Document:

EX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

THIS AGREEMENT (this “Agreement”) is entered into as of the 5th day of
December, 2018 by NICHOLAS FINANCIAL, INC., a British Columbia, Canada corporation (the “Company”), and Kelly M. Malson (the “Employee”). 

W I T N E S S E T H: 
 WHEREAS,
the Employee desires to be employed by the Company on the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of
the mutual covenants and agreements of the parties contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto covenant and agree as follows: 

1.    EMPLOYMENT AND DUTIES. Subject to the terms and conditions of this Agreement, the Company agrees to employ the
Employee, and the Employee hereby agrees to serve the Company, as Chief Financial Officer. The Employee shall report to the Company’s President and Chief Executive Officer and shall render to the Company such management and policy-making
services of the type customarily performed by persons serving in similar capacities with other employers that are similar to the Company, together with such other duties with which she is charged by the Company’s Articles or Notice of Articles
(or any similar governance instruments) and subject to the overall direction and control of the Company’s Board of Directors. The Employee accepts such employment and agrees to devote her best efforts and substantially all of her business time,
skill, labor and attention to the performance of such duties. The Employee agrees not to engage in or be concerned with any other commercial duties or pursuits during the Term (as hereinafter defined); provided, however, that the Employee may be
involved in a passive capacity in a non-competitive business subject to the prior written approval of the Company’s Board of Directors; provided further, however, that the Employee may retain her position
on the board of directors of Conn’s, Inc. and any committees thereof without any further written approval of the Company’s Board of Directors. Furthermore, the Employee shall assume and competently perform such reasonable responsibilities
and duties as may be assigned to her from time to time by the Board of Directors of the Company. To the extent that the Company shall have any parent, subsidiary, affiliated corporations, partnerships, or joint venture (collectively “Related
Entities”), the Employee shall perform such duties to promote these entities and their respective interests to the same extent as the interests of the Company without additional compensation. At all times, Employee agrees that she has read and
will abide by, and prospectively will read and abide by, any employee handbook, policy, or practice that the Company or Related Entities has or hereafter adopts with respect to its executive officers or its employees generally, including without
limitation, the Company’s Insider Trading Policy and Code of Ethics and Business Conduct. 
 2.    TERM. The
employment of the Employee under this Agreement commences on the date hereof and will continue through and including the close of business on June 30, 2020 (the “Initial Term”), unless earlier terminated pursuant to the terms of this
Agreement. At and after the end of the Initial Term, this Agreement shall continue to renew automatically on the 

 
anniversary of the last day of the Initial Term for successive one (1)-year terms (each such one (1)-year term, a “Renewal Term,” and the Initial Term and any and all Renewal Terms
collectively, the “Term”) unless the Company provides to the Employee, at least sixty (60) days prior to the expiration of the Initial Term or Renewal Term, as applicable, written notification that it intends not to renew this
Agreement. Notwithstanding anything to the contrary herein, this Agreement may be terminated in accordance with Section 5 hereof (with the exception of the obligations of the parties hereunder that shall survive any such termination).
Notwithstanding the foregoing, if a Change of Control (as defined in Appendix A hereto) occurs prior to the end of the Initial Term or any Renewal Term, this Agreement shall be extended automatically for a one year renewal period beginning on the
date of the Change of Control (a “Post-Change of Control Renewal Period”). Expiration of this Agreement will not affect the rights or obligations of the parties hereunder arising out of, or relating to, circumstances occurring prior to the
expiration of this Agreement, which rights and obligations will survive the expiration of this Agreement. 

3.    COMPENSATION. 

(a)    Annual Base Salary. The Employee shall receive, and the Company shall pay, an annual base salary of such amount as
shall be determined by the Compensation Committee of the Company’s Board of Directors (or other committee performing similar functions) (the “Committee”), but not less than $250,000 (the “Base Salary”). The Base Salary shall
be payable in equal installments in accordance with the policy then prevailing for the Company’s employees. Following a Change of Control, the Employee’s annual base salary shall not be decreased and, during the Post-Change of Control
Renewal Period, the Employee’s base salary shall be increased on an annual basis by an amount at least equal to the average base salary increase, expressed as a percentage, provided to executives of the Company of comparable status and position
to the Employee. The Employee also shall be entitled, during the Term, to participate in and receive payments from all other incentive compensation plans as may be adopted by the Company as are made available to other employees of the Company. 

(b)    Bonus. The Employee shall receive, and the Company shall pay, such bonuses as shall be determined by or on behalf of
the Committee in accordance with the following terms and conditions: 
 (i)    2019 Fiscal Year. With respect to
the fiscal year ending March 31, 2019, provided that the Employee is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus (the “2019 Cash Bonus”) equal to the greater of (A)
$35,000 and (B) the Milestone Bonus (as defined below) calculated with respect to such fiscal year in accordance with Section 3(b)(v) hereof; provided, however, that the 2019 Cash Bonus will be prorated for the number of months
during the fiscal year ending March 31, 2019 that the Employee is employed by the Company, with employment for a partial month being deemed to be employment for the full month for this purpose. 

  
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 (ii)    2020 Fiscal Year. With respect to the fiscal year ending
March 31, 2020, provided that the Employee is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus equal to the Milestone Bonus calculated with respect to such fiscal year in accordance
with Section 3(b)(v) hereof.  
 (iii)    2021 Fiscal Year. With respect to the fiscal year ending
March 31, 2021, provided that the Employee is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus equal to the greater of (A) the Milestone Bonus calculated with respect to such
fiscal year in accordance with Section 3(b)(v) hereof and (B) the sum of the Cash Component and the Restricted Stock Component of the Long-Term Bonus (with all terms as defined below) calculated with respect to such fiscal year in
accordance with Section 3(b)(vi) hereof.  
 (iv)    2022 Fiscal Year. With respect to the fiscal
year ending March 31, 2022, provided that the Employee is employed by the Company on the last day of such fiscal year, the Employee shall be entitled to a cash bonus equal to the greater of (A) the Milestone Bonus calculated with respect
to such fiscal year in accordance with Section 3(b)(v) hereof and (B) the sum of the Cash Component and the Restricted Stock Component of the Long-Term Bonus calculated with respect to such fiscal year in accordance with
Section 3(b)(vi) hereof.  
 (v)    Milestone Bonus. Beginning with the fiscal year ending
March 31, 2019 and ending with the fiscal year ending March 31, 2022, the milestone bonus (the “Milestone Bonus”) earned with respect to a given fiscal year, provided that the Employee is employed by the Company on the last day
of such fiscal year, is based on the Pre-Tax Yield (as defined below) actually achieved by the Company for such fiscal year (the “Actual Yield”) compared to the relevant target Pre-Tax Yield for such fiscal year set forth below (the “Target Yield”). For these purposes, “Pre-Tax Yield” is defined as operating income before income
taxes divided by interest and fee income on finance receivables, adjusted in the sole discretion of the Committee, including without limitation for the following items: 1) changes resulting from a Financial Accounting Standards Board
(“FASB”) Accounting Pronouncement, 2) dividends, 3) gain on sale and 4) provision for credit losses if less than charge-offs. 
  

			
	 Fiscal Year Ending March 31,
	  	 Target Yield

	 2019
	  	7.5%
	 2020
	  	12.5%
	 2021
	  	20.0%
	 2022
	  	30.0%

 The percentage obtained for a fiscal year by dividing (x) the Actual Yield for such fiscal year by (y) the Target
Yield for such fiscal year shall be defined as the “Performance Percentage.” If the Performance Percentage is less than 80%, no Milestone Bonus is earned with respect to such fiscal year. If the Performance Percentage is 80% or higher, the
Milestone Bonus with respect to such fiscal year shall be equal to the amount obtained by multiplying the Performance Percentage by $75,000. By way of example, if the Actual Yield for the fiscal year ending March 31, 2020 is 15.0%, the
Milestone Bonus with respect to such fiscal year will be $90,000, representing 120% multiplied by $75,000. 

  
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 (vi)    Long-Term Bonus. Beginning with the fiscal year ending
March 31, 2021 and ending with the fiscal year ending March 31, 2022, the long-term bonus (the “Long-Term Bonus”) earned with respect to a given fiscal year (the “Determination Year”), provided that the Employee is
employed by the Company on the last day of the Determination Year, is based on (A) the three-year rolling average annual growth in tangible book value per share of the Company’s common stock over the three successive fiscal years ending on
the last day of the Determination Year, adjusted in the sole discretion of the Compensation Committee, including without limitation for the following items: 1) changes resulting from a FASB Accounting Pronouncement, 2) share buy-backs, 3) dividends, 4) stock splits, 5) gain on sale and 6) provision for credit losses if less than charge-offs, and (B) the Employee’s Base Salary for the Determination Year. The Long-Term Bonus
earned with respect to a Determination Year shall consist of a cash component (the “Cash Component”) and a restricted stock component (the “Restricted Stock Component”) and shall be calculated as follows: 

 

					
	 3-Year Rolling
Average Annual Growth In
Tangible Book Value Per Share
	  	 Cash Component (as % of Base Salary
for Determination
Year)
	  	 Restricted Stock Component (as % of
Base Salary for
Determination Year)

	 Below 6%
	  	0%	  	0%
	 6-8%
	  	25%	  	25%
	 8-10%
	  	50%	  	50%
	 10-12%
	  	75%	  	75%
	 12-14%
	  	100%	  	100%
	 15-18%
	  	125%	  	125%
	 Above 18%
	  	Discretionary	  	Discretionary

 The number of shares of restricted stock earned as part of the Restricted Stock Component shall be equal to (I) the
product of (x) the Base Salary for the Determination Year and (y) the relevant percentage set forth in the table above under the heading “Restricted Stock Component” (or otherwise determined by the Committee in case such growth
is higher than 18%), divided by (II) the average closing price of the Company’s common stock on the principal exchange on which it is then traded or quoted over the 90 calendar days ending on the last day of the Determination Year. Any
shares of restricted stock so earned shall vest on the third anniversary of the last day of the Determination Year. By way of example, if the three-year rolling average annual growth in tangible book value per share of the Company’s common
stock is 15%, the Cash Component would be equal to 125% of the Employee’s Base Salary for the Determination Year and the Restricted Stock Component would be equal to 125% of the Employee’s Base Salary for the Determination Year. 

(vii)    Short-Term Deferral. Any bonus payable pursuant to Sections 3(b)(i), 3(b)(ii), 3(b)(iii) or
3(b)(iv) shall be paid to the Employee within a reasonable time, but in no event later than 60 calendar days, after the last day of the applicable fiscal year or Determination Year to which the bonus relates. 

  
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 (c)    Payments. All amounts paid pursuant to this Agreement shall be
subject to withholding or deduction by reason of the Federal Insurance Contribution Act, Federal income tax, state and local income tax, if any, and comparable laws and regulations. 

(d)    Other Benefits. The Employee shall be reimbursed by the Company for all reasonable and customary travel and other
business expenses incurred by her in the performance of her duties hereunder in accordance with the Company’s standard policy regarding expense verification practices. The Employee shall be entitled to that number of weeks paid vacation per
year that is available to other Employees of the Company, and shall be eligible to participate in such pension, life insurance, health insurance, disability insurance and other employee benefits plans, if any, which the Company may from time to time
make available to its employees generally on such terms as are available to such employees. On and after a Change of Control, the Employee shall be included: (i) to the extent eligible thereunder (which eligibility shall not be conditioned on
Employee’s salary grade or on any other requirement which excludes persons of comparable status to Employee unless such exclusion was in effect for such plan or an equivalent plan immediately prior to the Change of Control), in any and all
plans providing benefits for the Company’s salaried employees in general (including but not limited to group life insurance, hospitalization, medical, dental, and long-term disability plans) and (ii) in plans provided to executives of the
Company of comparable status and position to Employee (including but not limited to deferred compensation, split-dollar life insurance, supplemental retirement, stock option, stock appreciation, stock bonus, cash bonus and similar or comparable
plans); provided that in no event shall the aggregate level of benefits under the plans described in clause (i) and the plans described in clause (ii), respectively, in which Employee is included be less than the aggregate level of benefits
under plans of the Company of the type referred to in such clause, respectively, in which Employee was participating immediately prior to the Change of Control. 

(e)    Stock Purchase Matching Program. The Company shall match 100% of the purchases of common stock of the Company that
the Employee makes during the time period commencing on the Hiring Date and ending on the first anniversary of such date (the “Stock Purchase Matching Period”) (so long as the Employee remains employed through the date of such purchase);
provided, however, that (i) such shares of common stock matched by the Company shall be restricted stock and shall not vest until the third anniversary of the date on which the Employee purchased the common stock that triggered the matching
obligation (a “Triggering Purchase”), provided, further, that such shares of restricted stock shall only vest if the Employee is employed by the Company on such vesting date (subject to accelerated vesting as specified in Section 5(g)
hereof), and (ii) the fair market value of such shares of common stock matched by the Company shall not exceed $250,000 in the aggregate from December 2018 until June 2019, and (iii) the fair market value of such shares of common stock
matched by the Company shall not exceed $125,000 in aggregate from July 2019 until June 2020. In the event any annual or quarterly trading Window (as defined in the Company’s Insider Trading Policy) is closed during the Stock Purchase Matching
Period (or during any extension of the Stock Purchase Matching Period), or Employee is otherwise prohibited by the Company’s Insider Trading Policy or applicable law from purchasing common stock of the Company during such trading Window, the
Company shall, for each trading Window so closed to Employee, (x) extend the end date of the Stock Purchase Matching Period for an additional three months. 

  
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 4.    NONCOMPETITION,
NON-DISCLOSURE AND STOCK OWNERSHIP REQUIREMENTS. 
 (a)    Employee acknowledges
that her services are of a special, unique, extraordinary and intellectual character, and her position with the Company places her in a position of confidence and trust with customers, suppliers and employees of the Company and other Related
Entities. The Employee further acknowledges that the rendering of services under this Agreement necessarily requires the disclosure to her of confidential information (as defined below) of the Company and/or Related Entities. The Employee and the
Company agree that both prior to and during her course of employment with the Company, the Employee had, has and will continue to develop personal relationships with the Company’s financiers, customers, suppliers and employees, and that the
Employee holds a position of substantial trust and confidence. As a consequence, the Employee agrees that it is reasonable and necessary for the protection of goodwill and legitimate business interests of the Company and Related Entities that the
Employee make the covenants contained herein, that the covenants are a material inducement for the Company to employ the Employee and to enter into this Agreement, and that the covenants are given as an integral part of and incident to this
Agreement. 
 (b)    The Employee covenants and agrees that during her employment by the Company (whether during the Term
hereof or otherwise), and thereafter for a period of one (1) year following the termination of the Employee’s employment with the Company, she will not: 

(i)    directly or indirectly engage in, continue in or carry on the business of the Company or any Related Entity, or any
business substantially similar thereto, including owning or controlling any financial interest in, any corporation, partnership, firm or other form of business organization which competes with or is engaged in or carries on any aspect of such
business or any business substantially similar thereto; 
 (ii)    directly or indirectly, assist, promote or encourage
any employees or clients, or potential employees or clients, of the Company or Related Entities to terminate or discontinue their relationship in order to pursue opportunities or employment with any competitor of the Company or Related Entities;

 (iii)    consult with, advise or assist in any way, whether or not for consideration, any corporation, partnership,
firm or other business organization which is now, becomes or may become a competitor of the Company or any Related Entity in any aspect of their respective businesses during the Employee’s employment with the Company, including, but not limited
to: advertising or otherwise endorsing the products of any such competitor; soliciting customers or otherwise serving as an intermediary for any such competitor; or loaning money or rendering any other form of financial assistance to or engaging in
any form of business transaction whether or not on an arms’ length basis with any such competitor; or 

(iv)    engage in any practice the purpose of which is to evade the provisions of this Agreement or to commit any act
which is detrimental to the successful continuation of, or which adversely affects, the business or the Company; 

  
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 provided, however, that the foregoing shall not preclude the Employee’s ownership of
not more than 5% of the equity securities of a corporation which has such securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

(c)    The Employee acknowledges that the inventions, innovations, software, trade secrets, business plans, financial
strategies, finances, and all other confidential or proprietary information with respect to the business and operations of the Company and Related Entities are valuable, special and unique assets of the Company. The Employee agrees not to, at any
time during her employment by the Company (whether during the Term hereof or otherwise), disclose, directly or indirectly, to any person or entity, or use or authorize or propose to authorize any person or entity to use any confidential or
proprietary information with respect to the Company or Related Entities without the prior written consent of the Company including, without limitation, information as to the financial condition, results of operations, identities of clients or
prospective clients, products under development, acquisition strategies or acquisitions under consideration, pricing or cost information, marketing strategies or any other information relating to the Company or any of the Related Entities which
could be reasonably regarded as confidential. However, this does not include information which is or shall become generally available to the public other than as a result of disclosure by the Company or Related Entities or any of their agents,
affiliates or representatives or a person to whom any of them has provided such information. 
 (d)    The Employee
agrees that the geographic scope of this covenant not to compete shall extend to (i) the states of Alabama, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, North Carolina, Ohio, Pennsylvania, South Carolina,
Tennessee, Texas, Virginia and Wisconsin, which constitute the geographic area in which the Company has operated its business at some time during the one year preceding the date of this Agreement; and (ii) such broader geographic area where the
Company conducts business at any time during the Employee’s employment by the Company (whether during the Term hereof or otherwise). 

(e)    In the event of any breach of the above covenants not to compete, the Employee recognizes that the remedies at law
will be inadequate and that in addition to any relief at law which may be available to the Company for such violation or breach and regardless of any other provision contained in this Agreement, the Company shall be entitled to equitable remedies
(including an injunction) and such other relief as a court may grant after considering the intent of this Section 4. 

(f)    In the event a court of competent jurisdiction determines that the provisions of the above covenants not to compete
are excessively broad as to duration, geographic scope, prohibited activities or otherwise, the parties agree that such covenants shall be reduced or curtailed to the extent necessary to render them enforceable. 

(g)    Beginning on March 31, 2023, for so long as she remains employed by the Company as Chief Financial Officer, the
Employee shall maintain ownership of shares of common stock of the Company (including unvested restricted stock) with a fair market value 

  
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equal to at least 300% of her Base Salary then in effect (the “Stock Ownership Threshold”). If the Employee’s Base Salary is increased at any time after March 31, 2022, the
Employee shall attain the Stock Ownership Threshold by no later than the first anniversary of the effective date of such increase in Employee’s Base Salary. If at any time after March 31, 2023 the fair market value of Employee’s
shares of common stock of the Company falls below the Stock Ownership Threshold due solely to a decline in the fair market value of the Company’s common stock, the Employee will not be required to acquire additional shares to meet the Stock
Ownership Threshold, but she will be required to retain all shares then held (except for shares withheld to pay withholding taxes or the exercise price of options) until such time as the Employee again attains the Stock Ownership
Threshold.     
 5.    TERMINATION. 

(a)    Death. The Employee’s employment hereunder shall terminate upon her death. 

(b)    Disability. If, during the Term, the Employee becomes physically or mentally disabled in accordance with the terms
and conditions of any disability insurance policy covering the Employee or, if due to such physical or mental disability, the Employee becomes unable for a period of more than one hundred eighty (180) consecutive days to perform her duties
hereunder on substantially a full-time basis as determined by the Company in its sole reasonable discretion, the Company may, at its option, terminate the Employee’s employment hereunder upon not less than thirty (30) days’ written
notice of termination. 
 (c)    Cause. The Company may terminate this Agreement at any time with Cause. As used in this
Agreement, “Cause” shall mean the following: (1) a material violation of the Company’s policies or practices which reasonably justifies termination; (2) conviction of a felony, as evidenced by a binding and final judgment,
order or decree of a court of competent jurisdiction; (3) the commission by the Employee of any act which would reasonably be expected to materially injure the reputation, business, or business relationships of the Company or Related Entities;
or (4) any material breach by Employee of this Agreement. The Company may terminate this Agreement with Cause as defined in clauses (1) and (4) above upon fifteen (15) business days’ prior written notice (the “Cause
Notification Period”) to Employee, but such termination shall only become effective in the event of Employee’s failure to cure the applicable breach or violation, to the reasonable satisfaction of Company, prior to the end of the Cause
Notification Period. The Company may terminate this Agreement without notice at any time with Cause as defined in clause (2) or (3) above. Notwithstanding anything in the foregoing to the contrary, during a Post-Change of Control Renewal
Period, the Company may terminate this Agreement with Cause only as defined in clause (2) or (4) above. In the event of a termination with Cause, the Company shall be relieved of all its obligations to the Employee provided for by this
Agreement, and all payments to the Employee hereunder shall immediately cease and terminate. 
 (d)    Involuntary
Termination by Employee. The Employee may terminate her employment hereunder upon (i) a good faith determination by the Employee that there has been a material breach of the Agreement by the Company, (ii) a material adverse change in the

  
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Employee’s working conditions or status, (iii) a significant relocation of the Employee’s principal office, or (iv) during a Post-Change of Control Renewal Period, a good
faith determination by the Employee that there has been any of the following: a breach of the Agreement by the Company, any adverse change in the Employee’s working conditions, status, authority, duties, responsibilities (including but not
limited to a requirement that the Employee report to a corporate officer instead of reporting directly to the board of directors) or any requirement that the Employee relocate her principal office to a location that is more than ten (10) miles
from the location of the Employee’s principal office immediately prior to the Change of Control (any one of the preceding constituting “Good Reason”), by delivering written notice of termination to the Company indicating in reasonable
detail the facts and circumstances alleged to provide a basis for such termination and shall cease performing the Employee’s duties hereunder on the date which is ten (10) days after delivery of the notice, which date shall also be the
date of termination of the Employee’s employment and the final day of the ten (10) day “Good Reason Notification Period”, but such termination shall only become effective in the event of the Company’s failure to cure the
applicable breach or violation, to the reasonable satisfaction of the Employee, prior to the end of the Good Reason Notification Period. 

(e)    Voluntary Termination by Employee. The Employee agrees to provide the Company with at least twenty
(20) business days’ (“Termination Notice Period”) prior written notice of her intent to terminate employment voluntarily. Failure to provide such notice terminates the Employee’s entitlement to payment of accrued, unused
benefits, such as vacation. However, the Company reserves the right to terminate the Employee before the end of the Termination Notice Period, provided that the Company pays the Employee the salary that she would have received from the date of the
last payroll payment to the end of the Termination Notice Period. Such salary shall be paid in accordance with the Company’s normal payroll procedures applicable to base salary. During the Termination Notice Period, the Employee agrees to make
a good faith effort to perform the duties described hereunder. If, during the Term, the Employee voluntarily terminates her employment with the Company, the Company’s obligations, including payment obligations, under this Agreement shall cease,
except that the Company shall pay the Employee the amount of base salary that she would have received from the date of the last payroll payment to the end of the Termination Notice Period in accordance with the Company’s normal payroll
procedures applicable to base salary. 
 (f)    Regular Severance Payments. In the event of a termination of the
Employee’s employment occurring other than at the end of the Initial Term or a Renewal Term and other than during a Post-Change of Control Renewal Period (x) by the Company other than for Cause or (y) by the Employee in a manner which
satisfies Section 5(d): 
 (i)    The Company shall pay the Employee (subject to the provisions of Section 6
of this Agreement) a one-time, lump-sum severance payment equal to: (A) the Employee’s Base Salary in effect at the time of such termination (“Regular
Severance Payment”) multiplied by (B) a fraction, the numerator of which is the number of days remaining until the end of the Initial Term (if the termination occurs during the Initial Term) or the end of the then-running Renewal Term (if
the termination occurs during such Renewal Term), and the denominator of which is the total number of days in the Initial Term or Renewal Term, as applicable. The Regular Severance Payment shall be paid to the Employee in cash equivalent on

  
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the date that is sixty (60) days after the date of termination of the Employee’s employment; provided that, to the extent required to comply with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), all or a portion of the Regular Severance Payment shall be delayed until the first day of the seventh (7th) month following the month in which the termination of the Employee’s employment
occurs, without interest thereon. 
 (ii)    (1) All restrictions on any restricted stock or restricted stock unit
awards made to the Employee by the Company or its affiliates (except for restricted stock issued to the Employee as part of the stock matching program set forth in Section 3(e) hereof) shall lapse such that Employee is fully and immediately
vested in such awards upon such termination of employment; (2) any stock options or stock appreciation rights granted to Employee pursuant to the Company’s or its affiliate’s equity-based incentive plan(s) shall become fully and
immediately vested upon such termination of employment; (3) any performance shares, performance units or similar performance-based equity awards granted to Employee pursuant to the Company’s or its affiliate’s equity-based incentive
plan(s) shall be deemed earned on a pro rated basis according to the portion of the performance period that has elapsed through the date of the termination of employment as if all performance requirements had been satisfied at the target level (or
such higher level as would have been achieved if performance through the date of the termination of employment had continued through the end of the performance period); and (4) restricted stock delivered or then deliverable by the Company to
the Employee pursuant to the stock matching program set forth in Section 3(e) hereof (“Matching Stock”) shall become immediately vested in accordance with the following schedule: one-third (1/3)
of the number of shares of Matching Stock shall immediately vest if the termination occurs less than one (1) year after the Triggering Purchase, two-thirds (2/3) of the number of shares of Matching Stock
shall immediately vest if the termination occurs less than two (2) years, but one (1) year or more, after the Triggering Purchase, and one hundred percent (100%) of the number of shares of Matching Stock shall immediately vest if the
termination occurs more two (2) years or more after the Triggering Purchase. 
 (g)    Change of Control Severance
Payments. In the event of a termination of the Employee’s employment occurring other than at the end of the Initial Term or a Renewal Term during a Post-Change of Control Renewal Period (x) by the Company other than for Cause or
(y) by the Employee in a manner which satisfies Section 5(d): 
 (i)    The Company shall pay the Employee
(subject to the provisions of Section 6 of this Agreement) a one-time, lump-sum severance payment equal to 100% of the Employee’s Base Salary in effect at the
time of such termination (“Change of Control Severance Payment”). The Change of Control Severance Payment shall be paid to the Employee in cash equivalent on the date that is sixty (60) days after the date of termination of the
Employee’s employment; provided that, to the extent required to comply with Section 409A of the Code, all or a portion of the Change of Control Severance Payment shall be delayed until the first day of the seventh (7th) month following the
month in which the termination of the Employee’s employment occurs, without interest thereon. 

  
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 (ii)    (1) All restrictions on any restricted stock or restricted
stock unit awards made to the Employee by the Company or its affiliates (except for restricted stock issued to the Employee as part of the stock matching program set forth in Section 3(e) hereof) shall lapse such that Employee is fully and
immediately vested in such awards upon such termination of employment; (2) any stock options or stock appreciation rights granted to Employee pursuant to the Company’s or its affiliate’s equity-based incentive plan(s) shall become
fully and immediately vested upon such termination of employment; (3) any performance shares, performance units or similar performance-based equity awards granted to Employee pursuant to the Company’s or its affiliate’s equity-based
incentive plan(s) shall be deemed earned on a pro rated basis according to the portion of the performance period that has elapsed through the date of the termination of employment as if all performance requirements had been satisfied at the target
level (or such higher level as would have been achieved if performance through the date of the termination of employment had continued through the end of the performance period); and (4) Matching Stock shall become immediately vested in
accordance with the following schedule: one-third (1/3) of the number of shares of Matching Stock shall immediately vest if the termination occurs less than one (1) year after the Triggering Purchase, two-thirds (2/3) of the number of shares of Matching Stock shall immediately vest if the termination occurs less than two (2) years, but one (1) year or more, after the Triggering Purchase, and one hundred
percent (100%) of the number of shares of Matching Stock shall immediately vest if the termination occurs more two (2) years or more after the Triggering Purchase. 

(h)    Additional Benefits. In the event of a termination triggering payments under Sections 5(f) or 5(g) above, the
Employee shall be entitled to the following additional benefits: 
 (i)    Until the earlier of twelve (12) months
after the date of Employee’s termination of employment or such time as Employee has obtained new employment and is covered by benefits which in the aggregate are at least equal in value to the following benefits, Employee shall continue to be
covered, at the expense of the Company, by the same or equivalent life insurance, hospitalization, medical, dental and vision coverage as Employee received (or, if higher, as was required hereunder) immediately prior to Employee’s termination
of employment, subject to the following: After the end of the COBRA continuation period, if such hospitalization, medical or dental coverage is provided under a health plan that is subject to Section 105(h) of the Code, benefits payable under
such health plan shall comply with the requirements of Treasury regulation section 1.409A-3(i)(1)(iv) and, if necessary, the Company shall amend such health plan to comply therewith; and if provision of any
such health benefits would subject the Company or its benefits arrangements to a penalty or adverse tax treatment, then the Company shall provide a cash payment to Employee in an amount reasonably determined by the Company to be equivalent to the
COBRA premiums for similar benefits. 
 (ii)    The Company shall bear up to $7,500 in the aggregate of fees and
expenses of consultants and/or legal or accounting advisors engaged by the Employee to advise the Employee as to matters relating to the computation of benefits due and payable under this Section 5. 

Notwithstanding anything to the contrary in this Agreement, if a Change of Control occurs and the Employee’s employment with the Company is terminated
(other than a termination due to Employee’s death or as a result of Disability) during the period of 180 days prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by Employee that such

  
 11 

 
termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or
in anticipation of a Change of Control, then for all purposes of this Agreement such termination of employment shall be deemed a termination following such Change of Control. 

(i)    General Release. Notwithstanding anything to the contrary herein, the payments and benefits specified in Sections
5(f), 5(g) and 5(h) above shall be in consideration for, contingent on and subject to the Company receiving an executed general release from the Employee containing terms reasonably satisfactory to the Company that is effective and non-revocable by the 60th day after the date of termination of the Employee’s employment. 

(j)    Benefits Through Termination Date. The following shall apply upon termination of the Employee’s employment:
Notwithstanding anything to the contrary herein contained, the Employee shall receive all compensation and other benefits to which she was entitled under this Agreement or otherwise as an employee of the Company through the termination date,
including payments of base salary accrued hereunder through the calendar month in which such termination occurs. 

6.    TAX PROVISIONS. 

(a)    Limitation on Parachute Payments. Notwithstanding any other provision of this Agreement, if any portion of the
Severance Payment or any other payment under this Agreement, or payments to or for the benefit of the Employee under any other agreement or plan (collectively, the “Change of Control Benefits”), would constitute an “excess parachute
payment,” then the Change of Control Benefits to be made to the Employee shall be reduced such that the value of the aggregate Change of Control Benefits that the Employee is entitled to receive shall be One Dollar ($1) less than the maximum
amount which the Employee may receive without becoming subject to the tax imposed by Section 4999 of the Code (or any successor provision) or which the Company may pay without loss of deduction under Section 280G(a) of the Code (or any
successor provision); provided that the foregoing reduction in the amount of Change of Control Benefits shall not apply if the after-tax value to the Employee of the Change of Control Benefits prior to
reduction in accordance herewith is greater than the after-tax value to the Employee if the Change of Control Benefits are reduced in accordance herewith. For purposes of this Agreement, the terms “excess
parachute payment” and “parachute payments” shall have the meanings assigned to them in Code Section 280G, and such “parachute payments” shall be valued as provided therein. 

(b)    Opinion. For purposes of this Section, within thirty (30) days after notice by one party to the other of its
belief that there is a payment or benefit due the Employee that will result in an excess parachute payment as defined in Section 280G of the Code or any successor provision thereto, the Employee and the Company shall obtain, at the
Company’s expense, the opinion (which need not be unqualified) of nationally recognized tax counsel or tax accounting firm (“Tax Counsel”) selected by the Company’s independent auditors and acceptable to the Employee, which sets
forth (A) the “base amount” within the meaning of Section 280G; (B) the aggregate present value of the payments in the nature of compensation to the Employee as described in Section 280G(b)(2)(A) (ii); (C) the amount
and present value of 

  
 12 

 
any “excess parachute payment” within the meaning of Section 280G(b)(1) without regard to the limitations of this Section 6; (D) the
after-tax value of the Change of Control Benefits if the reduction in Change of Control Benefits contemplated under this Section 6 did not apply; and (E) the
after-tax value of the Change of Control Benefits taking into account the reduction in Change of Control Benefits contemplated under this Section 6. For purposes of determining the after-tax value of the Change of Control Benefits, the Employee shall be deemed to pay federal income taxes and employment taxes at the highest marginal rate of federal income and employment taxation in the calendar
year in which the payment is to be made and state and local income taxes at the highest marginal rates of taxation in the state and locality of the Employee’s domicile for income tax purposes on the date the payment is to be made, net of the
maximum reduction in federal income taxes that may be obtained from deduction of such state and local taxes. 
 In the event that a reduction
is to be made under this Section 6, the Change of Control Benefits shall be reduced or eliminated by applying the following principles, in order: (i) the payment or benefit with the higher ratio of the parachute payment value to present
economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii) the payment or benefit with the later possible payment date shall be reduced or eliminated
before a payment or benefit with an earlier payment date; and (iii) cash payments shall be reduced prior to non-cash benefits; provided, however, that if the foregoing order of reduction or elimination
would violate Section 409A of the Code, then the reduction shall be made pro rata among the payments or benefits included in the Change of Control Benefits (on the basis of the relative present value of the parachute payments). For purposes of
this Agreement, the value of any noncash benefits or any deferred payment or benefit, and all present economic values, shall be determined by the Company’s independent auditors in accordance with the principles of Sections 280G, which
determination shall be evidenced in a certificate of such auditors addressed to the Company and the Employee. Such opinion shall be dated as of the date of termination of the Employee’s employment and addressed to the Company and the Employee
and shall be binding upon the Company and the Employee. 
 The provisions of this Section 6(b), including the calculations, notices and
opinions provided for herein shall be based upon the conclusive presumption that the compensation earned by the Employee pursuant to the Company’s compensation programs prior to a change of control is reasonable; provided, however, that in the
event such Tax Counsel so requests in connection with the opinion required by this Section 6(b), the Company shall obtain at its expense, and Tax Counsel may rely on in providing the opinion, the advice of a firm of recognized Employee
compensation consultants as to the reasonableness of any item of compensation to be received by the Employee. 

(c)    Effect of Change in Law. In the event that the provisions of Sections 280G and 4999 of the Code (or any successor
provisions) are repealed, this Section 6 shall cease to be effective on the effective date of such repeal. The parties to this Agreement recognize that final regulations promulgated under Section 280G of the Code may affect the amounts
that may be paid under this Agreement and agree that, upon issuance of such final regulations, this Agreement may be modified as the parties hereto may in good faith deem necessary in light of the provisions of such regulations to achieve the
purposes of this Agreement, and that consent to such modification shall not be unreasonably withheld. 

  
 13 

 7.    SUCCESSORS. 

(a)    If the Company sells, assigns or transfers all or substantially all of its business and assets to any Person (as
defined in Appendix A hereto) or if the Company merges into or consolidates or otherwise combines (where the Company does not survive such combination) with any Person (any such event, a “Sale of Business”), then the Company shall assign
all of its right, title and interest in this Agreement as of the date of such event to such Person, and the Company shall cause such Person, by written agreement in form and substance reasonably satisfactory to the Employee, to expressly assume and
agree to perform from and after the date of such assignment all of the terms, conditions and provisions imposed by this Agreement upon the Company. Failure of the Company to obtain such agreement prior to the effective date of such Sale of Business
shall be a material breach of this Agreement. In case of such assignment by the Company and of assumption and agreement by such Person, as used in this Agreement, “Company” shall thereafter mean such Person which executes and delivers the
agreement provided for in this Section 7 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law, and this Agreement shall inure to the benefit of, and be enforceable by, such Person. The Employee
shall, in the Employee’s discretion, be entitled to proceed against any or all of such Persons, any Person which theretofore was such a successor to the Company (as defined in the first paragraph of this Agreement) and the Company (as so
defined) in any action to enforce any rights of the Employee hereunder. Except as provided in this Subsection, this Agreement shall not be assignable by the Company. This Agreement shall not be terminated by the voluntary or involuntary dissolution
of the Company. 
 (b)    This Agreement and all rights of the Employee shall inure to the benefit of and be enforceable
by the Employee’s personal or legal representatives, executors, administrators, heirs and beneficiaries. All amounts payable to the Employee under Sections 3 and 5 of this Agreement if the Employee had lived shall be paid, in the event of the
Employee’s death, to the Employee’s estate, heirs and representatives; provided, however, that the foregoing shall not be construed to modify any terms of any benefit plan of the Company, as such terms are in effect on the date of the
Employee’s death, that expressly govern benefits under such plan in the event of the Employee’s death. 

8.    SEVERABILITY. The provisions of this Agreement shall be regarded as divisible, and the parties agree that if any of
said provisions or any part hereof shall under any circumstances be deemed or declared invalid, inoperative or unenforceable, then the validity and enforceability of the remainder of such provisions or parts hereof and the applicability thereof
shall not be affected thereby. 
 9.    AMENDMENT. This Agreement may not be amended or modified at any time except by
written instrument executed by the Company and the Employee. 

  
 14 

 10.    WITHHOLDING. The Company shall be entitled to withhold from
amounts to be paid to the Employee hereunder any federal, state or local withholding or other taxes or charges which it is from time to time required to withhold; provided, that the amount so withheld shall not exceed the minimum amount required to
be withheld by law (unless the Employee has otherwise indicated in writing). The Company shall be entitled to rely on an opinion of nationally recognized tax counsel if any question as to the amount or requirement of any such withholding shall
arise. 
 11.    CLAWBACK. The Employee agrees that the compensation and benefits provided by the Company under
this Agreement or otherwise is subject to recoupment or clawback (a) if the Company is required to file an adverse restatement of earnings and the Committee determines that the Employee was involved, or had knowledge of or
should have known that the earnings at issue were false or misleading when originally filed and the false or misleading earnings resulted in compensation to the Employee that otherwise would not have been earned, vested or paid, upon any
material financial misstatements or omissions, (b) for loan losses improperly reserved for, (c) under any applicable Company clawback or recoupment policy that is generally applicable to the Company’s executives, as
may be in effect from time to time, or (d) as required by law. 
 12.    NOTICE. For purposes of this Agreement,
notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when actually received, whether hand-delivered, sent by telecopier, facsimile transmission or other electronic means of
transmitting written documents (as long as receipt is acknowledged) or mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Employee, to the Employee at the Employee’s address then reflected in the records of the Company. 

If to the Company, to: 

Nicholas Financial, Inc. 

2454 McMullen Booth Road 

Building C 

Clearwater, Florida 33759 

Attn: Chief Executive Officer 

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that a notice of change of address shall be
effective only upon receipt. 
 13.    NO WAIVER; ENTIRE AGREEMENT. No waiver by any party hereto of any breach of this
Agreement by any other party hereto shall be deemed a waiver of any similar or dissimilar term or condition at the same or at any prior or subsequent time. This Agreement and any equity award agreements between the Company and the Employee
constitute the entire agreement between the parties hereto with respect to the Employee’s employment by the Company and there are no agreements or representations, oral or otherwise, expressed or implied, with respect to or related to the
employment of the Employee which are not set forth in this Agreement or such equity award agreements. 

  
 15 

 14.    NO ASSIGNMENT. Except as expressly set forth herein, no party
shall assign any of his, her or its rights under this Agreement without the prior written consent of the other party and any attempted assignment without such prior written consent shall be null and void and without legal effect. 

15.    COUNTERPARTS; FACSIMILE SIGNATURES. This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be effective upon the execution and delivery by any party hereto of facsimile copies of signature pages hereto duly executed by such
party; provided, however, that any party delivering a facsimile signature page covenants and agrees to deliver promptly after the date hereof two (2) original copies to the other party hereto. 

16.    GOVERNING LAW. 

(a)    The validity, interpretation, construction and performance of this Agreement shall be governed by the internal laws
of the State of Florida, except that Section 15(b) shall be construed in accordance with the Federal Arbitration Act if arbitration is chosen by the Employee as the method of dispute resolution. 

(b)    Any dispute arising out of this Agreement shall, at the Employee’s election, be determined by either
(i) arbitration under the rules of the American Arbitration Association then in effect (but subject to any evidentiary standards set forth in this Agreement), in which both parties shall be bound by the arbitration award, or (ii) by
litigation. Whether the dispute is to be settled by arbitration or litigation, the venue for such arbitration or litigation, as the case may be, shall be Tampa, Florida. The parties consent to personal jurisdiction in each trial court in the
selected venue having subject matter jurisdiction notwithstanding their residence or situs, and each party irrevocably consents to service of process in the manner provided hereunder for the giving of notices. 

17.    CERTAIN RULES OF CONSTRUCTION; CODE SECTION 409A. 

(a)    No party shall be considered as being responsible for the drafting of this Agreement for the purpose of applying any
rule construing ambiguities against the drafter or otherwise. No draft of this Agreement shall be taken into account in construing this Agreement. Any provision of this Agreement which requires an agreement in writing shall be deemed to require that
the writing in question be signed by the Employee and an authorized representative of the Company. 
 (b)    The Company
and the Employee intend the terms of this Agreement to be in compliance with Section 409A of the Code and the regulations promulgated thereunder. To the maximum extent permissible, any ambiguous terms of this Agreement shall be interpreted in a
manner that avoids a violation of Section 409A of the Code. The phrase “termination of the Employee’s employment” and similar phrases in this Agreement shall mean the Employee’s “separation from service” as defined
in Section 409A of the Code. With respect to any reimbursement or in-kind benefit arrangements of the Company provided for herein that 

  
 16 

 
constitute deferred compensation for purposes of Section 409A of the Code, the following conditions shall be applicable: (i) the amount eligible for reimbursement, or in-kind benefits provided, under any such arrangement in one calendar year may not affect the amount eligible for reimbursement, or in-kind benefits to be provided, under such
arrangement in any other calendar year (except that the health and dental plans may impose a limit on the amount that may be reimbursed or paid if such limit is imposed on all participants), (ii) any reimbursement must be made on or before the
last day of the calendar year following the calendar year in which the expense was incurred (or such earlier deadline as may be imposed by the Company’s applicable generally applicable policies and procedures), and (iii) the right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c)    The Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit,
including but not limited to consequences related to Section 409A of the Code. 
 (d)    If, after the date of a
Change of Control of the Company, any payment amount or the value of any benefit under this Agreement is required to be included in the Employee’s income prior to the date such amount is actually paid or the benefit provided as a result of the
failure of this Agreement (or any other arrangement that is required to be aggregated with this Agreement under Code Section 409A) to comply with Code Section 409A, then the Employee shall receive a distribution, in a lump sum, within 90
days after the date it is finally determined that the Agreement (or such other arrangement that is required to be aggregated with this Agreement) fails to meet the requirements of Section 409A of the Code; such distribution shall equal the
lesser of (i) the amount required to be included in the Employee’s income as a result of such failure and (ii) the benefits otherwise due hereunder, and shall in any event reduce the amount of payments or benefits otherwise due
hereunder. 
 18.    DOLLAR AMOUNTS. All dollar amounts set forth herein refer to U.S. dollars. 

19.    HEADINGS. The headings herein contained are for reference only and shall not affect the meaning or interpretation
of any provision of this Agreement. 
 [Signature Page Follows] 

  
 17 

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

			
	NICHOLAS FINANCIAL, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

	
	EMPLOYEE:
	
	   

	 Kelly M. Malson

 [Signature Page: Nicholas Financial, Inc. – Kelly M. Malson Employment Agreement] 

 APPENDIX A 

For purposes of this Agreement, a Change of Control shall be deemed to have occurred upon the earlier of: 

(i)    The acquisition, without prior approval by the Board, by any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of one hundred percent (100%) of either:

 (A)    The then outstanding shares of common stock of the Company (the “Outstanding Company
Common Stock”) or 
 (B)    The combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors (the “Company Voting Securities”); or 

(ii)    All individuals who, as of the date of this Agreement, constituted the Board (the “Incumbent
Board”) cease for any reason to constitute the Board, provided that any individual becoming a director subsequent to the date of this Agreement, whose election or nomination for election by the Company’s shareholders was approved by a
unanimous vote of the directors then comprising the Incumbent Board, shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office is in
connection with an actual or threatened election contest relating to the election of the directors of the Company (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act);
or 
 (iii)    Consummation of a reorganization, merger, amalgamation, arrangement, consolidation or
other business combination (a “Business Combination”), in each case, with respect to which none of the individuals and entities who were the respective beneficial owners of the Outstanding Company Common Stock and Company Voting Securities
immediately prior to such Business Combination, following such Business Combination beneficially own, directly or indirectly, any of the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination; or 

(iv)    A complete liquidation or dissolution of the Company or sale or other disposition of all or
substantially all of the assets of the Company other than to a corporation with respect to which, following such sale or disposition, any of the then outstanding shares of common stock and the combined voting power of the then outstanding voting
securities entitled to vote generally in the election of directors are then owned beneficially, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding
Company Common Stock and Company Voting Securities immediately prior to such sale or disposition in substantially the same proportion as their ownership of the Outstanding Company Common Stock and Company Voting Securities, as the case may be,
immediately prior to such sale or disposition; or 

 (v)    a determination by the Board of Directors of the
Company, in view of the then current circumstances or impending events, that a change of control of the Company has occurred or is imminent, which determination shall be made for the specific purpose of triggering the operative provisions of this
Agreement. 
 If a payment is considered deferred compensation subject to the provisions of Code Section 409A, then the foregoing definition shall be
deemed amended to the minimum extent necessary to comply with Code Section 409A.Exhibit 4.4

WARRANT AGREEMENT

 

This agreement (this “Agreement”)
is made as of ____________, 2018 between Schultze Special Purpose Acquisition Corp., a Delaware corporation, with offices at 800
Westchester Avenue, Suite 632, Rye Brook, NY 10573 (“Company”), and Continental Stock Transfer & Trust Company,
a New York corporation, with offices at 1 State Street, 30th Floor, New York, New York 10004 (“Warrant Agent”).

 

WHEREAS, the Company is engaged in a public
offering (“Public Offering”) of up to 17,250,000 units, each unit (“Unit”) comprised of one
share of common stock of the Company, par value $0.0001 per share (“Common Stock”), and one warrant, where each
warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as described
herein, and, in connection therewith, will issue and deliver up to 17,250,000 warrants (the “Public Warrants”)
to the public investors in connection with the Public Offering (including up to 2,250,000 Public Warrants to be issued to certain
underwriters upon the exercise of an over-allotment option); and

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-228494 (“Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”) of, among
other securities, the Public Warrants; and

 

WHEREAS, the Company has received a binding
commitment (the “Warrant Purchase Agreement”) from Schultze Special Purpose Acquisition Sponsor, LLC (the “Sponsor”)
for the purchase of up to an aggregate of 5,000,000 warrants and, in connection therewith, the Company will issue and deliver
up to an aggregate of 5,000,000 warrants (the “Private Warrants”) upon consummation of such private placement
(“Private Offering”) bearing the legend set forth in Exhibit B hereto; and

 

WHEREAS, the Company may issue up to an
additional 1,500,000 Warrants (“Working Capital Warrants”) in satisfaction of certain working capital loans
made by the Company’s officers, directors, initial stockholders, and affiliates; and

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

2.           Warrants.

 

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

 

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

 

2.3.         Effect
of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4.         Registration.

 

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

 

    	 	2	 

     

    

 

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

 

2.5.         Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 90th day following
the date of the prospectus or, if such 90th day is not on a day, other than 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 with the consent of EarlyBirdCapital, Inc. (“EBC”),
but in no event will EBC allow separate trading of the securities comprising the Units until (i) the Company has filed a Current
Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
Offering including the proceeds received by the Company from the exercise of the underwriters’ over-allotment option in the
Public Offering, if the over-allotment option is exercised prior to the filing of the Form 8-K, and (ii) the Company has issued
a press release and has filed a Current Report on Form 8-K announcing when such separate trading shall begin (the “Detachment
Date”).

 

2.6.         Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be issued in the same
form as the Public Warrants but they (i) will not be redeemable by the Company and (ii) may be exercised for cash or on a cashless
basis at the holder’s option, in either case as long as they are held by the initial purchasers or their Permitted Transferees
(as defined below). Once a Private Warrant or Working Capital Warrant is transferred to a holder other than an affiliate or Permitted
Transferee, it shall be treated as a Public Warrant hereunder for all purposes.

 

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

 

3.           Terms
and Exercise of Warrants

 

3.1.         Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions
of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the
price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1.
The term “Warrant Price” as used in this Agreement refers to the price per share at which the shares of Common Stock
may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time
prior to the Expiration Date (as defined below) for a period of not less than ten (10) Business Days; provided, that the Company
shall provide at least ten (10) days prior written notice of such reduction to registered holders of the Warrants and, provided
further that any such reduction shall be applied consistently to all of the Warrants.

 

    	 	3	 

     

    

 

3.2.         Duration
of Warrants. A Warrant may be exercised only during the period commencing on the later of 30 days after the consummation by
the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (“Business Combination”) (as described more fully in the
Registration Statement) or 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City time
on the earlier to occur of (i) five years from the consummation of a Business Combination and (ii) the Redemption Date as provided
in Section 6.2 of this Agreement (“Expiration Date”). The period of time from the date the Warrants will first
become exercisable until the expiration of the Warrants shall hereafter be referred to as the “Exercise Period.” Except
with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each 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 the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of the
Warrants by delaying the Expiration Date; provided, however, that the Company will provide at least twenty (20) days prior written
notice of any such extension to registered holders and, provided further that any such extension shall be applied consistently
to all of the Warrants.

 

3.3.         Exercise
of Warrants.

 

3.3.1.        Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, 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 share of Common Stock as to which the Warrant is exercised and any and all applicable
taxes due in connection with the exercise of the Warrant, as follows:

 

(a)            by
good certified check or wire payable to the order of the Warrant Agent; or

 

(b)            in
the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to force all holders of
Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of
Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the
Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (as defined below) by
(y) the Fair Market Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average
reported last sale price of the Common Stock for the five (5) trading days ending on the third trading day prior to the date on
which the notice of redemption is sent to holders of the Warrants pursuant to Section 6 hereof; or

 

    	 	4	 

     

    

 

(c)            with
respect to any Private Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants are held
by the initial purchasers or their Permitted Transferees, by surrendering such Private Warrants or Working Capital Warrants for
that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common
Stock underlying the Warrants, multiplied by the difference between the exercise price of the Warrants and the “Fair Market
Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market
Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value”
shall mean the average reported last sale price of the Common Stock for the ten (10) trading days ending on the third trading day
prior to the date on which the notice of warrant exercise is sent to the Warrant Agent; or

 

(d)            in
the event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after
the closing of a Business Combination, by surrendering such Warrants for that number of shares of Common Stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference
between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however,
that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than the exercise price. Solely
for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last sale price of the
Common Stock for the five (5) trading days ending on the trading day prior to the date of exercise.

 

3.3.2.        Issuance
of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates for the
number of shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him,
her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to
which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net
cash settle the Warrant exercise. No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common
Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or
deemed to be exempt under the securities laws of the state of residence of the registered holder of the Warrants. In the event
that the condition in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant
shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser
of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Common
Stock underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which
such exercise would be unlawful.

 

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

 

    	 	5	 

     

    

 

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

 

3.3.5.        Maximum Percentage. A holder
of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection
3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the
election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with
such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes
of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates
shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination
of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining,
unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or
exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock,
the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual
report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the SEC as the case
may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or Continental Stock Transfer
& Trust Company, as transfer agent (“Transfer Agent”), setting forth the number of shares of Common Stock
outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2)
Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of equity
securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common
Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum
Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase
shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    	 	6	 

     

    

 

4.           Adjustments.

 

4.1.         Stock
Dividends; Split Ups. If after the date hereof, the number of outstanding shares of Common Stock is increased by a stock dividend
payable in shares of Common Stock, or by a split up of shares of Common Stock, or other similar event, then, on the effective date
of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall
be increased in proportion to such increase in outstanding shares of Common Stock.

 

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

 

4.3.         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 shares of Common Stock or other shares of the Company’s capital
stock into which the Warrants are convertible (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 the fair market
value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid on each share
of Common Stock in respect of such Extraordinary Dividend; provided, however, that none of the following shall be deemed an Extraordinary
Dividend for purposes of this provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions
which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Common Stock during
the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions
that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant)
but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any
payment to satisfy the redemption rights of the holders of the shares of Common Stock in connection with a proposed initial Business
Combination or (d) any payment in connection with the Company’s liquidation and the distribution of its assets upon its failure
to consummate a Business Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding
and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions
on the Common Stock during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price
will be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the
difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period,
including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash
distributions paid or made in such 365-day period prior to such $0.35 dividend)).

 

4.4.         Adjustments
in Exercise Price.

 

4.4.1.         Whenever the number of shares of
Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the
Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment
by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the
Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock
so purchasable immediately thereafter.

 

    	 	7	 

     

    

 

4.4.2.          If
(i) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares
of Common Stock for capital raising purposes in connection with the closing of the initial Business Combination at an issue price
or effective issue price of less than $9.50 per share of Common Stock, with such issue price or effective issue price to be determined
in good faith by the Company’s Board of Directors (and in the case of any such issuance to the Sponsor or its affiliates,
without taking into account any shares of Common Stock issued prior to the Public Offering and held by the Sponsor or such affiliates,
as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such
issuances represent more than 60% of the total equity proceeds, and interest thereon, available for funding the initial Business
Combination, and (iii) the volume weighted average trading price of the Common Stock during the 20 trading day period starting
on the trading day prior to the day on which the Company consummates the initial Business Combination (such price, the “Market
Value”) is below $9.50 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.

 

4.5.         Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock),
or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger
in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the
Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and
in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event; and if any reclassification also results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then such
adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

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

 

4.7.         No
Fractional Warrants or Shares. No fractional Warrants will be issued hereunder. Additionally, notwithstanding any provision
contained in this Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason
of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant,
to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number of shares
of Common Stock to be issued to the Warrant holder.

 

    	 	8	 

     

    

 

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

 

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

 

5.           Transfer
and Exchange of Warrants.

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

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

 

5.6.         Private
Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants until after the
consummation by the Company of an initial Business Combination, except for transfers (i) to the Company’s officers, directors,
employees, consultants or their affiliates, (ii) to a holder’s officers, directors, employees or members, in each case if
the holder is an entity, (iii) to relatives and trusts for estate planning purposes, (iv) by virtue of the laws of descent and
distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation
in connection with the consummation of a Business Combination or (vii) by private sales made at or prior to the consummation of
a Business Combination at prices no greater than the price at which the Private Warrants were originally purchased, in each case
(except for clause (vi) or with the Company’s prior written consent) on the condition that prior to such registration for
transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal
guardian for such transferee agrees to be bound by the terms of the Warrant Purchase Agreement and any other applicable agreement
the transferor is bound by (each, a “Permitted Transferee”).

 

5.7.         Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the
Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of
such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of
Warrants on or after the Detachment Date.

 

6.           Redemption.

 

6.1.         Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time during the Exercise Period (so long as there is a current registration statement in effect with respect to the shares
of Common Stock underlying the Warrants), at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the
price of $0.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock equals
or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within
any thirty (30) trading day period ending on the third Business Day prior to the date on which notice of redemption is given.

 

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

 

    	 	10	 

     

    

 

6.3.         Exercise
After Notice of Redemption. The Public Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section
6.2 hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Public Warrants to exercise
their Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information
necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair
Market Value” in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights
except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4.         Exclusion
of Certain Warrants. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption.
However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the
criteria for redemption is met. Additionally, the Company agrees that the redemption rights provided in this Section 6 shall not
apply to (i) the Private Warrants and Working Capital Warrants if at the time of the redemption such Private Warrants or Working
Capital Warrants continue to be held by the initial purchasers or their Permitted Transferees or (ii) Post IPO Warrants if such
warrants provide that they are non-redeemable by the Company. However, with respect to the Private Warrants or Working Capital
Warrants, once such Private Warrants or Working Capital Warrants are transferred (other than to Permitted Transferees), the Company
may redeem the Private Warrants and Working Capital Warrants in the same manner as the Public Warrants.

 

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

 

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

 

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

 

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

 

    	 	11	 

     

    

 

7.4.         Registration
of Shares of Common Stock. The Company agrees that as soon as practicable after the closing of its initial Business Combination,
it shall use its best efforts to file with the SEC a registration statement for the registration, under the Act, of the shares
of Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to
register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those states where
holders of Warrants then reside, the shares of Common Stock issuable upon exercise of the Warrants, to the extent an exemption
is not available. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness
of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement. If any
such registration statement has not been declared effective by the 90th day following the closing of the Business Combination,
holders of the Warrants shall have the right, during the period beginning on the 91st day after the closing of the Business Combination
and ending upon such registration statement being declared effective by the Securities and Exchange Commission, and during any
other period when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock
issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance
with Section 3.3.1(d). The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an
outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a cashless basis in accordance
with this Section 7.4 is not required to be registered under the Act and (ii) the shares of Common Stock issued upon such exercise
will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144
under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend. For the avoidance of any doubt,
unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue to be obligated to comply
with its registration obligations under the first three sentences of this Section 7.4.

 

8.           Concerning
the Warrant Agent and Other Matters.

 

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

 

    	 	12	 

     

    

 

8.2.         Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

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

 

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

 

8.3.         Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4.         Liability
of Warrant Agent.

 

8.4.1.        Reliance
on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors 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.

 

    	 	13	 

     

    

 

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

 

8.4.3.        Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any
Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

 

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

 

9.           Miscellaneous
Provisions.

 

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

 

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

 

Schultze Special Purpose Acquisition Corp.

800 Westchester Avenue, Suite 632

Rye Brook, NY 10573

Attn: Scarlett Du

Facsimile: (914) 701-5269

Email: sdu@samco.net

 

    	 	14	 

     

    

 

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 days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as
follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Compliance Department

 

with a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

Greenberg Traurig, LLP

Met Life Building

200 Park Avenue

New York, New York 10166

Attn: Alan I. Annex, Esq.

 

and

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10017

Attn: David M. Nussbaum, Chairman

 

9.3.         Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

    	 	15	 

     

    

 

9.4.         Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant,
condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained
in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and
of the registered holders of the Warrants.

 

9.5.         Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.

 

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

 

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

 

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

 

9.9.         Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account
established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust
Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance.
In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim
solely against the Company and not against the property held in the Trust Account.

 

    	 	16	 

     

    

 

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.

 

[signature page follows]

 

    	 	17	 

     

    

 

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

 

	 	Schultze Special Purpose Acquisition Corp.
	 	 	 	 
	 	By:	 
	 	 	Name:	George J. Schultze
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

	
        NUMBER

        ________-
	
        (SEE REVERSE SIDE FOR LEGEND)

        THIS WARRANT WILL BE VOID IF NOT EXERCISED
        PRIOR TO THE EXPIRATION DATE (DEFINED BELOW)

         
	WARRANTS

 

Schultze
Special Purpose Acquisition Corp.

CUSIP 80821R 117

WARRANT

THIS CERTIFIES THAT, for value received

 

is the registered holder of a warrant
or warrants (the “Warrant(s)”) of Schultze Special Purpose Acquisition Corp., a Delaware corporation (the “Company”),
expiring at 5:00 p.m., New York City time, on the five year anniversary of the Company’s completion of an initial merger,
stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with
one or more businesses or entities (a “Business Combination”), to purchase one fully paid and non-assessable
share of common stock, par value $0.0001 per share (“Shares”), of the Company for each Warrant evidenced by
this Warrant Certificate. The Warrant entitles the holder thereof to purchase from the Company, commencing on the later of (a)
___________, 2019 and (b) 30 days after the Company’s completion of an initial Business Combination, such number of Shares
of the Company at the Warrant Price (as defined below), upon surrender of this Warrant Certificate and payment of the Warrant
Price at the office or agency of Continental Stock Transfer & Trust Company (the “Warrant Agent”), but
only subject to the conditions set forth herein and in the Warrant Agreement between the Company and Continental Stock Transfer
& Trust Company. In no event will the Company be required to net cash settle any warrant exercise. The Warrant Agreement provides
that upon the occurrence of certain events the Warrant Price and the number of Shares purchasable hereunder, set forth on the
face hereof, may, subject to certain conditions, be adjusted. The term “Warrant Price” as used in this Warrant
Certificate refers to the price per Share at which Shares may be purchased at the time the Warrant is exercised. The initial Warrant
Price per Share is equal to $11.50 per share. 

No fraction of a
Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of a Share
upon any exercise of a Warrant, the Company shall, upon such exercise, round up to the nearest whole number the number of Shares
to be issued to such holder. 

Upon any exercise
of the Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered holder
hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant
has not been exercised. 

Warrant Certificates,
when surrendered at the office or agency of the Warrant Agent by the registered holder in person or by 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 and evidencing in the aggregate a
like number of Warrants. 

Upon due presentment
for registration of transfer of the Warrant Certificate at the office or agency 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
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except
for any applicable tax or other governmental charge. 

The Company and the
Warrant Agent may deem and treat the registered holder as the absolute owner 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 registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. 

This Warrant does
not entitle the registered holder to any of the rights of a stockholder of the Company. 

The Company reserves
the right to call the Warrant at any time prior to its exercise with a notice of call in writing to the holders of record of the
Warrant, giving at least 30 days’ notice of such call, at any time while the Warrant is exercisable, if the last sale price
of the Shares has been at least $18.00 per share on each of 20 trading days within any 30 trading day period (the “30-day
trading period”) ending on the third business day prior to the date on which notice of such call is given and if, and
only if, there is a current registration statement in effect with respect to the Shares underlying the Warrants commencing five
business days prior to the 30-day trading period and continuing each day thereafter until the date of redemption. The call price
of the Warrants is to be $0.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of the
date specified in the notice of call shall be canceled on the books of the Company and have no further value except for the $0.01
call price.

 

	By	 	 	 
	 	 	 	 
	 	Chief Executive Officer	 	Chief Financial Officer

 

    	 	A-1	 

     

    

 

SUBSCRIPTION FORM

To Be Executed by the Registered Holder
in Order to Exercise Warrants

 

The undersigned Registered Holder irrevocably
elects to exercise ______________ Warrants represented by this Warrant Certificate, and to purchase the Common Stock issuable
upon the exercise of such Warrants, and requests that Certificates for such shares shall be issued in the name of

 

	
        (PLEASE TYPE OR PRINT NAME AND ADDRESS)

         

	
         

         

	
         

         

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

	and be delivered to 	 
	(PLEASE PRINT OR TYPE NAME AND ADDRESS)

                                                                 

 

and, if such number of Warrants shall not
be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered
in the name of, and delivered to, the Registered Holder at the address stated below:

 

	Dated: _____________________	 	 
	 	(SIGNATURE)	 
	 	 	 
	 	(ADDRESS)	 
	 	 	 
	 	 	 
	 	(TAX IDENTIFICATION NUMBER)	 

 

ASSIGNMENT

To Be Executed by the Registered Holder
in Order to Assign Warrants

 

For Value Received, _______________________ hereby sell, assign,
and transfer unto

 

	(PLEASE TYPE OR PRINT NAME AND ADDRESS)

 
	
         

         

	
         

         

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

	and be delivered to 	 
	(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

______________________ of the Warrants represented by this Warrant
Certificate, and hereby irrevocably constitute and appoint _________________________________ Attorney to transfer this Warrant
Certificate on the books of the Company, with full power of substitution in the premises.

 

	Dated: _________________________	 	 
	 	(SIGNATURE)	 

 

The
signature to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant Certificate
in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or
trust company or a member firm of the NYSE American, Nasdaq, New York Stock Exchange, Pacific Stock Exchange, or Chicago Stock
Exchange.

 

    	 	A-2	 

     

    

 

EXHIBIT B

 

PRIVATE 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 WARRANT PURCHASE AGREEMENT BY AND AMONG Schultze Special Purpose
Acquisition Corp. (THE “COMPANY”), Schultze Special Purpose Acquisition Sponsor, LLC AND THE OTHER PARTIES THERETO,
THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED UNTIL AFTER THE DATE UPON WHICH THE COMPANY
COMPLETES ITS INITIAL BUSINESS COMBINATION EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT)
WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

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

 

No. [●] Warrants

 

    	 	B-1

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