Document:

Exhibit 4.2

       

      FIRST SUPPLEMENTAL INDENTURE

       

      Dated as of December 8, 2021

       

      Supplementing that Certain

       

      INDENTURE

       

      Dated as of December 8, 2021

       

      
        
          

        

        

      

      Among

       

      KKR GROUP FINANCE CO. X LLC,

       

      THE GUARANTOR PARTIES HERETO

       

      and

       

      THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

       

      as Trustee

       

      
        
          

         

      

      3.250% Senior Notes due 2051

       

      

      
        
          

      

      
      TABLE OF CONTENTS

      
        

        

      

      
        	 	
                Page

              
	
                ARTICLE 1

              
	
                Issuance of Securities

              
	
                Section 1.01.

              	
                Issuance of Notes; Principal Amount; Maturity; Title

              	
                2

              
	
                Section 1.02.

              	
                Interest

              	
                3

              
	
                Section 1.03.

              	
                Payment

              	
                4

              
	
                Section 1.04.

              	
                Relationship with Base Indenture

              	
                4

              
	
                Section 1.05.

              	
                Amendments to the Indenture

              	
                4

              
	
                ARTICLE 2

              
	
                Definitions and Other Provisions of General Application

              
	
                Section 2.01.

              	
                Definitions

              	
                4

              
	
                ARTICLE 3

              
	
                Security Forms

              
	
                Section 3.01.

              	
                Form Generally

              	
                9

              
	
                Section 3.02.

              	
                Form of Note

              	
                10

              
	
                Section 3.03.

              	
                Transfer and Exchange of Global Securities

              	
                25

              
	
                ARTICLE 4

              
	
                Remedies

              
	
                Section 4.01.

              	
                Events of Default

              	
                25

              
	
                Section 4.02.

              	
                Waiver of Past Defaults

              	
                26

              
	
                ARTICLE 5

              
	
                Redemption of Securities

              
	
                Section 5.01.

              	
                Optional Redemption

              	
                26

              
	
                ARTICLE 6

              
	
                Particular Covenants

              
	
                Section 6.01.

              	
                Liens

              	
                27

              
	
                Section 6.02.

              	
                Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event

              	
                27

              
	
                Section 6.03.

              	
                Financial Reports

              	
                29

              

        

        

        
          i

          
            

        

        
        	
                ARTICLE 7

              
	
                [Reserved]

              
	 
	
                ARTICLE 8

              
	
                Supplemental Indentures

              
	 
	
                Section 8.01.

              	
                Supplemental Indentures without Consent of Holders of Notes

              	
                29

              
	
                Section 8.02.

              	
                Supplemental Indentures with Consent of Holders of Notes

              	
                30

              
	 
	
                ARTICLE 9

              
	
                Defeasance

              
	 
	
                Section 9.01.

              	
                Covenant Defeasance

              	
                32

              
	 
	
                ARTICLE 10

              
	
                Miscellaneous

              
	 
	
                Section 10.01.

              	
                Execution as Supplemental Indenture

              	
                32

              
	
                Section 10.02.

              	
                Not Responsible for Recitals or Issuance of Notes

              	
                32

              
	
                Section 10.03.

              	
                Separability Clause

              	
                32

              
	
                Section 10.04.

              	
                Successors and Assigns

              	
                33

              
	
                Section 10.05.

              	
                Execution and Counterparts

              	
                33

              
	
                Section 10.06.

              	
                Governing Law

              	
                33

              
	
                Section 10.07.

              	
                FATCA

              	
                33

              

        

        

      

      
        ii

        
          

      

      
      This First Supplemental Indenture, dated as of December 8, 2021 (the “First Supplemental Indenture”), among KKR Group Finance Co. X LLC, a limited liability company duly
        organized and existing under the laws of the State of Delaware, having its principal office at 30 Hudson Yards, New York, New York 10001 (the “Company”), the Guarantors party hereto (the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the “Trustee”), supplements
        that certain Indenture, dated as of December 8, 2021, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.04 hereof, together with this First
        Supplemental Indenture, the “Indenture”).

       

      RECITALS OF THE COMPANY

       

      The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time to time of one or more series of the Company’s senior unsecured debt
        securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 2.01 and 3.01 of the Base Indenture, and the Guarantees
        thereof by the Guarantors;

       

      Section 9.01 of the Base Indenture provides, among other things, that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purposes of
        (a) establishing the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture and (b) adding to or changing any of the provisions to the Base Indenture in certain circumstances; and

       

      The Company desires to create a series of Securities designated as its “3.250% Senior Notes due 2051” (the “Notes”) pursuant to the terms of this First Supplemental Indenture.

       

      The Company has duly authorized the execution and delivery of this First Supplemental Indenture and the Notes to be issued from time to time, as provided for in the Indenture.

       

      Each Guarantor has duly authorized its Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this First Supplemental Indenture.

       

      All things necessary have been done to make this First Supplemental Indenture a valid and legally binding agreement of the Company, in accordance with its terms and to make the Notes, when executed by the Company and
        authenticated and delivered by the Trustee under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company.

       

      All things necessary have been done to make the Guarantees, upon execution and delivery of this First Supplemental Indenture, the valid and legally binding obligations of

       

      
        1

        
          

      

      each Guarantor and to make this First Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms.

       

      ARTICLE 1

      Issuance of Securities

       

      Section 1.01.          Issuance of Notes; Principal Amount; Maturity; Title.  i) On December 8, 2021, the Company shall issue and
        deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes substantially in the form set forth in Section 3.02 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or
        permitted by the Base Indenture and this First Supplemental Indenture, and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the
        rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes.

       

      (b)          Pursuant to the terms hereof and Sections 2.01 and 3.01 of the Base Indenture, the Company hereby creates a series of Securities designated as the “3.250% Senior
        Notes due 2051” of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the Initial Notes and the Additional Notes (as defined below), if any, the “Notes”),

        which Notes shall be deemed “Securities” for all purposes under the Base Indenture.

       

      (c)          The Initial Notes to be issued pursuant to the Indenture shall be issued and initially limited in aggregate principal amount to $750,000,000 and shall mature on
        the Stated Maturity, unless the Notes are redeemed prior to that date as described in Article 5. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $750,000,000, except for Notes issued, authenticated and
        delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture and except for any Notes which, pursuant to Section 3.03 of the Base
        Indenture, are deemed never to have been authenticated and delivered.

       

      (d)          The Company may without the consent of the Holders, issue additional Notes hereunder as part of the same series and on the same terms and conditions (and having
        the same Guarantors) and with the same CUSIP, ISIN and Common Code numbers as the Initial Notes initially issued, but may be offered at a different offering price or have a different issue date, initial interest accrual date or initial interest
        payment date (“Additional Notes”); provided that if any Additional Notes are issued at a price that causes such Additional Notes to have “original issue discount”
        within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department of Treasury thereunder (the “Code”) or if any Additional
        Notes are not otherwise fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes shall not have the same CUSIP, ISIN or Common Code number as the Initial Notes.

       

      

      
        2

        
          

      

      (e)          The Notes shall be issued only in fully registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

       

      Section 1.02.          Interest.  ii) Interest on a Note will accrue at the per annum rate of 3.250%, from and including the date
        specified on the face of such Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year of twelve 30-day months.

       

      (b)          The Company shall pay interest on the Notes semi-annually in arrears on June 15 and December 15 of each year (each, an “Interest
          Payment Date”), commencing June 15, 2022, provided that the final Interest Payment Date of the Notes shall be December 15, 2051.

       

      (c)          Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes as of the close of business on the Regular Record Date.

       

      (d)          Amounts due on the Stated Maturity or earlier redemption date or repurchase date of the Notes will be payable at the corporate trust office of the Trustee,
        initially at 500 Ross Street, 12th Floor, Pittsburgh, PA 15262, Attention: Corporate Finance Group, except as otherwise provided in the Notes. The Company shall make payments of principal, premium, if any, Redemption Price or Repurchase Price (as
        defined below) and interest in respect of the Notes in book-entry form to DTC in immediately available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the
        procedures of DTC and its participants in effect from time to time. The Trustee will initially act as Paying Agent for payments with respect to the Notes. The Company may at any time designate additional Paying Agents or rescind the designation of
        any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose
        any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. All moneys paid by the Company to a
        Paying Agent for the payment of principal, premium, interest or the Redemption Price or Repurchase Price on Notes which remain unclaimed at the end of two years after such principal, premium, interest or Redemption Price or Repurchase Price has
        become due and payable will be repaid to the Company upon request, and the Holder of such Notes thereafter may look only to the Company for payment thereof.

       

      (e)          If any Interest Payment Date, Stated Maturity, earlier redemption date or repurchase date falls on a day that is not a Business Day in The City of New York, the
        Company shall make the required payment of principal, premium, if any, Redemption Price or Repurchase Price and/or interest with respect to the Notes on the next succeeding Business Day as if it were made on the date payment was due, and no
        interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated

       

      
        3

        
          

      

      Maturity, earlier redemption or repurchase date, as the case may be, to such next succeeding Business Day.

       

      Section 1.03.          Payment.  All payments of principal of, the Redemption Price or Repurchase Price (if any) for and interest on
        the Notes will be payable in U.S. dollars.

       

      Section 1.04.          Relationship with Base Indenture.  The terms and provisions contained in the Base Indenture will constitute, and
        are hereby expressly made, a part of this First Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this First Supplemental Indenture, the provisions of this First Supplemental
        Indenture will govern and be controlling.

       

      For purposes of the Notes and this First Supplemental Indenture, the references in Sections 10.01 and 10.03 of the Base Indenture to “10:00 am (New York City time) on” shall be replaced with “11:00 am (New York City
        time) on.”

       

      Section 1.05.          Amendments to the Indenture.  iii) the definition of “Business Day” under Section 1.01 of the Base Indenture
        shall be amended and restated as follows:

       

      “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions or trust companies in New York, New York are authorized or
        obligated by law, regulation or executive order to close.

       

      ARTICLE 2

      Definitions and Other Provisions of General Application

       

      Section 2.01.          Definitions.  For all purposes of this First Supplemental Indenture (except as herein otherwise expressly
        provided or unless the context of this First Supplemental Indenture otherwise requires):

       

      (a)          any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this First Supplemental Indenture;

       

      (b)          the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular
        Article, Section or other subdivision;

       

      (c)          “including” means including without limitation;

       

      (d)          “dollars” and “$” refer to U.S. dollars;

       

      (e)          unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other modifications to such agreements and
        instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture; and

       

      (f)          any reference in this First Supplemental Indenture to a Cayman Islands exempted limited partnership taking any action, holding or dealing with any property or

       

      
        4

        
          

      

      having or exercising any power shall be to such exempted limited partnership acting through its general partner.

       

      The terms defined in this Section 2.01 (except as herein otherwise expressly provided or unless the context of this First Supplemental Indenture otherwise requires) for all purposes of this First Supplemental Indenture
        and of any indenture supplemental hereto have the respective meanings specified in this Section 2.01. All other terms used in this First Supplemental Indenture that are defined in the Base Indenture, either directly or by reference therein (except
        as herein otherwise expressly provided or unless the context of this First Supplemental Indenture otherwise requires), have the respective meanings assigned to such terms in the Base Indenture, as in force at the date of this First Supplemental
        Indenture as originally executed; provided that any term that is defined in both the Base Indenture and this First Supplemental Indenture shall have the meaning assigned to such term in this First
        Supplemental Indenture.

       

      “Additional Notes” has the meaning specified in Section 1.01(d).

       

      “Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures of the Depositary
        or DTC, in each case to the extent applicable to such transaction and as in effect from time to time.

       

      “Below Investment Grade Rating Event” means the ratings on the Notes are lowered in respect of a Change of Control and the Notes are rated below Investment Grade by both Rating
        Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended
        until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise
        arising by virtue of a particular reduction in ratings shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of
        Control Repurchase Event hereunder) if the Rating Agencies making the reduction in ratings to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that the reduction was the
        result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below
        Investment Grade Rating Event). The Company will request the Rating Agencies to make such confirmation in connection with any Change of Control and shall promptly certify to the Trustee as to whether or not such confirmation has been received or
        denied.

       

      “Change of Control” means the occurrence of the following:

       

      	

            	i.	
              the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions,

            

       

      

      
        5

        
          

      

      of all or substantially all of the combined assets of the Credit Group taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any successor provision), other than to a Continuing KKR Person; or

       

      	

            	ii.	
              the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other
                than a Continuing KKR Person, becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a majority of the controlling interests in (i) KKR & Co. Inc. or (ii) one or more
                Guarantors that together hold all or substantially all of the assets of the Credit Group taken as whole.

            

       

      The transactions contemplated by the Reorganization Agreement shall not constitute a Change of Control.

       

      “Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

       

      “Close of Business” means 5:00 p.m., New York City time.

       

      “Code” has the meaning specified in Section 1.01(c).

       

      “Commission” means the Securities and Exchange Commission or any successor entity.

       

      “Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity
        comparable to the remaining term of the Notes to be redeemed (assuming that the Notes matured on June 15, 2051) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate
        debt securities of a comparable maturity to the remaining term of such Notes.

       

      “Comparable Treasury Price” means, with respect to any redemption date, the average of the Reference Treasury Dealer Quotations for such redemption date or, if the Independent
        Investment Banker obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer Quotation.

       

      “Continuing KKR Person” means, immediately prior to and immediately following any relevant date of determination, (i) an individual who (a) is an executive of the KKR Group, (b)
        devotes substantially all of his or her business and professional time to the activities of the KKR Group and (c) did not become an executive of the KKR Group or begin devoting substantially all of his or her business and professional time to the
        activities of the KKR Group in contemplation of a Change of Control, or (ii) any Person in which any one or more of such individuals directly or indirectly, singly or as a group, holds a majority of the controlling interests.

        

      

      
        6

        
          

      

      “Covenant Defeasance” has the meaning specified in Section 9.01.

       

      “Credit Party Jurisdiction” means a jurisdiction where a Credit Party is incorporated or considered to be a resident for tax purposes, if other than the United States.

       

      “DTC” means The Depository Trust Company, a New York corporation.

       

      “Event of Default” has the meaning specified in Section 4.01.

       

      “Existing Indebtedness” means indebtedness incurred under (i) the Second Amended and Restated Credit Agreement dated as of August 4, 2021 among Kohlberg Kravis Roberts & Co.
        L.P. and the KKR Group Partnerships (as defined therein), as borrowers, the other borrowers from time to time party thereto, the guarantors from time to time party thereto, the lenders party thereto, and HSBC Bank USA, National Association, as
        administrative agent; (ii) the Third Amended and Restated 5-Year Revolving Credit Agreement dated as of March 20, 2020 among KKR Capital Markets Holdings L.P., certain subsidiaries of KKR Capital Markets Holdings L.P., as borrowers, the lenders
        party thereto, and Mizuho Bank, Ltd., as administrative agent, as amended by the First Amendment, dated November 3, 2020, among KKR Capital Markets Holdings L.P., certain subsidiaries of KKR Capital Markets Holdings L.P., as borrowers, the lenders
        party thereto, and Mizuho Bank, Ltd., as administrative agent; and (iii) the 364-Day Revolving Credit Agreement dated as of April 9, 2021 among KKR Capital Markets Holdings L.P. and certain subsidiaries of KKR Capital Markets Holdings L.P., as
        borrowers, the lenders party thereto, and Mizuho Bank Ltd., as administrative agent, and in the case of each of clauses (i), (ii) and (iii) above, any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof
        and any indentures, notes, debentures or credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding
        or refinancing facility or indenture that alters the maturity or interest rate thereof, provided that the aggregate principal amount of Existing Indebtedness outstanding at any one time shall not exceed $2.750 billion.

       

      “FATCA Withholding Tax” shall mean any Tax withheld or deducted pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471
        through 1474 of the Code (or any amended or successor provisions that are substantively comparable), any regulations or agreements thereunder or official interpretations thereof, or any intergovernmental agreement between the United States and
        another jurisdiction facilitating the implementation thereof (or any law, regulation or other official guidance implementing such an intergovernmental agreement).

       

      “Fitch” means Fitch Ratings Inc. or any successor thereto.

       

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

       

      
        7

        
          

      

      “Initial Notes” means Notes in an aggregate principal amount of up to $750,000,000 initially issued under this First Supplemental Indenture in accordance with  Section 1.01(c).

       

      “Interest Payment Date” has the meaning specified in Section 1.02(b).

       

      “Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent
        under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the
        Company as a replacement Rating Agency).

       

      “KKR Group” means KKR Group Partnership, the direct and indirect parents (including, without limitation, general partners) of KKR Group Partnership (the “Parent Entities”), any direct or indirect subsidiaries of the Parent Entities or KKR Group Partnership, the general partner or similar controlling entities of any investment or vehicle that is managed, advised or
        sponsored by the KKR Group (“KKR Fund”) and any other entity through which any of the foregoing directly or indirectly conduct its business, but shall exclude any company in which a KKR Fund has an
        investment.

       

      “KKR Group Partnership” means KKR Group Partnership L.P. (acting through its general partner KKR Group Holdings Corp.).

       

      “Notes” has the meaning specified in Section 1.01(b).

       

      “Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary existing at the time such entity becomes a direct or indirect
        Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of KKR & Co. Inc. (the “Corporation”) (provided such liens are not created or
        incurred in connection with such transaction and do not extend to any other Subsidiary), (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested
        in good faith, (c) other liens of a similar nature as those described in subclauses (a) and (b) above, and (d) liens granted under Existing Indebtedness.

       

      “Rating Agency” means:

       

      	

            	i.	
              each of Fitch and S&P; and

            

       

      	

            	ii.	
              if either of Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning
                of Section 3(a)(62) the Exchange Act selected by the Company as a replacement agency for Fitch or S&P, or both, as the case may be.

            

       

      “Reference Treasury Dealer” means each of Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, KKR Capital Markets LLC and

       

      
        8

        
          

      

      Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors; provided that if any of Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan
        Securities LLC, KKR Capital Markets LLC and Morgan Stanley & Co. LLC or such respective affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company shall substitute
        therefor another Primary Treasury Dealer.

       

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
        Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m. New York
        time on the third Business Day preceding such redemption date.

       

      “Registrar” means the Security Registrar for the Notes, which shall initially be The Bank of New York Mellon Trust Company, N.A., or any successor entity thereof, subject to
        replacement as set forth in the Base Indenture.

       

      “Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means June 1 or December 1, as applicable, immediately preceding the relevant
        Interest Payment Date (whether or not a Business Day).

       

      “Relevant Jurisdiction” means the United States, any Credit Party Jurisdiction, and any Successor Person Jurisdiction.

       

      “S&P” means S&P Global Ratings, a division of S&P Global, Inc., or any successor thereto.

       

      “Stated Maturity” means December 15, 2051.

       

      “Successor Person Jurisdiction” means a jurisdiction where a Successor Person is incorporated or considered to be a resident for tax purposes, if other than the United States.

       

      “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the
        Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

       

      ARTICLE 3

      Security Forms

       

      Section 3.01.          Form Generally.  iv) The Notes shall be in substantially the form set forth in Section 3.02 of this Article 3,
        with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and

       

      
        9

        
          

      

      this First Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities
        exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof. All Notes shall be in fully registered form.

       

      (b)          The Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officer of the
        Company executing such Notes, as evidenced by the execution of such Notes.

       

      (c)          Upon their original issuance, the Notes shall be issued in the form of one or more Global Securities in definitive, fully registered form without interest coupons.
        Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the name of DTC as Depositary, or its nominees, and deposited with the Trustee, as custodian for DTC. Beneficial
        interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its participants.

       

      Section 3.02.          Form of Note.

       

      [FORM OF FACE OF NOTE]

       

      [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT:

       

      THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
        JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM,
        OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY,
        PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH KKR GROUP
        FINANCE CO. X LLC OR ANY AFFILIATE OF KKR GROUP FINANCE CO. X LLC WAS THE

       

      
        10

        
          

      

      OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO KKR GROUP FINANCE CO. X LLC, KKR & CO. INC., KKR GROUP PARTNERSHIP L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A
        REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A
        “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION
        MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE
        MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
        PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
        REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO KKR GROUP FINANCE CO. X LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
        CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.]

       

      [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT:

       

      THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER

       

      
        11

        
          

      

      JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
        REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED
        SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF
        SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH KKR GROUP FINANCE CO. X LLC OR ANY AFFILIATE OF KKR GROUP FINANCE CO. X LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO KKR GROUP FINANCE CO. X LLC, KKR
        & CO. INC., KKR GROUP PARTNERSHIP L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
        144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
        GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
        UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
        ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF
        THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION

       

      
        12

        
          

      

      FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO KKR GROUP FINANCE CO. X LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
        (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION
        HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]

       

      [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY:

       

      THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
        TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
        INDENTURE REFERRED TO ON THE REVERSE HEREOF.].

       

      [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO BE THE DEPOSITARY:

       

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
        THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
        OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

       

      
        13

        
          

      

      [FORM OF 3.250% SENIOR NOTE DUE 2051]

       

      KKR GROUP FINANCE CO. X LLC

       

      3.250% SENIOR NOTE DUE 2051

       

      	
              No. 

              

            	 	 	
              Principal Amount $ 

              

            	 	 

      CUSIP NO. 48255B AA4 / U4950A AA4

      ISIN NO. US48255BAA44 / USU4950AAA44

       

      KKR Group Finance Co. X LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any
        Successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of _______ U.S. dollars ($ ______), or such other
        principal amount as shall be set forth in the Schedule of Increases and Decreases in Note attached hereto, on December 15, 2051 (the “Maturity Date”) and to pay interest thereon, from December 8, 2021, or
        from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be June 15 and December 15 of each year, commencing June 15, 2022, at the per annum rate of
        3.250% (the “Note Interest Rate”), until the principal hereof is paid or made available for payment.

       

      For the purposes of this Note, the term “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions or trust companies in New York, New York are authorized or
        obligated by law, regulation or executive order to close.

       

      The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business
        on the Regular Record Date for such interest, which shall be June 1 or December 1, as applicable, immediately preceding the relevant Interest Payment Date (whether or not a Business Day). Except as otherwise provided in the Indenture, any such
        interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special
        Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not
        inconsistent with the requirements of any securities exchange on which such Notes may be listed, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30- day months.

       

      Payment of principal of, and premium, if any, and interest on this Note and the Repurchase Price in connection with a Change of Control Repurchase Event will be made at the Trustee, in such coin or currency of the
        United States of America as at the time of

       

      
        14

        
          

      

      payment shall be legal tender for the payment of public and private debts. With respect to Global Securities, the Company will make such payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the
        Global Securities. With respect to certificated Notes, the Company will make such payments, subject to surrender of such Note at the Trustee, except in the case of installments of interest, by wire transfer of immediately available funds to a
        United States Dollar account maintained in New York, New York to each Holder of an aggregate principal amount of Notes in excess of U.S. $5,000,000 that has furnished wire instructions in writing to the Trustee no later than 15 days prior to the
        relevant payment date. If a Holder of a certificated Note (i) does not furnish such wire instructions as provided in the preceding sentence or (ii) holds U.S. $5,000,000 or less aggregate principal amount of Notes, the Company will make such
        payments by mailing or causing to be mailed a check to such Holder’s registered address.

       

      The Notes constitute the direct, unconditional, unsecured and unsubordinated general obligations of the Company and shall at all times rank pari passu without any preference
        among themselves and with all other unsecured obligations of the Company, other than subordinated obligations of the Company and except for statutorily preferred obligations. The Securities are not redeemable prior to the Maturity Date, except as
        set forth on the reverse of this Note and will not be subject to any sinking fund.

       

      Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

       

      Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Note shall not be entitled to any benefit under the Indenture
        or be valid or obligatory for any purpose.

       

      
        15

        
          

      

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

       

      	 	
              KKR Group Finance Co. X LLC

            
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

       

      	
              Attest:

            	 
	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 

      

      

      
        16

        
          

      

      CERTIFICATE OF AUTHENTICATION

       

      This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

               

      

      
        	Dated:

              	
                 

              	
                 

              

         

      	
              THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

            	 
	 	 
	
              By:

            	 	 
	 	
              Authorized Signatory

            	 

      

      

      
        17

        
          

      

      [FORM OF REVERSE OF NOTE]

       

      1.          Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “3.250% Senior Notes due 2051” (herein called the “Notes”), issued under a First Supplemental Indenture, dated as of December 8, 2021 (the “First Supplemental Indenture”), to an indenture, dated as of December 8, 2021 (as
        it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the First Supplemental Indenture, collectively, the “Indenture”), among the Company, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor
        trustee under the Indenture), to which reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the
        terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of the Initial Notes Outstanding at any time may not exceed $750,000,000 in aggregate principal amount, except for, or in lieu of, other
        Notes of the series pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture and except for any Notes which, pursuant to Section 3.03 of the Base Indenture, are deemed never to have been authenticated and delivered. The First
        Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder.

       

      All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event of a conflict or inconsistency between this Note and the Indenture, the provisions
        of the Indenture shall govern.

       

      2.          Optional Redemption. Prior to June 15, 2051, the Company may at its option redeem all or a part of the Notes upon not more than 60 days nor less than 15 days prior
        notice, at any time and from time to time, at a redemption price in cash equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal
        and interest on any Notes being redeemed (exclusive of any interest accrued to the date of redemption) from the date of redemption to June 15, 2051, in each case discounted to the redemption date on a semi-annual basis (assuming a 360-day year of
        twelve 30-day months) at the Treasury Rate plus 25 basis points, plus in each case any accrued and unpaid interest thereon to, but excluding, the date of redemption.

       

      The Company shall give the Trustee notice of the Redemption Price with respect to any redemption pursuant to the preceding paragraph as soon as practicable after the calculation thereof and the Trustee shall have no
        responsibility for such calculation.

       

      On or after June 15, 2051, the Company may at its option redeem all or a part of the Notes upon not more than 60 days nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the aggregate
        principal amount of any Notes to be redeemed plus any accrued and unpaid interest thereon to, but excluding, the date of redemption. Any notice of any redemption may, at the Company’s discretion, be subject

       

      
        18

        
          

      

      to one or more conditions precedent, including, but not limited to, completion of a securities offering or other corporate transaction.

       

      3.          Change of Control Repurchase Event. In the event of a Change of Control Repurchase Event, unless the Company has
        exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a Repurchase Price in cash equal to 101% of the
          aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, pursuant to Section 6.02 of the First Supplemental Indenture.

       

      4.          Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note, including an exchange, transfer,
        redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the Applicable Procedures.

       

      5.          Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner and with
        the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and interest on the Notes shall terminate.

       

      No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar
        official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or interest on such Notes in accordance with its terms), unless (i) such Holder has previously given written notice to the Trustee
        of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii) the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to
        institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture; (iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities
        to be incurred in compliance with such request; (iv) the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v) no direction inconsistent with such written request
        has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner
        whatever by virtue of, or by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce
        any right under the Indenture, except in the manner provided in the Indenture and for the equal and ratable benefit of all of such Holders.

       

      The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal of, and premium, if any, or interest hereon, on or after the respective due dates
        expressed or provided for herein.

       

      
        19

        
          

      

      6.          Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
        obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding
        Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain
        provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
        any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. Certain modifications or amendments to the Indenture
        require the consent of the Holder of each Outstanding Note affected.

       

      No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the consent of the Holder hereof) the obligation of the Company, which is absolute and
        unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.

       

      7.          Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registerable on the
        Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
        transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the Holder, this Note may
        be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute, and the Trustee shall
        authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for registration of transfer or for
        exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or such
        Holder’s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be
        imposed in connection therewith.

       

      Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is
        registered as the owner thereof for all purposes (except as otherwise provided in the Indenture), whether or not such Note be

       

      
        20

        
          

      

      overdue, and neither the Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary.

       

      8.          Guarantee. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally guaranteed by the Guarantors
        that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base Indenture.

       

      9.          Governing Law. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
          THE STATE OF NEW YORK.

       

      ABBREVIATIONS

       

      The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations:

       

      TEN COM (= tenant in common)

      TEN ENT (= tenants by the entireties (Cust))

      JT TEN (= joint tenants with right of survivorship and not as tenants in common) 

      UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )

       

      Additional abbreviations may also be used though not in the above list.

       

      
        21

        
          

      

      ASSIGNMENT FORM

       

      To assign this Note, fill in the form below:

       

      	
              (I) or (we) assign and transfer this Note to:          

            	 
	 	
              (Insert assignee’s legal name)

            
	 	 
	 
	
              (Insert assignee’s soc. sec. or tax I.D. no.)

            
	 
	 
	 
	 
	 
	 
	 
	 
	
              (Print or type assignee’s name, address and zip code)

            

       

      

      and irrevocably appoint

       

      
        	
                 

              	, as agent, to transfer
	 this Note on the books of the Company. The agent may substitute another to act for him.

      

      

      

      In connection with the assignment of the Notes evidenced by this certificate occurring prior to the date that is one year or six months, as the case may be (as specified in Rule 144(d) under the Securities Act), after the later of the date of
        original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any affiliate of the Company, the undersigned confirms that such Notes are being:

       

      CHECK ONE BOX BELOW:

       

      	
              1

            	
              ☐

            	
              acquired for the undersigned’s own account, without transfer; or

            
	 	 	 
	
              2

            	
              ☐

            	
              transferred to the Company; or

            
	 	 	 
	
              3

            	
              ☐

            	
              transferred pursuant to and in compliance with Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”); or

            
	 	 	 
	
              4

            	
              ☐

            	
              transferred pursuant to an effective registration statement under the Securities Act; or

            
	 	 	 
	
              5

            	
              ☐

            	
              transferred pursuance to and in compliance with Regulation S promulgated under the Securities Act; or

            
	 	 	 
	
              6

            	
              ☐

            	
              transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act) that, prior to such 

              

            

      

      

      
        22

        
          

      

      	 	 	transfer, furnished the Trustee with a signed letter containing certain representations and agreements relating to the transfer; or
	 	 	 
	
              7

            	
              ☐

            	
              transferred pursuant to another available exemption from the registration requirements of the Securities Act.

            

      

      

      Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of the Notes, in its sole discretion, such legal opinions,
        certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, such as
        the exemption provided by Rule 144A promulgated under the Securities Act.

       

      	
              Dated:          

            	 	 	
              Signature:          

            	 

      

      

      	
              Signature Guarantee:

            	 

      

      

      	 	 	 
	
              (Signature must be guaranteed)

            	
              Signature

            
	 
	 

      

      

      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 Rule 17Ad-15 of the Securities Exchange Act.

       

      TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

       

      The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such
        account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware that the sale to it is being made in reliance on Rule 144A promulgated under the Securities Act and acknowledges that it has
        received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing
        representations in order to claim the exemption from registration provided by Rule 144A.

       

      	
              Dated:          

            	 	 	
              Signature:          

            	 

       

      

      
        23

        
          

      

      [SCHEDULE OF INCREASES AND DECREASES IN NOTE

       

      KKR GROUP FINANCE CO. X LLC

       

      3.250% Senior Note due 2051

       

      The initial principal amount of this Note is $           . The following increases or decreases in this Note have been made:

       

      	
              
                Date

              

            	 	
              
                Amount of 

                decrease in 

                Principal 

                Amount of this 

                Note

              

            	 	
              
                Amount of 

                increase in 

                Principal 

                Amount of this 

                Note

              

            	 	
              
                Principal 

                Amount of this 

                Note following 

                such decrease or 

                increase

              

            	 	
              
                Signature of 

                authorized 

                officer of 

                Trustee]1

              

            
	 	 	 	 	 	 	 	 	 

      

      

       
        

      1 Insert for Global Securities only

       

      

      
        24

        
          

      

      Section 3.03.          Transfer and Exchange of Global Securities.  v) The transfer and exchange of Global Securities or beneficial
        interests therein shall be effected through the Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth in the Indenture and in the Global Security) and the procedures of the Depositary therefor. A
        transferor of a beneficial interest in a Global Security to another Global Security shall deliver to the Security Registrar a duly completed Assignment Form in the form attached to the Global Security, any applicable certifications or opinions
        required by the Assignment Form and a written order given in accordance with the Applicable Procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Security. The
        Security Registrar shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person making
        the transfer the beneficial interest in the Global Security being transferred.

       

      (b)          If the proposed transfer is a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the Security Registrar
        shall reflect on its books and records the date and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the
        Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Security from which such interest is being transferred.

       

      (c)          If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably require) that a Note is eligible for
        resale after the applicable Resale Restriction Termination Date (as defined in the applicable Note) pursuant to Rule 144 under the Securities Act (or a successor provision) without the need for current public information and that the applicable
        legend in either the first or second paragraph of Section 3.02 hereto (a “Restricted Legend”) is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial
        interest therein) are effected in compliance with the Securities Act, the Company may instruct the Trustee to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note in any authorized denominations of like tenor and
        aggregate principal amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee will comply with such instruction.

       

      ARTICLE 4

      Remedies

       

      Section 4.01.          Events of Default.  “Event of Default” means, wherever used herein with
        respect to the Notes, any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or
        any order, rule or regulation of any administrative or governmental body):

       

      (a)          an Event of Default pursuant to Section 5.01 of the Base Indenture; or

       

      
        25

        
          

      

      (b)          the Company’s failure to pay the Repurchase Price when due in connection with a Change of Control Repurchase Event.

       

      Section 4.02.          Waiver of Past Defaults.  Section 5.12 of the Base Indenture shall not apply to the Notes, and, with respect to
        the Notes, any reference to Section 5.12 in the Base Indenture shall instead be deemed to refer to this Section 4.02.

       

      The Holders of not less than a majority in aggregate principal amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder with respect to the Notes and its
        consequences, except a default

       

      (a)          in the payment of the principal of or interest on any Note; or

       

      (b)          in respect of a covenant or provision hereof or of the Base Indenture which under Article 8 hereof or under Article 9 of the Base Indenture cannot be modified or
        amended without the consent of the Holder of each Outstanding Note affected, provided that there had been paid or deposited with the Trustee a sum sufficient to pay all amounts due to the Trustee and to
        reimburse the Trustee for any and all fees, expenses and disbursements advanced by the Trustee, its agents and its counsel incurred in connection with such default or Event of Default.

       

      Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this First Supplemental Indenture, but no such waiver shall
        extend to any subsequent or other Default or impair any right consequent thereon.

       

      ARTICLE 5

      Redemption of Securities

       

      Section 5.01.          Optional Redemption.  Prior to June 15, 2051, the Company may at its option redeem all or a part of the Notes
        upon not more than 60 days nor less than 15 days prior notice, at any time and from time to time, at a redemption price in cash equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii) the sum of the present
        values of the remaining scheduled payments of principal and interest (exclusive of any interest accrued to the date of redemption) on any Notes being redeemed (assuming that the Notes matured on June 15, 2051), discounted to the date of redemption
        on a semi-annual basis (assuming a 360-day year of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus in each case any accrued and unpaid interest thereon to, but excluding, the date of redemption.

       

      The Company shall give the Trustee notice of the Redemption Price with respect to any redemption pursuant to the preceding paragraph as soon as practicable after the calculation thereof and the Trustee shall have no
        responsibility for such calculation.

       

      On or after June 15, 2051, the Company may at its option redeem all or a part of the Notes upon not more than 60 days nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the aggregate
        principal amount of any Notes to be

       

      
        26

        
          

      

      

      

      redeemed plus any accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, the redemption date. Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions
        precedent, including, but not limited to, completion of a securities offering or other corporate transaction.

       

      ARTICLE 6

      Particular Covenants

       

      Section 6.01.          Liens.  The Credit Parties shall not create, assume, incur or guarantee any indebtedness for money borrowed that
        is secured by a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their ownership of such voting stock or profit
        participating equity interests) or any entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without providing that the Notes (together with,
        if the Credit Parties shall so determine, any other indebtedness of, or guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or thereafter created) will be secured equally and
        ratably with or prior to all other indebtedness secured by such pledge, mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities. This Section 6.01 shall not limit the ability of the
        Credit Parties to incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit participating equity interests of their respective Subsidiaries.

       

      Section 6.02.          Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event.  vi) If a Change of Control
        Repurchase Event occurs, unless the Company has exercised its option to redeem the Notes pursuant to Article 5 of this First Supplemental Indenture by giving notice of such redemption to the Holders of the Notes pursuant to Section 11.04 of the
        Base Indenture, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of the
        aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase Price”).

       

      (b)          In connection with any Change of Control related to a Change of Control Repurchase Event and any particular reduction in the ratings on the Notes, the Company
        shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the ratings on the Notes was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in
        respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below Investment Grade Rating Event). The Company shall promptly certify to the Trustee as to whether or not such
        confirmation has been received or denied.

       

      (c)          Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement

       

      
        27

        
          

      

      of the Change of Control, the Company will give notice to each Holder of Notes, with a written copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and
        offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is given (the “Repurchase Price Payment Date”).
        The notice shall, if given prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The
        Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a
        result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable
        securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

       

      (d)          On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful:

       

      (i)             accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

       

      (ii)            deposit with the Paying Agent an amount equal to the Repurchase Price in respect of all Notes or portions of Notes properly tendered; and

       

      (iii)           deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate
        principal amount of Notes being purchased by the Company.

       

      The Paying Agent will promptly mail to each Holder of Notes properly tendered the Repurchase Price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each
        Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note representing any unpurchased portion of any Notes surrendered will be in a principal amount of $2,000 and integral
        multiples of $1,000 in excess thereof.

       

      (e)          Notwithstanding the foregoing, the Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if (i) a third
        party makes an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer
        or (ii) the Company has given written notice of a redemption as provided under Section 11.04 of the Base Indenture; provided that the Company has not failed to pay the Redemption Price on the redemption date.

       

      
        28

        
          

      

      Section 6.03.          Financial Reports.  Section 7.04 of the Base Indenture shall apply to the reports, information, and documents
        delivered under this Section 6.03.

       

      (a)          For so long as the Corporation is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall provide (or cause its
        Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) (“EDGAR”), within 15 days after the Corporation files
        the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the
        Corporation may file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Corporation has not filed any such reports,
        information, documents and other reports with the Commission that are not available on EDGAR unless and until it shall have received written notice from the Company to the contrary.

       

      (b)          For so long as any of the Notes remain Outstanding, the Company shall, or shall cause its Affiliates to, furnish to the Holders of the Notes and prospective
        investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act for the Company and, unless available on EDGAR, for the Corporation (as if such rule applied to it); provided, however, that if any time the Corporation no longer directly or indirectly controls the Credit Parties or guarantees the Notes, such information shall be
        provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or indirectly controls the Credit Parties and guarantees the Notes (in each case, as if such rule applied to such
        Persons). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts and prospective investors upon request.

       

      (c)          Delivery of such reports, information and documents to the Trustee shall be for informational purposes only and the Trustee’s receipt of such shall not constitute
        constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of the covenants contained in the Indenture (as to which the Trustee will be entitled to
        conclusively rely upon an Officer’s Certificate). The Trustee shall have no obligation to determine if and when the Company’s information is available on EDGAR and the Trustee shall have no obligation to obtain any reports that are posted on EDGAR.

       

      ARTICLE 7

      [Reserved]

       

      ARTICLE 8

      Supplemental Indentures

       

      Section 8.01.          Supplemental Indentures without Consent of Holders of Notes.  For the purposes of the Base Indenture and this
        First Supplemental Indenture, no

       

      
        29

        
          

      

      amendment to cure any ambiguity, defect or inconsistency in this First Supplemental Indenture, the Base Indenture or the Notes made solely to conform this First Supplemental Indenture, the Base Indenture or the Notes to the Description of the
        Notes contained in the Company’s offering memorandum dated December 1, 2021, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this First Supplemental Indenture, the Base
        Indenture or the Notes, shall be deemed to adversely affect the interests of the Holders of any Notes.

       

      Section 8.02.          Supplemental Indentures with Consent of Holders of Notes.  Section 9.02 of the Base Indenture shall not apply to
        the Notes, and, with respect to the Notes, any reference to Section 9.02 in the Base Indenture shall instead be deemed to refer to this Section 8.02.

       

      With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer
        or exchange for the Notes), by Act of said Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any
        provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

       

      (a)          change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Note;

       

      (b)          reduce the principal amount of any Note which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02 of the
        Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note;

       

      (c)          reduce the Repurchase Price in connection with a Change of Control Repurchase Event;

       

      (d)          reduce any premium payable upon the redemption of or change the date on which any Note may or must be redeemed;

       

      (e)          change the coin or currency in which the principal of or premium, if any, or interest on any Note is payable;

       

      (f)          change the date on which any Note may or must be redeemed;

       

      (g)          impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or
        repayment, on or after the redemption date or a Repurchase Price Payment Date, as applicable);

       

      
        30

        
          

      

      (h)          reduce the percentage in principal amount of the Outstanding Notes the consent of whose Holders is required for modification or amendment of this First
        Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Base Indenture or this First Supplemental Indenture or certain defaults thereunder and hereunder
        and their consequences) provided for in the Base Indenture and this First Supplemental Indenture;

       

      (i)          modify any of the provisions of this Section 8.02 or Section 5.12 or Section 10.05 of the Base Indenture, except to increase any such percentage or to provide that
        certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; provided, however,
        that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section 8.02 and Section 10.05 of the Base Indenture, or the deletion of this
        proviso, in accordance with the requirements of Sections 6.11 and 9.01(g) of the Base Indenture;

       

      (j)          subordinate the Notes or any Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor;

       

      (k)          modify the terms of any Guarantee in a manner adverse to the Holders of the Notes; or

       

      (l)          modify clauses (a) through (k) above.

       

      It shall not be necessary for any Act of Holders under this Section 8.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance
        thereof.

       

      A supplemental indenture which changes or eliminates any covenant or other provision of the Indenture which has expressly been included solely for the benefit of one or more particular series of Securities other than
        the Notes, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of the Notes.

       

      In addition, the Holders of at least a majority in aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, and subject to and in accordance with the provisions of Section 10.05
        of the Base Indenture, waive compliance with the Credit Parties’ covenants described under Sections 6.01, 6.02 and 6.02 of this First Supplemental Indenture and Article 9 and Section 14.02 of the Base Indenture (other than any covenant, a
        modification to which under clause (e) of this Section 8.02 would require the consent of the Holder of each Outstanding Note affected thereby).

       

      
        31

        
          

      

      ARTICLE 9

      Defeasance

       

      Section 9.01.          Covenant Defeasance.  Section 13.03 of the Base Indenture shall not apply to the Notes, and, with respect to the
        Notes, any reference to Section 13.03 in the Base Indenture shall instead be deemed to refer to this Section 9.01.

       

      Upon the Company’s exercise of its option, if any, to have Section 13.03 of the Base Indenture applied to the Notes, or if Section 13.03 of the Base Indenture shall otherwise apply to the Notes, (1) the Company and the
        Guarantors shall be released from their respective obligations and any covenants provided pursuant to Article 6 of this First Supplemental Indenture and Section 3.01(b)(18), Section 8.01, Section 9.01(a) or Section 9.01(l) and Article 14 of the
        Base Indenture for the benefit of the Holders of the Notes and (2) the occurrence of any event specified in Section 5.01(d) and Section 5.01(h) shall be deemed not to be or result in an Event of Default, in each case with respect to the Notes and
        the related Guarantees as provided in Section 13.03 of the Base Indenture on and after the date the conditions set forth in Section 13.04 of the Base Indenture are satisfied (hereinafter called “Covenant Defeasance”).

        For this purpose, such Covenant Defeasance means that, with respect to the Notes and Guarantees thereof, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set
        forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein or in the Base Indenture to any such Section or by reason of any reference in any such Section to any other provision herein or in the
        Base Indenture or in any other document, but the remainder of the Base Indenture, this First Supplemental Indenture and such Notes and Guarantees thereof shall be unaffected thereby.

       

      ARTICLE 10

      Miscellaneous

       

      Section 10.01.        Execution as Supplemental Indenture.  This First Supplemental Indenture is executed and shall be construed as an
        indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this First Supplemental Indenture forms a part thereof.

       

      Section 10.02.        Not Responsible for Recitals or Issuance of Notes.  The recitals contained herein and in the Notes, except the
        Trustee’s certificates of authentication, shall be taken as the statements of the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the
        validity or sufficiency of this First Supplemental Indenture or of the Securities or the Guarantees. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof.

       

      Section 10.03.        Separability Clause.  In case any provision in this First Supplemental Indenture or in the Notes shall be
        invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

       

      
        32

        
          

      

      
      Section 10.04.        Successors and Assigns.  All covenants and agreements in this First Supplemental Indenture by the Company and
        the Guarantors shall bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this First Supplemental Indenture shall bind its successors and assigns, whether so expressed or not.

       

      Section 10.05.        Execution and Counterparts.  This First Supplemental Indenture may be executed in any number of counterparts,
        each of which so executed shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to
        this First Supplemental Indenture or any document to be signed in connection with this First Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of
        the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions
        contemplated hereunder by electronic means.

       

      Section 10.06.         Governing Law.  This First Supplemental Indenture and the Notes shall be governed by, and construed in
        accordance with, the law of the State of New York.

       

      Section 10.07.         FATCA.  In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines
        and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”), the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with
        Applicable Law (and shall timely pay the amounts so withheld or deducted to the applicable governmental authority) for which The Bank of New York Mellon shall not have any liability, except in cases of gross negligence or willful misconduct. Each
        of the Company and the Trustee agrees to reasonably cooperate and, at the reasonable request of the other, to provide the other with such information as each may have in its possession that is necessary to enable the determination of whether any
        payments hereunder are subject to FATCA Withholding Tax.

       

      [Signature page to follow.]

       

      

      
        33

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed all as of the day and year first above written.

       

      	 	
              KKR GROUP FINANCE CO. X LLC,

              as Issuer,

            
	 	 
	 	
              By:

            	
              /s/ Robert H. Lewin

            
	 	 	
              Name:         

            	 Robert H. Lewin
	 	 	
              Title:          

            	Chief Financial Officer

      

      

      	 	
              KKR & CO. INC., as Guarantor,

            
	 	 
	 	
              By:

            	
              /s/ Robert H. Lewin

            
	 	 	
              Name:          

            	Robert H. Lewin
	 	 	
              Title:          

            	Chief Financial Officer

      

      

      	 	
              KKR GROUP PARTNERSHIP L.P.,

              as Guarantor,

            
	 	 
	 	
              By:

            	
              KKR Group Holdings Corp., as its general partner

            
	 	 	 
	 	
              By:

            	
              /s/ Robert H. Lewin

            
	 	 	
              Name:          

            	Robert H. Lewin
	 	 	
              Title:          

            	Chief Financial Officer

      

      

      
        [Signature Page to First Supplemental Indenture]

      

      
        
          

      

      	 	
              The Bank of New York Mellon Trust Company, N.A., as Trustee

            
	 	 
	 	
              By:

            	
              /s/ Ann Dolezal

            
	 	 	
              Name:          

            	Ann Dolezal
	 	 	
              Title:          

            	Vice President

      

      

       

      

      
        [Signature Page to First Supplemental Indenture]EX-4.1

 Exhibit 4.1 

WARRANT AGREEMENT 
 THIS WARRANT AGREEMENT
(this “Agreement”), dated as of December 2, 2021, is by and between BioPlus Acquisition Corp., a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New
York limited purpose trust company, as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”). 

WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such
unit comprised of one Ordinary Share (as defined below) 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 10,000,000 warrants (or up to 11,500,000 warrants if the Over-allotment Option is exercised in full) to public investors in the Offering (the “Public Warrants”). Each whole Warrant entitles the holder thereof
to purchase one Class A Ordinary Share of the Company, par value $0.0001 per share (“Ordinary Shares”), for $11.50 per share, subject to adjustment as described herein; and 

WHEREAS, on December 2, 2021, the Company entered into that certain Units Subscription Agreement with BioPlus Sponsor LLC, a Cayman Islands limited
liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 380,000 Units (the “Sponsor Private Placement Units”) simultaneously with the closing of the Offering at a purchase
price of $10.00 per Unit and in connection therewith, will issue and deliver up to an aggregate of 190,000 warrants bearing the legend set forth in Exhibit B hereto (“Sponsor Private Placement Warrants”); and 

WHEREAS, on December 2, 2021, the Company entered into that certain Units Subscription Agreement with Cantor Fitzgerald & Co., a representative
of the underwriters in the Offering (the “Representative”), pursuant to which the Representative agreed to purchase an aggregate of 190,000 Units (the “Representative Private Placement Units” and, together with the
Sponsor Private Placement Units, the “Private Placement Units”, the Sponsor Private Placement Units and Representative Private Placement Units, together with the Public Units, the “Units”) simultaneously with
the closing of the Offering at a purchase price of $10.00 per Unit and in connection therewith, will issue and deliver up to an aggregate of 60,000 warrants bearing the legend set forth in Exhibit C hereto (“Representative Private
Placement Warrants” and, with the Sponsor Private Placement Warrants, the “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 officers and directors may, but are not
obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 150,000 Units at a price of $10.00 per Unit and in connection therewith, will issue and deliver up
to an aggregate of 75,000 warrants (the “Working Capital Warrants” and, together with the Private Placement Warrants and the Public Warrants, the “Warrants”); and 

WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-258028 (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 Ordinary Shares included in the Public Units; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption and exercise of the Warrants; and 
 WHEREAS, the Company desires to provide for the form and provisions of the
Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

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

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

ARTICLE I. 
 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. 
 ARTICLE II. 

WARRANTS 
 Section 2.01 Form of
Warrant. Each Warrant shall be issued in registered form only. 
 Section 2.02 Effect of Countersignature. If a physical certificate is
issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

Section 2.03 Registration. 
 (a) Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent
shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public
Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to
a Warrant in its account, a “Participant”). 
 If the Depositary subsequently ceases to make its book-entry settlement system available for
the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants
available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the
Depositary definitive certificates in physical form evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 

Physical certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, President, Chief
Operating 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. 

(b) 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. 

 Section 2.04 Detachability of Warrants. The Ordinary Shares and 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 Representative, but in no event shall the Ordinary Shares 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 simultaneously with the initial closing of the Offering, 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. 

Section 2.05 No Fractional Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of Units, each
of which is comprised of one share of Ordinary Shares and one-half of one redeemable Public 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. 

Section 2.06 Private Placement Warrants and Working Capital Warrants. 

(a) The Private Placement Warrants and the Working Capital Warrants shall be identical to the Public Warrants, except that, the Private Placement Warrants and
the Working Capital Warrants may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination (as defined below); provided, however, that the Private
Placement Warrants and the Working Capital Warrants and any Ordinary Shares held by either the Sponsor or any officers or directors of the Company or any Permitted Transferees, as applicable, and issued upon exercise of the Private Placement
Warrants and the Working Capital Warrants may be transferred by the holders thereof: 
 (i) to the Company’s officers, directors or advisors, any
affiliates or family members of any of the Company’s officers, directors or advisors, any member(s) of the Sponsor or any affiliates of the Sponsor; 

(ii) in the case of an individual, by gift to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the
individual’s immediate family, or an affiliate of such person, or to a charitable organization; 
 (iii) in the case of an individual, by virtue of
laws of descent and distribution upon death of the individual; 
 (iv) in the case of an individual, pursuant to a qualified domestic relations order; 

(v) by private sales or transfers made in connection with the consummation of the Company’s initial Business Combination at prices no greater than the
price at which the Private Placement Warrants were originally purchased; 
 (vi) in the event of the Company’s liquidation prior to the completion of
the Company’s initial Business Combination; 
 (vii) by virtue of the Sponsor’s limited liability company agreement upon dissolution of the
Sponsor; or 
 (viii) subsequent to the completion of the Company’s initial Business Combination, in the event of the Company’s liquidation,
merger, share capital exchange, reorganization or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property; 

provided, however, that, in the case of clauses (i) through (viii), these transferees (the “Permitted Transferees”) must
enter into a written agreement agreeing to be bound by the transfer restrictions in this Agreement. 

 ARTICLE III. 

TERMS AND EXERCISE OF WARRANTS 
 Section 3.01
Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares
stated therein, at the price of $11.50 per share, subject to the adjustments provided in Article IV hereof and in the last sentence of this Section 3.01. The term “Warrant Price” as used in this Agreement
shall mean the price per share at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of
not less than twenty (20) Business Days; provided, that (i) the Company shall provide at least three (3) Business Days’ prior written notice of such reduction to Registered Holders of the Warrants and (ii) that any
such reduction shall be identical among all of the Warrants. 
 Section 3.02 Duration of Warrants. A Warrant may be exercised only during the
period (the “Exercise Period”) commencing on the date that is thirty (30) days after the first date on which the Company completes a merger, share capital exchange, asset acquisition, share purchase, reorganization or similar
business combination, involving the Company and one or more businesses (a “Business Combination”) 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 memorandum and articles of association, as amended from time to time, if the Company
fails to complete a Business Combination, (y) the Redemption Date (as defined below) as provided in Section 6.03 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 3.03(b) below with respect to an effective post-effective amendment to the Registration Statement or an effective new 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 Article VI hereof), each outstanding Warrant not exercised on or before the Expiration Date shall
become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 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 (1) the Company shall provide at least twenty (20) days’ prior written notice of any such extension to Registered Holders of the Warrants and (2) that any such extension shall
be identical in duration among all the Warrants. 
 Section 3.03 Exercise of Warrants. 

(a) Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each full share of Ordinary Shares as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for
the Ordinary Shares and the issuance of such Ordinary Shares, as follows: 
 (i) in lawful money of the United States, in good certified check or good bank
draft payable to the Warrant Agent; 
 (ii) in the event of a redemption pursuant to Article VI hereof in which the Company’s
board of directors (the “Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Ordinary Shares equal to the quotient
obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value”, as defined in this subsection 3.03(a)(ii) by
(y) the Fair Market Value. Solely for purposes of this subsection 3.03(a)(ii) and Section 6.04, the “Fair Market Value” shall mean the average reported last sale price of the
Ordinary Shares for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants pursuant to Article VI hereof; or (iii) as
provided in Section 7.04 hereof. 
 (b) Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise
of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.03(a)(i)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as
applicable, for the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or
countersigned Warrant, as applicable, for the number of Ordinary Shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares

 
pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a post-effective amendment to the Registration Statement or a new registration statement
under the Securities Act with respect to the Ordinary Shares underlying the Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under
Section 7.04. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise has been registered,
qualified or deemed to be exempt 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 Warrants shall have paid
the full purchase price for the Unit solely for the Ordinary Shares underlying such Unit. The Company may require holders of Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.04. 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 Ordinary Shares, the Company shall round down to the
nearest whole number, the number of Ordinary Shares to be issued to such holder. 
 (c) Valid Issuance. All Ordinary Shares issued upon the proper
exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and non-assessable. 

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

(e) 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 3.03(e); however, no holder of a Warrant shall be subject to this subsection 3.03(e) 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 9.8% (as specified by the holder) (the “Maximum Percentage”) of the Ordinary Shares outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates or any such other person or group shall include the number of
Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of
the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including,
without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of
this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may rely on the number of
outstanding Ordinary Shares as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number
of Ordinary Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of Ordinary Shares then
outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities of the 

 
Company by the holder and its affiliates since the date as of which such number of outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from
time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the 61st day after such notice
is delivered to the Company. 
 ARTICLE IV. 

ADJUSTMENTS 
 Section 4.01 Share
Dividends. 
 (a) Split-Ups. If after the date hereof, and subject to the provisions of
Section 4.06 below, the number of outstanding Ordinary Shares is increased by a share dividend payable in Ordinary Shares, or by a split-up of Ordinary Shares or other similar event,
then, on the effective date of such share dividend, split-up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the
outstanding Ordinary Shares. A rights offering to holders of the Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the “Fair Market Value” (as defined below) shall be deemed a share dividend of a number of
Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for the
Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Ordinary Shares paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.01(a),
(i) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account any consideration received for such rights, as well as any
additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior
to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

(b) Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of the Company’s share capital into which the Warrants are convertible), other than (i) as described in
subsection 4.01(a) above, (ii) Ordinary Cash Dividends (as defined below), (iii) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination, (iv) to satisfy
the redemption rights of the holders of Ordinary Shares in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to modify the substance or timing of the Company’s obligation
to redeem 100% of the Ordinary Shares included in the Public Units sold in the Offering if the Company does not complete the Business Combination within the time period set forth in the Company’s amended and restated memorandum and articles of
association, or (v) in connection with the redemption of the Ordinary Shares included in the Public Units sold in the Offering upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its
assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the
effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Ordinary Shares in respect of such Extraordinary
Dividend. For purposes of this subsection 4.01(b), “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and
cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to
in other subsections of this Article IV and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant) does
not exceed $0.50 (being 5% of the offering price of the Public Units in the Offering). 
 Section 4.02 Aggregation of Shares. If after the date
hereof, and subject to the provisions of Section 4.06 hereof, the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Ordinary Shares or other
similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such
decrease in outstanding Ordinary Shares. 

 Section 4.03 Adjustments in Exercise Price.  

(a) Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in
subsection 4.01(a) or Section 4.02 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the
numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately
thereafter. 
 (b) If, (x) the Company issues additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with
the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of Ordinary Shares (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 Sponsor or its affiliates, without taking into account any Ordinary Shares or Private Placement Units issued prior to the Offering and held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the
“Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the
consummation of the initial Business Combination (net of redemptions) and (z) the volume weighted average trading price of Ordinary Shares during the 20 trading day period starting on the trading day prior to the day on which the Company
consummates the initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price, and the last sales price of the Ordinary Shares that triggers the Company’s right to redeem the Warrant pursuant to Section 6.01 below shall be adjusted (to the nearest cent) to be equal to 180% of the
higher of the Market value and the Newly Issued Price. 
 Section 4.04 Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the issued and outstanding Ordinary Shares (other than a change under subsections 4.01(a) or 4.01(b) or Section 4.02 hereof or that solely affects the par value of such
Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation and is
not a subsidiary of another entity whose shareholders did not own all or substantially all of the Ordinary Shares of the Company in substantially the same proportions immediately before such transaction and that does not result in any
reclassification or reorganization of the issued and outstanding Ordinary Shares), or in the case of any sale or conveyance to another entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection
with which the Company is liquidated or dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of
the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization,
merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative
Issuance”); provided, however, that if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind
and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary
Shares in such consolidation or merger that affirmatively make such election;; provided further that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of capital
stock or shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be
so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company
pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference (but in no event less than zero) of (i) the Warrant
Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant
Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For
purposes of calculating such amount, (1) Article VI of this Agreement shall be taken into account, (2) the price of each Ordinary Share shall be the volume weighted average price of the Ordinary Shares as reported during the ten
(10) trading day period ending on the trading day prior to the 

 
effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately
prior to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share
Consideration” means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average price of the
Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or reorganization also results in a change in Ordinary Shares covered by
Section 4.01 or 4.02, then such adjustment shall be made pursuant to Section 4.01 or Sections 4.02, 4.03 and this Section 4.04. The provisions of this
Section 4.04 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per Ordinary
Share issuable upon exercise of the Warrant. 
 Section 4.05 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the
number of Ordinary Shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the
number of Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in
Sections 4.01, 4.02, 4.03 or 4.04, 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. 

Section 4.06 No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue
fractional Ordinary Shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Article IV, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a
share, the Company shall, upon such exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to such holder. 

Section 4.07 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Article IV, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of Ordinary Shares as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its
sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding
Warrant or otherwise, may be in the form as so changed. 
 Section 4.08 Other Events. In case any event shall occur affecting the Company as to
which none of the provisions of the preceding subsections of this Article IV 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 Article IV, 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 Article IV and, if they determine that an adjustment is necessary,
the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.08 as a result of any issuance of securities in connection with a Business
Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. For the avoidance of doubt, all adjustments made pursuant to this Section 4.08
shall be made equally to all outstanding warrants. 
 ARTICLE V. 

TRANSFER AND EXCHANGE OF WARRANTS 

Section 5.01 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. 

 Section 5.02 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant
Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal
aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants), 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. 

Section 5.03 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. 
 Section 5.04 Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 
 Section 5.05 Warrant Execution and
Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Article V, 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. 

Section 5.06 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the
Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.06 shall have no effect on any transfer of Warrants on and after the Detachment Date. 

ARTICLE VI. 
 REDEMPTION 

Section 6.01 Redemption of Warrants for Cash. 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 6.03 below, at the price of $0.01 per Warrant
(the “Redemption Price”); provided that the last sales price of the Ordinary Shares reported has been at least $18.00 per share (subject to adjustment in compliance with Article IV hereof), on each of twenty
(20) trading days within the thirty (30) trading-day period ending on the third Business Day prior to the date on which notice of the redemption is given and provided that there is an effective
post-effective amendment to the Registration Statement or an effective new registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.03 below) or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection
3.03(a); provided, however, that if and when the Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of Ordinary Shares upon exercise of the Warrants is not exempt from
registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. 

Section 6.02 [Intentionally omitted]. 
 Section 6.03
Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to Section 6.01, 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. 

 Section 6.04 Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on
a “cashless basis” in accordance with subsection 3.03(a)(ii) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.03 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 3.03(a)(ii), the notice of redemption shall contain the information
necessary to calculate the number of Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection 3.03(a)(ii) 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. 

ARTICLE VII. 
 OTHER PROVISIONS
RELATING TO RIGHTS OF HOLDERS OF WARRANTS 
 Section 7.01 No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to
any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as a shareholder in respect of the
meetings of shareholders or the election of directors of the Company or any other matter. 
 Section 7.02 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. 
 Section 7.03 Reservation of Ordinary
Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

Section 7.04 Registration of Ordinary Shares; Cashless Exercise at Company’s Option. 

(a) Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than twenty (20) days after the
closing of its initial Business Combination, it shall use its reasonable best efforts to file with the Commission a post-effective amendment to the Registration Statement or a new registration statement for the registration, under the Securities
Act, of the Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such post-effective amendment or new
registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such post-effective amendment or new registration statement has not been declared
effective by the 60th day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st day after the closing of the Business Combination and ending upon such post-effective
amendment or new registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective post-effective amendment or an effective new registration statement covering
the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another
exemption) for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market
Value” (as defined below) by (y) the Fair Market Value. Solely for purposes of this subsection 7.04(a), “Fair Market Value” shall mean the volume weighted average price of the Ordinary Shares as reported
during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of
cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. 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 7.04(a) is not required to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone
who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in
subsection 7.04(b), for the avoidance of any doubt, unless and until all of the Warrants have been exercised, the Company shall continue to be obligated to comply with its registration obligations under the first three
sentences of this subsection 7.04(a). 
 (b) Cashless Exercise at Company’s Option. If the Ordinary Shares at the time
of any exercise of a Warrant are not listed on a national securities exchange such that they satisfy 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 Warrants who exercise Warrants to exercise such Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) as described in
subsection 7.04(a) and (ii) in the event the Company so elects, the Company shall not be required to file or maintain in effect a post-effective amendment to the Registration Statement or a new registration statement
for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company does not elect at the time of exercise to require a holder of
Warrants who exercises Warrants to exercise such Warrants on a “cashless basis,” it agrees to use its best efforts to register or qualify for sale the Ordinary Shares issuable upon exercise of the Warrant under the blue sky laws of the
state of residence in those states in which the Warrants were initially offered by the Company of the exercising Warrant holder to the extent an exemption is not available. 

ARTICLE VIII. 
 CONCERNING THE
WARRANT AGENT AND OTHER MATTERS 
 Section 8.01 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that
may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such
Ordinary Shares. 
 Section 8.02 Resignation, Consolidation, or Merger of Warrant Agent. 

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

 (c) 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. 

Section 8.03 Expenses of Warrant Agent.  
 (a)
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. 
 (b) 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. 
 Section 8.04 Liability of Warrant Agent. 

(a) 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 Chairman of the Board, Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Secretary or other principal officer 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. 

(b) Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith (as determined by a court
of competent jurisdiction in a final and non-appealable judgment). The Company agrees to indemnify the Warrant Agent, its employees, officers and directors (each, an “Indemnified Person”), and
save each Indemnified Person harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by such Indemnified Person in the execution of this Agreement, except as a result of the
Indemnified Person’s gross negligence, willful misconduct or bad faith (as determined by a court of competent jurisdiction in a final and non-appealable judgment). 

(c) 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 Article IV hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require
any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any
Ordinary Shares shall, when issued, be valid and fully paid and non-assessable. 
 Section 8.05 Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to
Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise of the Warrants. 

Section 8.06 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. 

 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 
 Section 9.01
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. 

Section 9.02 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: 
 BioPlus Acquisition Corp. 

260 Madison Avenue 
 Suite 800 

New York, NY 10016 
 Attention: Ross Haghighat 

Chief Executive Officer and Chief Financial 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 

Attention: Compliance Department 
 With a copy to: 

Ellenoff Grossman & Schole LLP 
 1345 Avenue of the
Americas 
 New York, NY 10105 
 Attn: Stuart Neuhauser 

Email: sneuhauser@egsllp.com 
 and 

Cantor Fitzgerald & Co. 
 110 East 59th Street 

New York, NY 10022 
 Attn: Kelley Basham 

Email: Kelley.Basham@cantor.com 
 Section 9.03 Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the
application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, (i) the provisions of this Section 

 
9.03 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 courts have exclusive jurisdiction and
(ii) unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of
any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, 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. 
 Section 9.04 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 and, for purposes of Sections 7.04, 9.04 and
9.09, 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, and, for purposes of Sections 7.04, 9.04 and 9.09 and their successors and assigns and of the Registered Holders of the Warrants. 

Section 9.05 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. 

Section 9.06 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.

 Section 9.07 Counterparts and Electronic Signatures.. 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. Electronic signatures complying with the New York Electronic
Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be deemed original signatures for purposes of this Agreement. Transmission by
telecopy, electronic mail or other transmission method of an executed counterpart of this Agreement will constitute due and sufficient delivery of such counterpart. 

Section 9.08 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. 
 Section 9.09 Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered
Holder (i) for the purpose of (x) curing any ambiguity to correct any defective provision or mistake contained herein, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth
in the Prospectus, (y) adjusting the definition of “Ordinary Cash Dividend” as contemplated by and in accordance with the second sentence of subsection 4.01(b) or (z) adding or changing any other provisions with
respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the rights of the Registered Holders under this Agreement, and (ii) to provide for
the delivery or Alternative Issuance pursuant to Section 4.04. All other modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period, shall require the
vote or written consent of the Registered Holders of 50% of the number of the then-outstanding Warrants. 

 
Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.01 and 3.02,
respectively, without the consent of the Registered Holders. 
 Section 9.10 Severability. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Exhibit A Form of Warrant Certificate 
 Exhibit B
Legend—Private Placement Warrants sold to Sponsor 
 Exhibit C Legend—Private Placement Warrants sold to Representative 

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

			
	BIOPLUS ACQUISITION CORP.
		
	By:	 	 /s/ Ross Haghighat

	Name:	 	Ross Haghighat
	Title:	 	Chief Executive Officer and Chief Financial Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	as Warrant Agent
		
	By:	 	 /s/ Henry Farrell

	Name:	 	Henry Farrell
	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 

BIOPLUS ACQUISITION CORP. 

Incorporated Under the Laws of the Cayman Islands 

CUSIP G11217 125 
 Warrant
Certificate 
 THIS WARRANT CERTIFICATE CERTIFIES THAT [•], or registered assigns, is the registered holder of [•] warrant(s) evidenced hereby
(the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001 par value per share (“Ordinary Shares”), of BioPlus Acquisition Corp., a Cayman Islands exempted company (the
“Company”). Each whole Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and
non-assessable Ordinary Shares 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 Ordinary Share. The number of
Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

The initial Exercise Price per Ordinary Share for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment upon the occurrence of
certain events set forth in the Warrant Agreement. 
 Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only
during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. 
 Reference is hereby made
to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

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

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

  
 A-1 

 
			
	BIOPLUS ACQUISITION CORP.
		
	By:	 	  

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

	Name:	 	
	Title:	 	

  
 A-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 [•] Ordinary Shares 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 New York 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) 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 post-effective amendment to the Registration Statement or a new registration statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities
Act and (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through “cashless exercise” as provided for in the Warrant Agreement. 

The Warrant Agreement provides that upon the occurrence of certain events the number of Ordinary Shares issuable upon 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 Ordinary Shares, the Company shall, upon exercise, round down to the
nearest whole number of Ordinary Shares to be issued to the holder of the Warrant. 
 Warrant Certificates, when surrendered at the principal corporate
trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but
without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 

Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant
Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except
for any tax or other governmental charge imposed in connection therewith. 
 The Company and the Warrant Agent may deem and treat the Registered Holder(s)
hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other
purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company. 

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

In the event that the Warrant has been called for redemption by the Company pursuant to Article VI of the Warrant Agreement and the
Company has required cashless exercise pursuant to Section 6.04 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with
Section 3.03(a)(ii) and Section 6.04 of the Warrant Agreement. 
 In the event that the Warrant is to be
exercised on a “cashless” basis pursuant to Section 7.04 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with
Section 7.04 of the Warrant Agreement. 
 In the event that the Warrant may be exercised, to the extent allowed by the Warrant
Agreement, through cashless exercise (i) the number of Ordinary Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and
(ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive
Ordinary Shares. If said number of shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of
such Ordinary Shares be registered in the name of [•], whose address is [•], and that such Warrant Certificate be delivered to [•], whose address is [•]. 

[Signature Page Follows] 

  
 A-4 

 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 (OR ANY SUCCESSOR RULE)). 

  
 A-5 

 EXHIBIT B 

PRIVATE PLACEMENT WARRANTS LEGEND 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG BIOPLUS ACQUISITION CORP.
(THE “COMPANY”), [                ], 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
CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 

 EXHIBIT C 

PRIVATE PLACEMENT WARRANTS LEGEND 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE UNIT SUBSCRIPTION AGREEMENT BY AND BETWEEN BIOPLUS
ACQUISITION CORP. (THE “COMPANY”) AND [                 ], 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 CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00337-of-00352.parquet"}]]