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AMENDED AND RESTATED RAILCAR LEASE AGREEMENT
This Amended and Restated Railcar Lease Agreement, dated as of March 25, 2009 (the “Lease”), is made by and between Bunge North America, Inc., a New York corporation (“Lessor”) and Southwest Iowa Renewable Energy, LLC, an Iowa limited liability company (“Lessee”).
WHEREAS, the parties previously entered into that certain Railcar Sublease Agreement dated as of June 25, 2007 (the “2007 Lease”) relating to Lessor’s provision of certain railcars (consisting of 325 tank cars and 300 grain hopper cars) for Lessee’s use in connection with its ethanol operations; and
WHEREAS, Lessor is leasing the Cars from a different railcar lessor (the “Equipment Lessor”) than contemplated in the 2007 Lease under the terms of a Lease Agreement with the Equipment Lessor (the “Equipment Lease”); and
WHEREAS, the parties have agreed to certain changes to the 2007 Lease to reflect Lessor’s purchase and subsequent sale/leaseback of the Cars, and therefore desire to amend and restate the 2007 Lease in its entirety;
NOW, THEREFORE, the parties agree as follows:
1.Lease Agreement; Reliance.  Subject to the terms and conditions of this Lease and the Equipment Lease, Lessor shall furnish and Lease to Lessee, and Lessee shall accept and lease from Lessor, the railcars (each, a “Car” and collectively, the “Cars”) set forth on Riders 1 and 2 attached hereto.
2.Delivery.  Except as provided otherwise in this Lease, Lessor agrees to deliver each Car to Lessee, freight charges collect, to Lessee’s facility in Council Bluffs, Iowa, and Lessee agrees to accept such delivery.
3.Condition of Cars – Acceptance.
(a)All cars delivered under this Lease shall be in compliance with all applicable laws and industry and government regulations and rules, including, without limitation, the Association of American Railroad Rules for the Interchange of Freight Cars (the “Interchange Rules”), in satisfactory condition for movement in the normal interchange of rail traffic, empty, clean, and free of residue; but Lessee shall be solely responsible for determining that cars are in proper condition for loading and shipment, except for those responsibilities which, under applicable law and regulations, have been assumed by the railroads.  Lessee shall inspect cars promptly after they are delivered and shall notify Lessor in writing within three business days after delivery of its rejection of any car, and the specific reasons for such rejection.  Failure by Lessee to inspect such cars within three business days after delivery, and/or the successful loading of any such car by Lessee, shall constitute acceptance of such car or cars, as the case may be, by Lessee.  At Lessor’s request, Lessee shall deliver to Lessor an executed Certificate of Acceptance in the form of Exhibit A with respect to all Cars accepted by Lessee.
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(b)If Lessee rejects any car, Lessor shall have the right to have the rejected car inspected by an inspector acceptable to both Lessor and Lessee.  The cost of such inspection will be paid by Lessor if the cause for rejection is affirmed by the inspector, otherwise such cost will be borne by Lessee.  Lessee shall be deemed to have accepted any such car for which the inspector determines that good cause for rejection did not exist.  The decision of the inspector shall be final and binding upon the parties.
(c)If Lessee properly rejects any car, Lessor shall promptly repair such car to the standards set forth in this Section 3 or promptly replace the car with another railcar reasonably acceptable to Lessee which meets such standards.  In either event, Lessor shall deliver to Lessee the repaired or replaced car and Lessee shall have the right to accept or reject such car as provided in this Section 3.
(d)Lessee’s acceptance, however effected, shall be deemed effective as of the acceptance date and the monthly rentals as hereinafter set forth shall accrue from the acceptance date.  Such acceptance shall presumptively establish that such Cars conform to the applicable standards set forth in this Lease and the Interchange Rules.
(e)For all Cars physically delivered to Lessee at its facility in Council Bluffs, Iowa before January 30, 2009, the test for acceptance shall be as set forth in Section 3 hereof.  For all other Cars (which Cars are now fully constructed but, at Lessee’s request, have not been physically delivered to Lessee), notwithstanding anything herein to the contrary, Lessee is deemed to have accepted such Cars as of January 30, 2009.  
4.Rentals.  Lessee agrees to pay to Lessor for the use of each Car the monthly rental set forth in the applicable Rider from the date such Car is accepted by Lessee until such car is returned to Lessor, as hereinafter provided in Section 18.  The rental shall be payable in U.S. Dollars and in advance on or before the first day of each calendar month (provided, that the rental for each car for the month in which it is accepted shall be prorated for the number of days, including the day of acceptance, remaining in such month at a daily rate based upon a 365 day year and shall be payable on or before the first day of the next succeeding month) to Lessor at 11720 Borman Drive, St. Louis, MO 63146, or at such other address as Lessor may specify by written notice to Lessee.  Except as set forth in this Lease, rental shall be paid without deduction, set-off or counterclaim.
5.Mileage Allowance.  Lessor shall use commercially reasonable efforts to collect all mileage earned by the Cars, and, subject to all rules of the tariffs of the railroads, Lessor shall credit to Lessee’s rental account such mileage as and when received during the term of this Lease.  Lessee agrees to promptly refund to Lessor any mileage allowances that are reclaimed by the railroads upon Lessee’s receipt of notice therefor together with reasonably acceptable documentation from the railroads that any such mileage allowance has been reclaimed.
6.Term.  This Lease shall be effective as dated and will expire upon the completion of the leasing arrangement shown on the attached Riders of the last Car or Cars covered thereunder.  The Lease term, with respect to all Cars covered by a particular Rider, shall 

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commence on the average date of delivery of the Cars covered by such Rider; and shall terminate as specified in such Rider, unless sooner terminated in accordance with provisions of this Lease.
7.Use and Possession.  Subject to the obligations of Lessor under the Equipment Lease, throughout the continuance of this Lease so long as Lessee is not in default under this Lease, Lessee shall be entitled to possession of each Car from the date the Lease becomes effective as to such Car; and shall use such Car only in the manner for which it was designed and intended, and so as to subject it only to ordinary wear and tear; provided, however, that Lessee agrees that the Cars shall at all times be used: (a) in conformity with all Interchange Rules; (b) in compliance with the terms and conditions of this Lease; and (c) only in the continental United States, Canada and Mexico, provided that in no event shall the Cars be used in a location excluded from coverage by any insurance policy required to be maintained under this Lease, and provided further that in no event will more than 50% of the aggregate number of Cars leased hereunder be, at any time, located in Mexico.  In the event any Car is used by Lessee outside of the continental United States, for any reason whatsoever, Lessee shall assume full responsibility (and reimburse Lessor and/or Equipment Lessor) for all costs, taxes (other than taxes on the income of Lessor), duties or other charges incidental to such use, including costs incurred in returning the car to the continental United States.  Lessor shall promptly furnish Lessee with copies of all receipts, invoices or other requests for payment that it receives with respect to such costs, taxes, duties or other charges.
8.Empty Mileage Indemnification.  Lessee will use its best efforts to use the Cars such that their total mileage under load will equal or exceed their mileage empty on each railroad over which the Cars move.  Should the empty mileage exceed the loaded mileage such that Lessor is obligated to pay for such excess at the rate and at the time established by the tariff of the railroad on which such excess of empty miles has accrued, then Lessee shall reimburse 100% of such amount to Lessor.  For the purpose of this Section 8, the railroad mileage reports received by Lessor shall be prima facie evidence of the facts reported therein.
9.Additional Charges by Railroads.  Lessee agrees to use the Cars, upon each railroad over which Cars shall move, in accordance with the then prevailing tariffs to which each railroad shall be a party; and if the operation or movements of any of the Cars during the term hereof shall result in any charges being made against Lessor and/or Lessor by any such railroad, Lessee shall pay to Lessor the amount of such charges within the period prescribed by and at the rate and under the conditions of the then prevailing tariffs.  Lessee agrees to indemnify Equipment Lessor and Lessor against any such charges.  Lessee shall be liable for any switching, demurrage, track storage, detention or special handling charges imposed on any Car during the term hereof, except (i) charges incurred while the car is en route to a shop for maintenance or repairs that are Lessor’s responsibility under this Lease or (ii) charges incurred as a result of Lessor’s failure to perform its obligations under this Lease.
10.Lessee’s Right To Transfer or Lease.  Lessee shall not transfer, lease or assign any Car or any of its interests and obligations pursuant to this Lease without Lessor’s prior written consent, and any attempted transfer, lease or assignment without such consent shall be void and ineffective against Lessor and Equipment Lessor.  No transfer, lease or assignment of 

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the Lease, or of any Car, shall relieve Lessee from any of its obligations to Lessor under this Lease.  This Lease shall be binding upon the parties hereto and their respective successors and assigns.
11.Maintenance Responsibility.
(a)Subject to the other terms of this Lease, Lessor will maintain the Cars, at its sole cost and expense, in good working order, condition and repair according to applicable law and regulations, including, without limitation, the Interchange Rules.  Lessee agrees to notify Lessor promptly, after learning that any Car is damaged or in need of repair, and to forward such Cars and any other Cars subject to this Lease to shops as directed by Lessor for repairs and/or periodic maintenance and inspections.  No repairs to any of the Cars shall be made by Lessee without Lessor’s prior written consent, except that Lessee shall, at its expense, replace any removable part (dome covers, hatch covers, outlet caps, etc.) if lost or broken.  Running repairs (as specified in the Interchange Rules) may be performed by railroads or hauling Carriers without prior consent.  Replacement or repair of any parts, equipment and/or accessories on any of the Cars shall be with parts, equipment and/or accessories that are of like kind and of at least equal quality to those being replaced or repaired, unless otherwise agreed in writing by the parties.
(b)On tank Cars, Lessee will be responsible for maintenance and replacement of all movable parts, including angle valves and check valves and, if such Cars are so equipped, thermometer wells, gauging devices, regulator valves, safety heads and top unloading valves.  On hopper Cars, Lessee will be responsible for inspection and cleaning of the operating mechanisms of the outlets, hatches, dome covers, and special fittings on such Cars leased herein, and damage to such outlets, hatches, dome covers, special fittings or the operating mechanisms will be repaired for the account of Lessee.
(c)When a Car is placed in a shop for maintenance or repair as provided in this Lease, the rental charges shall cease on date of arrival in the shop, except in the case where a Car arrives without advance notice of defects from Lessee, in which case rental charges will cease on communication of such defects to Lessor from Lessee, and shall be reinstated on the date that maintenance and repairs have been completed and the Car is forwarded from the shop or on the date that the Car is ready to leave, awaiting disposition instructions from Lessee.  If any Car is derailed and requires repairs, the rental charges for such Car will cease effective as of the date of the derailment and will resume as of the date the Car is forwarded from the repair shop.  If any repairs are required as a result of the misuse by or negligence of Lessee or its consignee, agent or Lessee or while on a railroad that does not subscribe to, or fails to meet its responsibility under the Interchange Rules, the rental charges shall continue during the repair period, and Lessee agrees to pay Lessor for the cost of such repairs.  If any repairs are required while on any private siding or track or any private or industrial railroad, the rental charges shall continue during the repair period.

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12.Loss or Destruction.
(a)If any of the Cars shall be completely destroyed, or if the physical condition of any Car shall become such that the Car cannot be operated in railroad service, as determined by Lessor, rental will cease as to such Car as of the date on which such event occurred.  Lessor may cancel this Lease as to such Car as of the date on which such event occurred, or may substitute another Car reasonably acceptable to Lessee within a reasonable period of time.  Lessee shall notify Lessor of the occurrence of any such event within three business days after learning of such event.  In the event of such substitution, the substituted Car shall be held pursuant to all the terms and conditions of this Lease.  Lessee agrees that if a Car is lost or destroyed or is in such physical condition that it cannot be operated in railroad service by reason of misuse or negligence of Lessee or its consignee, agent or Lessee or while on a railroad that does not subscribe to the Interchange Rules or while on any private siding or track or any private or industrial railroad, Lessee will pay Lessor, in cash, the depreciated value of such Car as determined by Rule #107 of the Interchange Rules within 15 days following a request by Lessor for such payment.  Any amount payable by Lessee to Lessor pursuant to this Section 12 shall be reduced by any amounts received by Lessor from any third party responsible for such loss, destruction or damage.  Lessee shall be subrogated to the rights of Lessor against any person to the extent that the actions or omissions of such person caused Lessee to incur liability under this Section 12, and Lessor shall cooperate fully with Lessee in its pursuit of these subrogation rights.  Lessor and Lessee shall cooperate with and assist each other in any reasonable manner requested, but without affecting their respective obligations under this Section 12 or Section 22, to establish proper claims against parties responsible for the loss, destruction of or damage to, the Cars.  With respect to any Car for which Lessor has received payment from Lessee of the depreciated value, Lessor shall, at Lessee's request, use commercially reasonable efforts to cause Equipment Lessor to execute and deliver to Lessee a bill of sale transferring to Lessee, free and clear of all security interests and other liens, all of Equipment Lessor’s right, title and interest in and to such Car, as well as all claims and rights Equipment Lessor may have against any manufacturer, supplier, vendor, repairer, Carrier or dealer of such Car, and any part thereof.
(b)Lessee shall obtain commercial general liability insurance against claims for bodily injury, death or third party property damage, designating Lessor and Equipment Lessor as additional insureds with respect to Lessee's operation and use of the Cars under this Lease in an amount of not less than $10 million per occurrence.  The insurance coverage shall:
(i)be valid for the term of this Lease as defined in Section 6;
(ii)be primary without any right of contribution from any other insurance that is carried by Lessee, any Insured Party (as defined below) or any other person;
(iii)expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured and shall waive any right of subrogation of the insurers (including any right of the insurers to set-off or counterclaim or any other deduction) against the Insured Parties;

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(iv)name the following parties under the Equipment Lease as additional insureds: Lessor, Equipment Lessor, Trust Company (in its individual capacity and as Owner Trustee), Owner Participant, the Loan Participants and the Indenture Trustee (the “Insured Parties”); 
(v)provide that the insurers agree that such coverage is extended to insure the Cars for liability purposes; and
(vi)provide that the respective interests of the Insured Parties shall not be invalidated by any act of negligence of or breach of warranty or representation by Lessee, any other additional insured, or any other person having an interest in the Cars.
(c)Lessee shall endeavor to provide 30-days advance written notice to Lessor of any policy cancellation, other than cancellation for failure to pay premiums (which shall require only 10 days advance notice), respecting the Cars or any Insured Party.  Lessee shall deliver to Lessor, Indenture Trustee, the Loan Participants and Owner Participant on or before each Funding Date and not less often than annually thereafter, a certificate of insurance, substantially in the same form as delivered by Lessee to such parties on each Funding Date except for the changes in the report or the coverage consistent with the terms hereof.
(d)Lessee shall be solely responsible for any and all payments under the insurance policy.  If Lessee does not comply with its obligations under this Section 12(b), Lessor may obtain insurance for the Cars itself, at the sole expense and responsibility of Lessee.  Any payment received by Lessor from the insurance company shall be credited to the amount that Lessee is obligated to pay under Section 12(a), unless such insurance policy has been obtained by Lessor or Lessor has paid any premium under such insurance policy.
13.Loss of Commodity.  Lessor shall not be liable for any loss of, or damage to, commodities, or any part thereof, loaded or shipped in or on any of the Cars however such loss or damage shall be caused or shall result.  Lessee agrees to assume responsibility for, to indemnify Lessor against, and to save it harmless from any such loss or damage or claim therefor.
14.Damage to Car by Commodity.  Lessee shall be liable for damage to any Car covered by this Lease, whether or not due to Lessee’s negligence, if caused by or as a result of the commodity loaded therein or caused by trying to remove product from the Cars during the Lease term.  Lessee assumes responsibility for such damage to any Car, including without limitation, as applicable, for tank Cars, to the tank, fittings or appurtenances thereto, ordinary wear and tear (including for any interior linings) excepted, and for covered hopper Cars, any damage to the exterior of the Cars including without limitation, hammer damage or similar damage to the side of the Cars and cracked paint and rust on the exterior of the Car, ordinary wear and tear excepted.  Hammer damage, cracked paint and rust will not be considered ordinary wear and tear.  Lessee will use the Cars for the transportation and handling of commodities which will not injure the Cars.

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15.Alteration and Lettering.  Lessee will not in any way alter the physical structure of the Cars without the advance approval, in writing, of Lessor.  Lessee shall cause each Car to be kept stenciled with the reporting mark as shall be set forth in this Lease or any applicable Rider.  Except as otherwise contemplated herein, Lessee shall place no lettering or marking of any kind upon the Cars without Lessor’s prior written consent.
16.Linings and Coatings.  The application, maintenance and removal of interior protective linings and coatings in Cars so equipped is to be at the expense of Lessee.  Commodity or mechanical damage to such linings or coatings shall be for the account of Lessee.
17.Interior Preparation for Commodities.  Any cleaning or special preparation of the interior of Cars to make them suitable for the shipment of commodities by or for Lessee during the term of the Lease shall be done at Lessee’s expense unless otherwise agreed.
18.Return of Cars – Cleaning.  At the expiration of the Lease term as provided in the applicable Rider, Lessee shall, at its expense, return the Cars described in that Rider to Lessor or its designee at a point designated by Lessor, empty, clean and free from residue (including, without limitation, sludge, heel or other similar materials) for use in the type of service for which the Cars were used hereunder, and in the same condition as the Cars were in when delivered, except for: (i) normal wear and tear and (ii) those items that were Lessor’s obligation to maintain and repair.  At the expiration of the Lease term, should cleaning be required to place the Car in the condition required hereunder, Lessee shall bear the full cost of cleaning and the rental shall continue until the Car is so cleaned.
19.Modifications.  If, at any time after Lessee’s acceptance of a Car, the Federal Railroad Administration or any other governmental agency or non-governmental organization having jurisdiction over the operation, safety or use of such Car, requires that Lessor modify such Car to qualify it for operation in railroad interchange, Lessor shall promptly perform all required modifications and the cost of those modifications shall be reflected in an increase in the monthly rental rate per Car according to the rental escalation formula shown on the Rider for that Car.  Rental charges will cease on the first day the Car is no longer in Lessee’s service and will be reinstated on the date the Car has been modified and is forwarded from the shop.  If Lessor, in its sole discretion, elects to remove a Car from Lessee’s service rather than make such a modification, the rent with respect to such Car shall terminate upon the date specified in writing by Lessor, provided that such date must be prior to the date such modification is required to be made.
20.High Mileage and Weight Limitation.  Since the rentals and other terms of this Lease are based on normal usage of Cars in non-unit train or other non-high mileage operations, Lessee agrees not to use the Cars in unit train or other designated high mileage usage without prior written consent of Lessor.  Each Car will be subject to a surcharge shown on the applicable Rider for all excess miles.  Lessee shall not exceed the weight limitations prescribed for operation of Cars in unrestricted interchange service as set forth under Interchange Rule 91.  Lessee shall not load any of the Cars in excess of the load limit stenciled thereon or any load limit prescribed by tariff, circular, or regulation.

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21.Use of Cars on Certain Roads Under AAR Circular OT5.  Upon the written request of Lessee (which request shall name the railroads involved), Lessor shall use reasonable best efforts to obtain from each named railroad authority to place the Cars (other than tanks) in service under the provisions of AAR Circular OT-5 as promulgated by the AAR and all supplements thereto and reissues thereof (such authority hereinafter called “consent(s)”).  Lessee shall furnish to Lessor such information as is necessary to apply for and obtain such consents.  Lessor, however, shall not be liable for failure to obtain such consents for any reason whatsoever and this Lease shall remain in full force and effect notwithstanding any failure of Lessor to obtain such consents.
22.Indemnifications.
(a)Lessee shall defend (if such defense is tendered to Lessee), indemnify and hold Lessor and Equipment Lessor harmless from and against and does hereby release Lessor and Equipment Lessor from all claims, suits, liabilities, losses, damages, costs and expenses, including reasonable attorney’s fees, in any way arising out of, or resulting from, the storage, use or operation of the Cars during the term of this Lease, except to the extent: (i) the same arises from or is related to the negligence or willful misconduct of Equipment Lessor and/or Lessor, or either of their employees or agents, (ii) a railroad or other third party has assumed full responsibility and satisfies such responsibility, (iii) the same arises from or is related to Lessor’s failure to perform its obligations under this Lease, (iv) the same accrues with respect to any Car while such Car is in a repair shop undergoing maintenance and repairs, or (v) the same arises from or is related to the use or condition of the Cars prior to being in Lessee’s service under this Lease.
(b)Lessor shall defend (if such defense is tendered to Lessor), indemnify and hold Lessee harmless from and against and does hereby release Lessee from all claims, suits, liabilities, losses, damages, costs and expenses, including reasonable attorney’s fees, in any way arising out of, or resulting from, the repair and maintenance of the Cars during the term of this Lease, except to the extent: (i) the same arises from or is related to the negligence or willful misconduct of Lessee, its employees or agents, (ii) a railroad or other third party has assumed full responsibility and satisfies such responsibility, or (iii) the same arises from or is related to Lessee’s failure to perform its obligations under this Lease.
23.Taxes and Liens.  Lessee shall not be liable for any Federal, State or other governmental property taxes assessed or levied against the Cars, except that (i) Lessee shall be liable for and pay such taxes when the Cars bear Lessee’s reporting marks and numbers and (ii) Lessee shall be liable for and shall pay or reimburse Lessor for the payment of any sales, use, leasing, operation, excise, gross receipts and other taxes with respect to the Cars (together with any penalties, fines or interest thereon), duties, imposts, taxes, investment tax credit reductions and similar charges arising out of Lessee’s use of Cars outside the continental United States, except to the extent levied or assessed on Lessor’s income.  Lessee acknowledges and agrees that by the execution of this Lease it does not obtain, and by payments and performance hereunder it does not, and will not, have or obtain any title to the Cars or any property right or interest therein, legal or equitable, except solely as Lessee hereunder and subject to all of the terms 

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hereof.  Lessee shall keep the Cars free from any liens or encumbrances created by or through Lessee.
24.Defaults and Remedies.  If (a) Lessee defaults in the payment of any sum of money to be paid under this Lease and such default continues five days after written notice to Lessee of such default, or (b) Lessee fails to perform any covenant or condition required to be performed by Lessee, which failure shall not be remedied within ten days after written notice thereof by Lessor to Lessee or (c) Lessee shall dissolve, make or commit any act of bankruptcy or if any proceeding under any bankruptcy or insolvency statute or any laws relating to relief of debtors is commenced by Lessee or if any such proceeding is commenced against Lessee and same shall not have been stayed, vacated, removed or dismissed within 60 days after the date of the filing thereof or (d) a receiver, trustee or liquidator is appointed for Lessee or for all or a substantial part of Lessee’s assets with Lessee’s consent or, if without Lessee’s consent, the same shall not have been stayed, vacated, removed or dismissed within 60 days after the date of the appointment thereof or if a writ of attachment or execution is levied on any Car as a result of a judgment against Lessee and the same is not stayed, vacated or discharged within 30 days thereafter, or (e) Lessee fails to keep all of the Cars free from any lien or encumbrance arising by, through or under it which may encumber or otherwise affect title to any Car, and within 20 days after Lessee receives written notice of any such lien or encumbrance, Lessee has not discharged such lien or encumbrance, Lessor may exercise one or more of the following remedies with respect to the Cars:
1.    Immediately terminate this Lease and Lessee’s rights hereunder;
2.    Require Lessee to return the Cars to Lessor at Lessee’s expense, and if Lessee fails to so comply, Lessor may take possession of such Cars without demand or notice and without court order or legal process.  Lessee acknowledges that it may have a right to notice of possession and the taking of possession with a court order or other legal process.  Lessee, however, knowingly waives any right to such notice of possession and the taking of such possession without court order or legal process;
3.    Lease the Cars to such persons, at such rental, and for such period of time as Lessor shall elect.  Lessor shall apply the proceeds from such leasing, less all costs and expenses reasonably incurred in the recovery, repair (if such repairs are otherwise Lessee’s obligation under this Lease), storage and renting of such Cars, toward the payment of Lessee’s obligations hereunder.  Lessee shall remain liable for any deficiency, which, at Lessor’s option, shall be paid monthly as suffered or immediately, or at the end of the Lease term as damages for Lessee’s default;
4.    Bring legal action to recover all rent or other amounts then accrued or thereafter accruing from Lessee to Lessor under any provisions hereunder;
5.    Pursue any other remedy which Lessor may have.

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Each of the foregoing remedies is cumulative and may be enforced separately or concurrently, and in addition to any other remedy referred to herein or otherwise available to Lessor in law or equity, and action upon one such remedy shall not be deemed to constitute an election or waiver of the other remedies or rights of action.  Any repossession or sale of any Car by Lessor shall not bar an action for a deficiency as herein provided and the bringing of an action or entering of a judgment against Lessee shall not bar Lessor’s right to repossess any or all of the Cars.  In the event of default, Lessee shall pay to Lessor upon demand all costs and expenses, including reasonable attorneys’ fee expended by Lessor in the enforcement of its rights and remedies hereunder, and Lessee shall pay interest on any amount owing to Lessor from the time such amount becomes due hereunder at a rate per annum equal to one and one-half percentage points (1.5%) above the prime rate of JPMorgan Chase Bank N.A. (or its successor), such rate to be reduced, however, to the extent it exceeds the maximum rate permitted by applicable law.  In addition, Lessee shall, without expense to Lessor, assist Lessor in repossessing the Cars.
If Lessee fails to perform any of its obligations hereunder, Lessor, at Lessee’s expense, and without waiving any rights it may have against Lessee for such nonperformance, may, with prior written notice to Lessee, itself render such performance.  Lessee shall reimburse Lessor on demand for all sums so paid by Lessor on Lessee’s behalf, together with interest at a rate per annum equal to one and one-half percentage points (1.5%) above the prime rate of JPMorgan Chase Bank N.A. (or its successor), such rate to be reduced, however, to the extent it exceeds the maximum rate permitted by applicable law.
25.Lessor’s or Equipment Lessor’s Right to Assign; Subordination.  All of Lessee’s rights under this Lease are subject and subordinate to the rights of the Equipment Lessor set forth in this Section 25.  All rights of Lessor may be assigned to the Equipment Lessor (or any related indenture trustee) as security for Lessor’s obligations under the Equipment Lease.  All rights of Equipment Lessor in the Equipment Lease may be assigned, pledged, mortgaged, leased, transferred or otherwise disposed of, either in whole or in part, and/or Equipment Lessor may assign, pledge, mortgage, lease, transfer or otherwise dispose of title to the Cars, with or without prior notice to Lessor or Lessee.  In the event of any such assignment, pledge, mortgage, lease, transfer or other disposition, the Equipment Lease and all rights of Lessor thereunder, and all rights of Lessee in this Lease, will be subject and subordinate to the terms, covenants and conditions of any assignment, pledge, mortgage, lease, or other agreements covering the Cars heretofore or hereafter created and entered into by Equipment Lessor, its successors or assigns and to all of the rights of any such assignee, pledgee, mortgagee, lessor, transferee or other holder of legal title to or security interest in the Cars.  At the request of Equipment Lessor or any assignee, pledgee, mortgagee, lessor, transferee or other holder of the legal title to or security interest in the Cars may, if applicable, place on each side of each Car, in letters not less than one inch in height, the words “Ownership Subject to a Security Lease Filed with the Surface Transportation Board” or other appropriate words reasonably requested.  In the event that Equipment Lessor assigns its interest in the Equipment Lease, Lessee, at the request of Lessor, shall execute and deliver to Equipment Lessor and Lessor an Acknowledgment of Assignment in substantially the form attached hereto as Exhibit A.

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26.Warranties.  EXCEPT AS OTHERWISE PROVIDED IN THIS LEASE, LESSOR MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, AS TO THE CONDITION, MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE OR ANY OTHER MATTER CONCERNING THE CARS.  Lessee shall be solely responsible for determining that the specifications and design of any Car are appropriate for the commodities loaded therein.
27.Right of Inspection and Notices.  Lessor, Equipment Lessor (including any related indenture trustee, noteholders, or owner participant), or any of their assignees or representatives, shall, at any reasonable time and without interfering with Lessee’s operations, have the right to inspect the Cars, and, upon reasonable advance notice (which may be verbal) and during ordinary business hours, all books and records of Lessee that relate to the Cars, by its authorized representative wherever they may be located for the purpose of determining compliance by Lessee with its obligations hereunder.  Lessee shall use commercially reasonable efforts to obtain permission, if necessary, for Lessor or its representative to enter upon any premises where the Cars may be located.  Lessee shall notify Lessor, in writing, within three business days after any attachment, lien (including any tax and mechanics’ liens) or other judicial process arising by, through or under Lessee attaches to any of the Cars.
28.Miscellaneous.  This Lease, together with any and all exhibits attached hereto, constitutes the entire agreement between Lessor and Lessee with respect to the subject matter addressed herein, and it shall not be amended, altered or changed except by written agreement signed by the parties hereto.  No waiver of any provision of this Lease or consent to any departure by either party therefrom shall be effective unless the same shall be in writing, signed by both parties and then such waiver of consent shall be effective only in the specific instance and for the purpose for which it was given.
1.    Governing Law.  This Lease shall be interpreted under and performance shall be governed by the laws of the State of Illinois.
2.    Conflict with Interchange Rules.  In the event the Interchange Rules conflict with any provision of this Lease, this Lease shall govern.
3.    Exhibits.  All exhibits attached hereto are incorporated herein by this reference.
4.    Payments.  All payments to be made under this Lease shall be made at the address set forth in Section 4.
5.    Severability.  If any term or provision of this Lease or the application thereof shall, to any extent, be invalid or unenforceable, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Lease, and this Lease shall be valid and enforced to the fullest extent permitted by law.
6.    Headings.  The headings that have been used to designate the various Sections and Articles hereof are solely for convenience in reading and ease of reference 

Error! Unknown document property name.    11

and shall not be construed in any event or manner as interpretative or limiting the interpretation of the same.
7.    Governmental Laws.  Lessor shall comply with all governmental laws, rules, regulations, requirements and the Interchange Rules (herein collectively referred to as the “Rules”) with respect to the repair and maintenance of the Cars and any part thereof.  Lessee shall comply with all Rules with respect to the use, operation and maintenance of any interior lading protective devices, special interior linings or removable parts.  Lessee, at its expense, shall further comply with the Rules in the event such Rules require a change or replacement of such devices, linings or parts.
8.    Survival.  All indemnities contained in this Lease shall survive the termination hereof, but only with respect to indemnified claims that accrue with respect to events occurring prior to the expiration or earlier termination of this Lease.  In addition, the obligation to pay any deficiency, as well as the obligation for any and all other payments hereunder shall survive the termination of this Lease or the Lease contained herein.
29.Addressing of Notices.  All notices and other communications required or permitted by this Agreement shall be in writing and deemed given to a party when (a) delivered by hand or by nationally recognized overnight courier service; (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee if sent by certified mail, return receipt requested, in each case (a) - (c) to the following addresses or facsimile numbers and marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number, or person as a party may designate by notice to the other party):
						
	Lessor to Lessee:

TO:    Southwest Iowa Renewable Energy LLC
    2101 42nd Avenue
    Council Bluffs, Iowa  51501
    Fax No. (712) 366-0394
    ATTN:  Chief Executive Officer
	Lessee to Lessor:

Bunge North America, Inc.
11720 Borman Drive
St. Louis, Missouri  63146-1000
Fax No. (314) 292-4276
ATTN: Darrell R. Wallace
Vice President  Transportation

30.Administration of Lease.  Lessee agrees to make available to Lessor information concerning the movement of the Cars reasonably required for the efficient administration of this Lease.  Lessee agrees to cooperate with Lessor for the purpose of complying with any reasonable requirements of any lender, the Surface Transportation Board or the provisions of Article 9 of the Uniform Commercial Code provided such cooperation does not materially affect the rights, obligations or liabilities of Lessee hereunder.
31.Recordation of Lease.  If Lessor or Equipment Lessor elect or are required to record a memorandum of this lease with the Surface Transportation Board, then Lessee will cooperate with the preparation, execution, and filing of such memorandum.
[signatures on following page]
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed and delivered as of the day and year first above written.

Error! Unknown document property name.    12

						
	Lessor:

BUNGE NORTH AMERICA, INC.

By: /s/ Eric Hakmiller                

Title: Vice President Bunge Biofuels        
	Lessee:

SOUTHWEST IOWA RENEWABLE ENERGY, LLC

By: /s/ Karol King                

Title: Chairman of the Board            

Error! Unknown document property name.    13

Rider No: 001 to Railcar Lease Agreement
It is hereby agreed as of March 25, 2009 that this Rider shall become part of the Amended and Restated Railcar Lease Agreement, dated as of March 25, 2009 (the “Lease”), between Bunge North America, Inc. (“Lessor”) and Southwest Iowa Renewable Energy, LLC (“Lessee”), and that the Cars described herein shall be placed in Lessee’s service, subject to the following terms and conditions:
Capitalized Terms:  All capitalized terms defined in the Lease shall have the meanings defined therein when used in this Rider No. 001 except that the term “Cars” as used herein shall only refer to the railcars described in this Rider.
Number of Cars:  Three hundred (300).
Description:  6,351 cu. ft. covered hopper cars with gravity outlet gates and with 286,000 pound gross load weight capacity.
Car Initials and Numbers:  See Schedule 1 attached hereto.
Lease Rental Rate:  $* per Car per month, subject to the following provisions:
(a)    If Lessor is required to modify a Car in accordance with Section 19 of the Lease, then the Lease Rental Rate will increase by $* for each $* cost incurred by Lessor in the course of making modifications.
 (b)    In accordance with Section 20 of the Lease, in the event that a Car travels more than 35,000 miles (empty and loaded) in Lessee’s service during any calendar year, Lessee shall pay Lessor $* per mile for each mile over * traveled by such Car.
Impact Damage:  Impact damage resulting from striking the car with hammers, lances, sledges, or other such mechanical device shall not be considered normal wear and tear to the extent such damage results in (a) cracks, punctures, or tears of the steel sheet, or (b) dents to the steel sheet exceeding one inch (1”) in depth, or (c) penetration of the exterior paint film exposing the steel sheet to the elements; all of the preceding enumerated items shall collectively be defined as “Lessee Responsibility Damage”.  Lessee Responsibility Damage shall be repaired at Lessee’s expense by means of straightening dents, welding any cracks, patching punctures or tears, and spot painting any repaired or exposed surfaces.
Weight Limitation:  Lessee shall not exceed the weight limitations prescribed for operation of cars in unrestricted interchange service as set forth under AAR Interchange Rule 70.
Minimum Rental Period:  The minimum rental period for the Cars Leased hereunder shall be 120 months, and the Cars shall continue under Lease thereafter for successive one (1) month terms, at the same rate and under the same conditions, unless notice, in writing, requesting cancellation shall be given by either party to the other at least 30 days prior to expiration of the initial term or 
* Portion omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K (17 CFR § 229.601(b)(10)(iv)) because it is both not material and would likely cause competitive harm to the company if publicly disclosed.

Error! Unknown document property name.    14

any successive term for Cars covered by this Rider.  Thereafter, this Rider shall terminate automatically upon the date of release of the last Car covered by this Rider.
Miscellaneous:  The parties acknowledge that all of the Cars to be Leased under this Rider are being built and will be delivered to Lessee’s service as released from the manufacturer.
[signatures on following page]
IN WITNESS WHEREOF, the parties hereto have caused this Rider to be executed and delivered as of the day and year first above written.

Error! Unknown document property name.    15

						
	Lessor:

BUNGE NORTH AMERICA, INC.

By: /s/ Eric Hakmiller                

Title: Vice President Bunge Biofuels        
	Lessee:

SOUTHWEST IOWA RENEWABLE ENERGY, LLC

By: /s/ Karol King                

Title: Chairman of the Board            

Error! Unknown document property name.    16

Schedule 1 to Rider No: 001 to Railcar Lease Agreement

Error! Unknown document property name.    17

						
	BNGX	20003
	BNGX	20007
	BNGX	20011
	BNGX	20014
	BNGX	20022
	BNGX	20028
	BNGX	20029
	BNGX	20030
	BNGX	20031
	BNGX	20032
	BNGX	20036
	BNGX	20038
	BNGX	20040
	BNGX	20041
	BNGX	20042
	BNGX	20046
	BNGX	20049
	BNGX	20051
	BNGX	20054
	BNGX	20055
	BNGX	20057
	BNGX	20058
	BNGX	20059
	BNGX	20061
	BNGX	20062
	BNGX	20063
	BNGX	20065
	BNGX	20067
	BNGX	20068
	BNGX	20073
	BNGX	20077
	BNGX	20081
	BNGX	20086
	BNGX	20094
	BNGX	20098
	BNGX	20101
	BNGX	20104
	BNGX	20107
	BNGX	20108
	BNGX	20109
	BNGX	20114
	BNGX	20116
	BNGX	20118
	BNGX	20119

Error! Unknown document property name.    18

						
	BNGX	20120
	BNGX	20124
	BNGX	20126
	BNGX	20127
	BNGX	20128
	BNGX	20129
	BNGX	20131
	BNGX	20132
	BNGX	20133
	BNGX	20134
	BNGX	20135
	BNGX	20136
	BNGX	20137
	BNGX	20138
	BNGX	20139
	BNGX	20140
	BNGX	20141
	BNGX	20142
	BNGX	20143
	BNGX	20144
	BNGX	20145
	BNGX	20146
	BNGX	20147
	BNGX	20148
	BNGX	20149
	BNGX	20150
	BNGX	20151
	BNGX	20152
	BNGX	20153
	BNGX	20154
	BNGX	20155
	BNGX	20156
	BNGX	20157
	BNGX	20158
	BNGX	20159
	BNGX	20160
	BNGX	20161
	BNGX	20162
	BNGX	20163
	BNGX	20164
	BNGX	20165
	BNGX	20166
	BNGX	20167
	BNGX	20168

Error! Unknown document property name.    19

						
	BNGX	20169
	BNGX	20170
	BNGX	20171
	BNGX	20172
	BNGX	20173
	BNGX	20174
	BNGX	20175
	BNGX	20176
	BNGX	20177
	BNGX	20178
	BNGX	20179
	BNGX	20180
	BNGX	20181
	BNGX	20182
	BNGX	20183
	BNGX	20184
	BNGX	20185
	BNGX	20186
	BNGX	20187
	BNGX	20188
	BNGX	20189
	BNGX	20190
	BNGX	20191
	BNGX	20192
	BNGX	20193
	BNGX	20194
	BNGX	20195
	BNGX	20196
	BNGX	20197
	BNGX	20198
	BNGX	20199
	BNGX	20200
	BNGX	20201
	BNGX	20202
	BNGX	20203
	BNGX	20204
	BNGX	20205
	BNGX	20206
	BNGX	20207
	BNGX	20208
	BNGX	20209
	BNGX	20210
	BNGX	20211
	BNGX	20212

Error! Unknown document property name.    20

						
	BNGX	20213
	BNGX	20214
	BNGX	20215
	BNGX	20216
	BNGX	20217
	BNGX	20218
	BNGX	20219
	BNGX	20220
	BNGX	20221
	BNGX	20222
	BNGX	20223
	BNGX	20224
	BNGX	20225
	BNGX	20226
	BNGX	20227
	BNGX	20228
	BNGX	20229
	BNGX	20230
	BNGX	20231
	BNGX	20232
	BNGX	20233
	BNGX	20234
	BNGX	20235
	BNGX	20236
	BNGX	20237
	BNGX	20238
	BNGX	20239
	BNGX	20240
	BNGX	20241
	BNGX	20242
	BNGX	20243
	BNGX	20244
	BNGX	20245
	BNGX	20246
	BNGX	20247
	BNGX	20248
	BNGX	20249
	BNGX	20250
	BNGX	20251
	BNGX	20252
	BNGX	20253
	BNGX	20254
	BNGX	20255
	BNGX	20256

Error! Unknown document property name.    21

						
	BNGX	20257
	BNGX	20258
	BNGX	20259
	BNGX	20260
	BNGX	20261
	BNGX	20262
	BNGX	20263
	BNGX	20264
	BNGX	20265
	BNGX	20266
	BNGX	20267
	BNGX	20268
	BNGX	20269
	BNGX	20270
	BNGX	20271
	BNGX	20272
	BNGX	20273
	BNGX	20274
	BNGX	20275
	BNGX	20276
	BNGX	20277
	BNGX	20278
	BNGX	20279
	BNGX	20280
	BNGX	20281
	BNGX	20282
	BNGX	20283
	BNGX	20284
	BNGX	20285
	BNGX	20286
	BNGX	20287
	BNGX	20288
	BNGX	20289
	BNGX	20290
	BNGX	20291
	BNGX	20292
	BNGX	20293
	BNGX	20294
	BNGX	20295
	BNGX	20296
	BNGX	20297
	BNGX	20298
	BNGX	20299
	BNGX	20300

Error! Unknown document property name.    22

						
	BNGX	20301
	BNGX	20302
	BNGX	20303
	BNGX	20304
	BNGX	20305
	BNGX	20306
	BNGX	20307
	BNGX	20308
	BNGX	20309
	BNGX	20310
	BNGX	20311
	BNGX	20312
	BNGX	20313
	BNGX	20314
	BNGX	20315
	BNGX	20316
	BNGX	20317
	BNGX	20318
	BNGX	20319
	BNGX	20320
	BNGX	20321
	BNGX	20322
	BNGX	20323
	BNGX	20324
	BNGX	20325
	BNGX	20326
	BNGX	20327
	BNGX	20328
	BNGX	20329
	BNGX	20330
	BNGX	20331
	BNGX	20332
	BNGX	20333
	BNGX	20334
	BNGX	20335
	BNGX	20336
	BNGX	20337
	BNGX	20338
	BNGX	20339
	BNGX	20340
	BNGX	20341
	BNGX	20342
	BNGX	20343
	BNGX	20344

Error! Unknown document property name.    23

						
	BNGX	20345
	BNGX	20346
	BNGX	20347
	BNGX	20348
	BNGX	20349
	BNGX	20350
	BNGX	20351
	BNGX	20352
	BNGX	20353
	BNGX	20354
	BNGX	20355
	BNGX	20356
	BNGX	20357
	BNGX	20358
	BNGX	20359
	BNGX	20360
	BNGX	20361
	BNGX	20362
	BNGX	20363
	BNGX	20364
	BNGX	20365
	BNGX	20366
	BNGX	20367
	BNGX	20368
	BNGX	20369
	BNGX	20370
	BNGX	20371
	BNGX	20372
	BNGX	20373
	BNGX	20374
	BNGX	20375
	BNGX	20376
	BNGX	20377
	BNGX	20378
	BNGX	20379
	BNGX	20380

Error! Unknown document property name.    24

Rider No: 002 to Railcar Lease Agreement
It is hereby agreed as of March 25, 2009 that this Rider shall become part of the Amended and Restated Railcar Lease Agreement, dated as of March 25, 2009 (the “Lease”), between Bunge North America, Inc. (“Lessor”) and Southwest Iowa Renewable Energy, LLC (“Lessee”), and that the Cars described herein shall be placed in Lessee’s service, subject to the following terms and conditions:
Capitalized Terms:  All capitalized terms defined in the Lease shall have the meanings defined therein when used in this Rider No. 002 except that the term “Cars” as used herein shall only refer to the railcars described in this Rider.
Number of Cars:  Three hundred twenty-five (325).
Description:  30,145 gallon tank cars, equipped with 2” x 1” top unloading capability.
Commodity:  Ethanol.
Car Initials and Numbers:  See Schedule 1 attached hereto.
Rental Rate:  $* per Car per month, subject to the following provisions:
(a)    If Lessor is required to modify a Car in accordance with Section 19 of the Lease, then the Lease Rental Rate will increase by $* for each $* cost incurred by Lessor in the course of making modifications.
 (b)    In accordance with Section 20 of the Lease, in the event that a Car travels more than 35,000 miles (empty and loaded) in Lessee’s service during any calendar year, Lessee shall pay Lessor $* per mile for each mile over * traveled by such Car.
Weight Limitation:  Lessee shall not exceed the weight limitations prescribed for operation of cars in unrestricted interchange service as set forth under AAR Interchange Rule 70.
Minimum Rental Period:  The minimum rental period for the Cars Leased hereunder shall be 120 months, and the Cars shall continue under Lease thereafter for successive one (1) month terms, at the same rate and under the same conditions, unless notice, in writing, requesting cancellation shall be given by either party to the other at least 30 days prior to expiration of the initial term or any successive term for Cars covered by this Rider.  Thereafter, this Rider shall terminate automatically upon the date of release of the last Car covered by this Rider.
Miscellaneous:  The parties acknowledge that all of the Cars to be Leased under this Rider are being built and will be delivered to Lessee’s service as released from the manufacturer.
[signatures on following page]

* Portion omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K (17 CFR § 229.601(b)(10)(iv)) because it is both not material and would likely cause competitive harm to the company if publicly disclosed.

Error! Unknown document property name.    25

IN WITNESS WHEREOF, the parties hereto have caused this Rider to be executed and delivered as of the day and year first above written.

						
	Lessor:

BUNGE NORTH AMERICA, INC.

By: /s/ Eric Hakmiller                

Title: Vice President Bunge Biofuels        
	Lessee:

SOUTHWEST IOWA RENEWABLE ENERGY, LLC

By: /s/ Karol King                

Title: Chairman of the Board            

		

Error! Unknown document property name.    26

Schedule 1 to Rider No: 002 to Railcar Lease Agreement

						
	BRCX	10001
	BRCX	10002
	BRCX	10003
	BRCX	10004
	BRCX	10005
	BRCX	10006
	BRCX	10007
	BRCX	10008
	BRCX	10009
	BRCX	10010
	BRCX	10011
	BRCX	10012
	BRCX	10013
	BRCX	10014
	BRCX	10015
	BRCX	10016
	BRCX	10017
	BRCX	10018
	BRCX	10019
	BRCX	10020
	BRCX	10021
	BRCX	10022
	BRCX	10023
	BRCX	10024
	BRCX	10025
	BRCX	10026
	BRCX	10027
	BRCX	10028
	BRCX	10029
	BRCX	10030
	BRCX	10031
	BRCX	10032
	BRCX	10033
	BRCX	10034
	BRCX	10035
	BRCX	10036
	BRCX	10037
	BRCX	10038

Error! Unknown document property name.    27

						
	BRCX	10039
	BRCX	10040
	BRCX	10041
	BRCX	10042
	BRCX	10043
	BRCX	10044
	BRCX	10045
	BRCX	10046
	BRCX	10047
	BRCX	10048
	BRCX	10049
	BRCX	10050
	BRCX	10051
	BRCX	10052
	BRCX	10053
	BRCX	10054
	BRCX	10055
	BRCX	10056
	BRCX	10057
	BRCX	10058
	BRCX	10059
	BRCX	10060
	BRCX	10061
	BRCX	10062
	BRCX	10063
	BRCX	10064
	BRCX	10065
	BRCX	10066
	BRCX	10067
	BRCX	10068
	BRCX	10069
	BRCX	10070
	BRCX	10071
	BRCX	10072
	BRCX	10073
	BRCX	10074
	BRCX	10075
	BRCX	10076
	BRCX	10077
	BRCX	10078
	BRCX	10079

Error! Unknown document property name.    28

						
	BRCX	10080
	BRCX	10081
	BRCX	10082
	BRCX	10083
	BRCX	10084
	BRCX	10085
	BRCX	10086
	BRCX	10087
	BRCX	10088
	BRCX	10089
	BRCX	10090
	BRCX	10091
	BRCX	10092
	BRCX	10093
	BRCX	10094
	BRCX	10095
	BRCX	10096
	BRCX	10097
	BRCX	10098
	BRCX	10099
	BRCX	10100
	BRCX	10101
	BRCX	10102
	BRCX	10103
	BRCX	10104
	BRCX	10105
	BRCX	10106
	BRCX	10107
	BRCX	10108
	BRCX	10109
	BRCX	10110
	BRCX	10111
	BRCX	10112
	BRCX	10113
	BRCX	10114
	BRCX	10115
	BRCX	10116
	BRCX	10117
	BRCX	10118
	BRCX	10119
	BRCX	10120

Error! Unknown document property name.    29

						
	BRCX	10121
	BRCX	10122
	BRCX	10123
	BRCX	10124
	BRCX	10125
	BRCX	10126
	BRCX	10127
	BRCX	10128
	BRCX	10129
	BRCX	10130
	BRCX	10131
	BRCX	10132
	BRCX	10133
	BRCX	10134
	BRCX	10135
	BRCX	10136
	BRCX	10137
	BRCX	10138
	BRCX	10139
	BRCX	10140
	BRCX	10141
	BRCX	10142
	BRCX	10143
	BRCX	10144
	BRCX	10145
	BRCX	10146
	BRCX	10147
	BRCX	10148
	BRCX	10149
	BRCX	10150
	BRCX	10151
	BRCX	10152
	BRCX	10153
	BRCX	10154
	BRCX	10155
	BRCX	10156
	BRCX	10157
	BRCX	10158
	BRCX	10159
	BRCX	10160
	BRCX	10161

Error! Unknown document property name.    30

						
	BRCX	10162
	BRCX	10163
	BRCX	10164
	BRCX	10165
	BRCX	10166
	BRCX	10167
	BRCX	10168
	BRCX	10169
	BRCX	10170
	BRCX	10171
	BRCX	10172
	BRCX	10173
	BRCX	10174
	BRCX	10175
	BRCX	10176
	BRCX	10177
	BRCX	10178
	BRCX	10179
	BRCX	10180
	BRCX	10181
	BRCX	10182
	BRCX	10183
	BRCX	10184
	BRCX	10185
	BRCX	10186
	BRCX	10187
	BRCX	10188
	BRCX	10189
	BRCX	10190
	BRCX	10191
	BRCX	10192
	BRCX	10193
	BRCX	10194
	BRCX	10195
	BRCX	10196
	BRCX	10197
	BRCX	10198
	BRCX	10199
	BRCX	10200
	BRCX	10201
	BRCX	10202

Error! Unknown document property name.    31

						
	BRCX	10203
	BRCX	10204
	BRCX	10205
	BRCX	10206
	BRCX	10207
	BRCX	10208
	BRCX	10209
	BRCX	10210
	BRCX	10211
	BRCX	10212
	BRCX	10213
	BRCX	10214
	BRCX	10215
	BRCX	10216
	BRCX	10217
	BRCX	10218
	BRCX	10219
	BRCX	10220
	BRCX	10221
	BRCX	10222
	BRCX	10223
	BRCX	10224
	BRCX	10225
	BRCX	10226
	BRCX	10227
	BRCX	10228
	BRCX	10229
	BRCX	10230
	BRCX	10231
	BRCX	10232
	BRCX	10233
	BRCX	10234
	BRCX	10235
	BRCX	10236
	BRCX	10237
	BRCX	10238
	BRCX	10239
	BRCX	10240
	BRCX	10241
	BRCX	10242
	BRCX	10243

Error! Unknown document property name.    32

						
	BRCX	10244
	BRCX	10245
	BRCX	10246
	BRCX	10247
	BRCX	10248
	BRCX	10249
	BRCX	10250
	BRCX	10251
	BRCX	10252
	BRCX	10253
	BRCX	10254
	BRCX	10255
	BRCX	10256
	BRCX	10257
	BRCX	10258
	BRCX	10259
	BRCX	10260
	BRCX	10261
	BRCX	10262
	BRCX	10263
	BRCX	10264
	BRCX	10265
	BRCX	10266
	BRCX	10267
	BRCX	10268
	BRCX	10269
	BRCX	10270
	BRCX	10271
	BRCX	10272
	BRCX	10273
	BRCX	10274
	BRCX	10275
	BRCX	10276
	BRCX	10277
	BRCX	10278
	BRCX	10279
	BRCX	10280
	BRCX	10281
	BRCX	10282
	BRCX	10283
	BRCX	10284

Error! Unknown document property name.    33

						
	BRCX	10285
	BRCX	10286
	BRCX	10287
	BRCX	10288
	BRCX	10289
	BRCX	10290
	BRCX	10291
	BRCX	10292
	BRCX	10293
	BRCX	10294
	BRCX	10295
	BRCX	10296
	BRCX	10297
	BRCX	10298
	BRCX	10299
	BRCX	10300
	BRCX	10301
	BRCX	10302
	BRCX	10303
	BRCX	10304
	BRCX	10305
	BRCX	10306
	BRCX	10307
	BRCX	10308
	BRCX	10309
	BRCX	10310
	BRCX	10311
	BRCX	10312
	BRCX	10313
	BRCX	10314
	BRCX	10315
	BRCX	10316
	BRCX	10317
	BRCX	10318
	BRCX	10319
	BRCX	10320
	BRCX	10321
	BRCX	10322
	BRCX	10323
	BRCX	10324
	BRCX	10325

Error! Unknown document property name.    34

Error! Unknown document property name.    35

EXHIBIT A
CERTIFICATE OF ACCEPTANCE OF RAILROAD CAR
This Certificate relates to the railroad cars listed below leased by Bunge North America, Inc. to Southwest Iowa Renewable Energy, LLC under a Lease for 625 railroad cars dated as of March 25, 2009 into which this certificate is incorporated (by Section 3 thereof).
Railcar Numbers

						
	BRCX	10001
	BRCX	10002
	BRCX	10003
	BRCX	10004
	BRCX	10005
	BRCX	10006
	BRCX	10007
	BRCX	10008
	BRCX	10009
	BRCX	10010
	BRCX	10011
	BRCX	10012
	BRCX	10013
	BRCX	10014
	BRCX	10015
	BRCX	10016
	BRCX	10017
	BRCX	10018
	BRCX	10019
	BRCX	10020
	BRCX	10021
	BRCX	10022
	BRCX	10023
	BRCX	10024
	BRCX	10025
	BRCX	10026
	BRCX	10027
	BRCX	10028
	BRCX	10029

Error! Unknown document property name.    36

						
	BRCX	10030
	BRCX	10031
	BRCX	10032
	BRCX	10033
	BRCX	10034
	BRCX	10035
	BRCX	10036
	BRCX	10037
	BRCX	10038
	BRCX	10039
	BRCX	10040
	BRCX	10041
	BRCX	10042
	BRCX	10043
	BRCX	10044
	BRCX	10045
	BRCX	10046
	BRCX	10047
	BRCX	10048
	BRCX	10049
	BRCX	10050
	BRCX	10051
	BRCX	10052
	BRCX	10053
	BRCX	10054
	BRCX	10055
	BRCX	10056
	BRCX	10057
	BRCX	10058
	BRCX	10059
	BRCX	10060
	BRCX	10061
	BRCX	10062
	BRCX	10063
	BRCX	10064
	BRCX	10065
	BRCX	10066
	BRCX	10067
	BRCX	10068
	BRCX	10069
	BRCX	10070

Error! Unknown document property name.    37

						
	BRCX	10071
	BRCX	10072
	BRCX	10073
	BRCX	10074
	BRCX	10075
	BRCX	10076
	BRCX	10077
	BRCX	10078
	BRCX	10079
	BRCX	10080
	BRCX	10081
	BRCX	10082
	BRCX	10083
	BRCX	10084
	BRCX	10085
	BRCX	10086
	BRCX	10087
	BRCX	10088
	BRCX	10089
	BRCX	10090
	BRCX	10091
	BRCX	10092
	BRCX	10093
	BRCX	10094
	BRCX	10095
	BRCX	10096
	BRCX	10097
	BRCX	10098
	BRCX	10099
	BRCX	10100
	BRCX	10101
	BRCX	10102
	BRCX	10103
	BRCX	10104
	BRCX	10105
	BRCX	10106
	BRCX	10107
	BRCX	10108
	BRCX	10109
	BRCX	10110
	BRCX	10111

Error! Unknown document property name.    38

						
	BRCX	10112
	BRCX	10113
	BRCX	10114
	BRCX	10115
	BRCX	10116
	BRCX	10117
	BRCX	10118
	BRCX	10119
	BRCX	10120
	BRCX	10121
	BRCX	10122
	BRCX	10123
	BRCX	10124
	BRCX	10125
	BRCX	10126
	BRCX	10127
	BRCX	10128
	BRCX	10129
	BRCX	10130
	BRCX	10131
	BRCX	10132
	BRCX	10133
	BRCX	10134
	BRCX	10135
	BRCX	10136
	BRCX	10137
	BRCX	10138
	BRCX	10139
	BRCX	10140
	BRCX	10141
	BRCX	10142
	BRCX	10143
	BRCX	10144
	BRCX	10145
	BRCX	10146
	BRCX	10147
	BRCX	10148
	BRCX	10149
	BRCX	10150
	BRCX	10151
	BRCX	10152

Error! Unknown document property name.    39

						
	BRCX	10153
	BRCX	10154
	BRCX	10155
	BRCX	10156
	BRCX	10157
	BRCX	10158
	BRCX	10159
	BRCX	10160
	BRCX	10161
	BRCX	10162
	BRCX	10163
	BRCX	10164
	BRCX	10165
	BRCX	10166
	BRCX	10167
	BRCX	10168
	BRCX	10169
	BRCX	10170
	BRCX	10171
	BRCX	10172
	BRCX	10173
	BRCX	10174
	BRCX	10175
	BRCX	10176
	BRCX	10177
	BRCX	10178
	BRCX	10179
	BRCX	10180
	BRCX	10181
	BRCX	10182
	BRCX	10183
	BRCX	10184
	BRCX	10185
	BRCX	10186
	BRCX	10187
	BRCX	10188
	BRCX	10189
	BRCX	10190
	BRCX	10191
	BRCX	10192
	BRCX	10193

Error! Unknown document property name.    40

						
	BRCX	10194
	BRCX	10195
	BRCX	10196
	BRCX	10197
	BRCX	10198
	BRCX	10199
	BRCX	10200
	BRCX	10201
	BRCX	10202
	BRCX	10203
	BRCX	10204
	BRCX	10205
	BRCX	10206
	BRCX	10207
	BRCX	10208
	BRCX	10209
	BRCX	10210
	BRCX	10211
	BRCX	10212
	BRCX	10213
	BRCX	10214
	BRCX	10215
	BRCX	10216
	BRCX	10217
	BRCX	10218
	BRCX	10219
	BRCX	10220
	BRCX	10221
	BRCX	10222
	BRCX	10223
	BRCX	10224
	BRCX	10225
	BRCX	10226
	BRCX	10227
	BRCX	10228
	BRCX	10229
	BRCX	10230
	BRCX	10231
	BRCX	10232
	BRCX	10233
	BRCX	10234

Error! Unknown document property name.    41

						
	BRCX	10235
	BRCX	10236
	BRCX	10237
	BRCX	10238
	BRCX	10239
	BRCX	10240
	BRCX	10241
	BRCX	10242
	BRCX	10243
	BRCX	10244
	BRCX	10245
	BRCX	10246
	BRCX	10247
	BRCX	10248
	BRCX	10249
	BRCX	10250
	BRCX	10251
	BRCX	10252
	BRCX	10253
	BRCX	10254
	BRCX	10255
	BRCX	10256
	BRCX	10257
	BRCX	10258
	BRCX	10259
	BRCX	10260
	BRCX	10261
	BRCX	10262
	BRCX	10263
	BRCX	10264
	BRCX	10265
	BRCX	10266
	BRCX	10267
	BRCX	10268
	BRCX	10269
	BRCX	10270
	BRCX	10271
	BRCX	10272
	BRCX	10273
	BRCX	10274
	BRCX	10275

Error! Unknown document property name.    42

						
	BRCX	10276
	BRCX	10277
	BRCX	10278
	BRCX	10279
	BRCX	10280
	BRCX	10281
	BRCX	10282
	BRCX	10283
	BRCX	10284
	BRCX	10285
	BRCX	10286
	BRCX	10287
	BRCX	10288
	BRCX	10289
	BRCX	10290
	BRCX	10291
	BRCX	10292
	BRCX	10293
	BRCX	10294
	BRCX	10295
	BRCX	10296
	BRCX	10297
	BRCX	10298
	BRCX	10299
	BRCX	10300
	BRCX	10301
	BRCX	10302
	BRCX	10303
	BRCX	10304
	BRCX	10305
	BRCX	10306
	BRCX	10307
	BRCX	10308
	BRCX	10309
	BRCX	10310
	BRCX	10311
	BRCX	10312
	BRCX	10313
	BRCX	10314
	BRCX	10315
	BRCX	10316

Error! Unknown document property name.    43

						
	BRCX	10317
	BRCX	10318
	BRCX	10319
	BRCX	10320
	BRCX	10321
	BRCX	10322
	BRCX	10323
	BRCX	10324
	BRCX	10325

						
	BNGX	20003
	BNGX	20007
	BNGX	20011
	BNGX	20014
	BNGX	20022
	BNGX	20028
	BNGX	20029
	BNGX	20030
	BNGX	20031
	BNGX	20032
	BNGX	20036
	BNGX	20038
	BNGX	20040
	BNGX	20041
	BNGX	20042
	BNGX	20046
	BNGX	20049
	BNGX	20051
	BNGX	20054
	BNGX	20055
	BNGX	20057
	BNGX	20058
	BNGX	20059
	BNGX	20061
	BNGX	20062
	BNGX	20063
	BNGX	20065
	BNGX	20067
	BNGX	20068
	BNGX	20073

Error! Unknown document property name.    44

						
	BNGX	20077
	BNGX	20081
	BNGX	20086
	BNGX	20094
	BNGX	20098
	BNGX	20101
	BNGX	20104
	BNGX	20107
	BNGX	20108
	BNGX	20109
	BNGX	20114
	BNGX	20116
	BNGX	20118
	BNGX	20119
	BNGX	20120
	BNGX	20124
	BNGX	20126
	BNGX	20127
	BNGX	20128
	BNGX	20129
	BNGX	20131
	BNGX	20132
	BNGX	20133
	BNGX	20134
	BNGX	20135
	BNGX	20136
	BNGX	20137
	BNGX	20138
	BNGX	20139
	BNGX	20140
	BNGX	20141
	BNGX	20142
	BNGX	20143
	BNGX	20144
	BNGX	20145
	BNGX	20146
	BNGX	20147
	BNGX	20148
	BNGX	20149
	BNGX	20150
	BNGX	20151

Error! Unknown document property name.    45

						
	BNGX	20152
	BNGX	20153
	BNGX	20154
	BNGX	20155
	BNGX	20156
	BNGX	20157
	BNGX	20158
	BNGX	20159
	BNGX	20160
	BNGX	20161
	BNGX	20162
	BNGX	20163
	BNGX	20164
	BNGX	20165
	BNGX	20166
	BNGX	20167
	BNGX	20168
	BNGX	20169
	BNGX	20170
	BNGX	20171
	BNGX	20172
	BNGX	20173
	BNGX	20174
	BNGX	20175
	BNGX	20176
	BNGX	20177
	BNGX	20178
	BNGX	20179
	BNGX	20180
	BNGX	20181
	BNGX	20182
	BNGX	20183
	BNGX	20184
	BNGX	20185
	BNGX	20186
	BNGX	20187
	BNGX	20188
	BNGX	20189
	BNGX	20190
	BNGX	20191
	BNGX	20192

Error! Unknown document property name.    46

						
	BNGX	20193
	BNGX	20194
	BNGX	20195
	BNGX	20196
	BNGX	20197
	BNGX	20198
	BNGX	20199
	BNGX	20200
	BNGX	20201
	BNGX	20202
	BNGX	20203
	BNGX	20204
	BNGX	20205
	BNGX	20206
	BNGX	20207
	BNGX	20208
	BNGX	20209
	BNGX	20210
	BNGX	20211
	BNGX	20212
	BNGX	20213
	BNGX	20214
	BNGX	20215
	BNGX	20216
	BNGX	20217
	BNGX	20218
	BNGX	20219
	BNGX	20220
	BNGX	20221
	BNGX	20222
	BNGX	20223
	BNGX	20224
	BNGX	20225
	BNGX	20226
	BNGX	20227
	BNGX	20228
	BNGX	20229
	BNGX	20230
	BNGX	20231
	BNGX	20232
	BNGX	20233

Error! Unknown document property name.    47

						
	BNGX	20234
	BNGX	20235
	BNGX	20236
	BNGX	20237
	BNGX	20238
	BNGX	20239
	BNGX	20240
	BNGX	20241
	BNGX	20242
	BNGX	20243
	BNGX	20244
	BNGX	20245
	BNGX	20246
	BNGX	20247
	BNGX	20248
	BNGX	20249
	BNGX	20250
	BNGX	20251
	BNGX	20252
	BNGX	20253
	BNGX	20254
	BNGX	20255
	BNGX	20256
	BNGX	20257
	BNGX	20258
	BNGX	20259
	BNGX	20260
	BNGX	20261
	BNGX	20262
	BNGX	20263
	BNGX	20264
	BNGX	20265
	BNGX	20266
	BNGX	20267
	BNGX	20268
	BNGX	20269
	BNGX	20270
	BNGX	20271
	BNGX	20272
	BNGX	20273
	BNGX	20274

Error! Unknown document property name.    48

						
	BNGX	20275
	BNGX	20276
	BNGX	20277
	BNGX	20278
	BNGX	20279
	BNGX	20280
	BNGX	20281
	BNGX	20282
	BNGX	20283
	BNGX	20284
	BNGX	20285
	BNGX	20286
	BNGX	20287
	BNGX	20288
	BNGX	20289
	BNGX	20290
	BNGX	20291
	BNGX	20292
	BNGX	20293
	BNGX	20294
	BNGX	20295
	BNGX	20296
	BNGX	20297
	BNGX	20298
	BNGX	20299
	BNGX	20300
	BNGX	20301
	BNGX	20302
	BNGX	20303
	BNGX	20304
	BNGX	20305
	BNGX	20306
	BNGX	20307
	BNGX	20308
	BNGX	20309
	BNGX	20310
	BNGX	20311
	BNGX	20312
	BNGX	20313
	BNGX	20314
	BNGX	20315

Error! Unknown document property name.    49

						
	BNGX	20316
	BNGX	20317
	BNGX	20318
	BNGX	20319
	BNGX	20320
	BNGX	20321
	BNGX	20322
	BNGX	20323
	BNGX	20324
	BNGX	20325
	BNGX	20326
	BNGX	20327
	BNGX	20328
	BNGX	20329
	BNGX	20330
	BNGX	20331
	BNGX	20332
	BNGX	20333
	BNGX	20334
	BNGX	20335
	BNGX	20336
	BNGX	20337
	BNGX	20338
	BNGX	20339
	BNGX	20340
	BNGX	20341
	BNGX	20342
	BNGX	20343
	BNGX	20344
	BNGX	20345
	BNGX	20346
	BNGX	20347
	BNGX	20348
	BNGX	20349
	BNGX	20350
	BNGX	20351
	BNGX	20352
	BNGX	20353
	BNGX	20354
	BNGX	20355
	BNGX	20356

Error! Unknown document property name.    50

						
	BNGX	20357
	BNGX	20358
	BNGX	20359
	BNGX	20360
	BNGX	20361
	BNGX	20362
	BNGX	20363
	BNGX	20364
	BNGX	20365
	BNGX	20366
	BNGX	20367
	BNGX	20368
	BNGX	20369
	BNGX	20370
	BNGX	20371
	BNGX	20372
	BNGX	20373
	BNGX	20374
	BNGX	20375
	BNGX	20376
	BNGX	20377
	BNGX	20378
	BNGX	20379
	BNGX	20380

Lessee hereby certifies that the railcars listed above were delivered to and received by Lessee, determined to be acceptable under the applicable standards (set forth in Section 3 of the Lease); and Lessee hereby certifies its acceptance of the railcars as of January 30, 2009.
LESSEE:   
SOUTHWEST IOWA RENEWABLE ENERGY, LLC

BY: /s/ Karol King_________________
TITLE: Chairman of the Board_______

Error! Unknown document property name.    51

Error! Unknown document property name.    52Exhibit 4.1

 

WARRANT AGREEMENT

 

between

 

MUDRICK CAPITAL ACQUISITION CORPORATION
II

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST
COMPANY

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of December 7, 2020, is by and between Mudrick Capital Acquisition
Corporation II, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”, also referred to herein as the
 “Transfer Agent”).

 

WHEREAS, on December 7,
2020, the Company entered into that certain Private Placement Warrants Purchase Agreement with Mudrick Capital Acquisition Holdings
II LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to
purchase an aggregate of 10,000,000 warrants (or up to 11,237,500 warrants if the Over-allotment Option (as defined below) in connection
with the Offering (as defined below) is exercised in full) simultaneously with the closing of the Offering (and the closing of
the Over-allotment Option, if applicable) bearing the legend set forth in Exhibit B hereto (the “Sponsor
Private Placement Warrants”) at a purchase price of $1.00 per Sponsor Private Placement Warrant; and

 

WHEREAS, on December 7,
2020, the Company entered into that certain Private Placement Warrants Purchase Agreement with Jefferies LLC, a Delaware limited
liability company (the “Underwriter”), pursuant to which the Underwriter agreed to purchase an aggregate
of 1,375,000 warrants (or up to 1,581,250 warrants if the Over-allotment Option (as defined below) in connection with the Offering
(as defined below) is exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment
Option, if applicable) bearing the legend set forth in Exhibit B hereto (the “Underwriter Private Placement
Warrants” and together with the Sponsor Private Placement Warrants, collectively, the “Private Placement
Warrants”) at a purchase price of $1.00 per Underwriter Private Placement Warrant; and

 

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 certain of the Company’s officers and directors may, but are not obligated to,
loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional
1,500,000 Private Placement Warrants at a price of $1.00 per warrant (the “Working Capital Warrants”);
and

 

WHEREAS, the Company
is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities,
each such unit comprised of one share of Common Stock (as defined below) and one-half of one Public Warrant (as defined below)
(the “Units”) and, in connection therewith, has determined to issue and deliver up to 13,750,000 warrants
(or up to 15,812,500 warrants to the extent the Over-allotment Option is exercised) to public investors in the Offering (the “Public
Warrants”). Each whole Warrant entitles the holder thereof to purchase one share of Class A common stock of
the Company, par value $0.0001 per share (“Common Stock”), for $11.50 per share, subject to adjustment
as described herein. Only whole warrants are exercisable; and

 

WHEREAS, the Company
has filed with the U.S. Securities and Exchange Commission (the “Commission”) registration statements
on Forms S-1, File Nos. 333-249402 and 333-251188 (collectively, the “Registration Statement”)
and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended
(the “Securities Act”), of the Units, and the Public Warrants and the Common Stock included in the Units;
and

 

WHEREAS, following
consummation of the Offering, the Company may issue additional warrants (“Post-IPO Warrants” and, together
with the Private Placement Warrants, the Working Capital Warrants and the Public Warrants, the “Warrants”)
in connection with, or following the consummation by the Company of, a Business Combination; and

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

2.  Warrants.

 

2.1  Form of
Warrant. Each Warrant shall be issued in registered form only.

 

2.2  Effect of
Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this
Agreement, a Warrant represented by such physical 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 in book entry form,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the
Public Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions
that have accounts with the Depository Trust Company (the “Depositary”) (such institution, with respect
to a Warrant in its account, a “Participant”).

 

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

 

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

 

     

     

    

 

2.3.2  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 any physical 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 Common Stock and Public Warrants comprising the Units shall begin separate trading on the 52nd day following
the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks
in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding
Business Day following such date, or earlier (the “Detachment Date”) with the consent of Jefferies LLC,
as representative of the several underwriters, but in no event shall the Common Stock 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 Form 8-K, and (B) the Company
issues a press release and files with the Commission a current report on Form 8-K 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 share of Common Stock and one-half of one Public Warrant. If, upon the detachment of Public Warrants
from 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.

 

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
Sponsor, the Underwriter or any Permitted Transferees (as defined below), as applicable, the Private Placement Warrants and the
Working Capital Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof,
(ii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business
Combination (as defined below), and (iii) shall not be redeemable by the Company; provided, however, that in the case of (ii),
the Private Placement Warrants, the Working Capital Warrants and any shares of Common Stock issued upon exercise of the Private
Placement Warrants or the Working Capital Warrants and held by the Sponsor, the Underwriter or any Permitted Transferees, may be
transferred by the holders thereof:

 

(a)  to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any affiliate of the
Sponsor or the Underwriter or any member(s) of the Sponsor or the Underwriter;

 

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

 

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

 

(e)  by private
sales or transfers made in connection with the consummation of the Company’s initial Business Combination at prices no greater
than the price at which the Warrants were originally purchased;

 

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

 

(g)  by virtue
of the laws of the State of Delaware or the Sponsor or the Underwriter’s limited liability company agreements upon dissolution
of the Sponsor or the Underwriter;

 

     

     

    

 

provided, however, that,
in the case of clauses (a) through (e) or (g), these transferees (the “Permitted Transferees”)
must enter into a written agreement 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 Sponsor and the Company’s directors
and officers and by the same agreements entered into by the Sponsor with respect to such securities (including provisions relating
to voting, the trust account and liquidation distributions described elsewhere in the Prospectus).

 

2.7  Working Capital
Warrants. The Working Capital Warrants shall be identical to the Private Placement Warrants.

 

2.8  Post-IPO Warrants.
The Post-IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except as may
be agreed upon by the Company.

 

3.  Terms and
Exercise of Warrants.

 

3.1  Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent (if a physical certificate is issued), entitle the Registered
Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares
of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4
hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement
shall mean the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised. The Company
in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of
not less than twenty (20) Business Days, provided, that the Company shall provide at least twenty (20) days prior written notice
of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among
all of the Warrants.

 

3.2  Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, capital
stock exchange, asset acquisition, stock 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 at 5:00 p.m., New York City time on the earlier to occur of: (x) the
date that is five (5) years after the date on which the Company completes its Business Combination, (y) the liquidation
of the Company in accordance with the Company’s amended and restated certificate of incorporation (the “Charter”),
as amended from time to time, if the Company fails to complete a Business Combination or (z) other than with respect to the
Private Placement Warrants and the Working Capital Warrants then held by the Sponsor, the Underwriter or any officers or directors
of the Company, or any of their Permitted Transferees as provided in Section 6.1, the Redemption Date (as defined below)
as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise
of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below
with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price (as defined
below), 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 held by the Sponsor, the Underwriter or any officers or directors of the Company,
or their Permitted Transferees) 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, when countersigned by the Warrant Agent (if a physical
certificate is issued), may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent,
or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription
form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as
to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange
of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, 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 6.1 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock 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 6.4, the “Fair Market Value” shall mean the
average reported closing price of the Common Stock for the ten (10) trading days ending on the third trading day prior to
the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;

 

(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 Sponsor the Underwriter or any officer or director of the Company, or their Permitted Transferees, by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrants, multiplied by the excess of the “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 “Fair Market Value” shall mean the average reported closing price of the
Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of
the Private Placement Warrant or Working Capital Warrant is sent to the Warrant Agent; or

 

(d)  as provided
in Section 7.4 hereof.

 

3.3.2  Issuance
of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not
have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common
Stock 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 shares of Common Stock pursuant to the exercise of a Warrant and
shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect
to the shares of Common Stock 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 shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant
exercise has 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
and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants
shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit. 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 a share of Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be
issued to such holder.

 

3.3.3  Valid
Issuance. All shares of Common Stock 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 shares of Common Stock is
issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock 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 shares of Common Stock 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 and any of its affiliates or any other person subject to aggregation with 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 shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant
with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be
issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its
affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set
forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in
determining the number of outstanding shares of Common Stock, the holder may rely on the number of outstanding shares of Common
Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q,
current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement
by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock
outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business
Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities
of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was
reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage
applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not
be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

4.  Adjustments.

 

4.1  Stock Dividends.

 

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

 

     

     

    

 

4.1.2  Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares
of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection
4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders
of the Common Stock in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the
holders of Common Stock in connection with a stockholder vote to amend the Company’s Charter (i) to modify the substance
or timing of the Company’s obligation to provide for the redemption of its public shares of Common Stock in connection with
an initial Business Combination or to redeem 100% of such shares if the Company has not consummated an initial Business Combination
within such time as is described in the Company’s Charter or (ii) with respect to any other material provisions relating
to stockholders’ rights or pre-initial Business Combination activity, or, (e) in connection with the redemption of the
shares of Common Stock included in the Units sold in the Offering 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 share of Common Stock in respect of such Extraordinary Dividend.
For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash
distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions
paid on the Common Stock 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 shares of Common Stock issuable on
exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

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

 

4.3  Adjustments in Warrant Price.

 

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

 

4.3.2  If the Company
issues additional shares of Common Stock or equity-linked securities for capital raising purposes in connection with the closing
of its initial Business Combination at an issue price or effective issue price of less than $9.20 per share (as adjusted for stock
splits, stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) of Common Stock, 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 stockholders (as defined in the Prospectus) or their affiliates, without taking into account any Founder Shares (as
defined below) held by such stockholders 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 the funding of its initial business combination on the date of the consummation of its initial
Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Common Stock during the
20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination
(such price, the “Market Value”) is below $9.20 per share (as adjusted for stock splits, stock dividends,
rights issuances, subdivisions, reorganizations, recapitalizations and the like), then 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 and the Redemption Trigger Price
(as defined below) will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued
Price.

 

     

     

    

 

4.4  Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of
Common Stock (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 shares of Common Stock), 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 stockholders did not own all or substantially all of the
Common Stock 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 shares of Common Stock), or in the case of any sale or conveyance
to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety
in connection with which the Company is dissolved, the 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 shares of Common Stock of
the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and
amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the 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 Common Stock 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 Common
Stock 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 Common Stock (other than a tender, exchange or redemption offer
made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company’s
Charter or as a result of the repurchase of shares of Common Stock by the Company if a proposed initial Business Combination is
presented to the stockholders 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 50% of the outstanding shares of Common Stock, 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
stockholder 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 Common Stock 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 Common Stock in the applicable event is payable in the form of common stock 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 share of Common Stock shall be the volume weighted average price of the Common Stock 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 Common Stock consists exclusively of cash, the amount of such cash per share
of Common Stock, and (ii) in all other cases, the volume weighted average price of the Common Stock 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 shares of Common Stock 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 shares of Common Stock issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting
from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock 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 shares
of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder.

 

4.7  Form of
Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock 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.

 

4.8  Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of the 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; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.8
(i) as a result of any issuance of securities in connection with a Business Combination or (ii) solely as a result
of an adjustment to the conversion ratio of the Company’s Class B common stock, $0.0001 par value per share (the “Founder
Shares”), into Common Stock. The Company shall adjust the terms of the Warrants in a manner that is consistent with
any adjustment recommended in such opinion.

 

5.  Transfer and Exchange of Warrants.

 

5.1  Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, in the case of 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 in the event
that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants and 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. If a physical certificate is issued, 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. 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 while they are exercisable and prior to their expiration, at the office of the Warrant Agent,
upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at the price of $0.01 per
Warrant (the “Redemption Price”), provided that the reported closing price of the Common Stock reported
has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof) (the “Redemption
Trigger Price”), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third
Business Day prior to the date on which notice of the redemption is given and provided that there is an effective registration
statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto,
available throughout the 30-day Redemption Period (as defined in Section 6.3 below) or the Company has elected to require
the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1 and such cashless exercise is
exempt from registration under the Securities Act.

 

6.2  [Intentionally
Omitted].

 

6.3  Date Fixed
for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to Section 6.1,
the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be
mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day
Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall
appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly
given whether or not the Registered Holder received such notice.

 

     

     

    

 

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

 

6.5  Exclusion
of Certain Warrants. The Company agrees that the redemption rights provided in Section 6.1 shall not apply to the
Private Placement Warrants, the Working Capital Warrants or the Post-IPO Warrants (if such Post-IPO Warrants provide that they
are non-redeemable by the Company) if at the time of the redemption such Private Placement Warrants, Working Capital Warrants or
Post-IPO Warrants continue to be held by the Sponsor the Underwriter or any officers or directors of the Company, or any of their
Permitted Transferees, as applicable. However, once such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants
are transferred (other than to Permitted Transferees under Section 2.6), the Company may redeem the Private Placement
Warrants, the Working Capital Warrants or the Post-IPO Warrants (if the Post-IPO Warrants permit such redemption by their terms)
pursuant to Section 6.1 hereof, provided that the criteria for redemption are met, including the opportunity of the
holder of such Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants to exercise the Private Placement Warrants,
the Working Capital Warrants or the Post-IPO Warrants prior to redemption pursuant to Section 6.1. The Private Placement
Warrants, the Working Capital Warrants or the Post-IPO Warrants (if such Post-IPO Warrants provide that they are non-redeemable
by the Company) that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement
Warrants, Working Capital Warrants or Post-IPO Warrants and shall become Public Warrants under this Agreement.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

7.4.1  Registration
of the Common Stock. 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 for the registration, under the Securities Act, of the shares of Common Stock 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 60th Business Day following the closing
of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day
after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission,
and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares
of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption)
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over
the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value”
shall mean the average last reported sales price of the Common Stock 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 shares of Common Stock issued upon such exercise shall be freely tradable
under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the
Securities Act (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 Common Stock is at the time of any exercise of a Warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of
the Securities Act (or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise
Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of
the Securities Act (or any successor rule) as described in subsection 7.4.1 and (ii) 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 Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If
the Company does not so elect, the Company agrees to use its best efforts to register or qualify for sale the Common Stock 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 shares of Common Stock upon the exercise of the Warrants, but the Company
shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

 

8.2  Resignation, Consolidation, or
Merger of Warrant Agent.

 

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

 

     

     

    

 

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

 

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

 

8.3  Fees and
Expenses of Warrant Agent.

 

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

 

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

 

8.4  Liability
of Warrant Agent.

 

8.4.1  Reliance
on Company Statement. Whenever in the performance of its duties under this 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, 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 or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant
Agent’s gross negligence, willful misconduct or bad faith.

 

8.4.3  Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible
to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or
amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it
by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common
Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock 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 shares of Common
Stock 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 so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Company with the Warrant Agent), as follows:

 

Mudrick Capital Acquisition Corporation II

527 Madison Avenue, 6th Floor

New York, New York 10022

Attn.: Jason Mudrick

 

in each case, with copies to:

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn.: Stuart Neuhauser, Esq.

Fax No.: (212) 370-1300

 

and

 

White & Case LLP

1221 Avenue of the Americas

New York, New York 10020

Attn: Elliott M. Smith, Esq.

Email: elliott.smith@whitecase.com

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attention: Compliance Department

 

9.3  Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive 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 or
corporation 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 Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant
Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 

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

 

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

 

9.8  Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders
of a majority of the then-outstanding Public Warrants and, solely with respect to any amendment to the terms of, or any provision
of, this Agreement with respect to the Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants, a majority of
the number of the then outstanding Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants. Notwithstanding the
foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1
and 3.2, respectively, without the consent of the Registered Holders.

 

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

 

Exhibit A: Form of Warrant Certificate

 

Exhibit B: Legend — Private Placement Warrants

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

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

 

	 	MUDRICK CAPITAL ACQUISITION CORPORATION II
	 	 
	 	 
	 	By:	/s/ Jason Mudrick
	 	Name:	Jason Mudrick
	 	Title: 	Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Warrant Agent
	 	 
	 	 
	 	By:	/s/ Margaret B. Lloyd
	 	Name:	Margaret B. Lloyd
	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

[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

 

MUDRICK CAPITAL ACQUISITION CORPORATION
II

Incorporated Under the Laws of the State of Delaware

 

CUSIP 62477L 115

 

Warrant Certificate

 

This Warrant
Certificate certifies that                       ,
or registered assigns, is the registered holder of                       
warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to
purchase shares of Class A common stock, $0.0001 par value per share (“Common Stock”), of Mudrick
Capital Acquisition Corporation II, a Delaware corporation (the “Company”).  Each whole Warrant
entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the
Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at the exercise price (the “Exercise
Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless
exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant
Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions
set forth herein and in the Warrant Agreement.  Defined terms used in this Warrant Certificate but not defined herein shall
have the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

The Warrants may be
redeemed, subject to certain conditions, as set forth in the Warrant Agreement.

 

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

 

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

 

     

     

    

 

This Warrant Certificate shall be governed
by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

	 	MUDRICK CAPITAL ACQUISITION CORPORATION II
	 	 
	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 
	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY, as Warrant Agent
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    A-1

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive                       shares
of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of                   ,
2020 (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)
of the Warrants.  A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. 
Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    A-2

     

    

 

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           
shares of Common Stock and herewith tenders payment for such shares of Common Stock to the order of Mudrick Capital Acquisition
Corporation II (the “Company”) in the amount of $          
in accordance with the terms hereof.  The undersigned requests that a certificate for such shares of Common Stock be registered
in the name of      , whose address is            and
that such shares of Common Stock be delivered to                  
whose address is                .  If said number
of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of                ,
whose address is                    and that such
Warrant Certificate be delivered to                ,
whose address is                .

 

In the event that the
Warrant has been called for redemption by the Company pursuant to Section 6.1 of the Warrant Agreement and the
Company has required cashless exercise pursuant to Section 6.4 of the Warrant Agreement, the number of shares
of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.4 of
the Warrant Agreement.

 

In the event that the
Warrant is a Private Placement Warrant or a Working Capital Warrant that is to be exercised on a “cashless” basis pursuant
to subsection 3.3.1(c) of the Warrant Agreement, the number of shares of Common Stock 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 shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4
of the Warrant Agreement.

 

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

 

[Signature Page Follows]

 

    A-3

     

    

 

	Date:                  , 20	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)
	 	 
	Signature Guaranteed:	 
	 	 
	 	 

 

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

 

    A-4

     

    

 

EXHIBIT B

 

PRIVATE PLACEMENT WARRANTS 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 MUDRICK CAPITAL ACQUISITION CORPORATION II (THE “COMPANY”),
MUDRICK CAPITAL ACQUISITION HOLDINGS II LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT
BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS
COMBINATION (AS DEFINED IN SECTION 3 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 SHARES OF CLASS A COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION
RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

    B-1

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