Document:

Exhibit 4.1

 

THIRD SUPPLEMENTAL INDENTURE

 

between

 

OXFORD SQUARE CAPITAL CORP.

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of May 20, 2021

 

 

 

THIRD SUPPLEMENTAL INDENTURE

 

THIS THIRD SUPPLEMENTAL INDENTURE (this “Third
Supplemental Indenture”), dated as of May 20, 2021, is between Oxford Square Capital Corp., a Maryland corporation (the “Company”),
and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set
forth in the Base Indenture (as defined below).

 

RECITALS OF THE COMPANY

 

The Company and the Trustee executed and delivered
an Indenture, dated as of April 12, 2017 (the “Base Indenture” and, as supplemented by this Third Supplemental Indenture,
the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures,
notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in the Indenture.

 

The Company desires to issue and sell up to $70,000,000
aggregate principal amount (or up to $80,500,000 aggregate principal amount if the underwriters’ overallotment option
to purchase additional Notes is exercised in full) of the Company’s 5.50% Notes due 2028 (the “Notes”).

 

The Company previously entered into the First Supplemental
Indenture, dated as of April 12, 2017 (the “First Supplemental Indenture”), and the Second Supplemental Indenture, dated as
of April 3, 2019 (the “Second Supplemental Indenture”), each of which amended and supplemented the Base Indenture. Neither
the First Supplemental Indenture nor the Second Supplemental Indenture is applicable to the Notes.

 

Sections 901(4) and 901(6) of the Base Indenture
provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company, when authorized by
or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security Outstanding of any series
created prior to the execution of the supplemental indenture that is entitled to the benefit of such provision and (ii) establish the
form or terms of Securities of any series as permitted by Section 201 and Section 301 of the Base Indenture.

 

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The Company desires to establish the form and terms
of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the
Notes (except as may be provided in a future supplemental indenture to the Indenture (each, a “Future Supplemental Indenture”)).

 

The Company has duly authorized the execution and
delivery of this Third Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary to make this
Third Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the Company,
in accordance with its terms, have been done and performed.

 

NOW, THEREFORE, for and in consideration of the
premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders
of the Notes, as follows:

 

ARTICLE
I

TERMS OF THE NOTES

 

Section 1.01       Terms of the Notes.
The following terms relating to the Notes are hereby established:

 

(a)       The
Notes shall constitute a series of Senior Securities having the title “5.50% Notes due 2028.” The Notes shall bear a CUSIP
number of 69181V 503 and an ISIN number of US69181V5030, as may be supplemented or replaced from
time to time.

 

(b)       The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906,
1107 or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never
to have been authenticated and delivered under the Indenture) shall be up to $70,000,000 (or up to $80,500,000 aggregate principal amount
if the underwriters’ overallotment option to purchase additional Notes is exercised
in full). Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company
may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”)
having the same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Notes and the existing Notes
will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes
unless the context otherwise requires.

 

(c)       The
entire outstanding principal of the Notes shall be payable on July 31, 2028.

 

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(d)       The
rate at which the Notes shall bear interest shall be 5.50% per annum (the “Applicable Interest Rate”). The date from which
interest shall accrue on the Notes shall be May 20, 2021, or the most recent Interest Payment Date to which interest has been paid or
provided for; the Interest Payment Dates for the Notes shall be January 31, April 30, July 31, and October 31 of each year, commencing
July 31, 2021 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made
on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest
period will be the period from and including May 20, 2021, to, but excluding, the initial Interest Payment Date, and the subsequent interest
periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated
Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be
paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be January 15, April 15, July 15 or October 15 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes
will be made at the office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Oxford Square Capital Corp. (5.50%
Notes due 2028) and at such other address as designated by the Trustee, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company
payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register; provided, further, however, that so long as the Notes are registered to Cede & Co., such payment will be made by
wire transfer in accordance with the procedures established by The Depository Trust Company and the Trustee. Interest on the Notes will
be computed on the basis of a 360-day year of twelve 30-day months.

 

(e)       The
Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this Third Supplemental Indenture. Each Global
Note shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate
amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby
may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note
to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee
or the Security Registrar, in accordance with Sections 203 and 305 of the Base Indenture.

 

(f)       The
depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The Security
Registrar with respect to the Global Notes shall be the Trustee.

 

(g)       The
Notes shall be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained in Section 1403
of the Base Indenture shall apply to the covenants contained in Sections 1007, 1008, and 1009 of the Indenture.

 

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(h)       The
Notes shall be redeemable pursuant to Section 1101 of the Base Indenture and as follows:

 

(i)       The
Notes will be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after May 31, 2024,
at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest payments otherwise payable
for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

(ii)       Notice
of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section
1104 of the Base Indenture.

 

(iii)       Any
exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent applicable.

 

(iv)       If
the Company elects to redeem only a portion of the Notes, the Trustee or the Depositary, as applicable, will determine the method for
selecting the particular Notes to be redeemed, in accordance with Section 1103 of the Base Indenture and the Investment Company Act and
the rules of any national securities exchange or quotation system on which the Notes are listed, in each case to the extent applicable.

 

(v)       Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes
called for redemption hereunder.

 

(i)       The
Notes shall not be subject to any sinking fund pursuant to Section 1201 of the Base Indenture.

 

(j)       The
Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof.

 

(k)       Holders
of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity.

 

(l)       The
Notes are hereby designated as “Senior Securities” under the Indenture.

 

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ARTICLE II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 2.01. Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms
to Section 101 in appropriate alphabetical sequence, as follows:

 

“‘Exchange Act’ means
the Securities Exchange Act of 1934, as amended, and any statute successor thereto.”

 

“‘GAAP’ means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board
and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.”

 

“‘Investment Company Act’
means the Investment Company act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to the extent
applicable, and any statute successor thereto.”

 

Section 2.02. Except as may be
provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 104 of the Base Indenture shall be amended by replacing clause (d) thereof
with the following:

 

“(d) If the Company shall solicit from the
Holders of Registered Securities any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may,
at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Such
record date shall be the record date specified in or pursuant to such Board Resolution, which date shall be a date not earlier than the
date thirty (30) days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation
is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may
be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed
to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized or
agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than eleven months after the record date.”

 

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ARTICLE
III

THE
SECURITIES

 

Section 3.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 305 of the Base Indenture shall be amended by replacing the first paragraph thereof
with the following:

 

“The Company shall cause to be kept at the
Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of Securities
(the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred
to collectively as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be
in written form or any other form capable of being converted into written form within a reasonable time. The Trustee, at its Corporate
Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering Registered Securities and
transfers of Registered Securities on such Security Register as herein provided, and for facilitating exchanges of temporary global Securities
for permanent global Securities or definitive Securities, or both, or of permanent global Securities for definitive Securities, or both,
as herein provided. In the event that the Trustee shall cease to be Security Registrar, it shall have the right to examine the Security
Register at all reasonable times. In acting hereunder and in connection with the Securities, the Security Registrar shall act solely as
an agent of the Company, and will not thereby assume any obligations towards or relationship of agency or trust for or with any Holder.”

 

Section 3.02       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Three of the Base Indenture shall be amended by adding the following paragraphs
as the last paragraphs of Section 305:

 

“The Trustee shall have no responsibility
or obligation to any beneficial owner of a global Security, a member of, or a participant in, DTC or other Person with respect to the
accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities
or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including
any notice of redemption or purchase) or the payment of any amount or delivery of any Securities (or other security or property) under
or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders in
respect of the Securities shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee
in the case of a global Security). The rights of beneficial owners in any global Security shall be exercised only through DTC subject
to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying upon information furnished
by DTC with respect to its members, participants and any beneficial owners.

 

The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Security (including any transfers between or among DTC participants, members or beneficial
owners in any global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly
required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. Neither the Trustee nor any of its agents shall have any responsibility for
any actions taken or not taken by DTC.”

 

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Section 3.03       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 306 of the Base Indenture shall be amended by replacing the fourth paragraph
thereof with the following:

 

“Upon the issuance of any new Security under
this Section, the Company, the Paying Agent or the Security Registrar may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee,
the Paying Agent or the Security Registrar and their respective counsels) connected therewith.”

 

ARTICLE
IV

SATISFACTION
AND DISCHARGE

 

Section 4.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Four of the Base Indenture shall be amended by replacing Section 402 with the
following:

 

“Section 402. Application of Trust Funds.

 

Subject to the provisions of the last paragraph
of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any)
and interest, if any, for whose payment such money has been deposited with or received by the Trustee, but such money need not be segregated
from other funds except to the extent required by law. In acting under this Indenture and in connection with the Securities, the Paying
Agent shall act solely as an agent of the Company, and will not thereby assume any obligations towards or relationship of agency or trust
for or with any Holder.”

 

ARTICLE
V

REMEDIES

 

Section 5.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 502 of the Base Indenture shall be amended by replacing clause (1)(D) thereof
with the following:

 

“(D)       all sums paid or advanced by the
Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, the Paying Agent, the Security
Registrar, and their respective agents and counsel; and”

 

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Section 5.02       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 507 of the Base Indenture shall be amended by replacing clause (3) thereof with
the following:

 

“(3)       such Holder or Holders have offered
to the Trustee indemnity, security, or both, reasonably satisfactory to the Trustee, against the costs, expenses and liabilities
to be incurred in compliance with such request;”

 

ARTICLE
VI

THE
TRUSTEE

 

Section 6.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Six of the Base Indenture shall be amended by replacing Sections 601 and 602
with the following:

 

“Section
601. Notice of Defaults.

 

Within 90 days after the occurrence of any Default
hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner and to the extent provided in TIA Section
313(c), notice of such Default hereunder known to a Responsible Officer of the Trustee, unless such Default shall have been cured or waived;
provided, however, that, except in the case of a Default in the payment of the principal of (or premium, if any) or interest,
if any, on any Security of such series, or in the payment of any sinking or purchase fund installment with respect to the Securities of
such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee
or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice
is in the interest of the Holders of the Securities of such series; and provided further that in the case of any Default or breach
of the character specified in Section 501 (4) with respect to the Securities of such series, no such notice to Holders shall be given
until at least 60 days after the occurrence thereof.

 

Section 602. Certain
Rights and Duties of Trustee.

 

(1)       Prior
to the time when the occurrence of an Event of Default becomes known to a Responsible Officer of the Trustee and after the curing or waiving
of all such Events of Default with respect to a series of Securities that may have occurred:

 

(a)       the duties and
obligations of the Trustee shall with respect to the Indenture and the Securities of any series be determined solely by the express provisions
of this Indenture, including without limitation Section 107 of this Indenture, and the Trustee shall not be liable with respect to the
Securities except for the performance of such duties and obligations as are specifically set forth in this Indenture, including without
limitation Section 107 of this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee;

 

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(b)       in the absence
of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture
or the Securities, as the case may be; but in the case of any such certificates or opinions that by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations
or other facts stated herein); and

 

(c)       The Trustee shall
not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts.

 

(2)       If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

 

(3)       The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document believed
by it to be genuine and to have been signed or presented by the proper party or parties.

 

(4)       Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than
delivery of any Security, to the Trustee for authentication and delivery pursuant to Section 303 which shall be sufficiently evidenced
as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution.

  

(5)       Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may require and, in the absence
of bad faith on its part, rely upon a Board Resolution, an Opinion of Counsel or an Officers’ Certificate.

 

(6)       The
Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(7)       The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered
to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities (including the reasonable
fees and expenses of its agents and counsel) which might be incurred by it in compliance with such request or direction.

 

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(8)       The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled upon reasonable notice and at reasonable times during normal
business hours to examine the books, records and premises of the Company, personally or by agent or attorney.

 

(9)       The
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder.

 

(10)       The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Securities and this Indenture.

 

(11)       The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and to other
Person employed to act hereunder.

 

(12)       The
permissive rights of the Trustee enumerated herein shall not be construed as duties and the Trustee shall not be answerable for other
than its own negligent action, its own negligent failure to act or its own willful misconduct with respect to such permissive rights.

 

(13)       The
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Holders of not less than a majority in principal amount of the Outstanding Securities of a series relating to the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee
under this Indenture with respect to such Securities.

 

(14)       The
Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within
the discretion or rights or powers conferred upon it by this Indenture.

 

(15)       The
Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person
authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded.

 

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(16)       In
no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

(17)       The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes;
fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities,
computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authorities and governmental
action.

 

Every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 602 and to the provisions of the TIA.

 

The Trustee shall not be required to expend or
risk its own funds, give any bond or surety in respect of the performance of its powers and duties hereunder, or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

The parties hereto acknowledge that in order to
help the United States government fight the funding of terrorism and money laundering activities, pursuant to Federal regulations that
became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act) all financial institutions are required to obtain, verify, record
and update information that identifies each person establishing a relationship or opening an account. The parties to this Indenture agree
that they will provide to the Trustee such information as it may request, from time to time, in order for the Trustee to satisfy the requirements
of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow
it to identify the individual or entity who is establishing the relationship or opening the account and may also ask for formation documents
such as articles of incorporation or other identifying documents to be provided.”

 

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Section 6.02       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 606 of the Base Indenture shall be amended by replacing clauses (2) and (3) thereof
with the following:

 

“(2)       Except
as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee or any predecessor Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the expenses and disbursements of its agents, counsel, accountants and experts),
except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct.

 

(3)       To
indemnify each of the Trustee or any predecessor Trustee and their respective officers, directors, employees, representatives and agents,
for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its own part,
arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses
(including reasonable fees and expenses of its agents and counsel) of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder (whether asserted by any Holder, the Company or otherwise). The Trustee
shall notify the Company promptly of any third party claim for which it may seek indemnity of which it has received written notice. Failure
by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder unless, and solely to the extent that,
such failure materially prejudices the Company’s defense of such claim. The Company shall defend the claim, with counsel reasonably
satisfactory to the Trustee, and the Trustee shall provide reasonable cooperation at the Company’s expense in the defense; provided
that if the defendants in any such claim include both the Company and the Trustee and the Trustee shall have concluded that there may
be legal defenses available to it which are different from or additional to those available to the Company, or the Trustee has concluded
that there may be any other actual or potential conflicting interests between the Company and the Trustee, the Trustee shall have the
right to select separate counsel and the Company shall be required to pay the reasonable fees and expenses of such separate counsel. Any
settlement which affects the Trustee may not be entered into without the written consent of the Trustee, unless the Trustee is given a
full and unconditional release from liability with respect to the claims covered thereby and such settlement does not include a statement
or admission of fault, culpability or failure to act by or on behalf of the Trustee. Any settlement by the Trustee which affects the Company
may not be entered into without the written consent of the Company, unless such settlement does not include a statement or admission of
fault, culpability or failure to act by or on behalf of the Company.”

  

ARTICLE
VII

Holders’
lists and reports by trustee and company

 

Section 7.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 704 of the Base Indenture shall be amended by replacing the final paragraph thereof
with the following:

 

“The Trustee shall transmit (at the expense
of the Company) by mail to the Holders of Securities, within 30 days after the filing thereof with the Trustee, in the manner and to the
extent provided in TIA Section 313(c), such summaries of any information, documents and reports required to be filed by the Company pursuant
to subparagraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.
In no event shall the Trustee be obligated to determine whether or not any report, information or document shall have been filed with
the Commission.

 

    12

     

    

 

Delivery of such reports, information, and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of
any information contained therein or determinable from information contained therein, including the Company’s compliance with any
of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers’ Certificates).”

 

ARTICLE
VIII

COVENANTs

 

Section 8.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections
1007, 1008, and 1009 thereto, each as set forth below:

 

“Section 1007. Section 18(a)(1)(A) of
the Investment Company Act.

 

The Company hereby agrees that for the period of
time during which Notes are Outstanding, the Company will not violate (whether or not it is subject to) Section 18(a)(1)(A) as modified
by such provisions of Section 61(a) of the Investment Company Act as may be applicable to the Company from time to time or any successor
provisions thereto of the Investment Company Act, giving effect to any exemptive relief granted to the Company by the Commission.”

 

“Section 1008. Section 18(a)(1)(B) of
the Investment Company Act.

 

The Company agrees that for the period of time
during which the Notes are outstanding, the Company will not declare any dividend (except a dividend payable in our stock), or declare
any other distribution, upon a class of the Company’s capital stock, or purchase any such capital stock, unless, in every such case,
at the time of the declaration of any such dividend or distribution, or at the time of any such purchase, the Company has an asset coverage
(as defined in the Investment Company Act) of at least the threshold specified in Section 18(a)(1)(B) as modified by such provisions of
Section 61(a) of the Investment Company Act as may be applicable to the Company from time to time or any successor provisions thereto
of the Investment Company Act, as such obligation may be amended or superseded, after deducting the amount of such dividend, distribution
or purchase price, as the case may be, and in each case giving effect to (i) any exemptive relief granted to the Company by the Commission,
and (ii) any Commission no-action relief granted by the Commission to another business development company (or to the Company if the Company
determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend or
distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by such provisions of Section 61(a) of the Investment
Company Act as may be applicable to the Company from time to time, as such obligation may be amended or superseded, in order to maintain
such business development company’s status as a regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended.”

 

    13

     

    

 

“Section 1009. Commission Reports and
Reports to Holders.

 

If, at any time, the Company is not subject to
the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission, the Company agrees
to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after
the end of the each fiscal year of the Company (which fiscal year ends on December 31), audited annual consolidated financial statements
of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal
quarter), unaudited interim consolidated financial statements of the Company. All such financial statements shall be prepared, in all
material respects, in accordance with GAAP.”

 

ARTICLE
IX

Redemption
of securities

 

Section 9.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Eleven of the Base Indenture shall be amended by replacing Section 1102 with
the following:

 

“Section 1102. Election to Redeem; Notice
to Trustee.

 

The election of the Company to redeem any Securities
shall be evidenced by or pursuant to a Board Resolution. In case of any redemption at the election of the Company of less than all of
the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter
notice shall be satisfactory to the Trustee), an Officers’ Certificate notifying the Trustee in writing of such Redemption Date
and of the principal amount of Securities of such series to be redeemed, and, if applicable, of the tenor of the Securities to be redeemed,
and shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Securities to be redeemed pursuant
to Section 1103. In the case of any redemption of Securities of any series prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’
Certificate evidencing compliance with such restriction.”

 

Section 9.02       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 1103 of the Base Indenture shall be amended by replacing the first paragraph
thereof with the following:

 

“If less than all the Securities of any series
issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than
60 days prior to the Redemption Date by the Trustee or, with respect to global Securities, DTC, from the Outstanding Securities of such
series issued on such date with the same terms not previously called for redemption, in compliance with the requirements of DTC and with
the requirements of the principal national securities exchange on which the Securities are listed (if the Securities are listed on any
national securities exchange), or if the Securities are not held through DTC or listed on any national securities exchange, or DTC prescribed
no method of selection, on a pro rata basis, or by such method as the Trustee shall deem fair and appropriate and subject
to and otherwise in accordance with the procedures of the applicable Depository; provided that such method complies with the rules
of any national securities exchange or quotation system on which the Securities are listed, and may provide for the selection for redemption
of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series; provided,
however, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than
the minimum authorized denomination for Securities of such series.”

 

Section 9.03       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Eleven of the Base Indenture shall be amended by replacing Section 1107 with
the following:

 

“Section 1107. Securities Redeemed in
Part.

 

Any Registered Security that is to be redeemed
only in part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor (with,
if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company
and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security at the expense of the Company without service charge
a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder in aggregate
principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a temporary global
Security or permanent global Security is so surrendered, such new Security so issued shall be a new temporary global Security or permanent
global Security, respectively. However, if less than all the Securities of any series with differing issue dates, interest rates and stated
maturities are to be redeemed, the Company in its sole discretion shall select the particular Securities to be redeemed and shall notify
the Trustee in writing thereof at least 45 days prior to the relevant redemption date.”

 

    14

     

    

 

ARTICLE
X

Redemption
of securities

 

Section 10.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Article Eleven of the Base Indenture shall be amended by replacing Section 1302 with
the following:

 

“Section 1302. Repayment of Securities.

 

Securities of any series subject to repayment
in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at
the Repayment Price thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms
of such Securities. The Company covenants that on or before 10:00 am, New York City time, on the Repayment Date it will deposit with
the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)) sufficient
to pay the Repayment Price of, and (unless otherwise specified pursuant to Section 301) accrued interest on, all the Securities or portions
thereof, as the case may be, to be repaid on such date; provided, however, that to
the extent any such funds are received by the Trustee or a Paying Agent from the Company after 10:00 a.m., New York City time, on the
due date, such funds will be distributed to the Holders within one Business Day of receipt thereof.

 

ARTICLE
XI

MEETINGS
OF HOLDERS OF SECURITIES

 

Section 11.01       Except as may be provided
in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended by replacing clause (c) thereof with
the following:

 

“(c)       At any meeting of Holders, each Holder
of a Security of such series or proxy shall be entitled to one vote for each $25.00 principal amount of the Outstanding Securities of
such series held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting
in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman
of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.”

 

ARTICLE
XII

MISCELLANEOUS

 

Section 12.01       This Third Supplemental
Indenture and the Notes shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws. This Third Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be
part of the Indenture and shall, to the extent applicable, be governed by such provisions.

 

    15

     

    

 

Section 12.02       In case any provision in
this Third Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 12.03       This Third Supplemental
Indenture may be executed in counterparts, each of which will be an original, but such counterparts will together constitute but one and
the same Third Supplemental Indenture. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile,
..pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Third Supplemental Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall
be deemed to be their original signatures for all purposes.

 

Section 12.04       The Base Indenture, as
supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this
Third Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions
included in this Third Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the
Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Third Supplemental
Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Third Supplemental
Indenture.

 

Section 12.05       The provisions of this
Third Supplemental Indenture shall become effective as of the date hereof.

 

Section 12.06       Notwithstanding anything
else to the contrary herein, the terms and provisions of this Third Supplemental Indenture shall apply only to the Notes and shall not
apply to any other series of Securities under the Indenture and this Third Supplemental Indenture shall not and does not otherwise affect,
modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture, whether now or hereafter
issued and Outstanding.

 

Section 12.07       The recitals contained
herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Indenture, the Notes or any Additional
Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Third Supplemental Indenture, authenticate
the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application
by the Company of the Notes or any Additional Notes or the proceeds thereof. All rights, protections, privileges, indemnities, immunities
and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be
deemed applicable to all actions taken, suffered or omitted by the Trustee in each of its capacities hereunder.

 

Section 12.08       For the avoidance of doubt,
all notices, approvals, consents, requests and any communications hereunder or with respect to this Third Supplemental Indenture must
be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed by hand, facsimile
or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to Trustee
by the authorized representative), in English. The Company agrees to assume all risks arising out of the use of using digital signatures
and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.

 

    16

     

    

 

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

 

	 	
    OXFORD SQUARE CAPITAL CORP.

	 	 
	 	By:	/s/ Jonathan H. Cohen
	 	Name:	Jonathan H. Cohen
	 	Title:	Chief Executive Officer
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Karen R. Beard
	 	Name: 	Karen R. Beard
	 	Title:	Vice President

 

 

[Signature page to Third Supplemental Indenture]

 

    17

     

    

 

Exhibit A – Form of Global Note 

 

This Security is a Global Note within the meaning of the Indenture
hereinafter referred to and is registered in the name of The Depository Trust Company or a nominee thereof. This Security may not be exchanged
in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of
any Person other than The Depository Trust Company or a nominee thereof, except in the limited circumstances described in the Indenture.

 

Unless this certificate is presented by an authorized representative
of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment and such certificate issued
in exchange for this certificate is registered in the name of Cede & Co., or such other name as requested by an authorized representative
of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful, as the
registered owner hereof, Cede & Co., has an interest herein.

 

Oxford Square Capital Corp.

 

	No.	$
	 	CUSIP No. 69181V 503
	 	ISIN No. US69181V5030

 

5.50% Notes due 2028

 

Oxford Square Capital Corp., a corporation
duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of
                     (U.S. $
                      ) on
July 31, 2028 and to pay interest thereon from May 20, 2021 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, quarterly on January 31, April 30, July 31, and October 31 in each year, commencing July 31, 2021, at the
rate of 5.50% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security is registered at the close of business on the Regular Record Date for such interest, which shall be January 15, April
15, July 15, or October 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may
be required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

Payment of the principal of (and premium, if any,
on) and any such interest on this Security will be made at the office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107,
Attention: Oxford Square Capital Corp. (5.50% Notes due 2028) and at such other address as designated by the Trustee, in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register; provided, further, however, that so long as this Security is registered
to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company
and the Trustee.

 

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

 

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

 

     

     

    

 

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

 

Dated:

 

	 	
    OXFORD SQUARE CAPITAL CORP.

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Attest	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Global Note – Third Supplemental Indenture]

 

     

     

    

 

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

 

Dated:

 

	 	
    U.S. BANK NATIONAL ASSOCIATION,

as Trustee

	 	 
	 	By:	 
	 	 	Authorized Signatory

 

[Global Note – Third Supplemental Indenture]

 

     

     

    

 

Oxford Square Capital Corp.

5.50% Notes due 2028

 

This Security is one of a duly authorized issue
of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of April 12, 2017 (herein called the “Base Indenture”, which term shall have the meaning assigned to
it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which
term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Third Supplemental
Indenture relating to the Securities, dated May 20, 2021, by and between the Company and the Trustee (herein called the “Third Supplemental
Indenture”; the Third Supplemental Indenture and the Base Indenture collectively are herein called the “Indenture”).
In the event of any conflict between the Base Indenture and the Third Supplemental Indenture, the Third Supplemental Indenture shall govern
and control.

 

This Security is one of the series designated
on the face hereof, which series is initially limited in aggregate principal amount to $
               (or up to $
               aggregate principal amount if the
underwriters’ overallotment option to purchase additional Notes is exercised in
full). Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company
may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such
case “Additional Securities”) having the same ranking and the same interest rate, maturity and other terms as the
Securities. Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all
references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The
aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions.

 

The Securities of this series are subject to redemption
in whole or in part at any time or from time to time, at the option of the Company, on or after May 31, 2024, at a redemption price per
security equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the
then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

Notice of redemption shall be given in writing
and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be
redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture.

 

Any exercise of the Company’s option to redeem
the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

     

     

    

 

If the Company elects to redeem only a portion
of the Securities, the Trustee or the Depositary, as applicable, will determine the method for selecting the particular Securities to
be redeemed, in accordance with their standard operating procedures, the Investment Company Act, and the rules of any national securities
exchange or quotation system on which the Securities are listed, in each case to the extent applicable. In the event of redemption of
this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.

 

Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption.

 

Holders of Securities do not have the option to
have the Securities repaid prior to July 31, 2028.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture.

 

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

 

As provided in and subject to the provisions of
the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee indemnity, security, or both reasonably satisfactory to the Trustee against
the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders
of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity and/or
security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

     

     

    

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on
this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and
the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

 

The Securities of this series are issuable only
in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company, the Trustee, or the Security Registrar may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee, or the Security Registrar and any agent of the Company, the Trustee, or the Security Registrar
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and none of the Company, the Trustee, the Security Registrar or any agent thereof shall be affected by notice to the contrary.

 

All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

The
Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to
principles of conflicts of laws.

 

To
the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling.Exhibit 4.4

 

FORM OF WARRANT AGREEMENT

 

between

 

TortoiseEcofin
Acquisition Corp. III

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

WARRANT AGREEMENT

 

Dated as of [●], 2021

 

THIS WARRANT AGREEMENT (this
“Agreement”), dated as of [●], 2021, is by and between TortoiseEcofin Acquisition Corp. III, a Cayman
Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent,” also referred to herein as the “Transfer Agent”).

 

WHEREAS, on [●], 2021,
the Company entered into that certain Private Placement Warrants Purchase Agreement with TortoiseEcofin Borrower LLC, a Delaware limited
liability company (“TortoiseEcofin Borrower”), pursuant to which TortoiseEcofin Borrower will purchase an aggregate
of 6,333,333 warrants (or up to 6,933,333 warrants if the Over-allotment Option (as defined below) in connection with the Offering (as
defined below) is exercised in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if
applicable) bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a
purchase price of $1.50 per Private Placement Warrant;

 

WHEREAS, in order to finance
the Company’s transaction costs in connection with an intended initial Business Combination, TortoiseEcofin Sponsor III LLC, a Cayman
Islands limited liability company (the “Sponsor”) or an affiliate of the Sponsor or certain of the Company’s
officers and directors may loan to the Company funds, of which up to $1,500,000 of such loans may be convertible into up to an additional
1,000,000 Private Placement Warrants at a price of $1.50 per warrant;

 

WHEREAS, the Company is engaged
in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such
unit comprised of one Ordinary Share (as defined below) and one-fourth of one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 8,625,000 redeemable warrants (including up to 1,125,000 redeemable
warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and,
together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof
to purchase one Class A ordinary share of the Company, par value $0.0001 per share (each, an “Ordinary Share”),
for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of Public Warrants will
not be able to exercise any fraction of a Warrant;

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “SEC”) the registration statement on Form S-1, No. 333-253586
(the “Registration Statement”) and prospectus (the “Prospectus”), for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the
Ordinary Shares included in the Units;

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

2. Warrants.

 

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

 

2.2 Effect of Countersignature.
If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a certificated Warrant
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3 Registration.

 

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

 

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

 

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

 

2.4 Detachability of Warrants.
The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus
or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally
open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such
date, or earlier (the “Detachment Date”) with the consent of Barclays Capital Inc. and Goldman Sachs & Co.
LLC but in no event shall the Ordinary Shares and the Public Warrants comprising the Units be separately traded until (A) the Company
has filed a current report on Form 8-K with the SEC containing an audited balance sheet reflecting the receipt by the Company of the gross
proceeds of the Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase
additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised or
waived prior to the filing of the Form 8-K, and (B) the Company issues a press release and files with the SEC a current report on Form
8-K announcing when such separate trading shall begin.

 

    2

     

    

 

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

 

2.6 Private Placement Warrants.

 

2.6.1 Private Placement
Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they are held by TortoiseEcofin
Borrower or any of its Permitted Transferees (as defined below), the Private Placement Warrants: (i) may be exercised for cash or on a
cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after
the completion by the Company of an initial Business Combination and (iii) shall not be redeemable by the Company for cash pursuant to
Section 6.1 hereof; provided, however, that in the case of (ii), the Private Placement Warrants and any Ordinary Shares
held by TortoiseEcofin Borrower or any of its Permitted Transferees and issued upon exercise of the Private Placement Warrants may be
transferred by the holders thereof:

 

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

 

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

 

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

 

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

 

(e) by virtue of TortoiseEcofin
Borrower’s operating agreement upon dissolution of TortoiseEcofin Borrower;

 

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

 

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

 

(h) in the event of the Company’s
completion of a liquidation, merger, share exchange, restructuring or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of
the Company’s initial Business Combination; provided, however, that, in the case of clauses (a) through (f), these transferees
(the “Permitted Transferees”) must enter into a written agreement with the Company agreeing to be bound by the
transfer restrictions in this Agreement.

 

    3

     

    

 

3. Terms and Exercise of
Warrants.

 

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

 

3.2 Duration of Warrants.
A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the date that is thirty
(30) days after the first date on which the Company completes a merger, amalgamation, share exchange, asset acquisition, share purchase,
reorganization or similar business combination, involving the Company and one or more businesses or entities (a “Business
Combination”), and terminating at the earlier to occur of: (w) 5:00 p.m., New York City time on the date that is five (5)
years after the date on which the Company completes its initial Business Combination, (x) the liquidation of the Company, (y) other than
with respect to the Private Placement Warrants, 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in
Section 6.3 hereof and (z) the Alternative Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable
conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except with respect to
the right to receive the Redemption Price (as defined below) or the Alternative Redemption Price (as defined below) (other than with respect
to the Private Placement Warrant) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private
Placement Warrant in the event of a redemption) not exercised on or before the Expiration Date shall become null and void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date.
The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the
Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and,
provided further that any such extension shall be identical in duration among all the Warrants.

 

3.3 Exercise of Warrants.

 

3.3.1 Payment. Subject
to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the Registered
Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough
of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full
the Warrant Price for each full Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in connection
with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows:

 

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

 

(b) in the event of a redemption
pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”) has elected
to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that
number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants,
multiplied by the difference between the Warrant Price and the “Fair Market Value,” as defined in this subsection 3.3.1(b)
by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.4, the “Fair Market Value”
shall mean the average reported last sale price of the Ordinary Shares for the ten (10) trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;

 

    4

     

    

 

(c) with respect to any Private
Placement Warrant, so long as such Private Placement Warrant is held by TortoiseEcofin Borrower or a Permitted Transferee, by surrendering
the Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares
underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value,” as defined in
this subsection 3.3.1(c), by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair
Market Value” shall mean the average reported last sale price of the Ordinary Shares for the ten (10) trading days ending on the
third trading day prior to the date on which notice of exercise of the Warrant is sent to the Warrant Agent; or

 

(d) as provided in Section
7.4 hereof.

 

3.3.2 Issuance of Ordinary
Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry
position or certificate, as applicable, for the number of full Ordinary Shares to which he, she or it is entitled, registered in such
name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been
exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares as to which such
Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares
pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under
the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto
is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the
Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant
exercise 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 conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant,
the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in
which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the
Ordinary Shares underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may
require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4.
If, by reason of any exercise of warrants on a “cashless basis,” the holder of any Warrant would be entitled,
upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest
whole number the number of Ordinary Shares to be issued to such holder.

 

3.3.3 Valid Issuance.
All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid
and non-assessable.

 

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

 

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

 

    5

     

    

 

4. Adjustments.

 

4.1 Share Dividends.

 

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

 

4.1.2 Extraordinary Dividends.
If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities
or other assets to the holders of the Ordinary Shares on account of such Ordinary Shares (or other shares of the Company into which the
Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below),
(c) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination,
(d) to satisfy the redemption rights of the holders of Ordinary Shares in connection with a shareholder vote to approve an amendment to
the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles”)
that would affect the substance or timing of the Company’s obligation to redeem 100% of the Ordinary Shares if the Company does
not complete the Company’s initial Business Combination within the time period set forth in the Company’s Memorandum and Articles
or (e) in connection with the redemption of the Ordinary Shares upon the Company’s failure to complete the Company’s initial
Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”),
then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each Ordinary
Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends”
means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends
and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution
(as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends
or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable on exercise of
each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

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

 

4.3 Adjustments in Exercise
Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection
4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise
of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable
immediately thereafter. If, in connection with the closing of the initial Business Combination, the Company issues additional Ordinary
Shares or securities of the Company which are convertible into, or exchangeable or exercisable for, equity securities of the Company,
including any securities issued by the Company which are pledged to secure any obligation of any holder to purchase equity securities
of the Company, at an issue price or effective issue price of less than $9.20 per Ordinary Share, with such issue price or effective issue
price to be determined in good faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates, without taking
into account any Ordinary Shares of the Company issued prior to the Offering and held by the Sponsor or such affiliates, as applicable,
prior to such issuance) (the “Newly Issued Price”), the Warrant Price shall be adjusted (to the nearest cent)
to be equal to 115% of the Newly Issued Price.

 

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4.4 Replacement of Securities
upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares (other than a change
under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such Ordinary Shares
), or in the case of any merger or consolidation of the Company with or into another entity (other than a consolidation or merger in which
the Company is the continuing entity and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares),
or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the
right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary
Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind
and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such
holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”);
provided, however, that (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind
or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash
or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted
average of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger that affirmatively
make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Ordinary
Shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders
of the Company as provided for in the Company’s Memorandum and Articles or as a result of the repurchase of Ordinary Shares by the
Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under circumstances in
which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate
of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which
any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor
rule)) more than 50% of the outstanding Ordinary Shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance,
the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such
Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the
Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after
the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section
4; provided, further, that if less than 70% of the consideration receivable by the holders of the Ordinary Shares in the applicable
event is payable in the form of Ordinary Shares in the successor entity that is listed for trading on a national securities exchange or
is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and
if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of
such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the SEC, the Warrant Price shall be reduced by
an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share
Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes
Warrant Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes
Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating
such amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each Ordinary Share shall be the volume
weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the
effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg
determined as of the trading day immediately prior to the day of the announcement of the applicable event and (4) the assumed risk-free
interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share
Consideration” means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount
of such cash per Ordinary Share, and (ii) in all other cases, the volume weighted average price of the Ordinary Shares as reported during
the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification
or reorganization also results in a change in Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be made pursuant
to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will
the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant.

 

    7

     

    

 

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

 

4.6 No Fractional Shares.
Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional Ordinary Shares upon
the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled,
upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the
nearest whole number of Ordinary Shares to be issued to such holder.

 

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

 

4.8 Other Events. In
case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on
the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a
firm of independent public accountants or 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. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

6. Redemption.

 

6.1 Redemption of Warrants
for Cash. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the
Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants,
as described in Section 6.3 below, at the price of $0.01 per Warrant (the “Redemption Price”), provided
that the last sales price of the Ordinary Shares reported has been at least $18.00 per share (subject to adjustment in compliance with
Section 4 hereof), on each of twenty (20) trading days within the thirty (30) trading day period ending on the third trading day
prior to the date on which notice of the redemption is given and provided that there is an effective registration statement covering
the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day
Redemption Period (as defined in Section 6.3 below) or the Company has elected to require the exercise of the Warrants on a “cashless
basis” pursuant to subsection 3.3.1.

 

6.2 Redemption of Warrants
for Ordinary Shares. Subject to Sections 6.5 and 6.6 hereof, not less than all of the outstanding Warrants may be redeemed,
at the option of the Company, commencing ninety (90) days after the commencement of the Exercise Period and at any time prior to the expiration
thereof, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3
below, at a price equal to a number of Ordinary Shares determined by reference to the table below, based on the redemption date (calculated
for purposes of the table as the period to expiration of the Warrants) and the “Fair Market Value” (as such term is defined
in Section 3.3.1(b) (the “Alternative Redemption Price”), provided that the last sales price of the Ordinary
Shares reported has been at least $10.00 per share (subject to adjustment in compliance with Section 4 hereof), on the trading day prior
to the date on which notice of the redemption is given and provided that there is an effective registration statement covering
the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day
Redemption Period (as defined in Section 6.3 below) or the Company has elected to require the exercise of warrants on a “cashless
basis” pursuant to subsection 3.3.1.

 

    9

     

    

 

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

 

If the exact Fair Market Value
and Redemption Date (as defined below) are between two values in the table above or the Redemption Date is between two redemption dates
in the table above, the number of Ordinary Shares to be issued for each Warrant redeemed will be determined by a straight-line interpolation
between the number of shares set forth for the higher and lower Fair Market Values and the earlier and later redemption dates, as applicable,
based on a 365-day year.

 

The share prices set forth in
the column headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant
or the Exercise Price is adjusted pursuant to Section 4. The adjusted share prices in the column headings shall equal the share
prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon
exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise
of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time as the
number of shares issuable upon exercise of a Warrant.

 

6.3 Date Fixed for, and Notice
of, Redemption. In the event that the Company elects to redeem all of the Warrants pursuant to Section 6.1, the Company shall
fix a date for the redemption (the “Redemption Date”). In the event that the Company elects to redeem all of
the Warrants pursuant to Section 6.2, the Company shall fix a date for redemption (the “Alternative Redemption Date”).
Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the
Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at
their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the Registered Holder received such notice.

 

    10

     

    

 

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

 

6.5 Effect on Private Placement
Warrants.

 

6.5.1 The Company agrees that
the redemption rights provided in Section 6.1 shall not apply to the Private Placement Warrants if at the time of the redemption
such Private Placement Warrants continue to be held by TortoiseEcofin Borrower or its Permitted Transferees. However, once such Private
Placement Warrants are transferred (other than to Permitted Transferees under Section 2.6), the Company may redeem the Private
Placement Warrants, provided that the criteria for redemption are met, including the opportunity of the holder of such Private
Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.4. Private Placement Warrants
that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants, and
shall become Public Warrants under this Agreement.

 

6.5.2 The Company agrees that
the redemption rights provided in Section 6.2 shall apply to the Private Placement Warrants pari passu with the Public Warrants.

 

6.6 Warrants held by the
Company’s Officers or Directors. The Company agrees that if Warrants are held by any of the Company’s officers or directors,
the Warrants held by such officers and directors will be subject to the redemption rights provided in Section 6.1 (for Public Warrants
only) and Section 6.2 to the extent provided for herein, except that such officers and directors shall receive only “Fair
Market Value” (“Fair Market Value” in this Section 6.6 shall mean the last sale price of the Public Warrants
on the Alternative Redemption Date) for such Warrants so redeemed.

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

7.4.1 Registration of the
Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business Days after the closing
of its initial Business Combination, it shall use its commercially reasonable efforts to file with the SEC a post-effective amendment
to the registration statement for the Offering or a new a registration statement for the registration, under the Securities Act, of the
Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to
become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the
expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not
been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants shall have
the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration
statement being declared effective by the SEC, and during any other period when the Company shall fail to have maintained an effective
registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless
basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) or another
exemption) for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares
underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (as defined below)
by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume
weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the
date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary.
The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection
with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion
of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants
on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii)
the Ordinary Shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not
an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall
not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and
until all of the Warrants have been exercised, the Company shall continue to be obligated to comply with its registration obligations
under the first three sentences of this subsection 7.4.1.

 

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

 

8. Concerning the Warrant
Agent and Other Matters.

 

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

 

    12

     

    

 

8.2 Resignation, Consolidation
or Merger of Warrant Agent.

 

8.2.1 Appointment of Successor
Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent
becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place
of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified
in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his,
her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York
for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent,
whether appointed by the Company or by such court, shall be a corporation or other entity organized and existing under the laws of the
State of New York, in good standing and having its principal office in the 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 Ordinary Shares not later than the effective date of any such appointment.

 

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

 

8.3 Fees and Expenses of
Warrant Agent.

 

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

 

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

 

8.4 Liability of Warrant
Agent.

 

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

 

    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). The Warrant Agent shall not be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any
Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and non-assessable.

 

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

 

8.6 Waiver. The Warrant
Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any
distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by
and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against
the Trust Account and any and all rights to seek access to the Trust Account.

 

9. Miscellaneous Provisions.

 

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

 

9.2 Notices. Any notice,
statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the
Company shall be sufficiently given when 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:

 

TortoiseEcofin Acquisition Corp. III

5100 W. 115th Place

Leawood, KS 66211

Attention: Steven Schnitzer

 

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

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

    14

     

    

 

9.3 Applicable Law. The
validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State
of New York, 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, including under the Securities Act, 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;
provided, however, that the foregoing shall not apply to suits brought to enforce any liability or duty created by the Exchange Act or
any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

 

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

 

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

 

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

 

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

 

9.8 Amendments. This
Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of (i) curing any ambiguity
or to correct any mistake, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement
set forth in this Prospectus or (ii) 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 rights of the Registered
Holders. All other modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise
Period and any amendment to the terms of only the Private Placement Warrants, shall require the vote or written consent of the Registered
Holders of 50% of the then outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement
Warrants or any provision of this Agreement with respect to the Private Placement Warrants, fifty percent (50%) of the then-outstanding
Private Placement Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise
Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

 

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

 

Exhibit A — Form of Warrant Certificate

Exhibit B Legend — Private Placement Warrants

 

[Signature Page Follows]

 

    15

     

    

 

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

 

	 	TortoiseEcofin Acquisition Corp. III
	 	 	 
	 	By:	 
	 	Name:	Vincent T. Cubbage
	 	Title:	Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:  	Isaac J. Kagan
	 	Title:	Vice President

 

[Signature Page to the Warrant Agreement]

 

     

     

    

 

Exhibit A 

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

____________________

 

THIS WARRANT SHALL BE NULL AND VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

TortoiseEcofin
Acquisition Corp. III

Incorporated Under the Laws of the Cayman Islands

 

CUSIP [           
]

 

Warrant Certificate

 

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

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable Ordinary Share. Fractional shares of ordinary shares shall not be issued upon exercise
of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the
Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares to be issued to the warrantholder. The number
of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth
in the Warrant Agreement.

 

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

 

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

 

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

 

    1

     

    

 

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

 

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

 

	 	TORTOISEECOFIN ACQUISITION CORP. III
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    2

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary Shares and
are issued or to be issued pursuant to a Warrant Agreement dated as of            ,
2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer &
Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby
incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation
of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the
Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless
exercise pursuant to Section 6.3 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall
be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement.

 

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

 

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

 

In the event that the Warrant
may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary Shares that this
Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such
cashless exercise and (ii) the holder hereof shall complete the following:

 

The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement,
to receive           Ordinary Shares. If said number of Ordinary Shares is less than all
of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant
Certificate representing the remaining balance of such Ordinary Shares be registered in the name of            ,
whose address is             and that such Warrant Certificate be delivered to        
   , whose address is          .

 

[Signature Page Follows]

 

    4

     

    

 

Date:        , 20

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

	Signature Guaranteed:	 
	 	 
	 	 

 

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

 

    5

     

    

 

Exhibit B

LEGEND

 

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

 

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

 

No.          Warrants

 

 

6

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