Document:

EX-10.1

 Exhibit 10.1 
  

 
 SEPARATION AGREEMENT AND RELEASE 

THIS SEPARATION AGREEMENT AND RELEASE (the “Agreement”) is entered into by and between, on the one hand, Scott Cormack (hereinafter
referred to as “Employee”) and, on the other hand, OncoGenex Pharmaceuticals, Inc., a Washington corporation, and OncoGenex Technologies, Inc., a Canadian corporation (these latter two parties hereinafter referred to collectively as
“Employer”). 
 RECITALS 

A.    Employee has been employed by Employer pursuant to that certain Employment Agreement dated November 4, 2009,
attached hereto as Exhibit A (the “Employment Agreement”). Employee’s employment at Employer terminated on August 1, 2017 (the “Termination Date”). 

B.    The Board of Directors (the “Board”) of Achieve Life Sciences, Inc. (formerly OncoGenex Pharmaceuticals,
Inc.) (the “Company”), previously approved the Agreement and Plan of Merger and Reorganization, dated as of January 5, 2017 (the “Merger Agreement”), by and among the Company, Achieve Life Science, Inc.
(“Achieve”), Ash Acquisition Sub, Inc. (“Merger Sub 1”), and Ash Acquisition Sub 2, Inc. (“Merger Sub 2”), pursuant to which, among other transactions, (i) Merger Sub 1 merged with and into Achieve
(the “First Merger”) with Achieve continuing as the surviving corporation in the First Merger as a direct wholly owned subsidiary of the Company (the “Initial Surviving Company”) and (ii) immediately after the First Merger,
the Initial Surviving Corporation merged with and into Merger Sub 2 (the “Second Merger”, together with the First Merger, the “Mergers”) with Merger Sub 2 continuing as the surviving entity in the Second Merger as a
direct wholly owned subsidiary of the Company, which was renamed “Achieve Life Sciences, Inc.”, upon the terms and subject to the conditions set forth in the Merger Agreement, which Mergers constitute a Change in Control (as defined in the
Employment Agreement). 
 C.    Employer wishes to offer Employee a separation package in exchange for the agreements
expressed herein. This Agreement shall set forth the terms and conditions of Employee’s termination and any continuing obligations of the parties to one another following the end of the employment relationship. 

D.    Each of the undersigned parties to this Agreement has had ample opportunity to review the facts and law relevant to
this issue, has consulted fully and freely with competent counsel of its choice if desired, and has entered this Agreement knowingly and intelligently without duress or coercion from any source. Employee has had a reasonable time in which to
consider whether to sign this Agreement. 
 AGREEMENTS 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises contained below, it is agreed as follows: 

	1.	EMPLOYMENT ENDING DATE, FINAL PAYMENTS AND BENEFITS 

 Employee’s employment with
Employer will end on the Termination Date. After that date, Employee will have no further employment duties to Employer. On the next regularly scheduled payroll occurring after the Termination Date, Employer shall pay Employee all amounts earned up
to and including the Termination Date and an amount reflecting accrued PTO, less withholdings and all deductions required by law. Coverage under Employee’s U.S. health benefits plan will continue through the end of the month of the Termination
Date and will continue under Employee’s Canadian health benefits plan pursuant to Article 2(e). Information pertaining to continuing health coverage under COBRA will be provided to Employee under separate cover. 

 

	2.	PAYMENTS BY EMPLOYER 

 As provided in the Employment Agreement and in exchange for the
promises contained herein, Employer will provide Employee with the following separation pay and benefits: 
  

	 	a)	A gross lump sum severance payment of $1,082,780, less all applicable taxes and withholdings, representing 24 months base pay at the Employee’s current annual salary of $541,390; and 

 

	 	b)	A gross lump sum severance payment of $74,445, less all applicable taxes and withholdings, representing an amount equal to the sum of twelve (12) months of the Employee’s average monthly bonus earnings, based
on the monthly average calculated for the 24-month period immediately preceding the Termination Date; and 

  

	 	c)	If the Employee elects continuation of health care coverage under the provisions of COBRA, monthly payments directly to the applicable insurer to cover Employee’s employer and employee portions of monthly premiums
for three (3) months under COBRA, plus a lump sum payment of $44,287.35, which is equal to fifteen (15) months of the Employee’s employer and employee portions of monthly premium under COBRA at the rates in effect on the date hereof,
currently $2,952.49 per month, less all applicable taxes and withholdings; and 

  

	 	d)	Provided the Employee elects continuation of health care coverage under the provisions of COBRA, an additional lump sum payment, representing the monthly premiums that would be payable for six (6) months under
COBRA at the rates in effect on the date hereof, equal to $17,715 USD, less all applicable taxes and withholdings, representing the sum that Employee must pay to receive comparable benefits to the benefits outlined in Section 6(b) of the
Employment Agreement and reflecting that 18 months is the maximum COBRA eligibility period (Employee to remain responsible for the payment of premiums for COBRA or other applicable health benefits); and 

 

	 	e)	Twenty-four (24) months of continuing coverage under Employee’s health insurance plans in effect in Canada on the date hereof; 

 

	 	f)	Acceleration of vesting as set forth in Section 4 below; and 

  
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	 	g)	Reimbursement in a single, aggregated lump-sum payment, payable on Employer’s payroll as soon as reasonably practicable after June 30, 2018, and in no event later than
December 31, 2018, for Employee’s reasonable costs, actually incurred and substantiated by receipts from Deloitte Touche Tohmatsu Limited and/or its affiliates, for preparation and filing of Employee’s 2017 tax returns in all
applicable jurisdictions in the United States and Canada. 

 The severance payment will be made on the next normal payroll
date following the Effective Date. The COBRA payment will be made within ten (10) business days after the Employee provides proof of COBRA election. 
  

	3.	VALID CONSIDERATION 

 Employee and Employer agree that execution of this Separation
Agreement and Release is required in order for Employee to receive the severance and benefits set forth in the Employment Agreement. In the event Employee fails to abide by the terms of this Agreement, Employer may elect, at its option and without
waiver of other rights or remedies it may have, not to pay or provide any unpaid severance or COBRA payments or benefits, and to seek to recover previously paid severance pay, incentive or non-qualified stock
options granted and benefits paid. By signing below, Employee acknowledges that upon receipt of the pay and benefits set forth in this Separation Agreement and Release, Employee will have received all compensation and benefits due from Employer,
including but not limited to salary, wages, benefits, bonuses, incentive unit awards, approved reimbursable expenses and commissions earned through the Termination Date and all amounts due from Employer for unused vacation time accrued through the
Termination Date. 
  

	4.	EQUITY 

 Pursuant to Employee’s stock option and/or restricted stock unit
agreements with Employer under certain of the Employer’s Equity Incentive Plans (hereafter collectively referred to as the “Equity Agreements”), Employee was granted options to purchase shares of the Employer’s common stock and
restricted stock units (RSUs) which are summarized in Exhibit B. Employee’s stock option and/or restricted stock unit grants will continue to vest according to their terms until the Termination Date. Pursuant to Section 6(d) of
the Employment Agreement, effective as of immediately prior to the closing of the Second Merger, Employee will be fully vested in all stock options and RSUs reflected in Exhibit B. Employee’s rights concerning the stock options
and/or restricted stock units will continue to be governed by the Equity Agreements. For clarity, the Employee and Employer acknowledge that the Employee will be continuing as a Board member, and as long as Employee is in Continuous Service (as
defined in the Equity Agreements), the stock options will remain exercisable in accordance with their terms. 
 Employee acknowledges that
as an executive officer, Employee may have come into possession of material, non-public information regarding the Company and that in accordance with Company’s Insider Trading Policy and applicable law,
Employee will not trade in Company securities until the first open trading window following Employee’s cessation of employment, and will not trade in Company securities while otherwise in possession of material nonpublic information. For the six-month period following the Termination Date, Employee is required to report certain transactions involving the securities of the Company and is still subject to laws and regulations regarding “short
swing” profit liability. 

  
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	5.	REAFFIRMATION OF SECTIONS 7 THROUGH 11 OF EMPLOYMENT AGREEMENT 

 Employee hereby
acknowledges Employee’s continuing obligations to Employer under Sections 7 through 11 of the Employment Agreement, attached as Exhibit A hereto, including with respect to confidentiality, inventions, non-solicitation, non-compete and non-disparagement. Employee further confirms that Employee will deliver to Employer all documents and
data of any nature containing or pertaining to such Confidential Information and that Employee has not taken or retained any such documents or data or any reproduction thereof as of the Termination Date. 

 

	6.	COMPLETE RELEASE OF CLAIMS 

 Employee expressly waives and releases all claims against
Employer (“Employer” shall include, for purposes of this release, all parents, affiliates, subsidiaries, officers, directors, stockholders, managers, employees, agents, investors, and representatives of Employer), whether known or unknown,
which existed or may have existed at any time up to the Effective Date of this Agreement, including claims related in any way to Employee’s employment with Employer or the ending of that relationship. This release includes, but is not limited
to, all claims for wages, bonuses, employment benefits, vacation pay, profit-sharing, commissions, stock, stock options, termination benefits, or damages of any kind whatsoever, arising under any legal theory, including tort, contract,
discrimination, retaliation, harassment, or any federal, state, or other governmental statute, executive order, or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964 as amended, the Civil Rights Act of 1991, the
Civil Rights Act of 1866, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Family and Medical Leave Act, the Employee Retirement Income
Security Act, the Washington Law against Discrimination, or any other legal limitation on or regulation of the employment relationship. Specifically, the compensation and benefits described in this letter will be provided to Employee by Employer on
the basis that such compensation and benefits are in satisfaction of all of Employer’s obligations to Employee (including any statutory obligations in respect of vacation pay, termination pay and severance pay under applicable law in the United
States and Canada and contractual obligations pursuant to the Employment Agreement) and in lieu of additional actual notice of termination. 

Employee represents that, as of the Effective Date, Employee has not filed any complaints, charges or lawsuits against Employer with any
governmental agency or any court. Nothing in this Agreement shall prevent Employee from filing a charge or complaint with or from participating in an investigation or proceeding conducted by any federal, state or local agency charged with the
enforcement of any employment laws, although by signing this Agreement, Employee is waiving rights to individual relief based on claims asserted in such a charge or complaint. Nor will this waiver and release preclude either party from filing a
lawsuit for the exclusive purpose of enforcing its rights under this Agreement. Notwithstanding anything to the contrary herein, nothing in this Agreement prevents Employee from reporting 

  
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any violations to the Securities and Exchange Commission or any other federal or state agency. Employee is waiving his right to any monetary recovery from the Employer if any governmental
agency or entity pursues any claims on Employee’s behalf; however, this Release Agreement does not preclude Employee from entitlement to any monetary recovery awarded by the Securities and Exchange Commission in connection with any action
asserted by the Securities and Exchange Commission. Employee represents and warrants that Employee is the sole owner of the actual or alleged claims, rights, causes of action, and other matters which are released by this Section and that
Employee has not assigned, transferred, or disposed of the rights released in this Section in fact, by operation of law, or in any manner to any third party. Employee represents and warrants that Employee has the full right and power to grant,
execute and deliver the releases, undertakings, and agreements contained in this Section. Employee hereby acknowledges that Employee is aware of the principle that a general release does not extend to claims that the releasor does not know or
suspect to exist in his or her favor at the time of executing the release, which, if known by him or her, must have materially affected his or her settlement with the releasee. With knowledge of this principle, Employee hereby agree to expressly
waive any rights Employee may have to that effect. Employee and the Employer do not intend to release claims that Employee may not release as a matter of law, including but not limited to claims for indemnity, or any claims for enforcement of this
Agreement. To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator under the procedures set forth in the arbitration clause below. Nothing in this Section shall prohibit or
impair Employee or the Employer from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act. Nothing in this Section shall be deemed to
waive Employee’s indemnification rights, including, without limitation, under that certain Indemnification Agreement in effect on the date hereof between Employer and Employee, or any claims for enforcement of this Agreement. 

 

	7.	NO ADMISSION OF WRONGDOING 

 This Agreement shall not be construed as an admission by
Employee or Employer of any wrongful act and Employee and Employer each specifically disclaim any liability to each other. 
  

	8.	RETURN OF PROPERTY 

 Employee confirms that Employee has returned or will immediately,
upon the Termination Date, return to Employer, other than the Employee’s iPhone and Surface Pro computer in Employee’s possession, all files, memoranda, records, credit cards, pagers, computers, computer files, passwords and pass keys,
card keys, or related physical or electronic access devices, and any and all other property received from Employer or any of its current or former employees or generated by Employee in the course of employment. Employee confirms that Employee has
deleted or will immediately, upon the Termination Date, delete all electronic data and files pertaining to Employee’s job or Employer’s business operations, existing on Employee’s personal computers, other personal electronic devices,
and on any email account maintained or accessible by Employee, excluding only data and files pertaining exclusively to Employee’s compensation or benefits with Employer. 

  
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	9.	BREACH OR DEFAULT 

 Any party’s failure to enforce this Agreement in the event of
one or more events that violate this Agreement shall not constitute a waiver of any right to enforce this Agreement against subsequent violations. 
  

	10.	SEVERABILITY 

 The provisions of this Agreement are severable, and if any part of it is
found to be unlawful or unenforceable, the other provisions of this Agreement shall remain fully valid and enforceable to the maximum extent consistent with applicable law. 
  

	11.	ENTIRE AGREEMENT 

 Except for the Stock Option Agreements and Sections 7 through 11 of
the Employment Agreement, which shall remain in effect, this Agreement sets forth the entire understanding between Employee and Employer and supersedes any prior agreements or understandings, express or implied, pertaining to the terms of
Employee’s employment with Employer, the employment relationship and the termination of that relationship. Employee acknowledges that in executing this Agreement, Employee does not rely upon any representation or statement by any representative
of Employer concerning the subject matter of this Agreement, except as expressly set forth in the text of the Agreement. No modification or waiver of this Agreement will be effective unless evidenced in a writing signed by both parties. 

 

	12.	GOVERNING LAW 

 This Agreement will be governed by and construed exclusively in
accordance with the laws of the state of Washington without reference to its choice of law principles. Any disputes arising under this Agreement shall be brought in a court of competent jurisdiction in the state or federal courts located in King
County, in the state of Washington. 
  

	13.	CONFIDENTIALITY 

 The contents, terms and conditions of this Agreement must be kept
confidential by Employee and may not be disclosed except to Employee’s spouse, accountants, tax advisors or attorneys or as otherwise required by law. Any breach of this confidentiality provision shall be deemed a material breach of this
Agreement. 
  

	14.	KNOWING AND VOLUNTARY AGREEMENT; ADEA WAIVER 

 Employee agrees that Employee has
carefully read and fully understands all aspects of this Agreement including the fact that this Agreement releases any claims that Employee might have against Employer. Employee agrees that Employee has not relied upon any representations or
statements not set forth herein or made by Employer’s agents or representatives. Finally, Employee agrees that Employee has been advised to consult with an attorney prior to executing the Agreement, and that Employee has either done so or
knowingly waived the right to do so, and now enters into this Agreement without duress or coercion from any source. Employee agrees that Employee has been provided the opportunity to consider for forty-five (45) days whether to enter into this
Agreement, and has voluntarily chosen to enter into it on this date. If accepted, signed Agreement is to be returned to: 

  
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 John Bencich 

OncoGenex Pharmaceuticals, Inc. 

19820 North Creek Parkway, Suite 201 

Bothell, WA 98011 

This offer, if not accepted by Employee, will become null and void forty-five (45) days after it was presented to Employee. Employee
may revoke this Agreement for a period of seven (7) days following the execution of this Agreement. If Employee elects to revoke this Agreement, Employee must do so within the 7-day revocation period by
providing written notice of intent to revoke to John Bencich at address above or to jbencich@oncogenex.com. If not revoked, this Agreement shall become effective following expiration of the seven (7) day revocation period
(“Effective Date”). 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates indicated below. 

 

											
	OncoGenex Pharmaceuticals, Inc.	 		 	Scott Cormack
				
	By:	 	 	 		 	 
				
	Its: President & CEO	 		 		 	
					
	Dated:	 	 	 		 	Dated:	 	 

  
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 EXHIBIT A 

Employment Agreement 

  
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 EXHIBIT B 

Equity Summary 

  
 9Exhibit 4.1

 

WARRANT AGREEMENT

 

PENSARE ACQUISITION CORP.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

WARRANT AGREEMENT

 

Dated as of July 27, 2017

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of July 27, 2017, is by and between Pensare Acquisition Corp., 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 July 27,
2017, the Company entered into those certain Warrant Purchase Agreements with each of Pensare Sponsor Group, LLC, a Delaware limited
liability company (the “Sponsor”), MasTec, Inc., a Florida corporation, and EarlyBirdCapital, Inc., a
Delaware corporation (“EBC” and, together with the Sponsor and MasTec, Inc., the “Purchasers”),
pursuant to which the Purchasers will purchase an aggregate of 9,500,000 warrants (or up to 10,512,500 warrants if the Over-allotment
Option (as defined below) in connection with the Company’s Offering (as defined below) is exercised in full) simultaneously
with the closing of the Offering bearing the legend set forth in Exhibit B hereto (the “Private Placement
Warrants”) at a purchase price of $1.00 per Private Placement Warrant; and

 

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 15,525,000 warrants
(including up to 2,025,000 warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public
Warrants”) and 675,000 warrants (underlying unit purchase options) to EBC or its designees (the “EBC
Warrants” and, together with the Private Placement Warrants and the Public Warrants, the “Warrants”).
Each whole Warrant entitles the holder thereof to purchase one share of common stock of the Company, par value $0.001 per share
(“Common Stock”), for $11.50 per share, subject to adjustment as described herein; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) the registration statements
on Form S-1, Nos. 333-219162 and 333-219518 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
the Public Warrants and the Common Stock included in the Units; and

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

2.            Warrants.

 

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

 

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

 

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

 

2.4         Registration.

 

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

 

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

 

2.5         Detachability of Warrants. The Common Stock and Public Warrants comprising the Units shall begin separate trading
on the 90th day following the date of the Prospectus or, if such 90th 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 EarlyBirdCapital, Inc., as representative of the several underwriters, but in no event shall the Common Stock and
the Public Warrants comprising the Units be separately traded until (i) 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
and the sale of the Private Placement Warrants, 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 (ii) 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 

     

    

 

2.6           No
Fractional Warrants. The Company shall not issue fractional Warrants upon separation of the Units, each of which is comprised
of one share of Common Stock and one-half of one Public Warrant. Only whole Warrants may be traded. If, upon the detachment of
Public Warrants from Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall
round up to the nearest whole number the number of Warrants to be issued to such holder. Accordingly, and for the avoidance of
doubt, a holder of Warrants must purchase at least two Units in order to receive and/or trade a whole Warrant.

 

2.6           Private Placement Warrants. The Private Placement Warrants (including the Common Stock issuable upon exercise of
the Private Placement Warrants) shall be identical to the Public Warrants, except that: (i) the Private Placement Warrants may
not be transferred, assigned or sold until after the completion by the Company of an initial Business Combination (as defined below),
and (ii) so long as they are held by the Purchasers or any of their Permitted Transferees (as defined below), the Private Placement
Warrants (a) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, and (b) shall not
be redeemable by the Company; provided, however, that the Private Placement Warrants and any shares of Common Stock
issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof prior to the completion by the
company of an initial Business Combination:

 

(a)           to the Company’s officers, directors, employees, consultants or their affiliates;

 

(b)           if the holder is an entity, to such entity’s officers, directors, employees or members;

 

(c)           to relatives and trusts for estate planning purposes;

 

(d)           by virtue of the laws of descent and distribution upon death of such person;

 

(e)           pursuant to a qualified domestic relations order;

 

(f)            by private sales made at or prior to the consummation of a Business Combination at prices no greater than the price at which
the shares were originally purchased; or

 

(g)           to the Company for no value for cancellation in connection with the consummation of a Business Combination;

 

provided, however, that,
in the case of clauses (a) through (f), unless the Company otherwise consents in writing, these transferees (the “Permitted
Transferees”) enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in
this Agreement.

 

3.            Terms and Exercise of Warrants.

 

3.1           Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof,
subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock
stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 3 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 that is thirty (30) days after the first date on which the Company completes a merger,
capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination, involving
the Company and one or more businesses or entities (a “Business Combination”), or (ii) the date
that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City time on the
earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes its initial Business
Combination, (y) the liquidation of the Company, or (z) other than with respect to the Private Placement Warrants, the
Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”);
provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions,
as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except with respect to the right
to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant) in the event of a redemption
(as set forth in Section 6 hereof), each Warrant (other than a Private Placement Warrant in the event of a redemption)
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend
the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20)
days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension
shall be identical in duration among all the Warrants.

 

3.3          Exercise of Warrants.

 

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

 

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

 

(b)           in the event of a redemption pursuant to Section 6 hereof in which 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 amount by which the “Fair Market Value”, as defined
in this subsection 3.3.1(b) exceeds 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 sale price of the Common
Stock for the five (5) trading days ending on the third trading day prior to the date on which the notice of redemption is sent
to the holders of the Warrants, pursuant to Section 6 hereof;

 

(c)           with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Purchaser or a Permitted
Transferee, 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 amount by which the “Fair Market
Value”, as defined in this subsection 3.3.1(c), exceeds 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 sale price of
the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of
the Warrant is sent to the Warrant Agent; or

 

    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 certificate or certificates for the number of full shares of Common Stock to which
he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not
have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been
exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any shares of Common Stock pursuant to
the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the
Securities Act with respect to the shares of Common Stock underlying the Public Warrants is then effective and a prospectus relating
thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall be
exercisable and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common
Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the
state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding
sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant
and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants
shall have paid the full purchase price for the Unit solely for the shares of Common Stock underlying such Unit. In no event will
the Company be required to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the
Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of warrants on a “cashless
basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest
in a share, the Company shall round up to the nearest whole number, the number of shares to be issued to such holder.

 

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

 

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

 

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

 

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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.

 

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

 

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

 

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

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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

 

5.            Transfer and Exchange of Warrants .

 

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

 

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

 

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5.3          Transfers of Fractions of Warrants. The Warrant Agent shall not be required to effect any registration of transfer
or exchange of Warrants which would require the issuance of a warrant certificate for a fraction of a warrant.

 

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

 

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

 

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

 

6.            Redemption.

 

6.1          Redemption. Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed,
at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant
Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01
per Warrant (the “Redemption Price”), provided that the last sales price of the Common Stock reported
has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof), on each of twenty (20)
trading days within the thirty (30) trading-day period ending on the third Business Day prior to the date on which notice of the
redemption is given and provided that there is an effective registration statement covering the shares of Common Stock issuable
upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as
defined in Section 6.2 below) or the Company has elected to require the exercise of the Warrants on a “cashless
basis” pursuant to subsection 3.3.1.

 

6.2          Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants, the
Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed
by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (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.

 

    8 

     

    

 

6.4          Exclusion of Certain Warrants. The Company understands that the redemption rights provided for by this Section
6 apply only to outstanding Warrants. To the extent a person or entity holds rights to purchase Warrants, such purchase rights
shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the Warrants
issued upon such exercise provided that the criteria for redemption are met. Additionally, the Company agrees that the redemption
rights provided in this Section 6 shall not apply to the Private Placement Warrants and the EBC Warrants if at the
time of the redemption such Private Placement Warrants and EBC Warrants continue to be held by the Purchaser or its Permitted Transferees.
However, once such Warrants are transferred (other than to Permitted Transferees under Section 2.5), the Company
may redeem the Private Placement Warrants and the EBC Warrants, provided that the criteria for redemption are met, including the
opportunity of the holder of such Warrants to exercise the Warrants prior to redemption pursuant to Section 6.3. Private
Placement Warrants and EBC Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease
to be Private Placement Warrants and EBC Warrants, respectively, and shall become Public Warrants under this Agreement.

 

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

 

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

 

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

 

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

 

7.4          Registration of Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen
(15) Business Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a
registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of
the Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of
such registration statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with
the provisions of this Agreement. If any such registration statement has not been declared effective by the 90th Business Day following
the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 91st
Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective
by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,”
by exchanging the Warrants (in accordance with Section 3(a)(9) of the Act or another exemption) for that number of
shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the Warrants, multiplied by the amount by which the “Fair Market Value” (as defined below) exceeds the Warrant
Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4, “Fair Market Value” shall
mean the average reported last sale price of the Common Stock for the five (5) trading days ending on the trading day prior to
the date of exercise. 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 is not required
to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable
under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the
Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. 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.

 

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8.           Concerning the Warrant Agent and Other Matters.

 

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

 

8.2         Resignation, Consolidation, or Merger of Warrant Agent .

 

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

 

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.

 

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8.4         Liability of Warrant Agent.

 

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

 

Pensare Acquisition Corp.

1720 Peachtree Street

Suite 629

Atlanta, GA 30309

Attention:  Darrell J. Mays, Chief Executive Officer

 

    11 

     

    

 

With a copy to:

 

Greenberg Traurig, LLP

MetLife Building

200 Park Avenue

New York, NY 10166

Attention: Alan Annex, Esq.

 

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

One State Street Plaza, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

With a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

 

EarlyBirdCapital, Inc.

366 Madison Avenue, 8th Floor

New York, New York 10017

Attn: General Counsel

 

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

 

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

 

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

 

    12 

     

    

  

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 and any amendment to the terms
of only the Private Placement Warrants, shall require the vote or written consent of the Registered Holders of 50% of the then
outstanding Public Warrants. 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 — Purchasers’ Warrants

  

[Signature Page follows]

 

    13 

     

    

 

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

	 	 	 
	 	PENSARE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Darrell J. Mays
	 	Name:	Darrell J. Mays
	 	Title:	Chief Executive Officer
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/ Henry Farrell
	 	Name:	Henry Farrell
	 	Title:	Vice President

 

[Warrant Agreement Signature Page]

 

     

     

    

  

[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

 

PENSARE ACQUISITION CORP.

Incorporated Under the Laws of the State of Delaware

 

CUSIP _____

 

Warrant Certificate

 

This Warrant
Certificate certifies that ____________________, or registered assigns, is the registered holder of _______________ warrant(s)
evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares
of Common Stock, $0.001 par value (“Common Stock”), of Pensare Acquisition Corp., 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 by certified or official bank check payable to the Company (or through “cashless exercise” as
and only under the circumstances provided for in the Warrant Agreement) upon surrender of this Warrant Certificate and payment
of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein
and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement.

 

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

 

The initial Exercise
Price is equal to $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.

 

     

     

    

 

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

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

 

    2 

     

    

  

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced
by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares
of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of ______, 2017 (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 and only under the circumstances 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 up to the
nearest whole number of shares of Common Stock to be issued to the holder of the Warrant.

 

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

 

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

 

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

 

    3 

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby
irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive ______________ shares of Common Stock
and herewith tenders payment for such shares to the order of Pensare Acquisition Corp. (the “Company”) in the
amount of $____________ in accordance with the terms hereof. The undersigned requests that a certificate for such shares be registered
in the name of ___________, whose address is ___________________________ and that such shares be delivered to _______________________
whose address is _________________________________. If said number of shares is less than all of the shares of Common Stock purchasable
hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered
in the name of _____________________________, whose address is __________________ and that such Warrant Certificate be delivered
to _____________________________, whose address is ___________________________.

 

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

 

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

 

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

 

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

 

[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).

 

     A-5

     

    

 

EXHIBIT
B

 

LEGEND

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER
DESCRIBED IN THE SECURITIES ESCROW AGREEMENT BY AND AMONG PENSARE ACQUISITION CORP. (THE “COMPANY”), PENSARE SPONSOR
GROUP, 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 COMMON STOCK OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER
A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

No. ____________ ________ __________ Warrants

 

    B-1

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