Document:

Exhibit 10.1

 

ACURA PHARMACEUTICALS INC. 2016 STOCK
OPTION PLAN 

 

1. Purposes.
The Plan described herein, as amended and restated, shall be known as the “Acura Pharmaceuticals, Inc. 2016 Stock Option Plan”
(the “Plan”). The purposes of the Plan are to attract and retain the best available personnel for positions of substantial
responsibility, to provide additional incentive to Employees, Directors and Consultants of the Company or its Subsidiaries (as
defined in Section 2 below) to whom Option’s may be granted under this Plan, and to promote the success of the Company’s business.

 

Options granted hereunder
may be either “incentive stock options,” as defined in Section 422 of the Internal Revenue Code of 1986, as amended,
or “Non-ISO’s,” at the discretion of the Board and as reflected in the terms of the written option agreement.

 

The Plan is not intended
as an agreement or promise of employment. Neither the Plan, nor any Option granted pursuant to the Plan, shall confer on any person
any right to continue in the employ of the Company. The right of the Company to terminate an Employee is not limited by the Plan,
nor by any Option granted pursuant to the Plan, unless such right is specifically described by the terms of any such Option.

 

2. Definitions.
As used herein, the following definitions shall apply:

 

(a) “409A Award
Agreement” has the meaning set forth in Section 24.1.

 

(b) “Board”
shall mean the Committee, if one has been appointed, or the Board of Directors of the Company, if no Committee is appointed.

 

(c) “Change
of Control” shall mean means in one or a series of related transactions any of the following: (a) the acquisition (other
than solely from the Company) by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act) other than the Company (or any entity of which a majority of the outstanding voting stock or voting power is beneficially
owned directly or indirectly by the Company) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Securities Exchange Act of 1934 , as amended) of more than sixty-six and 2/3 percent (66.66%) of the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Voting Securities”);
(b) a reorganization, merger, consolidation, share exchange, recapitalization, business combination or similar combination involving
the Company or its capital stock (a “Business Combination”), other than a Business Combination in which more than thirty-three
and 1/3 percent (33.33%) of the combined voting power of the outstanding voting securities of the surviving or resulting entity
immediately following the Business Combination is held by the persons who, immediately prior to the Business Combination, were
the holders of the Voting Securities; (c) a sale or other transfer (other than license) of all or substantially all of the Company’s
assets (measured by the value or earning power of the assets), including, without limitation, the sale by the Company of its rights
under license agreements or similar agreements relating to its technology (including the sale of royalty payment amounts payable
to the Company or its shareholders under such agreements); (d) the license or similar agreement by the Company to a third party
or third parties, in one or more transactions, of all rights in and to the Company’s technology and, as a result of such
transactions, all or substantially all of the Company’s activities consist of monitoring such arrangements and collecting
fees and payments due thereunder; or (e) a complete liquidation or dissolution of the Company.

 

(d) “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(e) “Committee”
shall mean the Committee appointed under Section 4(a) hereof.

 

(f) “Common
Stock” shall mean the Common Stock, $.01 par value, of the Company.

 

(g) “Company”
shall mean Acura Pharmaceuticals, Inc., a New York corporation.

 

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(h) “Continuous
Service or Continuous Status as an Employee” shall mean the absence of any interruption or termination of service as an
Employee. Continuous Status as an Employee shall not be considered interrupted in the case of sick leave, military leave, or any
other leave of absence approved by the Board.

 

(i) “Director”
shall mean any person serving on the Board of Directors.

 

(j) “Employee”
shall mean any person, including officers, employed by the Company or any Parent or Subsidiary of the Company. The payment of a
Director’s fee by the Company shall not be sufficient to constitute “employment” by the Company.

 

(k) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(l) “Fair Market
Value” shall mean (i) the closing price for a share of the Common Stock on the exchange or quotation system which reports
or quotes the closing prices for a share of the Common Stock, as accurately reported for any date (or, if no shares of Common Stock
are traded on such date, for the immediately preceding date on which shares of Common Stock were traded) in The Wall Street Journal
(or if The Wall Street Journal no longer reports such price, in such other reliable publication (electronic or otherwise) as the
Board may select in its discretion or (ii) if no such price quotation is available, the price which the Committee acting in good
faith determines through any reasonable valuation method that a share of Common Stock might change hands between a willing buyer
and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant
facts (provided that such valuation method complies with Treas. Regulation 1.409A-1(b)(5)(iv), or any successor regulation).

 

(m) “Incentive
Stock Option” shall mean an Option intended to qualify as an incentive stock option within the meaning of Section 422
of the Code.

 

(n) “Non-ISO”
shall mean an Option to purchase stock which is not intended by the Committee to satisfy the requirements of Section 422 of the
Code. A Non-ISO” shall also mean a non-qualified stock option.

 

(o) “Option”
shall mean a stock option granted pursuant to the Plan.

 

(p) “Optioned
Stock” shall mean the Common Stock subject to an Option.

 

(q) “Optionee”
shall mean an Employee, Director or Consultant who receives an Option.

 

(r) “Parent”
shall mean a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

(s) “Plan”
shall mean this Acura Pharmaceuticals, Inc. 2016 Stock Option Plan, as amended from time to time.

 

(t) “Rule 16b-3”
shall mean Rule 16b-3 of the General Rules and Regulations under the Exchange Act.

 

(u) “Section
409A Award” has the meaning set forth in Section 24.1.

 

(v) “Share”
shall mean a share of the Common Stock, as adjusted in accordance with Section 11 of the Plan.

 

(w) “Subsidiary”
shall mean a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

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(x) “Ten Percent
Shareholder” shall mean a person who owns (after taking into account the attribution rules of Section 424(d) of the Code)
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, or a Subsidiary.

 

 3. Stock Authorized.

 

Subject to the provisions
of Section 11 of the Plan, the maximum aggregate number of shares which may be Optioned and sold under the Plan is 600,000 shares
of authorized, but unissued, or reacquired Common Stock. The maximum number of shares underlying Incentive Stock Options which
may be Optioned under the Plan is 600,000. The maximum number of shares which may be subject to Options granted to any one person
in any calendar year (including at fair market value on the date of grant) shall not exceed 60,000 shares (subject to adjustment
under Section 11 hereof consistent with Section 162(m) of the Code). If the shares that would be issued or transferred pursuant
to any Options are not issued or transferred and ceased to be issuable or transferable for any reason, the number of shares subject
to such Option will no longer be charged against a limitation provided for herein and may again be subject to Options. Notwithstanding
the proceeding sentence, with respect to any Option granted to any individual who is a “covered employee” within the
meaning of Section 162(m) of the Code that is cancelled, the number of shares subject to such Option shall continue to count against
the maximum number of shares which may be the subject of Options granted to such individual. For purposes of the preceding sentence
if, after grant, the exercise price of an Option is reduced, such reduction shall be treated as a cancellation of such Option and
the grant of a new Option, and both the cancellation of the Option and the new Option shall reduce the maximum number of shares
for which Options may be granted to the holder of such Option in a calendar year.

 

If an Option should
expire or become unexercisable for any reason without having been exercised in full, the unpurchased Shares which were subject
thereto shall, unless the Plan shall have been terminated, become available for further grant under the Plan.

 

 4. Administration.

 

(a) Procedure.
The Company’s Board of Directors may appoint a Committee to administer the Plan which shall be constituted so as to permit the
Plan to continue to comply with Rule 16b-3, as currently in effect or as hereafter modified or amended. The Committee appointed
by the Board of Directors shall consist of not less than two members of the Board of Directors, to administer the Plan on behalf
of the Board of Directors, subject to such terms and conditions as the Board of Directors may prescribe. Once appointed, the Committee
shall continue to serve until otherwise directed by the Board of Directors. From time to time, the Board of Directors may increase
the size of the Committee and appoint additional members thereof, remove members (with or without cause), and appoint new members
in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer
the Plan; provided, however, that at no time shall a Committee of less than two members administer the Plan. Subject to the provisions
of the Plan, the Committee shall be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations
relating to the Plan and to make all other determinations necessary or advisable for the administration of the Plan. Notwithstanding
anything to the contrary contained herein, no member of the Committee shall serve as such under this Plan unless such person is
a “Non-Employee Director” within the meaning of Rule 16b-3(b)(3)(i) of the Exchange Act. A majority vote of the members
of the Committee shall be required for all of its actions.

 

A majority of the entire
Committee shall constitute a quorum, and the action of the majority of the Committee members present at any meeting at which a
quorum is present shall be the action of the Committee. All decisions, determinations, and interpretations of the Committee shall
be final and conclusive on all persons affected thereby and shall, as to Incentive Stock Options, be consistent with Section 422
of the Code. The Committee shall have all of the powers and duties set forth herein, as well as such additional powers and duties
as the Board of Directors may delegate to it; provided, however, that the Board of Directors expressly retains the right in its
sole discretion (i) to elect and to replace the members of the Committee, and (ii) to terminate or amend this Plan in any manner
consistent with applicable law.

 

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(b) Powers of the
Committee. Subject to the provisions of the Plan, the Committee shall have the authority, in its discretion: (i) to grant Incentive
Stock Options, in accordance with Section 422 of the Code, or to grant Non-ISO’s; (ii) to determine the Fair Market Value of the
Common Stock; (iii) to determine the exercise price per share of Options to be granted which exercise price shall be determined
in accordance with Section 8 of the Plan; (iv) to determine the persons to whom (including, without limitation, members of the
Committee) and the time or times at which, Options shall be granted and the number of Shares to be represented by each Option;
(v) to interpret the Plan; (vi) to prescribe, amend and rescind rules and regulations relating to the Plan; (vii) to determine
the terms and provisions of each Option granted (which need not be identical) and, with the consent of the holder thereof, modify
or amend each Option; (viii) to accelerate or defer (with the consent of the Optionee) the exercise date of any Option; (ix) to
authorize any person to execute on behalf of the Company any instrument required to effectuate the grant of an Option previously
granted by the Board; and (x) to make all other determinations deemed necessary or advisable for the administration of the Plan.

 

(c) Subject to the
provisions of this Plan and compliance with Rule 16b-3 of the Exchange Act, the Committee may grant options under this Plan to
members of the Company’s Board of Directors, including members of the Committee, and in such regard may determine:

 

(i) the time at which any such
Option shall be granted;

 

(ii) the
number of Shares covered by any such Option;

 

(iii) the
time or times at which, or the period during which, any such Option may be exercised or whether it may be exercised in whole or
in installments;

 

(iv) the
provisions of the agreement relating to any such Option; and

 

(v) the Option
Price of Shares subject to an Option granted such Board member.

 

(d) Effect of the
Committee’s Decision. All decisions, determinations and interpretations of the Committee shall be final and binding on all
Optionees and any other holders of any Options granted under the Plan.

 

5. Eligibility.
Incentive Stock Options may be granted only to Employees. Non-ISO’s may be granted to Employees as well as non-employee Directors
and Consultants of the Company as determined by the Board or any Committee. Any person who has been granted an Option may, if he
is otherwise eligible, be granted an additional Option or Options.

 

Each grant of an Option
shall be evidenced by an Option agreement, and each Option agreement shall (1) specify whether the Option is an Incentive Stock
Option or a Non-ISO and (2) incorporate such other terms and conditions as the Committee acting in its absolute discretion deems
consistent with the terms of this Plan, including, without limitation, a restriction on the number of shares of stock subject to
the Option which first become exercisable during any calendar year.

 

To the extent that
the aggregate Fair Market Value of the stock of the Company subject to Incentive Stock Options granted (determined as of the date
such an Incentive Stock Option is granted) which first become exercisable in any calendar year exceeds $100,000, such Options shall
be treated as Non-ISO’s. This $100,000 limitation shall be administered in accordance with the rules under Section 422(d) of the
Code.

 

6. Effective Date
and Term of Plan. The effective date of this Plan (“Effective Date”) shall be the date it is adopted by the Board,
provided the shareholders of the Company (acting at a duly called meeting of such shareholders or by the written consent of shareholders)
approve this Plan within twelve (12) months after such Effective Date. The effectiveness of Options granted under this Plan prior
to the date such shareholder approval is obtained shall be contingent on such shareholder approval.

 

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Subject to the provisions
of Section 13 hereof, no Option shall be granted under this Plan on or after the earlier of

 

(1) the tenth
anniversary of the Effective Date of this Plan in which event the Plan otherwise thereafter shall continue in effect until all
outstanding Options shall have been surrendered or exercised in full or no longer are exercisable, or

 

(2) the date
on which all of the Common Stock reserved for issuance under Section 3 of this Plan has (as a result of the exercise or expiration
of Options granted under this Plan) been issued or no longer is available for use under this Plan, in which event the Plan also
shall terminate on such date.

 

7. Term of Option.
An Option shall expire on the date specified in such Option, which date shall not be later than the tenth anniversary of the date
on which the Option was granted, except that, if any Employee, at any time an Incentive Stock Option is granted to him or her,
owns stock representing more than ten percent (10%) of the total combined voting power of all classes of Common Stock (or, under
Section 424(d) of the Code is deemed to own stock representing more than ten percent (10%) of the total combined voting power of
all such classes of Common Stock, by reason of the ownership of such classes of stock, directly or indirectly, by or for any brother,
sister, spouse, ancestor or lineal descendant of such Employee, or by or for any corporation, partnership, state or trust of which
such Employee is a shareholder, partner or beneficiary), the Incentive Stock Option granted him or her shall not be exercisable
after the expiration of five (5) years from the date of grant or such earlier expiration as provided in the particular Option agreement.

 

 8. Exercise Price and Consideration.

 

(a) The per Share exercise
price for the Shares to be issued pursuant to exercise of an Option shall be such price as is determined by the Board, but shall
be subject to the following:

 

(i) In the case of an
Incentive Stock Option

 

(A) granted
to an Employee who, immediately before the grant of such Incentive Stock Option, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall
be no less than 110% of the Fair Market Value per Share on the date of grant.

 

(B) granted
to any Employee, the per share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.

 

(ii) In the case of
a Non-ISO, the per share exercise price shall be determined by the Board on the date of grant.

 

(b) The consideration
to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the
Board and may consist entirely of

 

(i) cash;

 

(ii) check;

 

(iii) subject to section
402 of the Sarbanes-Oxley Act of 2002 as amended from time to time and subject to such
terms and conditions as the Committee may impose, promissory note, provided such promissory note shall be full recourse as to principal
and interest and shall bear interest at the market rate, which market rate shall be equal to the rate of interest available to
the Optionee in a third party arms-length loan transaction of similar nature and amount;

 

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(iv) Shares of Common
Stock having been held by the Optionee for at least six (6) months prior to being surrendered as consideration for the Shares to
be issued upon exercise of an Option and having a Fair Market Value on the date of surrender equal to the aggregate exercise price
of the Shares as to which said Option shall be exercised, or any combination of such methods of payment; or

 

(v) such other consideration
and method of payment for the issuance of Shares to the extent permitted under New York law.

 

(c) Without limiting
Section 8(b), the Option may be exercised though net exercise, together with other forms of acceptable consideration, such that
the number of Shares of Common Stock issued upon the exercise will be reduced by the largest number of whole Shares that has a
Fair Market Value on the date of exercise that does not exceed the aggregate exercise price (less the exercise price paid, if any,
with other acceptable forms of consideration) as a result of such exercise.

 

(d) The Company has
the right to require the Optionee upon the exercise of an Option to pay to the Company the amount of any federal, state and local
taxes which the Company is required to withhold upon the exercise of the Option. In lieu of requiring cash payment of any such
taxes, the Company shall, in its discretion or at the Optionee’s request, instead withhold from the Shares of Common Stock
to be issued under the Option a number of Shares of Common Stock whose value is equal to the amount of such taxes. Valuation for
this purpose shall be the Fair Market Value on the date of exercise.

 

 9. Exercise of Option. 

 

(a) Procedure for
Exercise; Rights as a Shareholder. Any Option granted hereunder shall be exercisable at such times and under such conditions
as determined by the Committee, including performance criteria with respect to the Company and/or the Optionee, and as shall be
permissible under the terms of the Plan.

 

An Option may not be
exercised for a fraction of a Share.

 

An Option shall be
deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option
by the person entitled to exercise the Option and full payment for the Shares with respect to which the Option is exercised has
been received by the Company. Full payment may, as authorized by the Board, consist of any consideration and method of payment
allowable under Section 8(b) or 8(c) of the Plan. Until the issuance, which in no event will be delayed more than thirty (30) days
from the date of the exercise of the Option, (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other
rights as a shareholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except
as provided in the Plan.

 

Exercise of an Option
in any manner shall result in a decrease in the number of Shares which thereafter may be available, both for purposes of the Plan
and for sale under the Option, by the number of Shares as to which the Option is exercised.

 

(b) Termination
of Status as an Employee, or Director or Consultant with Respect to Non-ISO’s. Non-ISO’s granted pursuant to the Plan may be
exercised notwithstanding the termination of the Optionee’s status as an employee, a non-employee Director or a Consultant, except
as provided in the Plan or as provided by the terms of the Option agreement.

 

(c) Termination
of Service as an Employee with Respect to Incentive Stock Options. If the Continuous Service of any Employee terminates, he
or she may, but only within thirty (30) days (or such other period of time not exceeding three (3) months as is determined by the
Committee) after the date he or she ceases to be an Employee of the Company, exercise his or her Incentive Stock Option to the
extent that he or she was entitled to exercise it as of the date of such termination. To the extent that he or she was not entitled
to exercise the Incentive Stock Option at the date of such termination, or if he or she does not exercise such Option (which he
or she was entitled to exercise) within the time specified herein, the Option shall terminate.

 

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(d) Disability of
Optionee. Notwithstanding the provisions of Section 9(c) above, subject to Section 24 hereof, in the event an Employee is unable
to continue his or her Continued Service with the Company as a result of his or her total and permanent disability (within the
meaning of Section 22(e)(3) of the Code), he or she may, but only within three (3) months (or such other period of time not exceeding
twelve (12) months as is determined by the Committee) from the date of disability, exercise his or her Option to the extent he
or she was entitled to exercise it at the date of such disability. To the extent that he or she was not entitled to exercise the
Option at the date of disability, or if he or she does not exercise such Option (which he or she was entitled to exercise) within
the time specified herein, the Option shall terminate.

 

(e) Death of Optionee.
In the event of the death of an Optionee:

 

(i) during
the term of the Option who is at the time of his or her death an Employee of the Company and who shall have been in Continuous
Status as an Employee, a Director or Consultant since the date of grant of the Option, the Option may be exercised, subject to
Section 24 hereof, at any time within twelve (12) months following the date of death, by the Optionee’s estate or by a person who
acquired the right to exercise the Option by bequest or inheritance, but only to the extent of the right to exercise that would
have accrued had the Optionee continued living one (1) month after the date of death; or

 

(ii) within
thirty (30) days (or such other period of time not exceeding three (3) months as is determined by the Committee) after the termination
of Continuous Status as an Employee, a Director or Consultant, subject to Section 24 hereof, the Option may be exercised, at any
time within three (3) months following the date of death, by the Optionee’s estate or by a person who acquired the right to exercise
the Option by bequest or inheritance, but only to the extent of the right to exercise that had accrued at the date of termination;
except in the case of a Non-ISO, as otherwise provided in any option agreement between the Company and the Optionee.

 

 10. Transferability of Options. 

 

(a) Incentive Stock
Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the
laws of descent or distribution and may be exercised, during the life time of the Optionee only by the Optionee.

 

(b) Non-ISOs may not
be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent
or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee; provided that the Board, in its
sole discretion, may permit limited transferability, from time to time, on a general or specific basis, and may impose conditions
and limitations on any permitted transferability. Following transfer, any such Options shall continue to be subject to the same
terms and conditions as were applicable immediately prior to transfer, provided that for purposes of determining the rights of
exercise under the Option, the term “Optionee” shall be deemed to refer to the transferee. The termination of service
as an employee, non-employee director or consultant shall continue to be applied with respect to the original Optionee, following
which the options shall be exercisable by the transferee only to the extent, and for the periods specified in Section 9 of the
Plan and in the Option agreement.

 

11. Adjustments
upon Changes in Capitalization or Merger. Subject to any required action by the shareholders of the Company, the number of
shares of Common Stock covered by each outstanding Option, and the number of shares of Common Stock which have been authorized
for issuance under the Plan but as to which no Options have yet been granted or which have been returned to the Plan upon cancellation
or expiration of an Option, as well as the price per share of Common Stock covered by each such outstanding Option, shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split or the payment
of a stock dividend with respect to the Common Stock or any other increase or decrease in the number of issued shares of Common
Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities
of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be
made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein,
no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the number or exercise price of shares of Common Stock
subject to an Option.

 

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In the event of a Change
of Control, the proposed dissolution or liquidation of the Company, or in the event of a proposed sale of all or substantially
all of the assets of the Company, or the merger of the Company, the Board may, in the exercise of its sole discretion in such instances,
accelerate the vesting of all or any portion of Options then outstanding.

 

In the event of a Change
in Control, the Board may in its discretion and upon at least 10 days’ advance notice to the affected persons, cancel any outstanding
Options and pay to the holders thereof, in cash or stock, or any combination thereof, the value of such Options based upon the
price per share of Common Stock received or to be received by other shareholders of the Company in the Change of Control transaction.
In the case of any Option with an exercise price that equals or exceeds the price paid for a share of Common Stock in connection
with the Change in Control transaction, the Committee may cancel the Option without consideration therefor.

 

12. Time for Granting
Options. The date of grant of an Option shall, for all purposes, be the date on which the Board makes the determination granting
such Option. Notice of the determination shall be given to each Employee, non-employee Director and Consultant to whom an Option
is so granted within a reasonable time after the date of such grant.

 

13. Amendment and
Termination of the Plan. (a) The Board may amend or terminate the Plan from time to time in such respects as the Board may
deem advisable; provided that, the following revisions or amendments shall require approval of the holders of a majority of the
outstanding shares of the Company entitled to vote:

 

(i) any increase
in the number of Shares subject to the Plan, other than in connection with an adjustment under Section 11 of the Plan;

 

(ii) any
change in the class of Employees which are eligible participants for Options under the Plan; or

 

(iii) if
shareholder approval of such amendment is required for continued compliance with Rule 16b-3.

 

(b) Shareholder
Approval. Any amendment requiring shareholder approval under Section 13(a) of the Plan shall be solicited as described in Section
17 of the Plan.

 

(c) Effect of Amendment
or Termination. Any such amendment or termination of the Plan shall not affect Options already granted and such Options shall
remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise between the
Optionee and the Board, which agreement must be in writing and signed by the Optionee and the Company.

 

14. Conditions upon
Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and
the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without
limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the
requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel
for the Company with respect to such compliance.

 

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As a condition to the
exercise of an Option, the Company may require the person exercising such Option to represent and warrant at the time of any such
exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares
if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned relevant provisions
of law.

 

15. Reservation
of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as
shall be sufficient to satisfy the requirements of the Plan.

 

16. Option Agreement.
Options shall be evidenced by written Option agreements in such form as the Committee shall approve.

 

17. Shareholder
Approval. This Plan shall not be effective until approved by the affirmative vote of the holders of a majority of the votes
cast at a meeting of shareholders entitled to vote thereon, where a quorum is present. The approval of such shareholders of the
Company shall be (1) solicited substantially in accordance with Section 14(a) of the Exchange Act and the rules and regulations
promulgated thereunder, or (2) solicited after the Company has furnished in writing to the holders entitled to vote substantially
the same information concerning the Plan as that which would be required by the rules and regulations in effect under Section 14(a)
of the Exchange Act at the time such information is furnished.

 

18. Miscellaneous
Provisions. An Optionee shall have no rights as a shareholder with respect to any Shares covered by his Option until the date
of the issuance of a stock certificate to him for such shares.

 

19. Other Provisions.
The stock option agreement authorized under the Plan shall contain such other provisions, including, without limitation, restrictions
upon the exercise of the Option, as the Committee shall deem advisable. Any such stock option agreement shall contain such limitations
and restrictions upon the exercise of the Option as shall be necessary in order that such option will be an Incentive Stock Option
as defined in Section 422 of the Code if an Incentive Stock Option is intended to be granted.

 

20. Indemnification
of Committee. In addition to such other rights of indemnification as they may have as Directors or as members of the Committee,
the members of the Committee shall be indemnified by the Company against the reasonable expenses, including attorneys’ fees actually
and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein,
to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan
or any Option granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved
by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or
proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Board member
is liable for negligence or misconduct in the performance of his duties; provided that within sixty (60) days after institution
of any such action, suit or proceeding a Board member shall in writing offer the Company the opportunity, at its own expense, to
handle and defend the same.

 

21. Application
of Funds. The proceeds received by the Company from the sale of Common Stock pursuant to Options will be used for general corporate
purposes.

 

22. No Obligation
to Exercise Option. The granting of an Option shall impose no obligation upon the Optionee to exercise such Option.

 

23. Other Compensation
Plans. The adoption of the Plan shall not affect any other stock option or incentive or other compensation plans in effect
for the Company or any Subsidiary, nor shall the Plan preclude the Company from establishing any other forms of incentive or other
compensation for employees and Directors of the Company or any Subsidiary.

 

    	 	Page 9 of 11	 

     

    

 

24. Compliance with Section 409A of
the Code

 

24.1. Options Subject
to Code Section 409A. Notwithstanding anything to the contrary contained in the Plan, any Option that constitutes, or
provides for, a deferral of compensation subject to Section 409A of the Code (a “Section 409A Award”) shall satisfy the
requirements of Section 409A of the Code and this Section 24, to the extent applicable. The Option agreement with respect to a
Section 409A Award (the “409A Award Agreement”) shall incorporate the terms and conditions required by Section 409A of
the Code and this Section 24.

 

24.2. Distributions
under a Section 409A Award.

 

(a) Subject to subsection
(b), any shares of Common Stock, cash or other property or amounts to be paid or distributed upon the grant, issuance, vesting,
exercise or payment of a Section 409A Award shall be distributed in accordance with the requirements of Section 409A(a)(2) of the
Code, and shall not be distributed earlier than:

 

(i) the Optionee’s
separation from service,

 

(ii) the date
the Optionee becomes disabled,

 

(iii) the Optionee’s
death,

 

(iv) a specified
time (or pursuant to a fixed schedule) specified under the 409A Award Agreement at the date of the deferral of such compensation,

 

(v) to the extent
provided by the Secretary of the Treasury, a change in the ownership or effective control of the Company or a Subsidiary, or in
the ownership of a substantial portion of the assets of the Company or a Subsidiary, or

 

(vi) the occurrence
of an unforeseeable emergency with respect to the Optionee.

 

(b) In the case of
an Optionee who is a specified employee, the requirement of paragraph (a)(i) shall be met only if the distributions with respect
to the Section 409A Award may not be made before the expiration of the applicable holding period under Section 409A, if any, after
the Optionee’s separation from service (or, if earlier, the date of the Optionee’s death). For purposes of this subsection (b),
an Optionee shall be a specified employee if such Optionee is a key employee (as defined in Section 416(i) of the Code without
regard to paragraph (5) thereof) of a corporation any stock of which is publicly traded on an established securities market or
otherwise, as determined under Section 409A(a)(2)(B)(i) of the Code and the Treasury Regulations thereunder.

 

(c) The requirement
of paragraph (a)(vi) shall be met only if, as determined under Treasury Regulations under Section 409A(a)(2)(B)(ii) of the Code,
the amounts distributed with respect to the unforeseeable emergency do not exceed the amounts necessary to satisfy such unforeseeable
emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account
the extent to which such unforeseeable emergency is or may be relieved through reimbursement or compensation by insurance or otherwise
or by liquidation of the Optionee’s assets (to the extent the liquidation of such assets would not itself cause severe financial
hardship).

 

(d) For
purposes of this Section 24, the terms specified herein shall have the respective meanings ascribed thereto under Section 409A
of the Code and the Treasury Regulations thereunder.

 

24.3. Prohibition
on Acceleration of Benefits. The time or schedule of any distribution or payment of any shares of Common Stock, cash or other
property or amounts under a Section 409A Award shall not be accelerated, except as otherwise permitted under Section 409A(a)(3)
of the Code and the Treasury Regulations thereunder.

 

    	 	Page 10 of 11	 

     

    

 

24.4. Compliance
in Form and Operation. A Section 409A Award, and any election under or with respect to
such Section 409A Award, shall comply in form and operation with the requirements of Section 409A of the Code and the Treasury
Regulations thereunder.

 

25. Clawback.
Notwithstanding any other provision in this Plan, any Option which is subject to recovery under any law, government regulation
or stock exchange listing requirement, will be subject to such deductions and clawbacks as may be required to be made pursuant
to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to such
law, government regulation or stock exchange listing requirement).

 

26. Singular, Plural;
Gender. Whenever used herein, nouns in the singular shall include the plural, and the masculine pronoun shall include the feminine
gender.

 

27. Headings, Etc.,
No Part of Plan. Headings of Articles and Sections hereof are inserted for convenience and reference; they constitute no part
of the Plan.

 

28. Governing Law.
The Plan shall be governed by and construed in accordance with the laws of the State of New York, except to the extent preempted
by Federal law. The Plan is intended to comply with Rule 16b-3. Any provisions inconsistent with Rule 16b-3 shall be inoperative
and shall not affect the validity of the Plan, unless the Board of Directors shall expressly resolve that the Plan is no longer
intended to comply with Rule 16b-3.

 

Dated: April 28, 2016

 

    	 	Page 11 of 11Exhibit 4.4

 

WARRANT AGREEMENT

 

LANDCADIA HOLDINGS, INC.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

WARRANT AGREEMENT

 

Dated as of _________, 2016

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of _________, 2016, is by and between Landcadia Holdings, Inc., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”).

 

WHEREAS, on October
2, 2015, the Company granted a right (the “Rights”) to each of holder of a share of its Common Stock
(as defined below) as of the record date to subscribe to purchase up to 15,800,000 warrants, at a purchase price of $0.50 per warrant,
bearing the legend set forth in Exhibit B hereto (the “Sponsor Warrants”) for an aggregate of
up to 31,600,000 Sponsor Warrants;

 

WHEREAS, on October
2, 2015, the holders of all of the Rights, Fertitta Entertainment, Inc., a Texas corporation, and Leucadia National Corporation,
a New York corporation (together, the “Sponsors”), exercised all of their rights and entered into those
certain Warrant Subscription Agreements with the Company, pursuant to which the Sponsors subscribed to purchase their pro-rata
share of all of the Sponsor Warrants on the date(s) and in the amount(s) specified by the Company in one or more sale notices;

 

WHEREAS, the Company
is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities,
each such unit comprised of one share of Common Stock (as defined below) and one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 34,500,000 warrants (including up to 4,500,000 warrants
subject to the Over-allotment Option (as defined below)) to public investors in the Offering (the “Public Warrants”
and, together with the Sponsor Warrants, the “Warrants”). Each Warrant entitles the holder thereof to
purchase one-half of one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
for $5.75 per half share, subject to adjustment as described herein; provided, however, that no Warrant may be exercised
for a fractional share of Common Stock and only an even number of Warrants may be exercised at a given time;

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-1, No. 333-[_____] (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 Common Stock 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, 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 and shall be in substantially the form of Exhibit A
hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman
of the Board, President, 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. All of the Public Warrants shall initially be represented by one or more book-entry
certificates (each a “Book-Entry Warrant Certificate”).

 

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

 

2.3          Registration.

 

2.3.1           Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”)
for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
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. All of the Public Warrants shall initially
be represented by one or more Book-Entry Warrant Certificates deposited with the Depository Trust Company (the “Depository”)
and registered in the name of Cede & Co., a nominee of the Depository. 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 (i) the Depository or its
nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depository (such institution,
with respect to a Warrant in its account, a “Participant”).

 

If the Depository 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
Depository to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct
the Warrant Agent to deliver to the Depository definitive certificates in physical form evidencing such Warrants (“Definitive
Warrant Certificates”). Such Definitive Warrant Certificates shall be in the form annexed hereto as Exhibit A
with appropriate insertions, modifications and omissions, as provided above.

 

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 the Warrant Certificate (as defined below) 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 

     

    

 

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

 

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

 

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

 

(b)          to
the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or directors or
any member or affiliate of the Sponsors;

 

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

 

(f)          by
virtue of the laws of the state of Delaware or the organizational documents of either of the Sponsors upon dissolution of a Sponsor;

 

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

 

(h)          in
the event that, subsequent to the consummation of the Company’s initial Business Combination, the Company consummates a merger,
stock exchange or other similar transaction that results in all of the holders of the Company’s equity securities issued
in the Offering having the right to exchange their shares of Common Stock for cash, securities or other property;

 

provided, however, that,
in the case of clauses (a) through (e), these permitted transferees (the “Permitted Transferees”) 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 Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement,
to purchase from the Company the number of shares of Common Stock stated therein, at the price of $5.75 per half share, subject
to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement shall mean the price per share at which shares of Common Stock may be purchased
at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration
Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company shall provide
at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further
that any such reduction shall be identical among all of the Warrants.

 

3.2          Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger,
capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company
and one or more businesses (a “Business Combination”), or (ii)
the date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time,
on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes its initial Business
Combination, (y) the liquidation of the Company‘s trust account in accordance with the Company’s amended and restated
certificate of incorporation, as amended from time to time, if the Company fails to consummate a Business Combination, or (z) other
than with respect to the Sponsor Warrants, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the
“Expiration Date”); provided, however, that the
exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2
below with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price (as
defined below) (other than with respect to a Sponsor Warrant) in the event of a redemption (as set forth in Section 6 hereof),
each Warrant (other than a Sponsor Warrant in the event of a redemption) not exercised on or before the Expiration Date shall become
void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City
time, on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration
Date; provided, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered
Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the
Warrants.

 

3.3          Exercise
of Warrants.

 

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

 

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

 

(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 shares of Common Stock equal
to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied
by the difference between the Warrant Price and the “Fair Market Value”, as defined 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 6.3, the “Fair
Market Value” shall mean the average last sale price of the Common Stock for the ten (10) trading days ending on the
third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section
6 hereof;

 

    	4 

     

    

 

(c)              with
respect to any Sponsor Warrant, so long as such Sponsor Warrant is held by the Sponsors or a Permitted Transferee, by surrendering
the Sponsor Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the
number of shares of Common Stock underlying the Sponsor 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 last sale price of the Common
Stock for the ten (10) trading days ending on the third trading day prior to the date on which 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 Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full,
a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. If fewer than all
the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by
the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of
the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares
of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration
statement under the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective
and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4.
No Warrant shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant
unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately
preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such
Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants
shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit. Subject to Section
4.6 of this Agreement, a Registered Holder of Warrants may exercise its Warrants only for a whole number of shares of Common
Stock (i.e., only an even number of Warrants may be exercised at any given time by a Registered Holder). In no event will the Company
be required to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on
a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of warrants on a “cashless basis”,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the
Company shall round down to the nearest whole number, the number of shares to be issued to such holder.

 

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

 

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

 

    	5 

     

    

 

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

 

4.          Adjustments.

 

4.1           Stock
Dividends.

 

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

 

4.1.2           Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares
of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1.1
above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock
in connection with a proposed initial Business Combination, (d) as a result of the repurchase of shares of Common Stock by the
Company if a proposed initial Business Combination is presented to the stockholders of the Company for approval or (e) in connection
with the Company’s liquidation and the distribution of its assets upon its failure to consummate a 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 share of Common Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with
the per share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending
on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to
in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment
to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being
5% of the offering price of the Units in the Offering).

 

    	6 

     

    

 

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

 

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

 

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

 

    	7 

     

    

 

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

 

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

 

4.7           Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares 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 preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i)
avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such
case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized
national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is
necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary,
the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment
recommended in such opinion.

 

    	8 

     

    

 

5.          Transfer
and Exchange of Warrants.

 

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

 

5.2           Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that
except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred
only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a
successor depository; provided further, however, that in the event that a Warrant surrendered for transfer bears
a restrictive legend (as in the case of the Sponsor Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants
in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be
made and indicating whether the new Warrants must also bear a restrictive legend.

 

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

 

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

 

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.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company,
at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered
Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant (the “Redemption
Price”), provided that the last sales price of the Common Stock 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 Business Day prior to the date on which notice of the redemption is given and provided that
there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a
current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below)or
the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1.

 

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

 

    	9 

     

    

 

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

 

6.4           Exclusion
of Sponsor Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to the
Sponsor Warrants if at the time of the redemption such Sponsor Warrants continue to be held by the Sponsors or their Permitted
Transferees. However, once such Sponsor Warrants are transferred (other than to Permitted Transferees under subsection 2.5),
the Company may redeem the Sponsor Warrants, provided that the criteria for redemption are met, including the opportunity of the
holder of such Sponsor Warrants to exercise the Sponsor Warrants prior to redemption pursuant to Section 6.3. Sponsor Warrants
that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Sponsor Warrants and shall
become Public Warrants under this Agreement.

 

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

 

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

 

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

 

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

 

    	10 

     

    

 

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

 

7.4.1           Registration
of the Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days
after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration
statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants.
The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of
this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing
of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day
after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission,
and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares
of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of shares of Common
Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants,
multiplied by the 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 Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date
that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary.
The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent.
In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant
Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that
(i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required to be registered
under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States
federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) 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 Common Stock is at the time of any exercise of a Warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities
Act, 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 as described in subsection
7.4.1 and (ii) in the event the Company so elects, the Company shall not be required to file or maintain in effect a registration
statement for the registration, under the Securities Act, of the Common Stock issuable upon exercise of the Warrants, notwithstanding
anything in this Agreement to the contrary. If the Company does not elect at the time of exercise to require a holder of Public
Warrants who exercises Public Warrants to exercise such Public Warrants on a “cashless basis,” it agrees to use its
best efforts to register or qualify for sale the Common Stock issuable upon exercise of the Public Warrant under the blue sky laws
of the state of residence in those states in which the Public Warrants were initially offered by the Company of the exercising
Public Warrant holder to the extent an exemption is not available.

 

8.          Concerning
the Warrant Agent and Other Matters.

 

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

 

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 Warrant for inspection by the Company), then the holder of any Warrant may
apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent
at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    	11 

     

    

 

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

 

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

 

8.3           Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4           Liability
of Warrant Agent.

 

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

 

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

 

8.4.3           Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the
Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible
to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount
of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any
act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock
to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued, be valid
and fully paid and nonassessable.

 

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

 

    	12 

     

    

 

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 Warrant 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:

 

Landcadia Holdings, Inc.

1510 West Loop South

Houston, Texas 77027

Attention: Steven L. Scheinthal

 

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

17 Battery Place

New York, NY 10004

Attention: Compliance Department

 

9.3           Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application
of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. 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 or
corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason
of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors and assigns and of the Registered Holders of the Warrants.

 

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

 

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

 

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

 

    	13 

     

    

 

9.8           Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders.  All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Sponsor Warrants, shall require the affirmative vote or written consent of the Registered Holders of 65% of the then outstanding Public 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 — Sponsors’ Warrants

 

[Remainder of page intentionally
left blank]

 

    	14 

     

    

 

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

 

	 	Landcadia Holdings, Inc.
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 
	 	By	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Warrant Agreement]

 

    	15 

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

LANDCADIA HOLDINGS, INC.

Incorporated Under the Laws of the State of Delaware

 

CUSIP [_____]

 

Warrant Certificate

 

This Warrant
Certificate certifies that ____________________, or registered assigns, is the registered holder of _______________ warrants
(the “Warrants”) to purchase shares of Class A Common Stock, $0.0001 par value (“Common
Stock”), of Landcadia Holdings, Inc., a Delaware corporation (the “Company”). Each Warrant
entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the
Company that number of fully paid and nonassessable shares of Common Stock (each, a “Warrant”) as set
forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement,
payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of
the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency
of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms
used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each Warrant is initially
exercisable for one-half of one fully paid and non-assessable share of Common Stock. The number of shares of Common Stock issuable
upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise
Price is equal to $5.75 per half share; provided, however, that a Warrant may not be exercised for a fractional share of Common
Stock, so that only an even number of Warrants may be exercised at a given time. The Exercise Price is subject to adjustment upon
the occurrence of certain events set forth in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

     

     

    

 

	 	LANDCADIA HOLDINGS, INC.
	 	 
	 	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 shares
of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of [________], 201[_] (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New
York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated
by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	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 __________ shares of Common Stock
and herewith tenders payment for such shares to the order of Landcadia Holdings, Inc. (the “Company”)
in the amount of $ __________ in accordance with the terms hereof. The undersigned requests that a certificate for such shares
be registered in the name of __________ , whose address is __________ and that such shares be delivered to __________ whose address
is _________. If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests
that a new Warrant Certificate representing the remaining balance of such shares 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 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 Sponsor Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of
the Warrant Agreement, the number of shares that this Warrant is exercisable for shall be determined in accordance with subsection
3.3.1(c) of the Warrant Agreement.

 

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

 

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

 

	Date: ____________, 20__	
 
(Signature)

	 	
	 	
 

	 	
 

	 	
 
(Address)

	 	
	 	
 
(Tax Identification Number)

	 	

 

	Signature Guaranteed:	 
	 	 
	 	 

 

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

 

    	4 

     

    

 

EXHIBIT B

 

LEGEND – SPONSORS’ WARRANTS

 

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 LETTER AGREEMENTS BY AND AMONG LANDCADIA HOLDINGS, INC. (THE “COMPANY”), FERTITTA ENTERTAINMENT,
INC., LEUCADIA NATIONAL CORPORATION AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD
OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS
COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED
IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

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

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