Document:

EX-10.10

 Exhibit 10.10 

THIS WARRANT AND THE SHARES THAT MAY BE PURCHASED UPON THE EXERCISE OF THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT FOR DISTRIBUTION, AND HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED OR HYPOTHECATED, OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTRATION UNDER THE
ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT IS AVAILABLE FOR SUCH OFFER, SALE, PLEDGE, HYPOTHECATION, OR TRANSFER IN THE OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE COMPANY. 

NETTAR GROUP INC. 

WARRANT TO PURCHASE SHARES 

Date of Issuance: March 8, 2021 

THIS CERTIFIES THAT, as consideration, and in exchange, for the repurchase by Nettar Group
Inc., a British Virgin Islands company (the “Company”) of those certain preference shares, and repurchase and cancellation by the Company of those certain promissory notes, each described on Exhibit A attached hereto
(the “Subject Securities”) held by Columbia River Investment Limited, a British Virgin Islands company (the “Holder” or “CRIL”), as set forth in the Exchange Agreement between
the Holder and the Company, dated as of the date hereof (the “Exchange Agreement”), and in connection with the Loan and Security Agreement between the Holder and the Company, dated as of the date hereof (the “Loan
Agreement”) and the agreements contemplated thereby, the Holder, subject to the terms of this Warrant, is entitled to subscribe for and purchase from the Company for the Exercise Price (as defined below) up to a number and class of
shares of the Company as set forth herein, as may be adjusted as set forth herein. 
 1. DEFINITIONS.
As used herein, the following terms shall have the following respective meanings:  
 (a) “2018 Note”
means that certain promissory note issued by the Company to the Holder pursuant to the 2018 Note Purchase Agreement. 
 (b)
“2018 Note Purchase Agreement” means that Note Purchase Agreement, dated April 6, 2018, by and among the Company, the Holder and the other lenders party thereto, as amended through the date hereof including, for the
avoidance of doubt, through the amendment referred to in the Exchange Agreement. 
 (c) “2019 Note” means
that certain promissory note issued by the Company to the Holder pursuant to the 2019 Note Purchase Agreement. 
 (d)
“2019 Note Purchase Agreement” means that Amended and Restated Note Purchase Agreement, dated September 9, 2019, by and among the Company, the Holder and the other lenders party thereto, as amended through the date
hereof including, for the avoidance of doubt, through the amendment referred to in the Exchange Agreement. 

 (e) “Affiliate” means, with respect to any specified Person,
any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person (whether by contract right or otherwise), including without limitation any general partner, managing member, officer or director of
such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. 

(f) “Articles of Association” means the Company’s Memorandum and Articles of Association, as amended
and/or restated from time to time. 
 (g) “Company” has the meaning ascribed to it in the preamble of this
Agreement. 
 (h) “Effective Date” means the date of this Warrant. 

(i) “Exchange Agreement” has the meaning ascribed to it in the preamble of this Agreement. 

(j) “Exempted Securities” has the meaning ascribed to it in the Existing Articles. 

(k) “Exercise Period” means the period commencing with the Effective Date and ending upon the earlier of
(i) the twenty-five (25) year anniversary of the Effective Date, and (ii) the date on which this Warrant is exercised in full. 

(l) “Exercise Price” means the exercise price set forth on Exhibit A (initially, U.S. $40,089,033 in
total), subject to adjustment pursuant to Section 5 below. 
 (m) “Exercise Shares”
has the meaning ascribed to it in Section 2.1. 
 (n) “Existing Articles” means the Company’s
Memorandum and Articles of Association, amended and restated on June 12, 2017, as they appear in the Officer Certificate (as defined in the Loan Agreement), provided that, to the extent the Holder has provided its prior written approval
to an amendment or a modification of the Articles of Association, references to the Existing Articles shall mean such approved Articles of Association. 

(o) “Holder” has the meaning ascribed to it in the preamble of this Agreement.  

(p) “IRA” means the Amended and Restated Investors’ Rights Agreement, dated as of June 13, 2017, as
it may be amended or replaced from time to time. 
 (q) “Loan Agreement” has the meaning ascribed to it in
the preamble of this Agreement. 

  
 2 

 (r) “Military Affiliated Company” means (a) any Person
who derives, in the aggregate, at least 50% of its revenue during any of the prior five years, or in the aggregate over that five-year period, from military-related contracts and/or defense-related contracts (including contracts either directly or
indirectly with any military department, agency, or force or any military contractor), (b) any entity in which one or more such Persons described in clause (a) own at least 50% of the voting securities or other ownership interests, directly or
indirectly, individually or collectively, (c) any Person which is owned in whole or controlled by a military official, department, agency or representative thereof, or any Affiliate of such, or (d) any Person which is an official
government or government agency or entity or representative or agent of an official government or government agency. 
 (s)
“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever
that are, or may become, convertible or exchangeable into or exercisable for such equity securities, other than Shares issuable under the Company’s 2015 Share Plan. 

(t) “Notes” means the 2018 Note and the 2019 Note. 

(u) “Person” means any individual, corporation, partnership, trust, limited liability company, association or
other entity. 
 (v) “Restricted Acquirer” means (i) any Restricted Person, or (ii) any Trade
Controls Restricted Party. 
 (w) “ROFRA” means the Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of June 13, 2017, as it may be amended or replaced from time to time. 

(x) “Restricted Person” means (i) Alibaba Group Holding Limited, (ii) Baidu, Inc., (iii) Qihoo 360
Technology Co. Ltd. , in each case ((i)-(iii)) so long as such Person does not cease to operate its current principal businesses (determined as of the date hereof), or (iv) any Affiliates and successors of the Persons set forth in clauses
(i)-(iii). 
 (y) “Shares” has the meaning ascribed to it in Section 3.1. 

(z) “Subject Securities” has the meaning ascribed to it in the preamble of this Agreement. 

(aa) “Trade Controls Restricted Party” means any Person identified on the U.S. Department of the
Treasury’s List of Specially Designated Nationals and Blocked Persons, and Affiliates of Persons on such list, as well as governments and official government agencies of, representatives and agents of any of Cuba, Iran, North Korea, Sudan,
Syria, and the Crimea region of Ukraine. 

  
 3 

 (bb) “Trade Sale” has the meaning ascribed to it in the
Existing Articles.  
 (cc) “Transfer” means sale, lease, license, exchange, mortgage, pledge,
transfer, or other disposition. 
 (dd) “Voting Agreement” means the Amended and Restated Voting Agreement,
dated as of June 13, 2017, as it may be amended or replaced from time to time. 
 2. EXERCISE OF
WARRANT. 
 2.1 Exercise Shares. 

(a) Subject to the terms and conditions of this Warrant, this Warrant may be exercised during the Exercise Period for the following securities
(“Exercise Shares”) by the Holder delivering to the Company at its address set forth on the signature page hereto (or at such other address as it may designate by notice in writing to the Holder) an
executed Notice of Exercise in substantially the form attached hereto as Exhibit B: 
 (i) A number of class and series of preference
shares as set forth on Exhibit A (as Exhibit A may be amended as set forth herein); and 
 (ii) A number of Conversion
Shares (as defined in the 2019 Note Purchase Agreement) with respect to each of the Notes, but, with respect to each Note, in no event earlier than the time such Note would have become convertible had such Note not been repurchased and cancelled
under the Exchange Agreement;  
 provided, that, subject to securities and other applicable laws and the terms and conditions
hereof (including Section 2.1(b) and Section 7 hereof), (A) this Warrant may only be exercised with respect to any such securities described in clauses (i) or (ii) above if the Holder has the bona fide intention to, following the
exercise, effect the consummation of the sale of such securities, including in connection with a redemption or repurchase of such securities by the Company, a Change of Control Transaction (as defined in the Loan Agreement), in accordance with the
terms and conditions hereof; and (B) such securities shall be subject to adjustment as set forth in Section 5 below; provided, further, that in connection with a Change of Control Transaction, the Holder shall not be required to
accept consideration other than consideration in the form of cash or marketable securities of a Person that is a Military Affiliated Company. 

(b) As a condition to any exercise and sale of Exercise Shares described in clause (A) of the proviso to Section 2.1(a) other than a
sale in connection with a Change of Control Transaction, 
 (i) if such exercise of the Warrant shall occur prior to the consummation
of a Going Public Transaction (as defined in the Loan Agreement), the Holder shall have entered into a bona fide binding definitive agreement with a third party to sell such Exercise Shares to such third party and which agreement provides for the
consummation of such sale immediately upon 

  
 4 

 
exercise of the Warrant, or shall have provided to the Company other evidence reasonably satisfactory to the Company that such sale shall be consummated immediately upon the exercise of this
Warrant with respect to such Exercise Shares; and 
 (ii) if such exercise of the Warrant shall occur after the consummation of a Going
Public Transaction, (A) the Holder shall be entitled to exercise the Warrant for a number of Exercise Shares equal to (x) the number that is 1% of the total number of ordinary shares of the Company then outstanding (assuming full
conversion and/or exercise, as applicable, of all preference shares and other Derivative Securities (as defined in the IRA)(the “Permissible Hold Threshold”) and the Exercise Shares to be issued upon exercise, less
(y) the number of Exercise Shares of the Company then held by the Holder), provided that the Holder shall confirm in writing to the Company that the Holder has a bona fide intent to sell the Exercise Shares after the exercise of the
Warrant; and (B) even if Holder is holding the Permissible Hold Threshold, the Holder shall also be entitled to exercise the Warrant if the Holder (1) shall have entered into a bona fide binding definitive agreement with a third party to
sell such Exercise Shares to such third party which agreement provides for the consummation of such sale immediately upon exercise of the Warrant, or the Holder shall have provided to the Company other evidence reasonably satisfactory to the Company
(including without limitation evidence of intended timely execution of block trades of Exercise Shares) that such sale shall be consummated immediately upon the exercise of this Warrant with respect to such Exercise Shares or (2) confirms to
the Company its intent to execute a broker sale or other sale within 5 Business Days (as defined in the Loan Agreement) of the date on which the Exercise Shares are issued and become available for sale on a t+3 or shorter basis (including upon
confirmation thereof by the transfer agent) such that it will not hold more than the Permissible Hold Threshold by the close of trading on such 5th Business Day (“Permissible Hold Threshold End Date”); provided that
during such 5 Business Days the Holder will not hold (including by deposit or credit to its trading account), and Holder will not exercise this Warrant under this clause 2.1(b)(ii)(B) for a number of Exercise Shares that would result in Holder
holding, more than 2% of the total number of ordinary shares of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all preference shares and other Derivative Securities), and, in each such case, Holder shall be
required to sell or otherwise dispose of Exercise Shares such that it does not hold more than the Permissible Hold Threshold at the close of trading on such 5th Business Day. The parties agree that for the purpose of calculating 1% or 2% holding
under paragraph, if the Holder’s holding increases above such percentage solely due to a cancellation or other actions taken by the Company with respect to outstanding shares of the Company, such increase shall not be a violation of this
subsection 2.1(b)(ii). 
 In each case of (i) and (ii) above, the Company hereby agrees to use commercially reasonable efforts to
facilitate any such sale by the Holder, including by directing any transfer agent to process any exercise so as to allow for the immediate sale of the Exercise Shares upon exercise of the Warrant, and providing any reasonable assurances in
connection therewith that the applicable Exercise Shares will be issued and registered in the name of such third party immediately upon the Holder’s exercise of this Warrant. The Company further agrees to confirm the Exercise Shares have been
issued and are available for sale on a t+3 or shorter basis (including 

  
 5 

 
upon confirmation thereof by the transfer agent), within 3 Business Days for the first 2 exercises and within 2 Business Days for any subsequent exercise, of Holder’s delivery of the Notice
of Exercise. If the Company delivers such confirmation after such 3 Business Day period or 2 Business Day period, as applicable, the Permissible Hold Threshold End Date shall be extended by an additional 3 Business Days for each day that such
confirmation is late, with a minimum of an additional 5 Business Days. For purposes of Section 2.1(b)(ii)(2), for so long as the proposed or actual closing date (as the case may be) of such sale of the Exercise Shares shall fall within five
(5) Business Days following the issuance of the Exercise Shares to CRIL, such sale of Exercise Shares shall be deemed to occur “immediately.” 

(c) The Company shall amend Exhibit A following (x) any time on which all of the outstanding principal and unpaid interest due on
the applicable Note would have automatically converted to Conversion Shares in accordance with the terms of the applicable Note had such Note not been repurchased and cancelled under the Exchange Agreement, (y) a written request by the Holder
to the Company to make such amendment to Exhibit A at any time on which the Holder would have had a right to convert all of the outstanding principal and unpaid interest due on the applicable Note in accordance with the terms of the
applicable Note had such Note not been repurchased and cancelled under the Exchange Agreement (each, a “Hypothetical Conversion”), to reflect such Hypothetical Conversion and the adjusted number (and class and series, if applicable)
of Exercise Shares for which this Warrant is exercisable in respect of such Note, and (z) this Warrant being exercised for less than all of the Exercise Shares purchasable hereunder. The Company shall deliver to CRIL a Change of Control Notice
(as defined in the applicable Note) simultaneously with the delivery of such Change of Control Notice to each Lender (as defined in such Note). 

2.2 Method of Exercise. Prior to a Going Public Transaction, this Warrant may only be exercised during the Exercise
Period, in whole or in part, in accordance with Section 2.1 above, in the following manner, in each case subject to securities and other applicable laws and the other terms and conditions hereof (this Section 2.2 shall not apply following
a Going Public Transaction):  
 (a) No later than fifteen (15) days prior to any proposed sale and transfer of any
Exercise Shares, the Holder shall deliver to the Company at its address set forth on the signature page hereto (or at such other address as it may designate by notice in writing to the Holder) an executed Notice of Exercise in substantially the form
attached hereto as Exhibit B. The transfer or sale of the Exercise Shares shall be conditioned upon any such transferee delivering a counterpart signature page to, or otherwise becoming a party bound with respect to the transferred Exercise
Shares of each class (pursuant to such documents reasonably requested by the Company) by all the terms and conditions of, all agreements between the Company and the holders of at least a majority of the then-outstanding shares of such class, which
agreements shall include the IRA, ROFRA and Voting Agreement, if such purchaser is not already bound thereby with respect to any of the Exercise Shares. 

(b) Subject to the Holder’s compliance with Section 2.2(a) above and Section 2.3 below, the Company shall issue the
Exercise Shares, cause the Register of Members of the 

  
 6 

 
Company to be updated accordingly, and may cause certificates in respect of the Exercise Shares for which this Warrant has been exercised to be issued. Such Exercise Shares shall be registered on
the Register of Members of the Company in the name of the Holder, and the Register of Members of the Company shall then be updated to reflect the sale and transfer of the Exercise Shares by the Holder immediately upon the sale or transfer of such
Exercise Shares. In the event certificates are issued, the Company shall cause such certificates to be delivered to or upon the order of the purchaser of the Exercise Shares following consummation of such sale and transfer in accordance with the
terms of this Section 2.2. In the event that this Warrant is being exercised for less than all of the Exercise Shares purchasable hereunder, the Company and the Holder shall, promptly following the issuance by the Company of the number of
Exercise Shares for which this Warrant is then being exercised, amend Exhibit A to reflect such exercise and the remaining number of Exercise Shares purchasable hereunder and the Company shall deliver a copy of such amended Exhibit A
to the Holder. 
 2.3 Exercise Price. The Holder may, in its sole discretion, either pay the Company the Exercise
Price with respect to any exercise of this Warrant in cash by wire transfer of immediately available funds to a bank account designated by the Company in writing, or through a reduction of the principal amount and, at the option of the Holder,
interest associated with such reduced principal due by the Company to the Holder under the Loan Agreement. Upon such exercise of the Warrant by a reduction of the principal amount under the Loan Agreement, (a) the Company shall be deemed to
have repaid a portion of the outstanding principal amount under the Loan Agreement in an amount equal to the portion of the Exercise Price owed in connection with such exercise satisfied by reduction of the principal (with the balance being
satisfied by reduction of the interest accrued on the amount of principal reduced if so elected by the Holder), and (b) such reduction shall be confirmed by the Company to the Holder in writing. 

3. COVENANTS OF THE COMPANY. 

3.1 Covenants as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon
the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid-in and nonassessable, and free from all liens and charges imposed by the Company with
respect to the issuance thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of the Company
(“Shares”) to provide for the exercise of the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued Shares shall not be sufficient to permit exercise of this
Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued Shares to such number of Shares as shall be sufficient for such purposes. 

3.2 Stock Dividends. If the Company declares or pays a dividend on its capital stock payable in securities of the
Company or issues bonus shares, then upon exercise of this Warrant, for each Exercise Share acquired, Holder shall receive, without 

  
 7 

 
additional cost to Holder, the total number and kind of securities to which Holder would have been entitled had Holder owned the Exercise Shares of record as of the date the dividend occurred.

 3.3 Registration Rights. The Company agrees that so long as the IRA is in effect the Holder shall have the rights
and be subject to the obligations of Section 2 of the IRA with respect to the Ordinary Shares (as defined in the IRA) that are issuable upon conversion of the Exercise Shares that are exercisable under this Warrant, which Section 2 is
incorporated herein by reference, subject to Section 2.1(b). The Company shall not permit any amendment, termination, or waiver of any terms with respect to Section 2 of the IRA as they are currently in effect, that are adverse to the
rights of the Holder, without the prior written consent of the Holder, unless such amendment, termination, or waiver applies to all holders of capital stock of the Company that are in the same class and series as the Exercise Shares and that are
subject to such Section 2. Notwithstanding the foregoing, to the extent the IRA is terminated following a Going Public Transaction, and that an agreement governing the registration rights of the holders of Ordinary Shares that are issuable upon
conversion of the Exercise Shares that are exercisable under this Warrant is offered by the Company following a Going Public Transaction, the Holder shall have the rights and be subject to the obligations with respect to the registration rights as
so being offered by the Company.  
 3.4 Financial Information Rights. For so long as the Holder is the record
owner of this Warrant, the Company agrees to deliver to the Holder:  
 (a) beginning with the Company’s 2020
fiscal year, as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year,
and (iii) a statement of shareholders’ equity as of the end of such year, all such financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) or International Financial
Reporting Standards, consolidated, audited and certified by independent public accountants of international standing selected by the Company;  

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three
(3) quarters of each fiscal year of the Company, unaudited consolidated statements of income and cash flows for such fiscal quarter, and an unaudited consolidated balance sheet and a statement of shareholders’ equity as of the end of such
fiscal quarter, all prepared in accordance with GAAP or International Financial Reporting Standards (except that such financial statements may (i) be subject to normal year-end audit adjustments; and
(ii) not contain all notes thereto that may be required in accordance with GAAP or International Financial Reporting Standards), and, with respect to the fourth quarter, within sixty (60) days after the end of such fiscal quarter,
unaudited consolidated statements of income and cash flows for such fiscal quarter, and an unaudited consolidated balance sheet and a statement of shareholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP
or International Financial Reporting Standards (except that such financial statements may (I) be subject to normal year-end audit adjustments; and (II) not contain all notes thereto that may be
required in accordance with GAAP or International Financial Reporting Standards;  

  
 8 

 (c) as soon as practicable, but in any event within forty-five
(45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of shares and securities convertible into or exercisable for shares
outstanding at the end of the period, the ordinary shares issuable upon conversion or exercise of any outstanding securities convertible or exercisable for ordinary shares and the exchange ratio or exercise price applicable thereto, and the number
of shares of issued stock or share options and stock or share options not yet issued but reserved for issuance, if any, all in sufficient details as to permit the Holder to calculate its percentage equity ownership in Borrower, and certified by the
chief financial officer or chief executive officer of the Borrower as being true, complete and correct;  
 (d) as
soon as practicable, but in any event within twenty-five (25) days after the end of each calendar month, unaudited consolidated statements of income and cash flows for such calendar month, and an unaudited consolidated balance sheet and a
statement of shareholders’ equity as of the end of such calendar month, all prepared in accordance with GAAP or International Financial Reporting Standards (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP or International Financial Reporting Standards), provided that if such information is not
provided to either the Board of Directors or any holders of preference shares of the Company, then the delivery required pursuant to this subsection (d) for such month shall be deemed waived by Holder;  

(e) as may reasonably be requested by the Holder from time to time, information regarding the commercial activity driving
the financial performance of the Company; provided, that in no event shall such information include (i) identifying information with respect to customers, or (ii) technical information of the Company;  

(f) concurrently with the delivery of the same to the Board of Directors of the Company, copies of all consents and
resolutions of the Board of Directors of the Company; and  
 (g) concurrently with delivery of the same to all of
the shareholders of the Company, copies of all consents and resolutions of the shareholders of the Company, and other information provided to the shareholders of the Company as a group. 

The Company further agrees to make its senior management level employees available to the Holder, at the Holder’s reasonable request, solely to discuss
financial information delivered pursuant to this Section 3.4. 
 3.5 Restriction on Company Transactions. For so
long as 1,032,103 Exercise Shares remain exercisable under this Warrant, the Company agrees that it shall not take any of the following actions without the Holder’s prior written consent: 

  
 9 

 (a) Consummate a transaction, or a series of transactions, whether directly or
indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, that would constitute the sale, issuance or transfer to, (x) a Restricted Acquirer, any equity securities of the Company, or
(y) a Military Affiliated Company, more than 19.9% of equity securities of the Company, in each of (x) and (y), whether or not currently authorized, or any rights, options, or warrants to purchase such equity securities, or securities of
any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for (in each case, directly or indirectly) such equity securities; or  

(b) Consummate a Trade Sale to a Restricted Acquirer or a Military Affiliated Company, whether in a single transaction or a
series of related transactions, whether directly or indirectly, and whether or not by amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise. 

The rights described under this Section 3.5 shall terminate and be of no further force or effect upon the earliest of: (i) the date
that no Exercise Shares remain exercisable under this Warrant; (ii) immediately prior to the consummation of a Trade Sale, a Going Public Transaction, or a Change of Control Transaction. 

3.6 Notice of Certain Events. If the Company proposes at any time to:  

(a) declare any dividend or distribution upon the outstanding shares of the Company’s capital stock or
issue bonus shares, whether in cash, property, stock, or other securities and whether or not a regular cash dividend;  

(b) effect any repurchase or redemption of the outstanding shares of the Company’s capital stock, other
than repurchases from current or former employees, officers, directors, consultants or other persons who performed services for the Company or any Subsidiary in connection with the cessation of such employment or service pursuant to an agreement
approved by the Board;  
 (c) effect any reclassification, exchange, combination, substitution,
reorganization or recapitalization of the outstanding shares of the stock; or  
 (d) effect a
Change of Control Transaction, Going Public Transaction, or to liquidate, dissolve or wind up; 
 then, in connection with each such event,
the Company shall give Holder: 
 (i) in the case of the matters referred to in (a), (b) and (c) above, at least fifteen
(15) Business Days (as defined in the Loan Agreement) prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying
the date on which the holders of outstanding shares of the Common Stock will be entitled thereto) or for determining rights to vote, if any; and 

  
 10 

 (ii) in the case of the matters referred to in (d) above at least fifteen
(15) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of capital stock will be entitled to exchange their shares for the securities or other
property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice). 

The Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s
accounting or reporting requirements. 
 3.7 No Modifications of Rights. For so long as the Warrant is outstanding,
the Company shall not take any actions to, whether in a single transaction or a series of related transactions, whether directly or indirectly, and whether or not by amendment to the Articles of Association, merger, consolidation, scheme of
arrangement, amalgamation, or otherwise, without the Holder’s consent, adversely modify or terminate any rights of the Exercise Shares, as they are currently set forth in the Articles of Association, the IRA, the ROFRA, and the VA (so long as
each such agreement is in effect), unless such modification or termination is made in accordance with the Articles of Association or such agreement, as the case may be, and applies to all holders of capital stock of the Company that are in the same
class and series as the Exercise Shares in the same fashion. For so long as the Warrant is outstanding, without limiting the generality of the foregoing and subject to the last sentence of Section 3.3 of this Warrant, the Company shall not
permit any amendment, modification, termination, or waiver of any terms of the IRA, ROFRA, or VA without the prior written consent of the Holder unless such amendment, modification, termination or waiver applies to all holders of capital stock of
the Company that are in the same class and series as the Exercise Shares in the same fashion. 
 4. REPRESENTATIONS
OF HOLDER. 
 4.1 Status and Acquisition of Warrant for Personal Account. The Holder
represents and warrants that it is not a “U.S. Person” (as defined in Rule 902(k) under the U.S. Securities Act of 1933, as amended). The Holder also represents that the entire legal and beneficial interests of the Warrant and Exercise
Shares the Holder is acquiring is being acquired for, and will be held for, its account only.     

4.2 Securities Are Not Registered. 

(a) The Holder understands that the Warrant and the Exercise Shares have not been registered under any applicable securities laws. 

(b) The Holder recognizes that the Warrant and the Exercise Shares must be held indefinitely unless they are sold in accordance with
applicable securities laws. The Holder recognizes that the Company has no obligation to assist the Holder in complying with any such applicable securities laws, except, if applicable, except as expressly set forth in Section 3.3 above and
Section 2 of the IRA (as incorporated herein). 

  
 11 

 4.3 Disposition of Warrant and Exercise Shares. 

(a) The Holder further agrees not to make any disposition of all or any part of the Warrant or Exercise Shares unless the Holder
complies with all applicable securities laws. 
 (b) The Holder understands and agrees that all certificates evidencing the Exercise
Shares to be issued to the Holder may bear the following legend: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER ANY SECURITIES LAWS. THEY
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF COMPLIANCE WITH ANY APPLICABLE SECURITIES LAWS. 
 (c)
The restriction set forth in Section 4.3(a) will not apply in any transaction in which such Holder distributes the Warrant or Exercise Shares to an Affiliate of such Holder that is otherwise permitted by this Warrant; provided that each
transferee agrees in writing to be subject to the terms of this Section 4.3. 
 5. ADJUSTMENTS.

 5.1 In the event of changes in the outstanding Shares of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, mergers, consolidations, combinations or exchanges of shares, separations, reorganizations, liquidations, mandatory conversions, or the like, the number and class of
shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as the
Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. For the sake of clarity, in the event of a Going Public Transaction, the Exercise
Shares issuable upon exercise of this Warrant at such time shall be automatically adjusted and replaced with the securities into which such Exercise Shares would have been exchanged into, had such Exercise Shares been held by Holder immediately
prior to the Going Public Transaction. The form of this Warrant need not be changed due to any adjustment in the number of Exercise Shares subject to this Warrant. The Company shall amend Exhibit A to reflect such adjustment. 

5.2 Without duplication of any adjustment otherwise provided for in this Section 5, the number of ordinary shares
issuable upon conversion of the Exercise Shares shall be subject to anti-dilution adjustment from time to time in the manner set forth in Regulation 16.3 Existing Articles as if the Exercise Shares were issued and outstanding as of the date of any
such required adjustment. The Company shall amend Exhibit A to reflect such adjustment. 

  
 12 

 6. FRACTIONAL SHARES. No fractional
shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the
exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled
to such fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share by such fraction. 

7. MARKET STAND-OFF AGREEMENT. The Holder hereby agrees that
the Holder shall not exercise this Warrant or sell, offer, pledge, contract to exercise or sell, grant any option or contract to purchase, purchase any option or contract to exercise or sell, grant any right or warrant to purchase, lend or otherwise
transfer or encumber, directly or indirectly, any of the Exercise Shares, nor shall the Holder enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
Exercise Shares, during a period that shall not exceed one hundred and eighty (180) days, plus such additional period as may reasonably be requested by the Company or its underwriters to accommodate regulatory restrictions on (i) the
publication or other distribution of research reports or (ii) analyst recommendations and opinions, including the restrictions set forth in FINRA Rule 2241(b) and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar
successor rules, following the effective date of the first registration statement of the Company filed under the Act that includes securities to be sold on behalf of the Company to the public in an underwritten public offering under the Securities
Act or following the consummation of a Going Public Transaction if not such a public offering (which 180-day period shall commence on the same date on which the majority of other Company shareholders or former
shareholders become subject to the same or similar market stand-off requirement). The Holder further agrees, if so requested by the Company or any representative of its underwriters, to enter into such
underwriter’s standard form of “lockup” or “market standoff” agreement in a form satisfactory to the Company and such underwriter. In addition, the Holder shall be obligated with respect to the exercisability of this Warrant
and the Exercise Shares as set forth in the immediately preceding two sentences in connection with any other transaction in which the Company is merged, consolidated or otherwise combined with or into an entity which results in shareholders or
former shareholders of the Company owning stock of a public company; provided that in such case any reference to the underwriters shall be deemed to refer to the underwriters or financial advisors or persons in equivalent capacity in
connection with such transaction of such resulting public company or its affiliate, and any reference to a first registration statement shall be deemed to refer to the equivalent document. The transfer restrictions and obligation to agree to
additional lockups or market standoff terms shall be applicable to the Holder only if all executive officers, directors who were directors as of immediately prior to the consummation of the Going Public Transaction or public offering, and holders of
not less than one percent (1%) of the outstanding ordinary shares of the Company as of immediately prior to the consummation of the Going Public Transaction or public offering (after giving effect to the conversion or exercise of outstanding
options, warrants or convertible securities (including the preference shares)) of the Company, are all subject to the same restrictions. Any discretionary waiver or termination of the restrictions of any or all of such 

  
 13 

 
agreements by the Company or the underwriters (or other party with authority to waive or modify the restrictions) to any equityholder of the Company shall automatically apply pro rata to all
equityholders of the Company that are subject to such agreements, based on the number of shares (including the Exercise Shares) subject to such agreements. If the “market stand-off” agreement
provision of the IRA (as defined in the Exchange Agreement) is amended, subsequent to the amendment referred to in the Exchange Agreement, such that it becomes more favorable to the Investors (as defined in the IRA), the Company shall notify CRIL of
such amendment and the Company shall agree to amend this Section 7 shall in the same manner. 
 8.
DRAG-ALONG IN THE EVENT OF A TRADE SALE. Terms capitalized in this Section 8 but not
defined in this Warrant shall have the respective meanings given to them in the Existing Articles. 
 8.1 In the event
that a Trade Sale is approved in accordance with Regulation 37 of the Existing Articles, and the Dragging Shareholders exercise their Drag Along Option under such Regulation, then the Company shall deliver a copy of the Drag Along Notice to the
Holder consistent with the terms of Regulation 37 of the Existing Articles. Upon receipt of the Drag Along Notice, but subject to the terms of this Section 8, the Holder shall be required to exercise (in accordance with Section 2 herein
and conditioned on and as of immediately prior to the consummation of the Trade Sale) this Warrant in full, and to sell and transfer all of its interest in the Exercise Shares issued pursuant to such exercise, to the proposed buyer under the Trade
Sale. 
 8.2 To the extent that the vote of the Holder shall be either required or requested by the Dragging
Shareholders or by the Company in connection with the Trade Sale, and if the Holder shall have any voting rights with respect thereto, the Holder hereby agrees to vote all of the Exercise Shares in favor of such Trade Sale and in opposition of any
and all other proposals that could reasonably be expected to delay or impair the ability of the Company to consummate such Trade Sale, and to perform and otherwise comply with any other obligations of the Called Shareholders under Regulation 37 of
the Existing Articles to the same extent, and as if, the Holder was a Called Shareholder under such Regulation at the time of receipt of the Drag Along Notice; provided that the Holder shall not be required to vote in the manner described
under this Section 8.2 unless each of Regulation 37.5(a) through (g) are true with respect to such Trade Sale. Notwithstanding the foregoing, for so long as 1,032,103 Exercise Shares remain exercisable under this Warrant, the Holder shall
not be required to vote in the manner described under this Section 8.2 in the event of a Trade Sale to a Restricted Acquirer (and, in accordance with Section 3.5, the Company may not approve a Trade Sale to a Restricted Acquirer without
the Holder’s prior written) or if it would be required to accept equity securities of a Military Affiliated Company. 

8.3 If the Holder fails to:  

(a) Deliver to the Company within five (5) Business Days after a written request therefor:  

  
 14 

 (i) a duly exercised Notice of Exercise, which Notice shall exercise in full this Warrant,
as required under Section 8.1 above; 
 (ii) a duly executed instrument of transfer (or instruments of transfer) in respect of
the Exercise Shares held by the Holder (together with any share certificate(s) in respect of those Exercise Shares (or a suitable indemnity in respect thereof)), where required to do so under this Section 8 (and Regulation 37 of the Existing
Articles, as applicable); and/or 
 (iii) any other document of any kind required to be duly executed and delivered by the Holder
under this Section 8 (and Regulation 37 of the Existing Articles, as applicable); and/or  
 (b) Vote its
Shares in accordance with this Section 8 (and Regulation 37 of the Existing Articles, as applicable) within five (5) Business Days after a written request therefor, 

the Holder shall be deemed to have appointed any person nominated for the purpose by the Board of Directors of the Company to be its agent and attorney to
execute and deliver on the Holder’s behalf (X) all necessary instruments of transfer in respect of the Holder’s Exercise Shares (if applicable) and/or other documents of any kind required to be executed and delivered by the Holder
under this Section 8 (and Regulation 37 of the Existing Articles, as applicable), against receipt by the Company (on trust for the Holder) of the consideration payable for the Exercise Shares (or applicable initial part thereof, in accordance
with the terms of the Trade Sale); and (Y) a proxy in respect of all of the Holder’s Exercise Shares in the Company entitling the attorney/agent to vote the Holder’s Exercise Shares at any meeting of the Shareholders or any class or
series thereof in favor of any proposal submitted for approval in connection with the Trade Sale. 
 The validity of any action taken by any
agent and/or attorney of Holder pursuant to this Section 8 (including the exercise of any voting rights in respect of the Exercise Shares) shall not be questioned by any person. 

8.4 Failure to produce a share certificate (if applicable) shall not impede the registration of any transfer of Shares
under this Section 8 (and Regulation 37 of the Existing Articles, as applicable). 
 8.5 Notwithstanding the
foregoing, in the event Holder is obligated pursuant to this Section 8 to exercise the Warrant, the Holder may elect to instead cancel the Warrant in consideration for payment of the excess of the value of the aggregate consideration that would
be paid in consideration of the Exercise Shares in the Change of Control that is the subject of the Drag Along Option over the aggregate Exercise Price of the Warrant. Any such cancellation shall be contingent upon and subject to the consummation of
the Change of Control. 

  
 15 

 9. PARTICIPATION RIGHT. 

9.1 Subject to the terms and conditions of this Section 9 and applicable securities laws, if the Company proposes
any issuance or sale of New Securities, the Company shall offer such New Securities to Holder at the same time that it first offers such New Securities to Major Investors (as defined in the IRA) under Section 4 of the IRA. If the Company does
not offer such New Securities to Major Investors or the Major Investors otherwise waive their right to participate in such offering, it shall offer such New Securities to Holder at the same time that it first offers such New Securities to any third
party. 
 9.2 The Company shall give notice (the “Offer Notice”) to Holder in respect of such
New Securities, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

9.3 By notification to the Company within twenty (20) days after the Offer Notice is given, Holder may elect to
subscribe for or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the total Exercise Shares subject to this Warrant bears to the total number
of ordinary shares of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all preference shares and other Derivative Securities. At the expiration of such twenty (20) day period, the Company shall promptly
notify Holder if Holder has elected to subscribe for or acquire all the shares available to it of the failure of any other persons who have been granted pre-emptive rights by the Company in respect of New
Securities (the “Other Right Holders”) to do likewise. During the ten (10) day period commencing after the Company has given such notice, Holder may, by giving notice to the Company, elect to subscribe for or acquire, in
addition to the number of shares specified above, up to that portion of the New Securities for which Holder was entitled to subscribe but that were not subscribed for by the Other Right Holders which is equal to the proportion that the total
Exercise Shares subject to this Warrant bears to the ordinary shares issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the preference shares and any other Derivative Securities then held, by all
Other Right Holders who elect to subscribe for or acquire all the shares available to them and wish to subscribe for such unsubscribed shares. The closing of any sale pursuant to this Section 9.3 shall occur within the later of ninety
(90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 9.4. 

9.4 If all New Securities referred to in the Offer Notice are not elected to be subscribed for or acquired as provided
in Section 9.3, the Company may, during the ninety (90) day period following the expiration of the periods provided in Section 9.3, offer and issue the remaining unsubscribed portion of such New Securities to any person or persons at
a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the issuance of the New Securities within such period, or if such agreement is not

  
 16 

 
consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered
to Holder in accordance with this Section 9. 
 9.5 In the event that the Holder elects to subscribe for or
otherwise acquire any New Securities in accordance with this Section 9, the Holder shall, in its sole discretion, (a) deliver to the Company a cash payment of the purchase price of the New Securities for which the Holder has elected to
subscribe, or (b) purchase a promissory note from the Company in the same amount of the purchase price for such New Securities and on the same terms and conditions as the Loan Agreement and the notes thereunder (or the Company and Holder may
amend the Loan Agreement and note thereunder to increase the principal amount by the aggregate purchase price for the New Securities); provided that the interest rate with respect to such purchase price shall be (x) if such New
Securities are convertible debt securities, the higher of the rate that is given to other investors in such financing and 3.00% per annum; (y) if such New Securities are preference shares entitled to receive dividends, such note shall bear
interest at the higher of the rate of such dividend and 3.00% per annum; or (z) in connection with any other acquisition of New Securities under this Section 9, 3.00% per annum, and following the Company’s receipt of such payment, in
lieu of issuance of such New Securities to the Holder, (i) Exhibit A shall be amended by the Company to reflect the addition of such New Securities to the pool of Exercise Shares into which this Warrant is exercisable, (ii) the Exercise
Price with respect to such New Securities shall be the principal amount on the promissory note or the principal amount added to the Loan Agreement, as appropriate, or zero dollars ($0) if Holder elects to pay cash pursuant to Section 9.5(a),
and (iii) if such New Securities are convertible debt securities, this Warrant may be exercised with respect to such New Securities only from and after the time such New Securities would have been convertible to shares had Holder purchased such
actual convertible debt securities, and subject to the other terms and conditions of this Warrant. 
 9.6 The right of
first offer in this Section 9 shall not be applicable to (i) the issuance or deemed issuance of Exempted Securities or (ii) Ordinary Shares in the Company’s initial public offering. 

10. RIGHT OF FIRST REFUSAL; CO-SALE
RIGHTS. Terms capitalized in this Section 10 but not defined in this Warrant shall have the respective meanings given to them in the ROFRA. 

10.1 So long as the Exercise Shares exercisable under this Warrant constitute at least 1% of the Company’s Capital
Stock CRIL shall continue to be subject to the Rights of First Refusal granted by CRIL to the Company under Section 2.1 of the ROFRA to purchase, redeem or otherwise acquire all or any portion of Transfer Stock that CRIL may propose to transfer
in a Proposed Key Holder Transfer, at the same price and on the same terms and conditions as those offered to the Prospective Transferee, except if such Transfer would have been exempt under Section 3 of the ROFRA (and then subject to the terms
and conditions of such Section 3) and subject to the terms and conditions of this Warrant. 

  
 17 

 10.2 If CRIL proposes to make a Proposed Key Holder Transfer it must
deliver a Proposed Transfer Notice to the Company and each Investor not later than forty-five (45) days prior to the consummation of such Proposed Key Holder Transfer. Such Proposed Transfer Notice shall contain the material terms and
conditions (including price and form of consideration) of the Proposed Key Holder Transfer, the identity of the Prospective Transferee and the intended date of the Proposed Key Holder Transfer. To exercise its Right of First Refusal under this
Section 10, the Company must deliver a Company Notice to CRIL within fifteen (15) days after delivery of the Proposed Transfer Notice. In the event of a conflict between this Agreement and any other agreement that may have been entered
into by CRIL with the Company that contains a preexisting right of first refusal, the Company and CRIL acknowledge and agree that the terms of this Agreement shall control and the preexisting right of first refusal shall be deemed satisfied by
compliance with Subsection 10.1 and this Subsection 10.2. 
 10.3 Except if such Transfer would have been exempt under
Section 3 of the ROFRA (and then subject to the terms and conditions of such Section 3) and subject to the terms and conditions of this Warrant, CRIL shall also continue to be subject to the Secondary Refusal Right it granted
unconditionally and irrevocably grants to the Investors under Section 2.1 of the ROFRA to purchase all or any portion of the Transfer Stock not purchased by the Company pursuant to the Right of First Refusal, as provided in this Subsection
10.3. If the Company does not intend to exercise its Right of First Refusal with respect to all Transfer Stock subject to a Proposed Key Holder Transfer, the Company must deliver a Secondary Notice to CRIL and to each Investor to that effect no
later than fifteen (15) days after CRIL delivers the Proposed Transfer Notice to the Company. To exercise its Secondary Refusal Right, an Investor must deliver an Investor Notice to CRIL and the Company within ten (10) days after the
Company’s deadline for its delivery of the Secondary Notice as provided in the preceding sentence. The Investors shall be third party beneficiary of this Subsection 10.3, Subsection 10.4 and Subsection 10.5 with respect to the Secondary Refusal
Right. 
 10.4 If options to purchase have been exercised by the Company and the Investors with respect to some but
not all of the Transfer Stock by the end of the ten (10) day period specified in the last sentence of Subsection 10.3 (the “Investor Notice Period”), then the Company shall, immediately after the expiration of the
Investor Notice Period, send written notice (the “Company Undersubscription Notice”) to those Investors who fully exercised their Secondary Refusal Right within the Investor Notice Period (the “Exercising
Parties”). Each Exercising Party shall, subject to the provisions of this Subsection 10.4, have an additional option to purchase all or any part of the balance of any such remaining unpurchased shares of Transfer Stock on the terms and
conditions set forth in the Proposed Transfer Notice. To exercise such option, an Exercising Party must deliver an Undersubscription Notice to CRIL and the Company within ten (10) days after the expiration of the Investor Notice Period. In the
event there are two (2) or more such Exercising Parties that choose to exercise the last-mentioned option for a total number of remaining shares in excess of the number available, the remaining shares available for 

  
 18 

 
purchase under this Subsection 10.4 shall be allocated to such Exercising Parties pro rata based on the number of shares of Transfer Stock such Exercising Parties have elected to purchase
pursuant to the Secondary Refusal Right (without giving effect to any shares of Transfer Stock that any such Exercising Party has elected to purchase pursuant to the Company Undersubscription Notice). If the options to purchase the remaining shares
are exercised in full by the Exercising Parties, the Company shall immediately notify all of the Exercising Parties and CRIL of that fact. 

10.5 If the consideration proposed to be paid for the Transfer Stock is in property, services or other non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Company’s Board of Directors and as set forth in the Company Notice. If the Company or any Investor
cannot for any reason pay for the Transfer Stock in the same form of non-cash consideration, the Company or such Investor may pay the cash value equivalent thereof, as determined in good faith by the Board of
Directors and as set forth in the Company Notice. The closing of the purchase of Transfer Stock by the Company, the Investors shall take place, and all payments from the Company, the Investors shall have been delivered to CRIL, by the later of
(i) the date specified in the Proposed Transfer Notice as the intended date of the Proposed Key Holder Transfer; and (ii) forty-five (45) days after delivery of the Proposed Transfer Notice. 

10.6 Subject to the terms and conditions of this Section 10 and securities and other applicable laws, if a Key
Holder proposes to make a Proposed Key Holder Transfer of Transfer Stock and delivers to the Company a Proposed Transfer notice, the Company shall promptly deliver to the Holder a copy of such Proposed Transfer Notice received by the Company from
the selling Key Holder. If any Transfer Stock subject to a Proposed Key Holder Transfer is not purchased pursuant to Section 2.1 of the ROFRA and thereafter is to be sold to a Prospective transferee, the Holder may elect to exercise a right of Co-Sale and participate on a pro-rata basis in the Proposed Key Holder Transfer under Section 2.2 of the ROFRA to the same extent as if the Holder was a party to the
ROFRA and bound by such Section 2.2. The Company shall further notify the Holder of the last date on which the Holder, along with all other Investors under the ROFRA, may elect to exercise its right of
co-sale under this Section 10 and as set forth in such Section 2.2, at least fifteen (15) days prior to such date (the “Election Deadline”). In the event that the Holder
elects to exercise its right of co-sale under this Section 10, it shall deliver to the Company and the selling Key Holder written notice to that effect prior to the Election Deadline, and, upon delivering
such notice, the Holder shall, subject to complying with the other terms of this Section 10, be deemed to have effectively exercised its right of co-sale. 

10.7 The Holder may include in the Proposed Key Holder Transfer the aggregate Exercise Shares (the “Co-Sale Exercise Shares”) which the Holder would have been permitted to include under Section 2.2 of the ROFRA had the Holder been a party to the ROFRA and held the number of Exercise Shares
acquirable upon complete exercise of this Warrant immediately before the consummation of the Proposed Key Holder Transfer. 

  
 19 

 10.8 Immediately prior to the consummation of the Proposed Key Holder
Transfer and conditioned on such consummation, the Holder shall exercise the Warrant in accordance with the terms hereof for the Co-Sale Exercise Shares, the Exercise Price for which shall be as set forth on
Exhibit A. Such exercise shall be made in accordance with all the terms and conditions of this Warrant, including, without limitation, Section 2.2. The Company shall amend Exhibit A upon the consummation of the Proposed Key Holder
Transfer to reflect such exercise. 
 11. REDEMPTION AND REPURCHASE OF
CAPITAL STOCK. The Holder shall be entitled to participate in any redemption or repurchase of the Company’s capital stock on a pro rata ownership basis up to the ratio of Exercise Shares subject
to this Warrant to the total number of ordinary shares of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all preference shares and other Derivative Securities), provided that if the redemption or
repurchase is exclusive to a certain class or series of securities of the Company, the Holder shall be entitled to participate with respect to such class or series of Exercise Shares and up to its pro rata ownership of the class or series. 

12. TERMINATION OF CERTAIN RIGHTS. Sections 3.4, 8, 9, and
10 shall terminate upon the earlier to occur of (a) the expiration of the Exercise Period, (b) consummation of a Going Public Transaction, or (c) upon a Deemed Liquidation Event, as such term is defined in the Company’s Articles
of Association, whichever event occurs first. 
 13. CONFIDENTIALITY; PUBLIC
DISCLOSURE. 
 13.1 Confidentiality. In handling any confidential information of the Company
(including information provided under Section 3.4 otherwise under this warrant), the Holder shall exercise the same degree of care that it exercises for its own proprietary information, shall not disclose such information to any Person other
than to its Affiliate and advisors, provided that the recipient of such information shall be bound by an obligation to hold confidence of such information at least as stringent as those set forth herein, and shall use such information only
for the purpose of this Warrant, but disclosure of information may be made: (a) as required by applicable law, regulation, subpoena, or other order; provided that the Holder shall notify the Company of any such disclosure as promptly as
practicable after it becomes aware of such requirement (except to the extent prohibited by applicable law) and that the Holder shall request confidential treatment of such information to the extent permissible and shall cooperate with the Company in
its attempt to obtain a protective order or other confidential treatment, and (b) to the extent the Holder considers reasonably appropriate in exercising remedies under this Warrant. Confidential information includes all information of or
relating to the Company, but does not include any such information that is either: (i) in the public domain, or becomes part of the public domain (other than as a result of its disclosure by the Holder in violation of this Warrant) after
disclosure to the Holder; or (ii) disclosed to the Holder by a third party, if the Holder does not know that the third party is prohibited from disclosing the information. 

13.2 Public Disclosure. In connection with a Going Public transaction, Holder shall have a right to review and comment on (but
not to consent to) any disclosure relating to 

  
 20 

 
Holder proposed to be included in a registration statement, proxy statement, or similar publicly filed document; provided that Holder shall so review and provide comment, if any, within a
reasonable time. 
 14. NO SHAREHOLDER RIGHTS. This Warrant in and of
itself shall not entitle the Holder to any voting rights or other rights as a shareholder of the Company, other than those rights expressly set forth in this Warrant. 

15. TRANSFER OF WARRANT. Subject to applicable securities and other
applicable laws, the restriction on Transfer set forth on the first page of this Warrant, and Article 20 of the Articles of Association (Transfer of Shares), this Warrant and all rights hereunder are transferable, in whole or in part, by the
Holder in person or by duly authorized attorney upon delivery of documentation evidencing the assignment and assumption of such Warrant or the applicable portion thereof, which documentation shall be in form and substance reasonably acceptable to
the Company; provided that the transferee must agree to be bound by all of the provisions of this Warrant as if such transferee were the Holder. Notwithstanding the foregoing, and for so long as such restriction also applies to all of the
holders of shares of the Company who are subject to the ROFRA, the Holder shall not be permitted to sell or otherwise Transfer this Warrant (or any portion thereof) or any of the Exercise Shares to a Governmental Entity (as defined in the Loan
Agreement). 6 In the event that this Warrant is transferred by the Holder in part, the Company shall, promptly following such Transfer, issue a new Warrant to the transferee for the applicable portion of Exercise Shares subject to such new Warrant,
and shall amend Exhibit A of this Warrant to reflect the then-remaining number of Exercise Shares purchasable by the Holder hereunder. In the event that this Warrant is transferred by the Holder in its entirety, the Company shall, promptly
following such Transfer, issue a new Warrant to the transferee for the entire amount of then-remaining Exercise Shares purchasable under this Warrant, and this Warrant with Holder shall immediately terminate and be of no further force and effect.

 16. MISCELLANEOUS. 

16.1 Notices, Etc. All notices, consents, requests, approvals, demands, or other communication by any party to this
Agreement must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon transmission, when sent by electronic mail; provided that such transmission is acknowledged by the intended recipient (such as by
the “return receipt requested or similar function, as available, return electronic mail or other written acknowledgement); (b) three (3) Business Days after deposit with a reputable overnight courier with all charges prepaid; or
(c) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, or email address indicated below. Holder or the Company may change its mailing or electronic mail address
by giving the other party written notice thereof in accordance with the terms of this Section 16.1. 
 If to the Company: 

Nettar Group Inc. 

  
 21 

 c/o Maples Corporate Services 

(BVI) Limited 
 Kingston Chambers

 P.O. Box 173 
 Road Town,
Tortola 
 British Virgin Islands 

Attn: General Counsel, CEO 

Email: gc@satellogic.com, ceo@satellogic.com 

With a copy to (which itself shall not constitute notice): 

Friedman Kaplan Seiler & Adelman LLP 

7 Times Square, 28th Fl. 
 New
York, NY 10036 U.S.A. 
 Attn: Gregg Lerner 

Email: glerner@fklaw.comIf to CRIL: 

Columbia River Investment Limited 

c/o Tencent Holdings Limited 

Level 29, Three Pacific Place 
 1
Queen’s Road East 
 Wanchai, Hong Kong 

Attention: Compliance and Transactions Department 

Email: legalnotice@tencent.com, 

exploreinvestments@tencent.com 

With a copy to (which itself shall not constitute notice): 

44/F, Tencent Binhai Towers, No.33 Haitian 2nd Road, Nanshan District, 

Shenzhen, P.R.China 518054 

Attention: Mergers and Acquisitions Department 

Email: PD_Support@tencent.com 

Covington & Burling LLP 
 3000
El Camino Real 
 5 Palo Alto Square, 10th Floor 

Palo Alto, CA 94306-2112 

Attention: Scott Anthony 
 Email:
scanthony@cov.com 
 All share certificates to: 

Address: 44/F, Tencent Binhai Towers, No.33 Haitian 2nd Road, Nanshan 

District, Shenzhen, P.R.China 518054 

Tel: +86 13732204748 (Holly Peng), +86 18503093083 (Blair Jiang) 

Attn: Holly Peng/Blair Jiang, M&A Department 

16.2 Governing Law. This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of
the State of New York, without giving effect to any provisions thereof relating to conflict of law. 

  
 22 

 16.3 Consent To Jurisdiction. (A) The Company irrevocably
submits to the exclusive jurisdiction of any New York State or United States federal court sitting in the Borough of Manhattan, The City of New York and any appellate court from any thereof, in any suit, action or proceeding arising out of or
relating to this Warrant (a “Related Proceeding”) and the Company hereby irrevocably agrees that all claims in respect of any Related Proceeding may be heard and determined in such New York State or United States federal
court, as the person bringing such Related Proceeding may elect in its sole discretion (the “Specified Courts”). The Company also agrees that any judgment obtained in any of the Specified Courts arising out of any Related
Proceeding may be enforced or executed in any other court of competent jurisdiction whatsoever, and any judgment obtained in any such other court as a result of such enforcement or execution may be enforced or executed in any such other court of
competent jurisdiction (all courts other than Specified Courts being herein called “other courts”), by means of a suit on the judgment or in any other manner provided by law. The agreement made with respect to jurisdiction is made solely
with respect to Related Proceedings and the enforcement or execution of related judgments and under no circumstances shall it be interpreted as a general agreement with respect to proceedings unrelated to this Warrant. The Company hereby irrevocably
waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of any Related Proceeding and any objection to any Related Proceeding whether on the grounds of venue, residence or domicile. 

(B) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY IN CONNECTION WITH OR RELATING TO THIS WARRANT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS WARRANT AND ANY OF THE AGREEMENTS
DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO
ENTER INTO THIS WARRANT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 15.3(B). 
 16.4
Amendments in Writing; Waiver; Integration. No purported amendment or modification of this Warrant, or waiver, discharge or termination of any 

  
 23 

 
obligation hereunder, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought.
Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other
effect on this Warrant. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any
obligation or commitment to grant any further waiver. This Warrant, together with the Exchange Agreement and the Loan Agreement, represents the entire agreement about this subject matter and supersedes prior negotiations or agreements. All prior
agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Warrant merge into this Warrant. 

16.5 Interpretation. All references to Sections, paragraphs, subsections, clauses, subclauses, exhibits and schedules
shall be to such portions of this Warrant unless otherwise specified. The word “including” shall be deemed to be followed by “without limitation”. 

16.6 Successors and Assigns. This Warrant binds and is for the benefit of the successors and permitted assigns of each
party. Subject to application of the transfer restrictions in Section 14, the Holder may assign this Warrant without the prior consent of the Company; the Company may not assign this Warrant or any rights or obligations under it without the
Holder’s prior written consent (which may be granted or withheld in the Holder’s discretion), except that the Company may assign this Warrant and its rights hereunder and delegate its obligations hereunder, including by operation of law,
in connection with a sale of all or substantially all of its assets, a sale or transfer of all of its shares, a merger or consolidation of the Company, or a Going Public Transaction, in each case if such transaction is not a Change of Control
Transaction and provided that the assignee also assumes the obligations under the Loan Agreement (if the loan thereunder is still outstanding) and the Exchange Agreement. 

16.7 Further Assurances. Each party shall execute any further instruments and documents and take further action as the
other party may reasonably requests to effect the purposes of this Warrant. 
 16.8 Specific Performance. The parties
hereto acknowledge and agree that each would be damaged irreparably in the event any of the provisions of this Warrant are not performed in accordance with their specific terms or otherwise are breached. Accordingly, the parties hereto agree that
each party shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Warrant and to enforce specifically this Warrant and the terms and provisions hereof in any action instituted in any court specified in
Section 16.3 hereto, in addition to any other remedy to which they may be entitled, at law or in equity. 

  
 24 

 16.9 Severability of Provisions. Each provision of this Warrant is
severable from every other provision in determining the enforceability of any provision 
 16.10 Counterparts. This
Warrant may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Warrant. This Warrant may also be executed
and delivered by facsimile., PDF or other electronic delivery of signature. 
 16.11 Captions. The headings used in
this Warrant are for convenience only and shall not affect the interpretation of this Warrant. 
 16.12 No Interpretation
Against Drafting Party. The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation of this Warrant. In cases of uncertainty this Warrant shall be construed without regard to which of the
parties caused the uncertainty to exist. 
 16.13 Relationship. The relationship of the parties to this Warrant is
determined solely by the provisions of this Warrant. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 
 16.14 Third Parties. Nothing in this Warrant, whether
express or implied, is intended to: (a) confer any benefits, rights or remedies under or by reason of this Warrant on any Person other than the express parties to it and their respective permitted successors and assigns; (b) relieve or
discharge the obligation or liability of any person not an express party to this Warrant; or (c) give any Person not an express party to this Warrant any right of subrogation or action against any party to this Warrant. 

[SIGNATURE PAGE FOLLOWS] 

  
 25 

 The Company has caused this Warrant to be executed by its duly authorized officer as of the
date first set forth above. 
  

			
	NETTAR GROUP INC.

 
			
		
	By:	 	 

 
			
	Name:	 	Emiliano Kargieman

 
			
	Title:	 	CEO

 
			
	
	Address:
		
	                	 	c/o Maples Corporate Services (BVI) Limited
		 	Kingston Chambers
		 	P.O. Box 173
		 	Road Town, Tortola
		 	British Virgin Islands

  

			
	 Acknowledged:

	
	 COLUMBIA RIVER INVESTMENT
LIMITED

			
		
	By:	 	  

			
	Name:	 	

			
	Title:	 	

			
	Address:	 	
	             	 	

 [Warrant] 

 The Company has caused this Warrant to be executed by its duly authorized officer as of the
date first set forth above. 
  

			
	NETTAR GROUP INC.

 
			
		
	By:	 	  

 
			
	Name:	 	Emiliano Kargieman

 
			
	Title:	 	CEO

 
			
	
	Address:
		
	                	 	c/o Maples Corporate Services (BVI) Limited
		 	Kingston Chambers
		 	P.O. Box 173
		 	Road Town, Tortola
		 	British Virgin Islands

  

			
	 Acknowledged:

	
	 COLUMBIA RIVER INVESTMENT
LIMITED

			
		
	By:	 	 

			
	Name:	 	David Wallerstein
	Title:	 	Authorized Signatory

 Address: 

c/o Tencent Holdings Limited 
 Level 29, Three Pacific Place, 1
Queen’s Road East, Wanchai, Hong Kong 
 Attention: Compliance and Transactions Department 

Email: legalnotice@tencent.com, exploreinvestments@tencent.com 

with a copy to: 
 44/F, Tencent Binhai Towers, No.33 Haitian 2nd
Road, Nanshan District, Shenzhen, P.R.China 518054 
 Attention: Mergers and Acquisitions Department 

Email: PD_Support@tencent.com 

 EXHIBIT A 
  

																	
	 Holder Investments
	  	Investment	 	  	Shares	 	  	Exercise Price
per Share	 	  	Issue Date	 
	 Series A
	  	$	11,199,993	 	  	 	1,657,900	 	  	$	6.7555	 	  	 	6-Jan-2015	 
	 Series A
	  	$	3,500,040	 	  	 	518,100	 	  	$	6.7555	 	  	 	3-Apr-2015	 
	 Series B
	  	$	14,999,997	 	  	 	1,725,784	 	  	$	8.6917	 	  	 	13-Jun-2017	 
	 Series B-1
	  	$	1,575,842	 	  	 	226,629	 	  	$	6.9534	 	  	 	13-Jun-2017	 
	 2018 Note
	  	$	3,453,846	 	  	 	272,439	 	  	$	12.6775	 	  	 	12-Apr-2018	 
	 2019 Note
	  	$	5,359,315	 	  	 	422,742	 	  	$	12.6775	 	  	 	30-Sep-2019	 
	 Total
	  	$	40,089,033	 	  	 	4,823,594	 	  				  			

 For purposes of this Exhibit A: 

(a) “Series A” means the Company’s Series A Preference Shares, par value US$0.00001 per share. 

(b) “Series B” means the Company’s Series B Preference Shares, par value US$0.00001 per share. 

(c) “Series B-1” means the Company’s Series B-1 Preference Shares, par value US$0.00001 per share. 

 EXHIBIT B 

FORM OF NOTICE OF EXERCISE 
 TO: Nettar
Group Inc. 
 Pursuant to Section 2.2 of that certain warrant to purchase shares (as the same may be amended from time to time, the
“Warrant”), dated as of                     , 2021, by and between Nettar Group Inc. (the “Company”) and Columbia River
Investment Limited (the “Holder”),     
 (1) A. Complete If (i) Exercise Prior to the consummation of
a Going Public Transaction or, (ii) Exercise after to the consummation of a Going Public Transaction in accordance with clause (1) of Section 2.1(b)(ii) of the Warrant: 

the Holder hereby elects to purchase                shares of Nettar Group Inc.
(the “Exercise Shares”), for purposes of selling all such Exercise Shares to                . The exercise of the Warrant, and the issuance of the Exercise
Shares by the Company in connection which this Notice, is conditioned upon the consummation of the sale and transfer of such Exercise Shares to                 . 

B. Complete If Exercise After the consummation of a Going Public Transaction in accordance with clause (2) of Section 2.1(b)(ii)
of the Warrant: 
 ☐  [Check here if following exercise and issuance the outstanding Exercise Shares issued to Holder
will be under the Permissible Hold Threshold] 
 the Holder hereby elects to
purchase                shares of Nettar Group Inc. (the “Exercise Shares”), and has a bona fide intent to sell such Exercise Shares. 

☐  [Check here if following the exercise and issuance the outstanding Exercise Shares issued to Holder will exceed the
Permissible Hold Threshold (but will not hold more than 2% of the total number of ordinary shares of the Company then outstanding)] 
 the Holder hereby
elects to purchase                shares of Nettar Group Inc. (the “Exercise Shares”), for purposes of selling such Exercise Shares. Upon the issuance of such
Exercise Shares Holder will not hold more than 2% of the total number of ordinary shares of the Company then outstanding (calculated in accordance with Section 2.1(b)(ii) of the arrant). Holder will sell or otherwise dispose of sufficient
shares such that its will not hold more than the Permissible Hold Threshold by the close of trading on the 5th Business Day following the date on which Exercise Shares are issued under this notice of exercise and become available for sale on a t+3
or shorter basis (including upon confirmation thereof by the transfer agent). 
 (2) Pursuant to Section 2.3 of the Warrant, the
purchase price owed by the Holder with respect to this exercise (the “Exercise Price”), which purchase price is, in total, $            , shall be satisfied: 

 [Select one of the following:] 

☐ in cash by wire transfer of immediately available funds to a bank account designated by the Company in writing. 

☐ through a reduction of the amount due by the Company to the Holder under that certain loan agreement between the Holder and the
Company, dated as of                     , 2021 (the “Loan Agreement”). The Holder hereby acknowledges and agrees that, upon this exercise
of the Warrant, (a) the Company shall be deemed to have repaid a portion of the outstanding principal amount and accrued but unpaid interest under the Loan Agreement in an amount equal to the Exercise Price owed in connection with this exercise
(with the allocation between outstanding principal and outstanding interest being set forth herein in accordance with the Warrant), and (b) such reduction shall be confirmed by the Company to the Holder. The Holder shall also tender payment of
all applicable transfer taxes to the Company, if any. The amount of outstanding principal allocated to the Exercise Price shall be
                    . The amount of accrued but unpaid interest allocated to the Exercise Price shall be
                    . The amount of interest allocated shall not exceed the amount of the interest accrued and unpaid on the principal applied to the
Exercise Price. The Company shall pay to the Holder $             in cash to pay any interest accrued and unpaid on principal used to satisfy the Exercise Price and that is not allocated to
satisfy the Exercise Price. 
 (3) The Holder’s representations and warranties contained in the Warrant are true and correct in
all respect as of the date hereof and are incorporated herein by reference as if included in this Notice. 
 [Signature Page Follows] 

	
	      

(Print name of the warrant holder)

 

	
	  
 (Signature)

	
	  
 (Name and title of signatory,
if applicable)

	
	  
 (Date)

	
	  
 (Fax number)

	
	  
 (Email address)Exhibit 4.4

 

WARRANT
AGREEMENT

 

between

 

BLUE
WATER ACQUISITION CORP. II

 

and

 

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of [●], 2021, is by and between Blue Water Acquisition
Corp. II, 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 [●],
2021, the Company entered into that certain Private Placement Warrants Purchase Agreement with Blue Water Sponsor II LLC, a Delaware limited
liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 2,700,000 warrants
(or up to 2,925,000 warrants if the Over-allotment Option (as defined below) in connection with the Offering (as defined below) is exercised
in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option, if applicable) bearing the legend
set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00 per
Private Placement Warrant;

 

 
WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination
(as defined below), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are
not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into
up to additional 1,500,000 warrants at a price of $1.00 per warrant (the “Working Capital Warrants”);

 

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-half of one Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 4,312,500 warrants (including up to 562,500 warrants subject to
the Over-allotment Option) to public investors in the Offering (the “Public Warrants”). Each Warrant (defined
below) entitles the holder thereof to purchase one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”), for $11.50 per share, subject to adjustment as described herein;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement
on Form S-1, File 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, and
the Public Warrants and the Common Stock included in the Units;

 

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

 

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

 

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

 

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

 

    1

     

    

 

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

 

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

 

2.
Warrants.

 

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

 

2.2
Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant
to this Agreement, a Warrant represented by such physical 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 in book entry form,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants
shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts
with the Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account,
a “Participant”).

 

If
the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct
the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible
for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written
instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall
instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants which shall
be in the form annexed hereto as Exhibit A.

 

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

 

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

 

2.4
Detachability of Warrants. The Common Stock and Public Warrants comprising the Units shall begin separate trading on the fifty-second
(52nd) day following the date of the Prospectus or, if such fifty-second (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 Maxim Group LLC, 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 Units in the Offering (the “Over-allotment Option”),
if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (B) the Company issues a press release and
files with the Commission a current report on Form 8-K announcing when such separate trading shall begin.

 

    2

     

    

 

2.5
Private Placement Warrants and Working Capital Warrants.

 

The
Private Placement Warrants and Working Capital Warrants shall be identical to the Public Warrants, except that so long as they are held
by the Sponsor or any of its Permitted Transferees (as defined below), as applicable, the Private Placement Warrants and Working Capital
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 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 Private Placement Warrants, Working Capital
Warrants and any shares of Common Stock held by the Sponsor or any of its Permitted Transferees and issued upon exercise of the Private
Placement Warrants or Working Capital Warrants, may be transferred by the holders thereof:

 

(a)
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any affiliate of the Sponsor, or to any members of the Sponsor or any of its affiliates, officers, directors and direct and
indirect equityholders;

 

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

 

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

 

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

 

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

 

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

 

(g)
by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor;

 

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

 

2.6
Working Capital Warrants. Each of the Working Capital Warrants shall be identical to the Private Placement Warrants.

 

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

 

3.
Terms and Exercise of Warrants.

 

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

 

    3

     

    

 

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 following 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”), and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and terminating
at 5:00 p.m., New York City time on the earlier to occur of: (w) the date that is five (5) years after the date on which the Company completes
its Business Combination, (x) the liquidation of the Company in accordance with the Company’s second amended and restated certificate
of incorporation, as amended from time to time, if the Company fails to complete a Business Combination, or (y) other than with respect
to the Private Placement Warrants and Working Capital Warrants then held by the Sponsor or any officers or directors of the Company, or
any of their Permitted Transferees as provided in Section 6.1, the Redemption Date (as defined below) as provided in Section
6.2 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall
be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective
registration statement. Except with respect to the right to receive the Redemption Price (as defined below), in the event of a redemption
(as set forth in Section 6 hereof), each outstanding Warrant (other than a Private Placement Warrant or Working Capital Warrant
held by the Sponsor or any officers or directors of the Company, or their Permitted Transferees, in the event of a redemption for cash)
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this
Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written
notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in
duration among all the Warrants.

 

3.3
Exercise of Warrants.

 

3.3.1
Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent (if a
physical certificate is issued), may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent,
or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form,
as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of 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 shares of Common Stock, as follows:

 

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

 

(b) 
in the event of a redemption pursuant to Section 6 hereof in which the Company’s board of directors (the
“Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless
basis,” by surrendering the Warrants for that number of 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 excess of the “Fair Market Value”,
as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. Solely for purposes
of this subsection 3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average
last reported sale price of the Common Stock for the ten (10) trading days ending on the third (3rd) 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; and

 

(c) 
with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working Capital
Warrant is held by the Sponsor or any officer or director of the Company, or their Permitted Transferees, 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 excess of the “Fair Market Value”, as defined in this subsection
3.3.1(c), over the Warrant Price 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 reported sale price of the Common Stock for the ten (10) trading
days ending on the third (3rd) trading day prior to the date on which notice of exercise of the Private Placement Warrant
or Working Capital Warrant is sent to the Warrant Agent; or

 

    4

     

    

 

(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 book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which he,
she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been
exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to
which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares
of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration
statement under the Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective and a
prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant
shall be exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common
Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification under
the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately
preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant
and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall
have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit. 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 of Common Stock, the
Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such holder.

 

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

 

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

 

3.3.5
Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he,
she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s
Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise,
such person and any of its affiliates or any other person subject to aggregation with such person for purposes of the “beneficial
ownership” test under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or any “group” (within the meaning of Section 13 of the Exchange Act) of which such person is or may be deemed to be a part,
would beneficially own (within the meaning of Section 13 of the Exchange Act) (or to the extent that for any reason the equivalent calculation
under Section 16 of the Exchange Act and the rules and regulations thereunder would result in a higher ownership percentage, such higher
percentage would be) in excess of 4.8% or 9.8% (as specified by the holder) (the “Maximum Percentage”) of the
shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate
number of shares of Common Stock beneficially owned by such person and its affiliates or any such other person or group shall include
the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is
being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of
the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion
of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible
notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained
herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act. For purposes of the Warrant, in determining the number of outstanding shares of Common Stock,
the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report
on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be,
(2) a more recent public announcement by the Company, or (3) any other notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the
Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding.
In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of
equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common
Stock was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum
Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall
not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    5

     

    

 

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) to satisfy the redemption rights of the holders of Common
Stock in connection with a stockholder vote to amend the Company’s second amended and restated certificate of incorporation (i)
to modify the substance or timing of the Company’s obligation to redeem 100% of the shares of Common Stock included in the Units
sold in the Offering if the Company does not complete the Business Combination within the time period set forth in the Company’s
second amended and restated certificate of incorporation or (ii) with respect to any other provisions relating to stockholders’
rights or pre-initial business combination activity, or (e) in connection with the redemption of the shares of Common Stock included
in the Units sold in the Offering upon the failure of the Company to complete its initial Business Combination and any subsequent distribution
of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”),
then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share
of 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 three hundred sixty five (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).

 

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.

 

4.3.1
Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in subsection
4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable
upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of
shares of Common Stock so purchasable immediately thereafter.

 

    6

     

    

  

4.3.2
If (x) the Company issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares
of Common Stock for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or
effective issue price of less than $9.20 per share of Common Stock, with such issue price or effective issue price to be determined in
good faith by the Board (and in the case of any such issuance to the initial stockholders (as defined in the Prospectus) or their affiliates,
without taking into account any founder shares held by such stockholders or their affiliates, as applicable, prior to such issuance)(the
“New Issuance Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the
total equity proceeds, and interest thereon, available for the funding of its initial business combination on the date of the consummation
of its initial business combination (net of redemptions), and (z) the volume weighted average trading price of common stock during the
twenty (20) trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination
(such price, the “Market Value”) is below $9.20 per share, then the Warrant Price shall be adjusted (to the
nearest cent) to be equal to 115% of the greater of the Market Value and the New Issuance Price and the Redemption Trigger Price (as
defined below) will be adjusted (to the nearest cent) to 180% of the greater of the Market Value and the New Issuance Price.

 

4.4
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 entity
or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the 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 second 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 (or any successor rule)) of which such maker is a part, and together with any affiliate
or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule) and any members of any
such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange
Act (or any successor rule)) more than 50% of the outstanding 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, 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 Commission, 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 ninety (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 the Warrant.

 

    7

     

    

 

4.5
Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock 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 of Common Stock 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 of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder.

 

4.6
Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4,
and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated
in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its
sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof,
and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may
be in the form as so changed.

 

4.7
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i)
avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case,
the Company shall appoint a firm of independent public accountants, 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; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.8
(i) as a result of any issuance of securities in connection with a Business Combination or (ii) solely as a result of an adjustment
to the conversion ratio of the Company’s Class B common stock, $0.0001 par value per share, into Common Stock. The Company shall
adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5.
Transfer and Exchange of Warrants.

 

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

 

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

 

5.3
Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.4
Warrant Execution and Countersignature. If a physical certificate is issued, the Warrant Agent is hereby authorized to countersign
and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued, pursuant to the provisions of this
Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed
on behalf of the Company for such purpose.

 

    8

     

    

 

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

 

6.
Redemption.

 

6.1
Redemption of Warrants for Cash. Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed,
at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent,
upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price (the “Redemption
Price”) of $0.01 per Warrant, provided that the last sale price of the Common Stock equals or exceeds $18.00 per share
(subject to adjustment in compliance with Section 4 hereof) (the “Redemption Trigger Price”), on each
of twenty (20) trading days within the thirty (30) trading-day period ending on the third (3rd) 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 pursuant to Section
6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption
shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date
(the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last
addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the Registered Holder received such notice.

 

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 or the Alternative Redemption Price, as applicable.

 

6.4
Exclusion of Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided in
Section 6.1 shall not apply to the Private Placement Warrants, the Working Capital Warrants, or the Post-IPO Warrants (if such
Post-IPO Warrants provide that they are non-redeemable by the Company) if at the time of the redemption such Private Placement Warrants,
Working Capital Warrants, or Post-IPO Warrants continue to be held by the Sponsor, or any officers or directors of the Company, or any
of their Permitted Transferees, as applicable. However, once such Private Placement Warrants, Working Capital Warrants, or Post-IPO Warrants
are transferred (other than to Permitted Transferees under Section 2.6), the Company may redeem the Private Placement Warrants,
the Working Capital Warrants, or the Post-IPO Warrants pursuant to Section 6.1 hereof, provided that the criteria for redemption
are met, including the opportunity of the holder of such Private Placement Warrants, Working Capital Warrants, or Post-IPO Warrants to
exercise such Private Placement Warrants, the Working Capital Warrants, or the Post-IPO Warrants prior to redemption pursuant to Section
6.1. The Private Placement Warrants, the Working Capital Warrants, or the Post-IPO Warrants (if such Post-IPO Warrants provide that
they are non-redeemable by the Company) that are transferred to persons other than Permitted Transferees shall upon such transfer cease
to be Private Placement Warrants, Working Capital Warrants, or Post-IPO Warrants and shall become Public Warrants under this Agreement.

 

    9

     

    

 

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

 

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

 

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

 

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

 

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 reasonable 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 reasonable 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 sixty-first (61st) Business Day after the
closing of the initial 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 any successor rule) 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 excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the
Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean the volume weighted
average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date
that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The
date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection
with the “cashless exercise” of a 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 (or any successor rule)) of
the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for
the avoidance of any doubt, unless and until all of the Warrants have been exercised, the Company shall continue to be obligated to comply
with its registration obligations under the first three sentences of this subsection 7.4.1.

 

7.4.2
Cashless Exercise at Company’s Option. If the 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 (or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise Public
Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act (or any successor rule) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall
not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Common
Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company does not elect
at the time of exercise to require a holder of Public Warrants who exercises Public Warrants to exercise such Public Warrants on a “cashless
basis,” it agrees to use its best efforts to register or qualify for sale the Common Stock issuable upon exercise of the Public
Warrant under the blue sky laws of the state of residence in those states in which the Public Warrants were initially offered by the
Company of the exercising Public Warrant holder to the extent an exemption is not available.

 

    10

     

    

 

8.
Concerning the Warrant Agent and Other Matters.

 

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

 

8.2
Resignation, Consolidation, or Merger of Warrant Agent.

 

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

 

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

 

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

 

8.3
Fees and Expenses of Warrant Agent.

 

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

 

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

 

    11

     

    

 

8.4
Liability of Warrant Agent.

 

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

 

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

 

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

 

8.5
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.

 

9.
Miscellaneous Provisions.

 

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

 

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

 

Blue
Water Acquisition Corp. II

15
E. Putnam Avenue

Suite
363

Greenwich,
CT 06830

Attn.:
Joseph Hernandez, Chief Executive Officer

 

    12

     

    

 

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

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, NY 10004

Attn:
Compliance Department

 

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 may 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 forum for any such action, proceeding or claim.
The Company hereby waives any objection to such jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the
foregoing, (i) the provisions of this Section 9.3 will not apply to suits brought to enforce any liability or duty created by
the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction and (ii) unless the Company consents in
writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent
permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities
Act of 1933, as amended, or the rules and regulations promulgated thereunder.

 

Any
person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented
to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions
above, is filed in a court other than a court located within the State of New York or the United States District Court for the Southern
District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed
to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United
States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum
provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any
such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

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

 

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

 

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

 

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

 

9.8
Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of
curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that
the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including
any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered
Holders of 50% of the then-outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement
Warrants, Working Capital Warrants or any provision of this Agreement with respect to the Private Placement Warrants or Working Capital
Warrants, 50% of the number of the then outstanding Private Placement Warrants or Working Capital Warrants, as applicable. Notwithstanding
the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1
and 3.2, respectively, without the consent of the Registered Holders.

 

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

 

Exhibit A
Form of Warrant Certificate

 

Exhibit B
Legend — Private Placement Warrants

 

    13

     

    

 

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

 

	 	BLUE WATER ACQUISITION CORP. II
	 	 
	 	By:	 
	 	Name:	Joseph Hernandez
	 	Title:	Chief Executive Officer 
	 	 
	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	 
	 	Name:	Margaret B. Lloyd
	 	Title:	Vice President

 

[Signature
Page to Warrant Agreement]

 

    14

     

    

 

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

 

BLUE
WATER ACQUISITION CORP. II

 Incorporated Under the Laws of the State of Delaware

 

CUSIP
096104 112

 

Warrant
Certificate

 

This
Warrant Certificate certifies that      ,
or registered assigns, is the registered holder of    
warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase
shares of Class A common stock, $0.0001 par value per share (“Common Stock”), of Blue Water Acquisition
Corp. II, 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 non-assessable
shares of Common Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant
to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant
Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office
or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms
used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each
whole Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. No fractional shares will be issued
upon exercise of any Warrant. If, upon the exercise of Warrant, a holder would be entitled to receive a fractional interest in a share,
the Company will, upon exercise, round down to the nearest whole number of the number of shares of Common Stock to be issued to the holder.
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 per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

    A-1

     

    

 

	 	BLUE WATER ACQUISITION CORP. II
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

    A-2

     

    

 

[Form of
Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive                
shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of           ,
2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer &
Trust Company, a 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.

 

    A-3

     

    

 

Election
to Purchase

 

(To
Be Executed Upon Exercise of Warrant)

 

The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive           
shares of Common Stock and herewith tenders payment for such shares of Common Stock to the order of Blue Water Acquisition Corp. II (the
“Company”) in the amount of $           in accordance with
the terms hereof.  The undersigned requests that a certificate for such shares of Common Stock be registered in the name of      ,
whose address is            and that such shares of Common Stock be delivered to           
       whose address is                . 
If said number of shares of Common Stock 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 of Common Stock be registered in the name of                ,
whose address is                    and that such Warrant
Certificate be delivered to                , whose address
is                .

 

In
the event that the Warrant has been called for redemption by the Company pursuant to Section 6.1 of the Warrant
Agreement and the Company has required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the
number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of
the Warrant Agreement.

 

In
the event that the Warrant is a Private Placement Warrant, a Working Capital Warrant or an Extension 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 of
Common Stock 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 of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4
of the Warrant Agreement.

 

In
the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of shares of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant
Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant
Agreement, to receive 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 of Common Stock be registered in the name of                ,
whose address is                    and that such Warrant
Certificate be delivered to                , whose address
is                .

 

[Signature
Page Follows]

 

    A-4

     

    

 

	Date:                
    , 20	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

Signature
Guaranteed:

 

	 	 	 

 

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

 

    A-5

     

    

 

 

EXHIBIT B

 

PRIVATE
PLACEMENT WARRANTS LEGEND

 

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

 

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

 

No.         
Warrants

 

 

B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]