Document:

Exhibit
4.1 

 

WARRANT
AGREEMENT

between

PHP
VENTURES ACQUISITION CORP

and

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

 

This
Warrant Agreement (this “Agreement”), is made as of August 16, 2021, between PHP Ventures Acquisition Corp.,
a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a limited purpose
trust company, as warrant agent (in such capacity, the “Warrant Agent”).

 

WHEREAS,
the Company is engaged in an initial public offering (the “Public Offering”) of units of the Company’s
equity securities, each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”), and one half of one redeemable Public Warrant (as defined below) (the “Public Units”)
and, in connection therewith, has determined to issue and deliver up to 2,500,000 warrants (or up to 2,875,000 warrants if the Over-allotment
Option (as defined below) is exercised in full) to public investors in the Offering (the “Public Warrants”).
Each Warrant entitles the holder thereof to purchase one share of Common Stock for $11.50 per share, subject to adjustment as described
herein; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement
on Form S-1, File No. 333-256840 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Public Units,
and the Public Warrants and the Common Stock included in the Public Units; and

 

WHEREAS,
on May 3, 2021, the Company entered into that certain Placement Unit Purchase Agreement with Global Link Investment LLC, a Delaware limited
liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 220,900
private placement units (or up to 235,900 private placement units if the underwriters in the Offering exercise their Over-allotment Option
in full) simultaneously with the closing of the Offering (and the closing the Over-allotment Option, if applicable) (the “Private
Placement Units” and, together with the Public Units, the “Units”) at a purchase price of $10.00
per Unit, and, in connection therewith, will issue and deliver up to an aggregate of 110,450 warrants (or up to 117,950 warrants if the
Over-allotment Option is exercised in full) underlying such Private Placement Units bearing the legend set forth in Exhibit B hereto
(“Private Placement Warrants”); 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 executive officers and directors may, but are not obligated
to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional
150,000 Units at a price of $10.00 per Unit, and, in connection therewith, will issue and deliver up to an aggregate of 150,000 warrants
(the “Working Capital Warrants”); and

 

WHEREAS,
in order to extend the period of time the Company has to consummate a Business Combination (defined below) as described in the Prospectus
(as defined below), the Sponsor or its affiliates or designees may, but are not obligated to, loan the Company funds as the Company may
require, of which up to $1,000,000 (or up to $1,115,000 if the Over-allotment Option is exercised in full) of such loans may be convertible
into up to an additional 50,000 Units (or up to 57,500 Units if the Over-allotment Option is exercised in full) at a price of $10.00
per Unit at the option of the lender, and, in connection therewith, will issue and deliver up to an additional of 25,000 Warrants (or
up to 37,500 Warrants if the Over-allotment Option is exercised in full) (the “Extension Warrants”); and

 

WHEREAS,
following consummation of the Offering, the Company may issue additional warrants (“Post IPO Warrants,” and,
together with the Private Placement Warrants, the Extension 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 (defined below); 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, shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
of Directors or Chief Executive Officer and the Chief Financial Officer, Treasurer, Secretary or Assistant Secretary of the Company and
shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant
shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with
the same effect as if he or she had not ceased to be such at the date of issuance.

 

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

 

2.3
       Effect of Countersignature. 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.

 

2.4
 Registration.

 

2.4.1
       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”).

 

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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.

 

2.4.2
       Registered Holder. Prior to due presentment for registration of transfer of any Warrant,
the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is 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.

 

2.5
       Detachability of Warrants. The Common Stock and the Public Warrants comprising the Public
Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than
a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business
Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”)
with the consent of EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), as the representative
of the several underwriters for the Offering, but in no event shall the Common Stock and the Public Warrants comprising the Public 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 Public 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. If the Over-allotment Option is exercised
following the filing of a current report on Form 8-K pursuant to (A) above, a second or amended current report on Form 8-K will be filed
to provide updated financial information to reflect the exercise of the Over-allotment Option.

 

2.6
       Fractional Warrants. The Company shall not issue fractional Warrants other than as part
of the Units, each of which is comprised of one share of Common Stock and one-half of one whole Warrant. If, upon the detachment of Public
Warrants from Public 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.

 

2.7       Private
Placement Warrants and Working Capital Warrant Attributes. The Private Placement Warrants, Extension Warrants, and Working Capital
Warrants will be issued in the same form as the Public 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.

 

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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 applied consistently to 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 from the 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: (w) the date that is
five (5) years after the date on which the Company completes its Business Combination, (x) the liquidation of the Company in accordance
with the Company’s amended and restated certificate of incorporation, as amended from time to time, if the Company fails to complete
a Business Combination, or (y) other than with respect to the Private Placement Warrants, Working Capital Warrants, or the Extension
Warrants then held by the Sponsor 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 6.2 hereof (the “Expiration Date”);
provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in
subsection 3.3.2 below with respect to an effective registration statement. Except with respect to the right to receive the Redemption
Price (as defined below), in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant (other than a Private
Placement Warrant, Working Capital Warrant, or Extension Warrant held by the Sponsor or any officers or directors of the Company, or
their Permitted Transferees, in the event of a redemption for cash) 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 applied consistently to all of the Warrants.

 

3.3
       Exercise of Warrants.

 

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

 

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

 

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(b)
        in the event of a redemption pursuant to Section 6 hereof in which the Company’s
board of directors (the “Board”) has elected to require all holders of the Warrants to exercise such Warrants
on a “cashless basis,” by surrendering the Warrants for that number of Common Stock equal to the quotient obtained by dividing
(x) the product of the number 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 6.2, the “Fair Market Value” shall mean the average last reported sale 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; or

 

(c)
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. Notwithstanding the foregoing, in no event
will the Company be required to net cash settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall
not be obligated to 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.
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.

 

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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 for purposes of the “beneficial ownership” test under Section 13 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), or any “group” (within the meaning of Section 13 of the Exchange Act) of
which such person is or may be deemed to be a part, would beneficially own (within the meaning of Section 13 of the Exchange Act) (or
to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder
would result in a higher ownership percentage, such higher percentage would be) in excess of 4.9% or 9.8% (as specified by the holder)
(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 or any such other person or group 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 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
       Share Capitalizations.

 

4.1.1       Stock
Dividends. If after the date hereof, and subject to the provisions of Section 4.5 below, the number of issued and outstanding
Common Stock is increased by a capitalization or share dividend of Common Stock , or by a sub-division of Common Stock or other similar
event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Common Stock issuable on
exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding Common Stock. A rights offering
made to all or substantially all holders of Common Stock entitling holders to purchase Common Stock at a price less than the “Historical
Fair Market Value” (as defined below) shall be deemed a capitalization of a number of Common Stock equal to the product
of (i) the number 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 ) multiplied by (ii) one (1) minus the quotient of (x) the price
per share of Common stock paid in such rights offering divided by (y) the Historical Fair Market Value. For purposes of this subsection
4.1.1, (i) if the rights offering is for securities convertible into or exercisable for 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) “Historical Fair Market Value” means the volume weighted average price
of the Common Stock during the ten (10) trading day period ending on the trading day prior to the first date on which the Common Stock
trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Common Stock
shall be issued at less than their par value.

 

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4.1.2
       Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding
and unexpired, pays to all or substantially all of the holders of the Common Stock a dividend or make a distribution in cash, securities
or other assets on account of such Common Stock (or other shares into which the Warrants are convertible), other than (a) as described
in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders
of the Common Stock in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of
the Common Stock in connection with a shareholder vote to amend the Company’s amended and restated certificate of incorporation
(i) to affect the substance or timing of the Company’s obligation to provide for the redemption of Class A Common Stock in connection
with an initial Business Combination or to redeem 100% of the Company’s public shares if the Company does not consummate its initial
Business Combination within 18 months from the closing of the Offering, or in connection with the redemption of public shares upon the
failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation
(any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price
shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair
market value (as determined by the Company’s board of directors (the “Board”), in good faith) of any
securities or other assets paid on each share of 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 to the extent it does not exceed $0.50 (which amount shall
be adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends
or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Common Stock issuable on exercise of each
Warrant).

 

4.2
       Aggregation of Shares. If after the date hereof, and subject to the provisions of Section
4.6 hereof, the number of 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 Exercise Price.  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.

 

4.4
        Replacement of Securities upon Reorganization, etc. In case of any reclassification
or reorganization of the issued and outstanding Common Stock (other than a change covered by Section 4.1 or Section 4.2
hereof or that solely affects the par value of such Common Stock ), or in the case of any merger or consolidation of the Company with
or into another entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result
in any reclassification or reorganization of the issued and outstanding Common Stock ), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with
which the Company is dissolved, the Registered Holder of the Warrants shall thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in the Warrants and in lieu of the Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following
any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s)
immediately prior to such event; and if any reclassification or reorganization also results in a change in Common Stock covered by Section
4.1 or Section 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section
4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or
consolidations, sales or other transfers. In no event shall the Warrant Price be reduced to less than the par value per share issuable
upon exercise of such Warrant.

 

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4.5       Issuance
in Connection with a Business Combination. If (x) the Company issues additional shares of Common Stock or securities convertible
into or exercisable or exchangeable for shares of Common Stock 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 of Common Stock (as adjusted for stock splits,
stock dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), 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 held by such stockholders or their affiliates,
as applicable, prior to such issuance)(the “New Issuance 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 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 greater of the Market Value and the New Issuance Price and the Redemption
Trigger Price (as defined below) will be adjusted (to the nearest cent) to 180% of the greater of the Market Value and the New Issuance
Price.

 

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

 

4.7
       No Fractional Shares. Notwithstanding any provision contained in this Agreement to the
contrary, the Company shall not issue fractional shares 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.

 

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

 

    	8

     

    

 

4.9       Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section
4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm
of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion
as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this
Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of
the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

4.10       No
Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment
to the conversion ratio of the Class B Common Stock into shares of Common Stock or the conversion of the shares of Class B Common Stock
into shares of Common Stock, in each case, pursuant to the Company’s Amended and Restated Certificate of Incorporation, as further
amended from time to time.

 

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
warrants, 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,
either in certificated form or book entry position together with a written request for exchange or transfer, and thereupon the Warrant
Agent shall issue in exchange therefor one or more new Warrants 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, Extension Warrants, and the Working Capital Warrants), the Warrant
Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

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

 

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

 

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

 

    	9

     

    

 

6.
       Redemption.

 

6.1
       Redemption of Warrants for Cash. Subject to Section 6.4 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 6.2 below, at the
price (the “Redemption Price”) of $0.01 per Warrant, provided that the last reported sales 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 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 6.2 below) or the Company has elected to require the exercise of the Warrants on a “cashless
basis” pursuant to subsection 3.3.1.

 

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

 

6.3
       Exercise after Notice of Redemption. The Warrants may be exercised, for cash (or on
a “cashless basis” in accordance with 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 6.2 hereof and prior to the Redemption Date. In the event that the Company determines
to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice
of redemption shall contain the information necessary to calculate the number of 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.

 

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.

 

    	10

     

    

 

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 commercially reasonable efforts to file with the Commission a registration
statement for the registration, under the Securities Act, of the Common Stock issuable upon exercise of the Warrants. The Company shall
use its commercially reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of
its initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration
statement has not been declared effective by the sixtieth (60th) Business Day following the closing of the Business Combination,
holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) Business Day after the closing
of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other
period when the Company shall fail to have maintained an effective registration statement covering the issuance of the Common Stock issuable
upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance
with Section 3(a)(9) of the Securities Act or another exemption) for that number of Common Stock equal to the lesser of the quotient
obtained by dividing (x) the product of the number 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 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 date that notice of exercise is received by the Warrant
Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise”
is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise”
of a Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an
outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless basis” in accordance
with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Common Stock issued upon such
exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined
in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as
provided in subsection 7.4.2, for the avoidance of doubt, unless and until all 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 Public 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 elect at the time of exercise to require
a holder of Public Warrants who exercises Public Warrants to exercise such Public Warrants on a “cashless basis,” it agrees
to use its best efforts to register or qualify for sale the Common Stock issuable upon exercise of the Public Warrant under the blue
sky laws of the state of residence in those states in which the Public Warrants were initially offered by the Company 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.

 

    	11

     

    

 

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.

 

    	12

     

    

 

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.

 

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

 

 8.4.5 Waiver.
The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date
hereof, by and between the Company and 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:

 

PHP
Ventures Acquisition Corp.

CT
10-06, Level 10

Corporate
Tower Subang Square

Jalan
SS15/4G

Subang
Jaya

47500
Selangor, Malaysia

Attn.:
Ngoh Choo Yeow, Chief Executive Officer

 

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, NY 10004

Attn:
Compliance Department

 

    	13

     

    

 

9.3       Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in
all respects by the laws of the State of New York, 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 City of New York, County of New York,
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, (i) 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, and (ii) unless the Company consents in writing
to the selection of an alternative forum, the federal district courts of the United States of America shall, to the full extent permitted
by law, be the exclusive form for the resolution of any complaint asserting a cause of action arising under the Securities Act or the
rules and regulations promulgated thereunder.

 

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 50% of the then-outstanding
Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants, the Working Capital Warrants,
the Extension Warrants, or the Post-IPO Warrants or any provision of this Agreement with respect to the Private Placement Warrants, Extension
Warrants, or the Working Capital Warrants, 50% of the number of the then outstanding Private Placement Warrants, Extension Warrants or
Working Capital Warrants, as applicable. 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, Working Capital Warrants, and Extension Warrants

 

    	14

     

    

 

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

 

	 	PHP
    VENTURES ACQUISITION CORP.
	 	 	 
	 	By:	/s/Marcus
    Choo Yeow Ngoh
	 	Name:
    	Marcus
    Choo Yeow Ngoh
	 	Title:
    	Chief
    Executive Officer
	 	 
	 	CONTINENTAL
    STOCK TRANSFER &
	 	TRUST
    COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/Michael
    Goedecke 
	 	Name:
    	Michael
    Goedecke
	 	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

 

PHP
Ventures Acquisition Corp.

 

Incorporated
Under the Laws of the State of Delaware

 

CUSIP
69291C114

 

Warrant
Certificate

 

This
Warrant Certificate certifies that [         ], or registered assigns, is the registered
holder of [         ] warrant(s) (the “Warrants” and each, a “Warrant”)
to purchase Class A Common Stock , $0.0001 par value (“Common Stock”), of PHP Ventures Acquisition Corp.,
a Delaware corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set
forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and nonassessable 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. Fractional shares shall not be issued
upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a share
of Common Stock, the Company shall, upon exercise, round down to the nearest whole number the number of Common Stock to be issued to
the Warrant holder. The number of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of
certain events as set forth in the Warrant Agreement.

 

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

 

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

 

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

 

This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This
Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

    	2 

     

    

 

[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 [●], 2021 (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a limited purpose
trust company, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference
in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by
the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

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

 

Notwithstanding
anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a
registration statement covering the issuance of the Common Stock to be issued upon exercise is effective under the Securities Act and
(ii) a prospectus thereunder relating to the 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 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 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.

 

    	3 

     

    

 

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

 

In
the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement,
the number of 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 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 Common Stock . If said number of shares is less than all of the 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 Common Stock be
registered in the name of [           ], whose address is [           ] and that such Warrant Certificate be delivered to [           ], whose address is [           ].

 

(Signature
Page Follows)

 

Date:
[ ], 20

 

	 	(Signature)
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	(Tax Identification Number)

 

Signature
Guaranteed: 

	 
 

	 

 

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

 

    	4 

     

    

 

EXHIBIT
B

 

PRIVATE
PLACEMENT WARRANTS, EXTENSION WARRANTS AND WORKING CAPITAL 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 PHP VENTURES ACQUISITION CORP. (THE “COMPANY”),
GLOBAL LINK INVESTMENT 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.”

 

No.
Warrants

 

    	5Exhibit
4.2

 

RIGHTS
AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of August 16, 2021 between PHP Ventures Acquisition Corp., a Delaware corporation
(the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 1 State Street,
New York, New York 10004 (the “Right Agent”).

 

WHEREAS,
the Company has received a firm commitment from EF Hutton, division of Benchmark Investments, LLC. (the “Representative”),
as representative of the several underwriters, to purchase up to an aggregate of 5,750,000 units, each unit (“Unit”) comprised
of one share of Class A common stock of the Company, par value $.0001 per share (the “Common Stock”), one-half of one warrant
to purchase one share of Common Stock, and one right to receive one-tenth of one share of Common Stock (a “Public Right”)
upon the happening of the triggering event described herein, and in connection therewith, will issue and deliver up to an aggregate of
5,750,000 Public Rights upon consummation of such public offering, 750,000 of which are attributable to the over-allotment option (“Public
Offering”);

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, File
No. 333-256840 (“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”)
of, among other securities, the Public Rights and the Common Stock issuable to the holders of the Public Rights;

 

WHEREAS,
the Company desires the Right Agent to act on behalf of the Company, and the Right Agent is willing to so act, in connection with the
issuance, registration, transfer and exchange of the Rights;

 

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

 

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

 

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

 

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

 

	2.	Rights.

 

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

 

	 	2.2.	Effect
    of Countersignature. Unless and until countersigned by the Right Agent pursuant to this Agreement, a registered Right shall be
    invalid and of no effect and may not be exchanged for Common Stock.

 

    	 

     

    

 

	 	2.3.	Registration.

 

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

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

 

	 	2.4.	Detachability
    of Rights. The securities comprising the Units, including the Rights, will not be separately transferable until the fifty-second
    (52nd) day after the date hereof unless the Representative informs the Company and the Right Agent of its decision to allow earlier
    separate trading, but in no event will separate trading of the securities comprising the Units begin until (i) the Company files
    a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds
    of the Public Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment
    option is exercised on the date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing
    when such separate trading shall begin.

 

	3.	Terms
    and Exchange of Rights.

 

	 	3.1.	Rights.
    Each Right shall entitle the holder thereof to receive one-tenth of one share of Common Stock upon the happening of the Exchange
    Event (described below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its shares
    of Common Stock upon the Exchange Event as the purchase price for such shares of Common Stock has been included in the purchase price
    for the Units. In no event will the Company be required to net cash settle the Rights or issue fractional shares of Common Stock.
    The provisions of this Section 3.1 may not be modified, amended or deleted without the prior written consent of the Representative.

 

	 	3.2.	Exchange
    Event. The Exchange Event shall be the Company’s consummation of an initial Business Combination (as defined in the Company’s
    Amended and Restated Certificate of Incorporation).

 

	 	3.3.	Exchange
    of Rights.

 

	 	3.3.1.	Issuance
    of Certificates. As soon as practicable upon the occurrence of the Exchange Event, the Company shall direct holders of the Rights
    to return their Rights Certificates to the Right Agent. If the Company is not the surviving entity in a Business Combination, the
    holder of Rights must affirmatively elect to such conversion. Upon receipt of a valid Rights Certificate, the Right Agent shall issue
    to the registered holder of such Right(s) a certificate or certificates 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. Notwithstanding the foregoing, or any
    provision contained in this Agreement to the contrary, in no event will the Company be required to net cash settle the Rights. The
    Company shall not issue fractional shares upon exchange of Rights. At the time of the Exchange Event, the Company will instruct the
    Right Agent to round up to the nearest whole share of Common Stock or otherwise inform it how fractional shares will be addressed
    in accordance with Delaware law.

 

	 	3.3.2.	Valid
    Issuance. All shares of Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued,
    fully paid and nonassessable.

 

    	 

     

    

 

	 	3.3.3.	Date
    of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all purposes be deemed
    to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the date of delivery of such
    certificate.

 

	 	3.3.4.	Company
    Not Surviving Following Exchange Event. If the Exchange Event results in the Company not continuing as a publicly held reporting
    entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration as the holders
    of the Common Stock will receive in with the Exchange Event, for the number of shares such holder is entitled to pursuant to Section
    3.1 above.

 

	 	3.4.	Duration
    of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Amended and Restated Certificate
    of Incorporation, as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

	4.	Transfer
    and Exchange of Rights.

 

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

 

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

 

	 	4.3.	Fractional
    Rights. The Right Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
    of a Right Certificate for a fraction of a Right.

 

	 	4.4.	Service
    Charges. There shall be a reasonable service charge paid to the Right Agent for any exchange or registration of transfer of Rights.

 

	 	4.5.	Right
    Execution and Countersignature. The Right Agent is hereby authorized to countersign and to deliver, in accordance with the terms
    of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required
    by the Right Agent, will supply the Right Agent with Rights duly executed on behalf of the Company for such purpose.

 

	5.	Other
    Provisions Relating to Rights of Holders of Rights.

 

	 	5.1.	No
    Rights as Shareholder. Until exchange of a Right for shares of Common Stock as provided for herein, a Right does not entitle
    the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive
    dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect
    of the meetings of shareholders or the election of directors of the Company or any other matter.
	 	5.2.	Lost,
    Stolen, Mutilated, or Destroyed Rights. If any Right is lost, stolen, mutilated, or destroyed, the Company and the Right 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 Right,
    include the surrender thereof), issue a new Right of like denomination, tenor, and date as the Right so lost, stolen, mutilated,
    or destroyed. Any such new Right shall constitute a substitute contractual obligation of the Company, whether or not the allegedly
    lost, stolen, mutilated, or destroyed Right shall be at any time enforceable by anyone.

 

    	 

     

    

 

	 	5.3.	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 will be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

	6.	Concerning
    the Right Agent and Other Matters.

 

	 	6.1.	Payment
    of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Right
    Agent in respect of the issuance or delivery of shares of Common Stock upon the exchange of Rights, but the Company shall not be
    obligated to pay any transfer taxes in respect of the Rights or such shares.

 

	 	6.2.	Resignation,
    Consolidation, or Merger of Right Agent.

 

	 	6.2.1.	Appointment
    of Successor Right Agent. The Right 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 Right Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
    Right Agent in place of the Right Agent. If the Company shall fail to make such appointment within a period of 30 days after it has
    been notified in writing of such resignation or incapacity by the Right Agent or by the holder of the Right (who shall, with such
    notice, submit his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court
    of the State of New York for the County of New York for the appointment of a successor Right Agent at the Company’s cost. Any
    successor Right 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 Right Agent shall be vested with all the authority, powers, rights, immunities, duties,
    and obligations of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder, without any further
    act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall execute and deliver, at
    the expense of the Company, an instrument transferring to such successor Right Agent all the authority, powers, and rights of such
    predecessor Right Agent hereunder; and upon request of any successor Right 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 Right Agent
    all such authority, powers, rights, immunities, duties, and obligations.

 

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

 

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

 

	 	6.3.	Fees
    and Expenses of Right Agent.

 

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

 

    	 

     

    

 

	 	6.3.2.	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 Right Agent for the
    carrying out or performing of the provisions of this Agreement.

 

	 	6.4.	Liability
    of Right Agent.

 

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

 

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

 

	 	6.4.3.	Exclusions.
    The Right Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
    of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
    condition contained in this Agreement or in any Right; 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 Right
    or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

 

	 	6.5.	Acceptance
    of Agency. The Right Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
    and conditions herein set forth.

 

	 	6.6.	Waiver.
    The Right Agent hereby waives any 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 Right 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.

 

	7.	Miscellaneous
    Provisions.

 

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

 

	 	7.2.	Notices.
    Any notice, statement or demand authorized by this Agreement to be given or made by the Right Agent or by the holder of any Right
    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 days after deposit of such notice, postage prepaid, addressed (until another address is filed
    in writing by the Company with the Right Agent), as follows:

 

    	 

     

    

 

	 	 	PHP
    Ventures Acquisition Corp.

    CT
    10-06 Level 10

    Corporate
    Tower Subang Square

    Jalan
    SS154G

    Subang
    Jaya

    46500
    Selangor, Mayalsia

    Attn:
    Marcus Ngoh Choo Yeow, Chief Executive Officer

	 	 	 
	 	 	Any
    notice, statement or demand authorized by this Agreement to be given or made by the holder of any Right or by the Company to or on
    the Right 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 days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing
    by the Right Agent with the Company), as follows:
	 	 	 
	 	 	Continental
    Stock Transfer & Trust Company
	 	 	1
    State Street
	 	 	New
    York, NY 10004
	 	 	Attn:
    Francis Wolf
	 	 	 
	 	 	with
    a copy to:
	 	 	 
	 	 	Nelson
    Mullins Riley & Scarborough LLP
	 	 	101
    Constitution Avenue, NW. Suite 900
	 	 	Washington,
    D.C. 20001
	 	 	Attn:
    Andrew M. Tucker, Esq.
	 	 	 
	 	 	and
	 	 	 
	 	 	Hogan
    Lovells US LLP LLP
	 	 	1601
    Wewatta St., Suite 900
	 	 	Denver,
    Colorado 80202
	 	 	Attn:
    David Crandall

 

	 	 	and
	 	 	 
	 	 	EF
    Hutton, division of Benchmark Investments, LLC
	 	 	590
    Madison Avenue, 39th Floor
	 	 	New
    York, NY 10022
	 	 	Attn:
    Legal Department

 

    	 

     

    

 

	 	7.3.	Applicable
    Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed
    in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the
    application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against
    it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or
    the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
    shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
    forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified
    mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 7.2 hereof. Such mailing shall
    be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. Notwithstanding the
    foregoing, (i) 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, and
    (ii) unless the Company consents in writing to the selection of an alternative forum, the federal district courts of the United States
    of America shall, to the full extent permitted by law, be the exclusive form for the resolution of any complaint asserting a cause
    of action arising under the Securities Act or the rules and regulations promulgated thereunder.

     

    Any
    person or entity purchasing or otherwise acquiring any interest in the Rights shall be deemed to have notice of and to have consented
    to the forum provisions in this Section 7.3. 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 the holder of any Right, such 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 holder in any such
    enforcement action by service upon such holder’s counsel in the foreign action as agent for such holder.

 

	 	7.4.	Persons
    Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
    hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and
    the registered holders of the Rights and, for the purposes of Sections 3.1, 7.4 and 7.8 hereof, the Representative, any right, remedy,
    or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
    shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 3.1, 7.4 and 7.8 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 the Representative with respect to Sections 3.1, 7.4 and 7.8 hereof) and their successors and assigns and of
    the registered holders of the Rights.

 

	 	7.5.	Examination
    of this Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Right Agent in the
    County of New York, State of New York, for inspection by the registered holder of any Right. The Right Agent may require any such
    holder to submit his, her or its Right for inspection by it.

 

	 	7.6.	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.

 

	 	7.7.	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.

 

    	 

     

    

 

	 	7.8.	Amendments.
    This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
    or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with
    respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
    deem shall not adversely affect the interest of the registered holders. All other modifications or amendments shall require the written
    consent or vote of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not
    be modified, amended or deleted without the prior written consent of the Representative.

 

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

 

[Signature
Page Follows]

 

    	 

     

    

 

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

 

	 	PHP
    VENTURES ACQUISITION CORP.
	 	 
	 	By:	/s/
    Marcus Choo Yeow Ngoh 
	 	Name:	 Marcus Choo Yeow Ngoh
	 	Title:	 Chief Executive Officer
	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	/s/
    Michael Goedecke
	 	Name:	 Michael Goedecke
	 	Title:	 Vice President

 

[Signature
page to Rights Agreement between PHP Ventures Acquisition Corp. and

Continental
Stock Transfer & Trust Company]

 

    	 

     

    

 

EXHIBIT
A

 

Form
of Right

 

(attached)

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