law), provided, that the Company
      shall provide at least five (5) 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.

   

  
  
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  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 that is thirty (30) days after the first date on which the Company completes a merger,
      share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving the Company and one
      or more businesses (a “Business Combination”), and (ii) the date that is twelve (12) months from the
      date of the closing of the Offering, and terminating on the earliest to occur of: (x) 5:00 p.m., New York City time on the date
      that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of
      the Company in accordance with the Company’s amended and restated memorandum and articles of association (as amended from
      time to time, the “Charter”), if the Company fails to consummate a Business Combination, provided,
      however, that the Private Placement Warrants issued to Cowen Investments will not be exercisable more than five years from
      the effective date of the Registration Statement in accordance with FINRA Rule 5110(f)(2)(G)(i), and (z) other than with respect
      to the Private Placement Warrants and the Working Capital Warrants then held by any of the Founders or their Permitted Transferees,
      5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration
          Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of
      any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement.
      Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement
      Warrant or a Working Capital Warrant then held by any of the Founders or their Permitted Transferees in the event of a redemption)
      in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant (other than a Private Placement
      Warrant or a Working Capital Warrant then held by any of the Founders or their Permitted Transferees 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.

   

  3.3
      Exercise of Warrants.

   

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

   

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

   

  (b)
      in the event of a redemption pursuant to Section 6 hereof in which 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 excess of the “Fair Market Value,” as defined in this subsection 3.3.1(b), over the Warrant Price by
      (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.3, the “Fair Market
      Value” shall mean the average reported closing 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 any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working
      Capital Warrant is held by the Founders 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 excess of the “Founders Exercise Fair Market Value,” as defined in this subsection 3.3.1(c), over the
      Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Founders
          Exercise Fair Market Value” shall mean the average reported closing 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;

   

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

   

  (e)
      as provided in Section 7.4 hereof.

   

  
  
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  3.3.2
      Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of
      the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the
      Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to which
      he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not
      have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares
      as to which such Warrant shall not have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate
      are exercised, a notation shall be made to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate,
      or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. 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 have been registered, qualified
      or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered
      Holder of the Warrants. 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. In no event will the Company be required
      to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless
      basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis,” the
      holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share,
      the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to such holder.

   

  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 non-assessable.

   

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

   

  3.3.5
      Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
      provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection
        3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the
      exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that
      after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s
      actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)(the “Maximum
          Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of
      the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include
      the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is
      being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of
      the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted
      portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation,
      any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous
      to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial
      ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
        Act”). For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely
      on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly
      Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent
      public announcement by the Company or (3) any other notice by the Company or 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.

   

  
  
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  4.
      Adjustments.

   

  4.1
      Share Capitalizations.

   

  4.1.1
      Increase of Shares. 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 capitalization payable in Ordinary Shares, or by a sub-division of Ordinary
      Shares or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number
      of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding Ordinary
      Shares. A rights offering made to all or substantially all holders of the Ordinary Shares entitling holders to purchase Ordinary
      Shares at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a share capitalization
      of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering
      (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Ordinary
      Shares) and (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the
      Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible
      into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account
      any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical
      Fair Market Value” means the volume weighted average price of the Ordinary Shares 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. No Ordinary Shares shall be issued at less than
      their par value.

   

  4.1.2
      Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend
      or make a distribution in cash, securities or other assets to all or substantially all of the holders of Ordinary Shares on account
      of such Ordinary Shares (or other of the Company’s share capital 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 Ordinary Shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights
      of the holders of Ordinary Shares in connection with a shareholder vote to amend the Charter (A) to modify the substance or timing
      of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to
      redeem 100% of the Ordinary Shares included in the Units sold in the Offering (the “Public Shares”)
      if the Company does not complete the Business Combination within the period set forth in the Charter or (B) with respect to
      any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity or (e) in connection
      with the redemption of Public Shares upon the failure of the Company to complete its initial Business Combination and any subsequent
      distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary
          Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary
      Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or
      other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2,
      “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per
      share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during
      the 365-day period ending on the date of declaration of such dividend or distribution (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 $0.50 (being 5% of the offering price of the Units in the Offering) but only with respect to the amount of the aggregate
      cash dividends or cash distributions equal to or less than $0.50. Solely for purposes of illustration, if the Company, at a time
      while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash
      dividends and cash distributions on the Ordinary Shares during the 365-day period ending on the date of declaration of such $0.35
      dividend, then the Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 dividend, by
      $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid
      or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount
      of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)).

   

  
  
    6

  

  
     

  

  
   

  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 or reclassification of Ordinary Shares or other similar
      event, then, on the effective date of such consolidation, combination, 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.

   

  4.3
      Adjustments in Warrant Price.

   

  4.3.1
      Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection
        4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
      immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable
      upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of
      Ordinary Shares so purchasable immediately thereafter.

   

  4.3.2
      If (x) the Company issues additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with
      the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Ordinary Share
      (with such issue price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance
      to the initial shareholders (as defined in the Prospectus) or their affiliates, without taking into account any Class B Ordinary
      Shares (as defined below) held by such shareholders or their affiliates, as applicable, prior to such issuance (the “Newly
          Issued Price”)), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
      proceeds, and interest thereon, available for funding the initial Business Combination on the date of the consummation of the
      Company’s initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Ordinary
      Shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the Business
      Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted
      (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption
      trigger price described in Section 6.1 and Section 6.2 below shall be adjusted (to the nearest cent) to be equal
      to 180% of the higher of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described
      in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued
      Price.

   

  
  
    7

  

  
     

  

  
   

  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
      entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing
      corporation and is not a subsidiary of another entity whose shareholders did not own all or substantially all of the Ordinary
      Shares of the Company in substantially the same proportions immediately before such transaction 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 entity
      of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company
      is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the
      terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable
      and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or 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 Charter or as a result of the redemption 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 (or any successor rule)) 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 (or any successor rule)) 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 (or any successor rule)) more than 65% 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 that if less than
      70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of capital
      stock or shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
      over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder
      properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable
      event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by
      an amount (in dollars) equal to the difference (but in no event less than zero) of (i) the Warrant Price in effect prior to such
      reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined
      below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the consummation
      of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”).
      For purposes of calculating such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of
      each Ordinary Share shall be 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, (3) the assumed volatility shall be
      the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day
      of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury
      rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if
      the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share,
      and (ii) in all other cases, the volume weighted average price of the Ordinary Shares 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.
      In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

   

  4.5
      Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of Ordinary 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 Ordinary 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 Agreement to the contrary, the Company shall not
      issue fractional Ordinary Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section
        4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share,
      the Company shall, upon such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such
      holder.

   

  4.7
      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 Ordinary 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.

   

  
  
    8

  

  
     

  

  
   

  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.

   

  4.9
      No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result
      of an adjustment to the conversion ratio of the Company’s Class B ordinary shares (the “Class B Ordinary Shares”)
      into Ordinary Shares or the conversion of the Class B Ordinary Shares into Ordinary Shares, in each case, pursuant to the Charter.

   

  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, in the case of a certificated Warrant, properly endorsed
      with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant
      representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent.
      In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time
      to time upon request.

   

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

   

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

   

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

   

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

   

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

   

  6.
      Redemption.

   

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

   

  
  
    9

  

  
     

  

  
   

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

   

  	 	 	Redemption Fair Market Value of Ordinary Shares	 
	 	 	(period to expiration of warrants)	 
	Redemption Date	 	£$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	3$18.00	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

   

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

   

  
  
    10

  

  
     

  

  
   

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

   

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

   

  6.4
      Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance
      with Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant
      to Section 6.3 hereof and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants
      shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

   

  6.5
      Exclusion of Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided
      in this Section 6 shall not apply to the Private Placement Warrants or the Working Capital Warrants if at the time of the
      redemption such Private Placement Warrants or Working Capital Warrants continue to be held by the Founders or any of their Permitted
      Transferees, as applicable. However, once such Private Placement Warrants or Working Capital Warrants are transferred (other than
      to Permitted Transferees under Section 2.6), the Company may redeem the Private Placement Warrants and the Working Capital
      Warrants, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement
      Warrants or Working Capital Warrants to exercise the Private Placement Warrants and the Working Capital Warrants prior to redemption
      pursuant to Section 6.4. Private Placement Warrants and Working Capital Warrants that are transferred to persons other
      than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants or Working Capital Warrants and shall
      become Public Warrants under this Agreement.

   

  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.

   

  
  
    11

  

  
     

  

  
   

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

   

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

   

  7.4.1
      Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than fifteen
      (15) Business Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission
      a registration statement registering, under the Securities Act, the issuance of the Ordinary Shares issuable upon exercise of
      the Warrants. 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 sixtieth (60th) Business
      Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning
      on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such registration statement
      being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective
      registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless
      basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) 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 excess of the “Fair Market Value” (as defined below)
      over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value”
      shall mean the average last reported sales price of the Ordinary Shares for the ten (10) trading day period ending on the trading
      day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities
      broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined
      by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request,
      provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
      stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required
      to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under
      United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities
      Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided
      in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired,
      the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this
      subsection 7.4.1.

   

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

   

  8.
      Concerning the Warrant Agent and Other Matters.

   

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

   

  
  
    12

  

  
     

  

  
   

  8.2
      Resignation, Consolidation, or Merger of Warrant Agent.

   

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

   

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

   

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

   

  8.3
      Fees and Expenses of Warrant Agent.

   

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

   

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

   

  8.4
      Liability of Warrant Agent.

   

  8.4.1
      Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall
      deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any
      action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
      to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, President,
      Executive Vice President, Vice President, Secretary 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, fraud or
      bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
      out of pocket costs and reasonable outside counsel fees, for anything done or omitted by the Warrant Agent in the execution of
      this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct, fraud or bad faith.

   

  
  
    13

  

  
     

  

  
   

  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 non-assessable.

   

  8.5
      Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the
      same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect
      to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase
      of 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. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the
      holder of any Warrant to or on the Company shall be sufficiently given when delivered (if given by hand, overnight delivery or
      certified mail) or when sent (if given electronically) (until another address is filed in writing by the Company with the Warrant
      Agent), as follows:

   

  ION
      Acquisition Corp 1 Ltd.

  89
      Medinat Hayehudim

  Herzliya
      4676672, Israel

  Attention:
      Gilad Shany

   

  Any
      notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
      to or on the Company shall be sufficiently given when delivered (if given by hand, overnight delivery or certified mail) or when
      sent (if given electronically) (until another address is filed in writing by the Warrant Agent with the Company), as follows:

   

  Continental
      Stock Transfer & Trust Company

  1
      State Street, 30th Floor

  New
      York, New York 10004

  Attention:
      Compliance Department

   

  in
      each case, with copies to:

   

  White
      & Case LLP

  1221
      Avenue of the Americas

  New
      York, New York 10020-1095

  Attn:
      Colin Diamond

  Email:
      cdiamond@whitecase.com

   

  and

   

  Greenberg
      Traurig, LLP

  1750
      Tysons Boulevard, Suite 1000

  McLean,
      VA 22102

  Attn:
      Jason T. Simon, Esq.

   

  
  
    14

  

  
     

  

  
   

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

   

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

   

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

   

  9.5
      Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office
      of the Warrant Agent in the United States of America, for inspection by the Registered Holder of any Warrant. The Warrant Agent
      may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

   

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

   

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

   

  9.8
      Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the
      purpose of (x) curing any ambiguity or to correct any defective provision or mistake contained herein, including to conform the
      provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, (y) adjusting
      the definition of “Ordinary Cash Dividend” as contemplated by and in accordance with the second sentence of subsection
        4.1.2 or (z) 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, and (ii) to provide for the delivery of an Alternative Issuance pursuant to Section 4.4. All other modifications
      or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period shall require
      the vote or written consent of the Registered Holders of 50% of the number of the then outstanding Public Warrants and, solely
      with respect to any amendment to the terms of the Private Placement Warrants, Working Capital Warrants or any provision of this
      Agreement with respect to the Private Placement Warrants and Working Capital Warrants, 50% of the number of then outstanding Private
      Placement Warrants and Working Capital Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
      the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered
      Holders.

   

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

   

  [Signature
        Page Follows]

   

  
  
    15

  

  
     

  

  
   

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

   

  	 	ION ACQUISITION CORP 1 LTD.
	 	 
	 	By:	/s/ Anthony Reich
	 	Name: 	Anthony Reich
	 	Title:	Chief Financial Officer

   

  [Signature
        Page to Warrant Agreement]

   

  
  
     

  

  
     

  

  
   

  	 	CONTINENTAL
              STOCK TRANSFER &

              TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/ James F. Kiszka
	 	Name: 	James F. Kiszka
	 	Title:	Vice President

   

  [Signature
        Page to Warrant Agreement]

   

  
  
     

  

  
     

  

  
   

  EXHIBIT
        A

   

  LEGEND

   

  THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
      SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT
      OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT
      TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG ION ACQUISITION CORP 1 LTD. (THE “COMPANY”),
      ION HOLDINGS 1, LP, ION CO-INVESTMENT LLC AND THE OTHER SIGNATORIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY
      NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL
      BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS
      DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

   

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

   

  
  
     

  

  
     

  

  
   

  EXHIBIT
        B

   

  [Form
      of Warrant Certificate]

   

  [FACE]

   

  Number

   

  Warrants

   

  THIS
        WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

        THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE

        WARRANT AGREEMENT DESCRIBED BELOW

   

  ION
        ACQUISITION CORP 1 LTD.

  Incorporated
        Under the Laws of the Cayman Islands

   

  CUSIP
      [____]

   

  Warrant
        Certificate

   

  This
      Warrant Certificate certifies that [         ], or registered assigns, is the registered
      holder of [       ] warrants evidenced hereby (the “Warrants” and each, a “Warrant”)
      to purchase Class A Ordinary Shares, $0.0001 par value per share (the “Ordinary Shares”), of ION Acquisition
      Corp 1 Ltd., a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise
      during the Exercise Period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully
      paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the “Warrant Price”) as
      determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided
      for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant
      Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant
      Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the
      Warrant Agreement.

   

  Each
      whole Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. No fractional shares will be issued
      upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in
      an Ordinary Share, the Company will, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be
      issued to the Warrant holder. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon
      the occurrence of certain events set forth in the Warrant Agreement.

   

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

   

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

   

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

   

  This
      Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

   

  This
      Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

   

  
  
     

  

  
     

  

  
   

  	 	ION ACQUISITION CORP 1 LTD.
	 	 	 
	 	By:	 
	 	 	Name: 	 Anthony Reich
	 	 	Title: 	Chief Financial Officer

   

  
  
     

  

  
     

  

  
   

  	 	CONTINENTAL STOCK TRANSFER & TRUST
	 	COMPANY as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title: 	 

   

  
  
     

  

  
     

  

  
   

  [Form
        of Warrant Certificate]

   

  [Reverse]

   

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

   

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

   

  Notwithstanding
      anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
      (i) a registration statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act of
      1933, as amended, and (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through “cashless
      exercise” as provided for in the Warrant Agreement.

   

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

   

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

   

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

   

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

   

  
  
     

  

  
     

  

  
   

  Election
        to Purchase

   

  (To
        Be Executed Upon Exercise of Warrant)

   

  The
      undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive [                ] Ordinary
      Shares and herewith tenders payment for such Ordinary Shares to the order of ION Acquisition Corp 1 Ltd. (the “Company”)
      in the amount of $[         ] in accordance with the terms hereof. The undersigned
      requests that a certificate for such Ordinary Shares be registered in the name of [          ] whose
      address is [                 ] and that such
      Ordinary Shares be delivered to [                  ]
      whose address is [                 ]. If said
      number of shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate
      representing the remaining balance of such Ordinary Shares be registered in the name of [                ],
      whose address is [           ] and that such Warrant Certificate be
      delivered to [           ], whose address is [               
      ].

   

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

   

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

   

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

   

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

   

  [Signature
      Page Follows]

   

  
  
     

  

  
     

  

  
   

  	Date:                          ,           	 	 
	 	 	(Signature)
	 	 	 
	 	 	(Address)
	 	 	 
	 	 	 
	 	 	(Tax Identification Number)
	Signature Guaranteed:	 	 
	 	 	 
	 	 	 

   

  THE
      SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
      CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 UNDER THE SECURITIES
      EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE).Exhibit 4.8

  

  REGISTRATION RIGHTS AGREEMENT

  

  

  THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of October 1, 2020, is made and entered into by and among ION Acquisition Corp 1 Ltd., a Cayman Islands exempted Company (the “Company”), ION Holdings 1, LP, a Cayman Islands exempted limited partnership (the “Sponsor”), acting by its sole general partner, ION Acquisition Corp GP Ltd., a company incorporated in the State of Israel, ION Co-Investment LLC, a Delaware limited liability company (“Cowen Investments” and, together with the Sponsor, the “Founders”), The Phoenix Insurance Company Ltd., a company incorporated in Israel (“Phoenix”), The Phoenix
    Insurance Company Ltd. (Nostro), a company incorporated in Israel and an affiliate of Phoenix, The Phoenix Excellence Pension and Provident Fund Ltd., a company incorporated in Israel and an affiliate of Phoenix (Phoenix and its affiliates collectively
    referred to herein as the “Phoenix Investors”), and ION Crossover Partners LP, a Cayman Islands exempted limited partnership (“ION Crossover” and, together with Phoenix Investors, the “Forward Purchase Investors”), and each of the other undersigned parties listed on the signature page hereto under “Holders” (each such party, together with the Sponsor, Cowen Investments, the Forward
    Purchase Investors and any person or entity who hereafter becomes a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively the “Holders”).

  

  

  RECITALS

  

  

  WHEREAS, the Founders and certain
    other Holders collectively own an aggregate of the Company’s 6,468,750 Class B ordinary shares, par value $0.0001 per share (the “Founder
      Shares”), issued and outstanding, with up to an aggregate of 843,750 of which may be surrendered by the Founders for no consideration depending on the extent to which the underwriters of the Company’s initial public offering exercise their
    over-allotment option;

  

  

  WHEREAS, the Founder Shares are
    convertible into the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), on the terms and
    conditions provided in the Company’s amended and restated memorandum and articles of association;

  

  

  WHEREAS, pursuant to separate private
    placement warrants purchase agreements with the Company (collectively, the “Private Placement Warrants Purchase Agreements”),
    each dated as of the date hereof, the Sponsor agreed to purchase an aggregate of 5,251,383 warrants (or up to 5,780,000 warrants to the extent that the over-allotment option in connection with the Company’s initial public offering is exercised in full)
    and Cowen Investments agreed to purchase 1,248,617 warrants (or up to 1,395,000 warrants if the over-allotment option in connection with the Company’s initial public offering is exercised in full) (collectively, the “Private Placement Warrants”), each in private placement transactions to close substantially concurrently with the closing of the Company’s initial public
    offering;

  

  

  WHEREAS, pursuant to separate forward
    purchase agreements with the Company (collectively, the “Forward Purchase Agreements”), each dated as of September 15, 2020, the
    Phoenix Investors and ION Crossover agreed to purchase an aggregate of up to 5,000,000 Ordinary Shares (the “Forward Purchase Shares”)
    in private placement transactions to close substantially concurrently with the closing of the initial Business Combination (as defined below);

  

  

  WHEREAS, in order to finance the
    Company’s transaction costs in connection with its search for and consummation of an initial Business Combination (as defined below), the Sponsor, its affiliates or any of the Company’s officers and directors may loan to the Company funds as the
    Company may require, of which up to $1,500,000 of such loans may be convertible into private placement-equivalent warrants (“Working
      Capital Warrants”) at a price of $1.00 per warrant at the option of the lender; and

  

  

  WHEREAS, the Company and the Holders
    desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.

  

  

  
    
      

  

  
  NOW, THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of
    which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

  

  

  ARTICLE I

  DEFINITIONS

  

  

  1.1 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

  

  

  “Adverse Disclosure”
    shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be
    required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
    contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not
    being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

  

  

  “Agreement” shall
    have the meaning given in the Preamble.

  

  

  “Board” shall mean
    the Board of Directors of the Company.

  

  

  “Business Combination”
    shall mean any merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses, involving the Company.

  

  

  “Commission” shall
    mean the United States Securities and Exchange Commission.

  

  

  “Company” shall
    have the meaning given in the Preamble.

  

  

  “Cowen Investments”
    shall have the meaning given in the Preamble.

  

  

  “Demand Registration”
    shall have the meaning given in subsection 2.1.1.

  

  

  “Demanding Holder”
    shall have the meaning given in subsection 2.1.1.

  

  

  “Exchange Act”
    shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

  

  

  “Form S-1” shall
    have the meaning given in subsection 2.1.1.

  

  

  “Form S-3” shall
    have the meaning given in subsection 2.3.

  

  

  “Forward Purchase
      Agreements” shall have the meaning given in the Recitals hereto.

  

  

  “Forward Purchase
      Investors” shall have the meaning given in the Recitals hereto.

  

  

  “Forward Purchase Shares”
    shall have the meaning given in the Recitals hereto.

  

  

  “Founder Shares”
    shall have the meaning given in the Recitals hereto and shall be deemed to include the Ordinary Shares issuable upon conversion thereof.

  

  

  “Founder Shares Lock-up
      Period” shall mean, with respect to the Founder Shares and any Ordinary Shares issuable upon conversion thereof, the period ending on the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B)
    subsequent to the completion of the Business Combination, (x) if the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any
    20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar
    transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property.

  

  

  
    2

    
      

  

  “Holders” shall
    have the meaning given in the Preamble.

  

  

  “ION Crossover”
    shall have the meaning given in the Preamble.

  

  

  “Insider Letter”
    shall mean that certain letter agreement, dated as of the date hereof, by and among the Company, the Sponsor and each of the Company’s officers and directors.

  

  

  “Maximum Number of
      Securities” shall have the meaning given in subsection 2.1.4.

  

  

  “Misstatement”
    shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the light of
    the circumstances under which they were made) not misleading.

  

  

  “Ordinary Shares”
    shall have the meaning given in the Recitals hereto.

  

  

  “Permitted Transferees”
    shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior to the expiration of the Founder Shares Lock-up Period, Private Placement Lock-up Period or any other lock-up period,
    as the case may be, under the Insider Letter, the Private Placement Warrants Purchase Agreements, the Forward Purchase Agreements, this Agreement and any other applicable agreement between such Holder and the Company, and to any transferee thereafter.

  

  

  “Piggyback Registration”
    shall have the meaning given in subsection 2.2.1.

  

  

  “Private Placement
      Lock-up Period” shall mean, with respect to Private Placement Warrants, that are held by the initial purchasers of such Private Placement Warrants or their Permitted Transferees, and the Ordinary Shares issuable upon the exercise of the
    Private Placement Warrants, that are held by the initial purchasers of the Private Placement Warrants or their Permitted Transferees, the period ending 30 days after the completion of the Company’s initial Business Combination.

  

  

  “Private Placement
      Warrants” shall have the meaning given in the Recitals hereto.

  

  

  “Private Placement
      Warrants Purchase Agreements” shall have the meaning given in the Recitals hereto.

  

  

  “Pro Rata” shall
    have the meaning given in subsection 2.1.4.

  

  

  “Prospectus” shall
    mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

  

  

  “Phoenix Investors”
    shall have the meaning given in the Preamble.

  

  

  “Registrable Security”
    shall mean (a) the Ordinary Shares issued or issuable upon the conversion of the Founder Shares, (b) the Private Placement Warrants (including any Ordinary Shares issued or issuable upon the exercise of the Private Placement Warrants), (c) the Forward
    Purchase Shares , (d) any outstanding Ordinary Shares or any other equity security (including the Ordinary Shares issued or issuable upon the exercise of any other equity security) of the Company held by a Holder as of the date of this Agreement, (e)
    any equity securities (including the Ordinary Shares issued or issuable upon the exercise of any such equity security) of the Company issuable upon conversion of any working capital loans in an amount up to $1,500,000 made to the Company by a Holder
    (including the Working Capital Warrants and any Ordinary Shares issued or issuable upon the exercise of the Working Capital Warrants) and (f) any other equity security of the Company issued or issuable with respect to any such Ordinary Share by way of
    a share capitalization or share split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to
    the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been
    otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the
    Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission)
    (but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

  

  

  
    3

    
      

  

  “Registration”
    shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration
    statement becoming effective.

  

  

  “Registration Expenses”
    shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

  

  

  (A) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
    Authority, Inc.) and any securities exchange on which the Ordinary Shares are then listed;

  

  

  (B) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the
    Underwriters in connection with blue sky qualifications of Registrable Securities);

  

  

  (C) printing, messenger, telephone and delivery expenses;

  

  

  (D) reasonable fees and disbursements of counsel for the Company;

  

  

  (E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
    with such Registration; and

  

  

  (F) reasonable fees and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand
    Registration to be registered for offer and sale in the applicable Registration.

  

  

  “Registration Statement”
    shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and
    supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

  

  

  “Requesting Holder”
    shall have the meaning given in subsection 2.1.1.

  

  

  “Securities Act”
    shall mean the Securities Act of 1933, as amended from time to time.

  

  

  “Shelf” shall have
    the meaning given in Section 2.3.

  

  

  “Sponsor” shall
    have the meaning given in the Recitals hereto.

  

  

  “Underwriter”
    shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s market-making activities.

  

  

  “Underwritten
      Registration” or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an
    Underwriter in a firm commitment underwriting for distribution to the public.

  

  

  
    4

    
      

  

  “Working Capital Warrants”
    shall have the meaning given in the Recitals hereto.

  

  

  ARTICLE II

  REGISTRATIONS

  

  

  2.1 Demand Registration.

  

  

  2.1.1 Request for Registration. Subject to the
    provisions of subsection 2.1.4 and Section 2.4 hereof, at any time and from time to time on or after the date the Company consummates the Business Combination,
    (i) Cowen Investments or (ii) the Holders of at least fifteen percent (15%) of the then-outstanding number of Registrable Securities (excluding Registrable Securities held by Cowen Investments and its Permitted Transferees) (Cowen Investments or such
    Holders, as the case may be, (the “Demanding Holders”) may make a written demand for Registration of all or part of their
    Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand a “Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt of the Demand Registration, notify, in writing, all other Holders of Registrable
    Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a
    portion of such Holder’s Registrable Securities in such Registration, a “Requesting Holder”) shall so notify the Company, in
    writing, within five (5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have
    their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable after the Company’s receipt of the Demand Registration, the Registration of all Registrable
    Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration, including by filing a Registration Statement relating thereto as soon as practicable and not more than forty-five (45) days immediately after the
    Company’s receipt of the Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of three (3) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or all Registrable Securities; provided, however, that (i) this limitation shall not apply to any Demand Registration initiated by Cowen Investments, which shall be governed by Section 3.6 and (ii) a Registration shall not be counted for such purposes unless a Form S-1 or any similar long-form registration statement that may be available at such time (“Form S-1”) has become effective and all of the Registrable Securities requested by the Requesting Holders to be registered on behalf of the Requesting
    Holders in such Form S-1 Registration have been sold, in accordance with Section 3.1 of this Agreement.

  

  

  2.1.2 Effective Registration. Notwithstanding the
    provisions of subsection 2.1.1 above or any other part of this Agreement, a Registration pursuant to a Demand Registration shall not count as a Registration
    unless and until (i) the Registration Statement filed with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and (ii) the Company has complied with all of its obligations under
    this Agreement with respect thereto; provided, further, that if,
    after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state
    court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated,
    and (ii) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5) days, of
    such election; and provided, further, that the Company shall not be
    obligated or required to file another Registration Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

  

  

  2.1.3 Underwritten Offering. Subject to the
    provisions of subsection 2.1.4 and Section 2.4 hereof, if a
    majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the
    right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable
    Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand
    Registration.

  

  

  
    5

    
      

  

  2.1.4 Reduction of Underwritten Offering. If the
    managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of
    Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Ordinary Shares or other equity securities that the Company desires to sell and the Ordinary Shares, if any, as to which
    a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in
    the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the
    “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows: (i) first, the
    Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such
    Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number
    of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder has so requested) exercising their rights to register their
    Registrable Securities pursuant to subsection 2.2.1 hereof, without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum
    Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iv) fourth,
    to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the Ordinary Shares or other equity securities of other persons or entities that the Company is obligated to register in a
    Registration pursuant to separate written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

  

  

  2.1.5 Demand Registration Withdrawal. Cowen
    Investments (in the case of a Registration under subsection 2.1.1 demanded by Cowen Investments), a majority-in-interest of the Demanding Holders initiating a
    Demand Registration or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to
    withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the
    effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall
    be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection
        2.1.5; provided that if the Company pays such expenses related to a Demand Registration initiated by Cowen Investments, such registration shall
    count as a Demand Registration for purposes of Section 3.6.

  

  

  2.2 Piggyback Registration.

  

  

  2.2.1 Piggyback Rights. If, at any time on or
    after the date the Company consummates a Business Combination, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
    exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of the Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer or offering of
    securities solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed
    filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be
    included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register
    the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing
    Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1
    to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the
    intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection
        2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

  

  

  
    6

    
      

  

  2.2.2 Reduction of Piggyback Registration. If the
    managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the
    dollar amount or number of the Ordinary Shares that the Company desires to sell, taken together with (i) the Ordinary Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or
    entities other than the Holders of Registrable Securities hereunder (ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2
    hereof, and (iii) the Ordinary Shares, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

  

  

  (a) If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first, the
    Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
    clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof (pro rata
    based on the respective number of Registrable Securities that such Holder has requested be included in such Registration), which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of
    Securities has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company, which
    can be sold without exceeding the Maximum Number of Securities;

  

  

  (b) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company
    shall include in any such Registration (A) first, the Ordinary Shares or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number
    of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, pro rata based on the number of Registrable Securities that each Holder has requested be included in such Registration and the aggregate number of
    Registrable Securities that the Holders have requested to be included in such Registration, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under
    the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of
    Securities has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual
    arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

  

  

  
    7

    
      

  

  2.2.3 Piggyback Registration Withdrawal. Any
    Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to
    withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a
    request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
    Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

  

  

  2.2.4 Unlimited Piggyback Registration Rights.
    For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall not be counted as a Registration pursuant to a Demand Registration
    effected under Section 2.1 hereof.

  

  

  2.3 Registrations on Form S-3. The Holders of
    Registrable Securities may at any time, and from time to time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of
    their Registrable Securities on Form S-3 or any similar short form registration statement that may be available at such time (“Form S-3”),
    or if the Company is ineligible to use Form S-3, on Form S-1; a registration statement filed pursuant to this Section 2.3 (a “Shelf”) shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to,
    and requested by, any Holder; provided, however, that the Company
    shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the Company’s receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on a Shelf, the Company shall
    promptly give written notice of the proposed Registration to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in such
    Registration shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s initial receipt of such
    written request for a Registration on a Shelf, the Company shall register all or such portion of such Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any other
    Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders; provided, however, that the Company shall not be obligated to effect any such Registration pursuant to this Section
        2.3 if the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities
    (if any) at any aggregate price to the public of less than $10,000,000. The Company shall maintain each Shelf in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including post-effective amendments, and
    supplements as may be necessary to keep such Shelf continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities included on such Shelf. In the
    event the Company files a Shelf on Form S-1, the Company shall use its commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon as practicable after the Company is eligible to use Form S-3.

  

  

  2.4 Restrictions on Registration Rights. If (A)
    during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated Registration and
    provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to subsection 2.1.1 and it continues to
    actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment
    of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such
    Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for
    such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty
    (30) days; provided, however, that the Company shall not defer its
    obligation in this manner more than once in any 12-month period.

  

  

  
    8

    
      

  

  ARTICLE III

  COMPANY PROCEDURES

  

  

  3.1 General Procedures. If at any time on or
    after the date the Company consummates a Business Combination the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable
    Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

  

  

  3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and
    use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold;

  

  

  3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
    to the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules
    and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or
    supplement to the Prospectus;

  

  

  3.1.3 prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the
    Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement
    (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders
    of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

  

  

  3.1.4 prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities
    covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
    may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and
    operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities
    in such jurisdictions; provided, however, that the Company shall not
    be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not
    then otherwise so subject;

  

  

  3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar
    securities issued by the Company are then listed;

  

  

  3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
    date of such Registration Statement;

  

  

  3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
    of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order
    or to obtain its withdrawal if such stop order should be issued;

  

  

  
    9

    
      

  

  3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
    Registration Statement furnish a copy thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly upon receipt of any comment letters received with respect to any such Registration
    Statement or Prospectus;

  

  

  3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
    Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

  

  

  3.1.10 permit a representative of the Holders (such representative to be selected by a majority of the participating Holders), the
    Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees
    to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the
    release or disclosure of any such information; and provided further, the Company may not include the name of any Holder or Underwriter or any information
    regarding any Holder or Underwriter in any Registration Statement or Prospectus, any amendment or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration Statement or
    Prospectus, or any response to any comment letter, without the prior written consent of such Holder or Underwriter and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which
    comments the Company shall include unless contrary to applicable law;

  

  

  3.1.11 obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
    Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a
    majority-in-interest of the participating Holders;

  

  

  3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of
    counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which
    such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of
    the participating Holders;

  

  

  3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and
    customary form, with the managing Underwriter of such offering;

  

  

  3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least
    twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission);

  

  

  3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its
    reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and

  

  

  3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
    connection with such Registration.

  

  

  
    10

    
      

  

  3.2 Registration Expenses. The Registration
    Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions and discounts,
    brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

  

  

  3.3 Requirements for Participation in Underwritten Offerings.
    No person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis provided in any
    underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
    under the terms of such underwriting arrangements.

  

  

  3.4 Suspension of Sales; Adverse Disclosure. Upon
    receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies of a
    supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is
    advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse
    Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the
    Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose.
    In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any
    sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this Section
        3.4.

  

  

  3.5 Reporting Obligations. As long as any Holder
    shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports
    required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to
    the extent required from time to time to enable such Holder to sell Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or
    any successor rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has
    complied with such requirements.

  

  

  3.6 Limitations on Registration Rights.
    Notwithstanding anything herein to the contrary, (i) Cowen Investments may not exercise its rights under Section 2.1 and 2.2 hereunder after five (5) and seven (7) years, respectively, after the effective date of the registration statement relating to
    the Company’s initial public offering and (ii) Cowen Investments may not exercise its rights under Section 2.1 more than one time.

  

  

  ARTICLE IV

  INDEMNIFICATION AND CONTRIBUTION

  

  

  4.1 Indemnification.

  

  

  4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and
    each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any
    Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
    except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who
    controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

  

  

  
    11

    
      

  

  4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
    to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and
    officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue
    statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements
    therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of
    Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.
    The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to
    indemnification of the Company.

  

  

  4.1.3 Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
    to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such
    indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
    satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld).
    An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with
    respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without
    the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such
    settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

  

  

  4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
    on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to
    make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s indemnification is unavailable for any reason.

  

  

  
    12

    
      

  

  4.1.5 If the indemnification provided under Section 4.1
    hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the
    indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
    party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
    including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s
    and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to
    the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the
    limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto
    agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of
    allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation
    (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty of such fraudulent misrepresentation.

  

  

  ARTICLE V

  MISCELLANEOUS

  

  

  5.1 Notices. Any notice or communication under
    this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service
    providing evidence of delivery, or (iii) transmission by hand delivery or electronic mail. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and
    received, in the case of mailed notices, on the third business day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery or electronic mail, at such time as it is delivered to the addressee
    (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 89 Medinat Hayehudim Street,
    Herzliya 4676672, Israel, and, if to any Holder, at such Holder’s address or contact information as set forth in the Company’s books and records. Any party may change its address for notice at any time and from time to time by written notice to the
    other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.

  

  

  5.2 Assignment; No Third Party Beneficiaries.

  

  

  5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
    or in part.

  

  

  5.2.2 Prior to the expiration of the Founder Shares Lock-up Period or the Private Placement Lock-up Period, as the case may be, no Holder may
    assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee
    agrees to become bound by the transfer restrictions set forth in this Agreement.

  

  

  5.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
    and the permitted assigns of the Holders, which shall include Permitted Transferees.

  

  

  5.2.4 This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in
    this Agreement and Section 5.2 hereof.

  

  

  5.2.5 No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the
    Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii) the written agreement
    of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other
    than as provided in this Section 5.2 shall be null and void.

  

  

  
    13

    
      

  

  5.3 Counterparts. This Agreement may be executed
    in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

  

  

  5.4 Governing Law; Venue. NOTWITHSTANDING THE
    PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS
    ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
    MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OR THE COURTS OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE CITY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION
    OR PROCEEDING.

  

  

  5.5 Amendments and Modifications. Upon the
    written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any
    of such provisions, covenants or conditions may be amended or modified; provided, however,
    that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of the capital shares of the Company, in a manner that is materially different from the other
    Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or
    remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise
    of any other rights or remedies hereunder or thereunder by such party.

  

  

  5.6 Other Registration Rights. The Company
    represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the
    Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and
    conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

  

  

  5.7 Term. This Agreement shall terminate upon the
    earlier of (i) the tenth anniversary of the date of this Agreement or (ii) the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in
    Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities without registration
    pursuant to Rule 144 (or any similar provision) under the Securities Act with no volume or other restrictions or limitations. The provisions of Section 3.5 and
    Article IV shall survive any termination.

  

  

  [Signature Page Follows]

  

  

  
    14

    
      

  

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

  

  

  	 	
          COMPANY:

        
	 	 
	 	
          ION ACQUISITION CORP 1 LTD.

        
	 	 	 
	 	
          By:

        	
          /s/ Anthony Reich

        
	 	 	
          Name: Anthony Reich

        
	 	 	
          Title: Chief Financial Officer

        

  

  

  	 	
          HOLDERS:

        
	 	 
	 	
          ION HOLDINGS 1, LP

        
	 	 
	 	
          By its General Partner

        
	 	
          ION ACQUISITION CORP GP LTD.

        
	 	 	 
	 	
          By:

        	
          /s/ Anthony Reich

        
	 	
          Name:

        	
          Anthony Reich

        
	 	
          Title:

        	
          Authorized Signatory

        

  

  

  	 	
          ION CO-INVESTMENT LLC

        
	 	 	 
	 	
          By:

        	
          /s/ Owen Littman

        
	 	
          Name:

        	
          Owen Littman

        
	 	
          Title:

        	
          Authorized Signatory

        

  

  

  	 	
          THE PHOENIX INSURANCE COMPANY (NOSTRO) LTD.

        
	 	 	 
	 	
          By:

        	
          /s/ Haggai Schreiber

        
	 	 	
          Name: Haggai Schreiber

        
	 	 	
          Title: Authorized Signatory

        
	 	 	 
	 	
          By:

        	
          /s/ Dan Kerner

        
	 	 	
          Name: Dan Kerner

        
	 	 	
          Title: Authorized Signatory

        
	 	 	 
	 	
          THE PHOENIX INSURANCE COMPANY LTD.

        
	 	 	 
	 	
          By:

        	
          /s/ Haggai Schreiber

        
	 	 	
          Name: Haggai Schreiber

        
	 	 	
          Title: Authorized Signatory

        
	 	 	 
	 	
          By:

        	
          /s/ Gilad Shamir

        
	 	 	
          Name: Gilad Shamir

        
	 	 	
          Title: Authorized Signatory

        

  

  

  
    
      

  

  	 	
          THE PHOENIX EXCELLENCE PENSION AND PROVIDENT FUND LTD.

        
	 	 	 
	 	
          By:

        	
          /s/ Haggai Schreiber

        
	 	 	
          Name: Haggai Schreiber

        
	 	 	
          Title: Authorized Signatory

        
	 	 	 
	 	
          By:

        	
          /s/ Gilad Shamir

        
	 	 	
          Name: Gilad Shamir

        
	 	 	
          Title: Authorized Signatory

        

  

  

  	 	
          ION CROSSOVER PARTNERS LP

        
	 	 
	 	
          By its General Partner

        
	 	
          ION CROSSOVER PARTNERS GP LP.

        
	 	 
	 	
          By ION CROSSOVER PARTNERS FUND LTD., as general partner

        
	 	 	 
	 	
          By:

        	
          /s/ Gilad Shany

        
	 	 	
          Name: Gilad Shany

        
	 	 	
          Title: Director

        

  

  

  	 	
          /s/ Jonathan Kolber

        
	 	
          Name: Jonathan Kolber

        
	 	 
	 	
          /s/ Gilad Shany

        
	 	
          Name: Gilad Shany

        
	 	 
	 	
          /s/ Avrom Gilbert

        
	 	
          Name: Avrom Gilbert

        
	 	 
	 	
          /s/ Anthony Reich

        
	 	
          Name: Anthony Reich

        
	 	 
	 	
          /s/ Gabriel Seligsohn

        
	 	
          Name: Gabriel Seligsohn

        
	 	 
	 	
          /s/ Rinat Gazit

        
	 	
          Name: Rinat Gazit

        
	 	 
	 	
          /s/ Lior Shemesh

        
	 	
          Name: Lior Shemesh

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]