Document:

Exhibit 10.2

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT (this “Agreement”)
dated as of this 15th day of June, 2021 by and among MANUFACTURED HOUSING PROPERTIES INC., a Nevada corporation (the “Company”),
having an address at 136 Main Street, Pineville, NC 28134; ARETE WEALTH MANAGEMENT, LLC, having an address at 1115 W. Fulton Market,
3rd Floor, Chicago, IL 60607 (the “Dealer Manager”), and WILMINGTON TRUST, NATIONAL ASSOCIATION (the “Escrow
Agent”), with its principal corporate trust office at 166 Mercer Street, Suite 2R, New York, NY 10012. The Company and the Dealer
Manager are collectively referred to as “Parties” and individually, a “Party.”

 

WITNESSETH:

 

WHEREAS, the Company
proposes to sell a maximum of 47,000 shares of its Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, at an offering
price of $1,000 per share (the “Shares”), for an offering amount of $47,000,000 in a best efforts public offering (the
“Offering”) to investors (each, an “Investor”); and

 

WHEREAS, subject to
all conditions to closing being satisfied or waived, the closing(s) of the Offering shall take place from time to time until the earlier
of (a) the date at which the maximum amount of offered Shares has been sold, (b) the date which is one year after the Offering has been
qualified by the U.S. Securities and Exchange Commission, subject to an extension of up to an additional one year at the discretion of
the Company and the Dealer Manager, or (b) the date on which the Offering is earlier terminated by the Company in its sole discretion
(the “Termination Date”); and

 

WHEREAS, there is no
minimum offering amount, provided that the minimum initial investment per Investor is at least $10,000, and any additional purchases must
be investments of at least $5,000; provided that purchases of less than $10,000 may be made in the discretion of the Dealer Manager, and
all funds shall only be returned to the potential Investors in the event the Offering is not consummated or if the Company, in its sole
discretion, rejects all or a part of a particular potential Investor’s subscription; and

 

WHEREAS, in connection
with the Offering, the Company entered into a Managing Broker Dealer Agreement with the Dealer Manager and will enter into a Subscription
Agreement with each Investor, and certain other agreements, documents, instruments and certificates necessary to carry out the purposes
thereof (collectively, the “Transaction Documents”); and

 

WHEREAS, the Company
and the Dealer Manager desire to establish an escrow account with the Escrow Agent into which the Company and the Dealer Manager shall
instruct the Investors to deposit checks and other instruments for the payment of money made payable to the order of “WILMINGTON
TRUST, N.A. as Escrow Agent for Manufactured Housing Escrow,” and the Escrow Agent is willing to accept said checks and other instruments
for the payment of money in accordance with the terms hereinafter set forth; and

 

WHEREAS, the Company
and the Dealer Manager represent and warrant to the Escrow Agent that they have not stated to any individual or entity that the Escrow
Agent’s duties will include anything other than those duties stated in this Agreement; and

 

    

    

    

 

WHEREAS, THE COMPANY
AND THE DEALER MANAGER UNDERSTAND THAT THE ESCROW AGENT, BY ACCEPTING THE APPOINMTMENT AND DESIGNATION AS ESCROW AGENT HEREUNDER, IN NO
WAY ENDORSES THE MERITS OF THE OFFERING OF THE SECURITIES. THE COMPANY AND THE DEALER MANAGER AGREE TO NOTIFY ANY PERSON ACTING ON ITS
BEHALF THAT THE ESCROW AGENT’S POSITION AS ESCROW AGENT DOES NOT CONSTITUTE SUCH AN ENDORSEMENT, AND TO PROHIBIT SAID PERSONS FROM
THE USE OF THE ESCROW AGENT’S NAME AS AN ENDORSER OF THE OFFERING. The Company and the Dealer
Manager further agree to include with any sales literature, in which the Escrow Agent’s name appears and which is used in connection
with the Offering, a statement to the effect that the Escrow Agent in no way endorses the merits of the Offering; and

 

WHEREAS, the Company
and the Dealer Manager represent and warrant to the Escrow Agent that a copy of each document that has been delivered to the Investor
and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE, IT IS AGREED as follows:

 

ARTICLE 1

ESCROW DEPOSIT

 

Section 1.1 Delivery of Escrow Funds.

 

(a) The
Dealer Manager and the Company shall instruct the Investor to deliver to Escrow Agent checks made payable to the order of “WILMINGTON
TRUST, N.A. as Escrow Agent for Manufactured Housing Escrow”, or wire transfer to:

 

	
    Domestic wires:

    Wilmington Trust Company

    ABA #:

    A/C #:

    A/C Name: MHPIII Escrow

    Attn: Boris Treyger

     

     
	
    International Wires:

    M&T

    ABA:

    SWIFT:

    Beneficiary Bank: Wilmington Trust Company

    Beneficiary ABA:

    A/C #:

    A/C Name: MHPIII Escrow

     

	
    Physical checks should be sent to:

    Wilmington Trust Company

    Renate Nastasi/Boris Treyger

    1100 N. Market Street

    5th Floor

    Wilmington, DE 19890
	 

 

All such checks and wire transfers remitted to
the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the Investor’s social security or
taxpayer identification number and address. In the event the Investor’s address and/or social security number or taxpayer identification
number are not provided to Escrow Agent by the Investor, then the Dealer Manager and/or the Company agree to promptly upon request provide
the Escrow Agent with such information in writing. The checks or wire transfers shall be deposited into a non interest-bearing account
at WILMINGTON TRUST, NATIONAL ASSOCIATION entitled “WILMINGTON TRUST, N.A. as Escrow Agent for Manufactured Housing Escrow”
(the “Escrow Account”).

 

(b) The
collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

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(c) The
Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account.
If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow
Agent shall be to return the check to the Investor and advise the Company and the Dealer Manager promptly thereof.

 

(d) All
funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at WILMINGTON TRUST, NATIONAL ASSOCIATION.

 

Section 1.2 Release of Escrow Funds.
The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a) In the
event that the Company advises the Escrow Agent in writing that the Offering has been terminated (the “Termination Notice”),
the Escrow Agent shall promptly return the funds paid by each Investor to such Investor without interest or offset.

 

(b) At each
closing of the Offering, the Company and the Dealer Manager shall provide the Escrow Agent with written instructions regarding the disbursement
of the Escrow Funds in accordance with Exhibit A attached hereto and made a part hereof and signed by the Company and the
Dealer Manager (the “Disbursement Instructions”).

 

(c) If by
5:00 P.M. Eastern time on the Termination Date, the Escrow Agent has not received written Disbursement Instructions from the Company and
the Dealer Manager regarding the disbursement of the Escrow Funds in the Escrow Account, if any, then the Escrow Agent shall promptly
return such Escrow Funds, if any, to the Investors without interest or offset. The Escrow Funds returned to the Investors shall be free
and clear of any and all claims of the Escrow Agent.

 

(d) The
Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(e) The
Dealer Manager or the Company will provide the Escrow Agent with the payment instructions for each Investor, to whom the funds should
be returned in accordance with this section.

 

(f) In the
event that the Escrow Agent makes any payment to any other party pursuant to this Agreement and for any reason such payment (or any portion
thereof) is required to be returned to the Escrow Account or another party or is subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or required to be repaid to a receiver, trustee or other party under any bankruptcy or insolvency law, other
federal or state law, common law or equitable doctrine, then the recipient party shall repay to the Escrow Agent upon written request
the amount so paid to it.

 

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(g) The
Escrow Agent shall, in its sole discretion, comply with judgments or orders issued or process entered by any court with respect to the
Escrow Funds, including without limitation any attachment, levy or garnishment, without any obligation to determine such court's jurisdiction
in the matter and in accordance with its normal business practices. If the Escrow Agent complies with any such judgment, order or process,
then it shall not be liable to any of the Parties or any other person by reason of such compliance, regardless of the final disposition
of any such judgment, order or process.

 

(h) Each
Party understands and agrees that the Escrow Agent shall have no obligation or duty to act upon any Disbursement Instructions delivered
to the Escrow Agent for the disbursement of Escrow Funds under this Agreement if such Disbursement Instructions are not:

 

(i) in writing,

 

(ii) signed by representatives
of both Parties listed in Schedule II to this Agreement, in each case, each such individual an “Authorized Representative”
of such Party), and

 

(iii) delivered
to, and able to be authenticated by, the Escrow Agent in accordance with Section 3.3 below.

 

(i) Upon
request by any Party, the Escrow Agent will set up each Party with on-line access to the account(s) established pursuant to this Agreement,
which each Party can use to view and verify transaction on such account(s).

 

(j) A Party
may specify in a written notice for the disbursement of funds whether such Escrow Funds shall be disbursed by way of wire transfer or
check. If the written notice for the disbursement of funds does not so specify the disbursement means, Escrow Agent may disburse the Escrow
Funds by wire transfer.

 

Section 1.3 Disbursement Instructions
and Other Instructions.

 

(a) With
respect to any Disbursement Instructions or any other notice, direction or other instruction required to be delivered by a Party to the
Escrow Agent under this Agreement, the Escrow Agent is authorized to follow and rely upon any and all such instructions given to it from
time to time if the Escrow Agent believes, in good faith, that such instruction is genuine and to have been signed by an Authorized Representative
of such Party. The Escrow Agent shall have no duty or obligation to verify that the person who sent such instruction is, in fact, a person
duly authorized to give instructions on behalf of a Party, other than to verify that the signature of the Authorized Representative on
any such instruction appears to be the signature of such person. Each Party acknowledges and agrees that it is fully informed of the protections
and risks associated with the various methods of transmitting instructions to the Escrow Agent, and that there may be more secure methods
of transmitting instructions other than the method selected by such Party. The Escrow Agent shall have no responsibility or liability
for any loss which may result from (i) any action taken or not taken by the Escrow Agent in good faith reliance on any such signatures
or instructions, (ii) as a result of a Party’s reliance upon or use of any particular method of delivering instructions to the Escrow
Agent, including the risk of interception of such instruction and misuse by third parties, or (iii) any officer or Authorized Representative
of a Party named in Schedule II delivered hereunder prior to actual receipt by the Escrow Agent of a more current incumbency certificate
or an updated Schedule II and a reasonable time for the Escrow Agent to act upon such updated or more current certificate or Schedule.

 

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(b) Each
Party may, at any time, update Schedule II by signing and submitting to the Escrow Agent an update of such Schedule. Any updated Schedule
shall not be effective unless the Escrow Agent countersigns a copy thereof. The Escrow Agent shall be entitled to a reasonable time to
act to implement any changes on an updated Schedule II.

 

Section 1.4 Delivery and Authentication
of Disbursement Instructions.

 

(a) Disbursement
Instructions must be delivered to Escrow Agent by one of the delivery methods set forth in Section 3.3.

 

(b) Each
Party and the Escrow Agent hereby agree that the following security procedures will be used to verify the authenticity of Disbursement
Instructions delivered by any Party to the Escrow Agent under this Agreement.

 

(c) The
Disbursement Instructions must include the name and signature of the person delivering the disbursement request to the Escrow Agent. The
Escrow Agent will check that the name and signature of the person identified on the Disbursement Instructions appears to be the same as
the name and signature of an Authorized Representative of such Party.

 

(d) The
Escrow Agent will make a telephone call to an Authorized Representative of the Party purporting to deliver the Disbursement Instructions
(which Authorized Representative may be the same as the Authorized Representative who delivered the Disbursement Instructions) at any
telephone number for such Authorized Representative as set forth on Schedule II to obtain oral confirmation of delivery of the Disbursement
Instructions. The Escrow Agent is hereby authorized to call only one of the Parties signing the Disbursement Instructions, at the number
listed in Schedule II to this Agreement.

 

(e) If the
Disbursement Instructions are sent by email to the Escrow Agent, the Escrow Agent also shall review such email address to verify that
it appears to have been sent from an email address for an Authorized Representative of one of the Parties as set forth on Schedule II,
as applicable, or from an email address for a person authorized under Schedule II to email Disbursement Instructions to the Escrow Agent
on behalf of the Authorized Representative).

 

(f) Each
Party acknowledges and agrees that given its particular circumstances, including the nature of its business, the size, type and frequency
of its instructions, transactions and files, internal procedures and systems, the alternative security procedures offered by the Escrow
Agent and the security procedures in general use by other customers and banks similarly situated, the security procedures set forth in
this Section 1.4 are a commercially reasonable method of verifying the authenticity of a payment order in any Disbursement Instructions.

 

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(g) The
Escrow Agent is authorized to execute, and each Party expressly agrees to be bound by any payment order in any Disbursement Instructions
issued in its name (and associated funds transfer) (i) that is accepted by the Escrow Agent in accordance with the security procedures
set forth in this Section 1.4, whether or not authorized by such Party and/or (ii) that is authorized by or on behalf of such Party or
for which such Party is otherwise bound under the law of agency, whether or not the security procedures set forth in this Section 1.4
were followed, and to debit the Escrow Account for the amount of the payment order. Notwithstanding anything else, the Escrow Agent shall
be deemed to have acted in good faith and without negligence, gross negligence or misconduct if the Escrow Agent is authorized to execute
the payment order under this Section 1.4. Any action taken by the Escrow Agent pursuant to this paragraph prior to the Escrow Agent’s
actual receipt and acknowledgement of a notice of revocation, cancellation or amendment of any Disbursement Instructions shall not be
affected by such notice.

 

(h) The
security procedures set forth in this Section 1.4 are intended to verify the authenticity of payment orders provided to the Escrow Agent
and are not designed to, and do not, detect errors in the transmission or content of any payment order. The Escrow Agent is not responsible
for detecting an error in the payment order, regardless of whether any of the Parties believes the error was apparent, and the Escrow
Agent is not liable for any damages arising from any failure to detect an error.

 

(i) When
instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number),
the Escrow Agent, and any other banks participating in the funds transfer, may rely solely on the unique identifier, even if it identifies
a party different than the party named. Each Party agrees to be bound by the rules of any funds transfer network used in connection with
any payment order accepted by the Escrow Agent hereunder.

 

(j) The
Escrow Agent shall not be obliged to make any payment requested under this Agreement if it is unable to validate the authenticity of the
request by the security procedures set forth in this Section 1.4. The Escrow Agent’s inability to confirm a payment order may result
in a delay or failure to act on that payment order. Notwithstanding anything else in this Agreement, the Escrow Agent shall not be required
to treat a payment order as having been received until the Escrow Agent has authenticated it pursuant to the security procedures in this
Section 1.4 and shall not be liable or responsible for any losses arising in relation to such delay or failure to act.

 

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ARTICLE 2

PROVISIONS CONCERNING THE ESCROW AGENT

 

Section 2.1 Acceptance by Escrow Agent.
The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a) The
Escrow Agent may act in reliance upon any signature reasonably believed by it to be genuine, and may assume that any person who has been
designated by the Dealer Manager or the Company to give any written instructions, notice or receipt, or make any statements in connection
with the provisions hereof has been duly authorized to do so. The Escrow Agent shall have no duty to make inquiry as to the genuineness,
accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names and true signatures
of each individual authorized to act singly on behalf of the Company and The Dealer Manager are stated in Schedule II, which is attached
hereto and made a part hereof. The Company and the Dealer Manager may each remove or add one or more of its authorized signers stated
on Schedule II by notifying the Escrow Agent in writing of such change in accordance with this Agreement, which notice shall include the
true signature for any new authorized signatories. The Escrow Agent shall be entitled to rely upon any order, judgment, opinion, or other
writing delivered to it in compliance with the provisions of this Agreement without being required to determine the authenticity or the
correctness of any fact stated therein or the propriety or validity of service thereof.

 

(b) The
Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow Agent
shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its
willful misconduct or gross negligence.

 

(c) In the
event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain
from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction,
or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(d) The
Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than the Escrow
Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the
Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by
applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to the Escrow Agent for
the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account, and (ii) to disburse or refrain
from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow Agent have been collected and are available
for withdrawal. The Escrow Agent makes no representation as to the validity, value, genuineness or collectability of any security or other
document or instrument held by or delivered to it.

 

(e) The
Escrow Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants or obligations
shall be inferred from this Agreement against the Escrow Agent, nor shall the Escrow Agent be bound by the provisions of any agreement
by the Company beyond the specific terms hereof. Without limiting the foregoing, the Escrow Agent shall dispose of the Escrow Funds in
accordance with the express provisions of this Agreement, and has not reviewed and shall not make, be required to make or be liable in
any manner for its failure to make, any determination under the Transaction Documents, or any other agreement, including, without limitation,
any determination of whether (i) the Company has complied with the terms of the Transaction Documents, (ii) an investment in the Shares
is suitable for the proposed Investors, or (iii) the Transaction Documents comply with applicable securities laws.

 

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(f) No provision
of this Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability in the performance
of any of its duties hereunder. The Escrow Agent is acting under this Agreement as a stakeholder only and shall be considered an independent
contractor with respect to each Party. No term or provision of this Agreement is intended to create, nor shall any such term or provision
be deemed to have created, any trust, joint venture, partnership, or debtor/creditor relationship between or among the Escrow Agent and
any of the Parties.

 

(g) In no
event shall the Escrow Agent be liable for any lost profits, lost savings or other special, exemplary, consequential or incidental damages
even if the Escrow Agent has been advised of the likelihood of such loss or damage.

 

Section 2.2 Indemnification. The
Dealer Manager and the Company agree, jointly and severally, to indemnify and hold the Escrow Agent and its employees, officers, directors
and agents harmless from and against any and all claims, losses, costs, liabilities, damages, suits, demands, judgments or expenses (including
but not limited to reasonable attorney’s fees) claimed against or incurred by the Escrow Agent arising out of or related, directly
or indirectly, to this Agreement unless caused by the Escrow Agent’s gross negligence or willful misconduct. The Dealer Manager
and the Company agree, jointly and severally, to pay or reimburse the Escrow Agent upon request for any transfer taxes or other taxes
relating to the Escrow Funds incurred in connection herewith and shall indemnify and hold harmless the Escrow Agent with respect to any
amounts that it is obligated to pay in the way of such taxes. The Escrow Agent shall not incur any liability for performing or not performing
any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Escrow Agent,
including, without limitation, war (whether declared or existing), revolution, insurrection, riot, civil commotion, accident, fire, explosion,
stoppage of labor, strikes and other differences with employees; the act, failure or neglect of the parties hereto (other than the Escrow
Agent) or any of their agents; any delay, error, omission or default of any mail, courier, facsimile or wireless agency or operator; or
the acts or edicts of any government or governmental agency or other group or entity exercising governmental powers. The terms of this
paragraph shall survive termination of this Agreement.

 

Section 2.3 Limitation of Liability.
THE ESCROW AGENT SHALL NOT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY (I) DAMAGES, LOSSES OR EXPENSES
ARISING OUT OF THE SERVICES PROVIDED HEREUNDER, OTHER THAN DAMAGES, LOSSES OR EXPENSES WHICH HAVE BEEN FINALLY ADJUDICATED TO HAVE DIRECTLY
RESULTED FROM THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OR (II) SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES OR LOSSES
OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED IF THE POSSIBILITY OF SUCH
LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION.

 

Section 2.4 Resignation and Termination
of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days’ prior written
notice of such resignation to the Dealer Manager and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation
hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day period. In such event, the Escrow
Agent shall not take any action, other than receiving and depositing the Investor’s checks and wire transfers in accordance with
this Agreement, until the Company has designated a banking corporation, trust company, attorney or other person as successor. Upon receipt
of such written designation signed by the Dealer Manager and the Company, the Escrow Agent shall promptly deliver the Escrow Funds to
such successor and shall thereafter have no further obligations hereunder. If such instructions are not received within 30 days following
the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it pursuant to this Agreement with
a clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for in this paragraph, the
Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow
Funds.

 

Section 2.5 Termination. The
Company and the Dealer Manager may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date upon
which such termination shall take effect, which date shall be at least 30 days from the date of such notice. In the event of such termination,
the Company and the Dealer Manager shall, within 30 days of such notice, appoint a successor escrow agent and the Escrow Agent shall,
upon receipt of written instructions signed by the Company and the Dealer Manager, turn over to such successor escrow agent all of the
Escrow Funds; provided, however, that if the Company and the Dealer Manager fail to appoint a successor escrow agent within
such 30-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions
hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all
of the provisions hereof and the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter
arising with respect to the Escrow Funds and under this Agreement.

 

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Section 2.6 Compensation. The
Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to compensation as stated in the schedule attached hereto
as Schedule III, which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated
to reimburse the Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow
Account, including reasonable attorney’s fees. Neither the modification, cancellation, termination or rescission of this Agreement
nor the resignation or termination of the Escrow Agent shall affect the right of the Escrow Agent to retain the amount of any fee which
has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such
modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or
any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts
to be paid directly at any such closing. The terms of this paragraph shall survive termination of this Agreement.

 

Section 2.7 Merger or Consolidation.
Any corporation or association into which the Escrow Agent may be converted or merged, or with which
it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate trust business and assets as a whole
or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer
to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Agreement and shall have and succeed to
the rights, powers, duties, immunities and privileges as its predecessor, without the execution or filing of any instrument or paper or
the performance of any further act.

 

Section 2.8 Attachment of Escrow Funds;
Compliance with Legal Orders. In the event that any Escrow Funds shall be attached, garnished or
levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgment or
decree shall be made or entered by any court order affecting the Escrow Funds, the Escrow Agent is hereby expressly authorized, in its
sole discretion, to respond as it deems appropriate or to comply with all writs, orders or decrees so entered or issued, or which it is
advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction. In the event that the Escrow Agent
obeys or complies with any such writ, order or decree it shall not be liable to any Party or to any other person, firm or corporation,
should, by reason of such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside
or vacated.

 

Section 2.9 Force Majeure. The
Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its obligation under this Agreement arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God;
earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions
of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority
or governmental action; it being understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

 

Section 2.10 Compliance with Legal
Orders. The Escrow Agent shall be entitled to consult with legal counsel in the event that a question
or dispute arises with regard to the construction of any of the provisions hereof, and shall incur no liability and shall be fully protected
in acting in accordance with the advice or opinion of such counsel.

 

Section 2.11 No Financial Obligation.
The Escrow Agent shall not be required to use its own funds in the performance of any of its obligations
or duties or the exercise of any of its rights or powers, and shall not be required to take any action which, in the Escrow Agent's sole
and absolute judgment, could involve it in expense or liability unless furnished with security and indemnity which it deems, in its sole
and absolute discretion, to be satisfactory.

 

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ARTICLE 3

MISCELLANEOUS

 

Section 3.1 Successors and Assigns.
This Agreement shall be binding on and inure to the benefit of each Party and the Escrow Agent and their
respective successors and permitted assigns. No other persons shall have any rights under this Agreement. No assignment of the interest
of any of the Parties shall be binding unless and until written notice of such assignment shall be delivered to the other Parties and
the Escrow Agent and shall require the prior written consent of the other Parties and the Escrow Agent (such consent not to be unreasonably
withheld).

 

Section 3.2 Escheat. Each
Party is aware that under applicable state law, property which is presumed abandoned may under certain circumstances escheat to the applicable
state. The Escrow Agent shall have no liability to any of the Parties, their respective heirs, legal representatives, successors and assigns,
or any other party, should any or all of the Escrow Funds escheat by operation of law.

 

Section 3.3 Notices. All
notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed
to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized overnight courier
service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to The Dealer Manager:

 

Arete Wealth Management, LLC

1115 W. Fulton Market, 3rd Floor

Chicago, IL 60607

Attention: David Hock

Phone:

Email:

 

If to the Company:

 

Manufactured Housing Properties Inc.

136 Main Street

Pineville, NC 28134

Attention: Michael Z. Anise

Phone:

Email:

 

Copy:

 

Bevilacqua PLLC

1050 Connecticut Avenue, NW, Suite 500

Washington, DC 20036

Attention: Louis A. Bevilacqua

Phone:

Email:

 

If to Escrow Agent:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

166 Mercer Street, Suite 2R

New York, New York 10012

Attention: Boris Treyger

Phone:

Email:

 

    10

    

    

 

Section 3.4 Governing Law and Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.
Each Party and Escrow Agent hereby consents to the exclusive personal jurisdiction of the courts located in the State of Delaware in the
event of a dispute arising out of or under this Agreement. Each Party and Escrow Agent hereby irrevocably waives any objection to the
laying of the venue of any suit, action or proceeding and irrevocably submits to the exclusive jurisdiction of such court in such suit,
action or proceeding.

 

Section 3.5 Entire Agreement. This
Agreement and the Schedules and Exhibits attached hereto (as updated from time to time in accordance herewith) set forth the entire agreement
and understanding of the parties related to the Escrow Account.

 

Section 3.6 Amendment. This
Agreement may be amended, modified, superseded, rescinded, or canceled only by a written instrument executed by each of the Parties and
the Escrow Agent.

 

Section 3.7 Waivers. The
failure of any party to this Agreement at any time or times to require performance of any provision under this Agreement shall in no manner
affect the right at a later time to enforce the same performance. A waiver by any party to this Agreement of any such condition or breach
of any term, covenant, representation, or warranty contained in this Agreement, in any one or more instances, shall neither be construed
as a further or continuing waiver of any such condition or breach nor a waiver of any other condition or breach of any other term, covenant,
representation, or warranty contained in this Agreement.

 

Section 3.8 Headings. Section
headings of this Agreement have been inserted for convenience of reference only and shall in no way restrict or otherwise modify any of
the terms or provisions of this Agreement.

 

Section 3.9 Counterparts. This
Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original, and such counterparts
shall together constitute one and the same instrument.

 

Section 3.10 Waiver of Jury Trial.
EACH OF THE PARTIES HERETO AND THE ESCROW AGENT EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN RESOLVING
ANY CLAIM OR COUNTERCLAIM RELATING TO OR ARISING OUT OF THIS AGREEMENT.

 

Section 3.11 Form of Signature.
The Parties and the Escrow Agent agree to accept a facsimile or email PDF transmission copy of their
respective actual signatures as evidence of their actual signatures to this Agreement and any modification or amendment of this Agreement;
provided, however, that each party who produces a facsimile or email PDF signature agrees, by the express terms hereof,
if requested by another party hereto, to place, promptly after transmission of his or her signature by fax, a true and correct original
copy of his or her signature in overnight mail to the address of the other party.

 

Section 3.12 Termination. This
Agreement will terminate upon the Termination Date.

 

Section 3.13 Anti-Terrorism/Anti-Money
Laundering Laws.

 

IMPORTANT INFORMATION ABOUT
PROCEDURES FOR OPENING A NEW ACCOUNT - To help the United States government fight the funding of terrorism or money laundering activities,
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new
account. What this means for the parties to this Agreement: the Escrow Agent will ask for your name, address, date of birth, and other
information that will allow the Escrow Agent to identify you (e.g., your social security number or tax identification number.)
The Escrow Agent may also ask to see your driver’s license or other identifying documents (e.g., passport, evidence of formation
of corporation, limited liability company, limited partnership, etc., certificate of good standing.)

 

Each Party to this Agreement
hereby agrees to provide the Escrow Agent, prior to the establishment of the Escrow Account, with the information identified above pertaining
to it by completing the form attached as Exhibit B and returning it to the Escrow Agent. Exhibit B includes one form for individuals and
another form for entities.

 

[The balance of this page intentionally left
blank – signature page follows]

 

    11

    

    

 

IN WITNESS WHEREOF,
the parties have duly executed this Agreement as of the date first set forth above.

 

	MANUFACTURED HOUSING 		ARETE WEALTH MANAGEMENT, LLC
	PROPERTIES INC.	 	 
	 	 	 
	By:	/s/
    Michael Z. Anise	 	By:	/s/
    David Hock
	Name:	Michael Z. Anise	 	Name:	David Hock
	Title:	President	 	Title:	CFO

 

	WILMINGTON TRUST, NATIONAL ASSOCIATION	 
	 	 	 
	By:	/s/ Boris Treyger	 
	Name:	Boris Treyger	 
	Title: 	Vice President	 

 

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Schedule III

 

Fees of Escrow Agent

 

	Acceptance Fee:	            Waived

 

Initial Fees as they relate to Wilmington Trust acting in the capacity
of Escrow Agent – includes review of the Escrow Agreement; acceptance of the Escrow appointment; setting up of Escrow Account(s)
and accounting records; and coordination of receipt of Escrow Information for deposit to the Escrow Account(s). Acceptance Fee payable
at time of Escrow Agreement execution.

 

	
    

    

    Escrow Agent Administration Fee:

    
	$6,000

 

For ordinary administrative services by Escrow Agent – includes
daily routine account management; monitoring claim notices pursuant to the agreement; and disbursement of Escrow Information in accordance
with the agreement.

 

Wilmington Trust’s bid is based on the following assumptions:

 

		●	Number of Escrow Accounts to be established: 1

 

		●	Est. Term: Under 12 months

 

		●	Escrow funds remain un-invested

 

Out-of-Pocket Expenses: Billed At Cost

 

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Exhibit A

 

FORM OF ESCROW DISBURSEMENT INSTRUCTIONS

AND RELEASE NOTICE

 

 

Date:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

166 Mercer Street, Suite 2R

New York, NY 10012

Attention: Boris Treyger

 

Dear Mr./Ms _______:

 

In accordance with the terms of paragraph 1.2(b)
of an Escrow Agreement dated as of _______, 2021 (the “Escrow Agreement”), by and between MANUFACTURED HOUSING PROPERTIES
INC. (the “Company”), ARETE WEALTH MANAGEMENT, LLC (the “Dealer Manager”) and WILMINGTON TRUST, NATIONAL ASSOCIATION
(the “Escrow Agent”), the Company and the Dealer Manager hereby direct the Escrow Agent to distribute all of the Escrow Funds
(as defined in the Escrow Agreement) in accordance with the following wire instructions:

 

	________________________:	 	$ _____________	 
	 	 	 	 
	________________________:	 	$  _____________	 
	 	 	 	 
	________________________:	 	$  _____________	 

 

Very truly yours,

 

Manufactured Housing Properties Inc.

 

	By:	 	 
	Name: 	 	 
	Title: 	 	 
	 	 	 
	Arete Wealth Management, LLC	 
	 	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 

 

 

14Exhibit 4.1 

 

WARRANT AGREEMENT

 

This
WARRANT AGREEMENT (this “Agreement”) is made as of October 12, 2021 between Gesher I Acquisition Corp., a Cayman
Islands exempted company, with offices at Hagag Towers, North Tower, Floor 24, Haarba 28, Tel Aviv, Israel (“Company”),
and Continental Stock Transfer & Trust Company, a New York limited purpose trust company, with offices at 1 State Street, New
York, New York 10004, as warrant agent (“Warrant Agent”).

 

WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of up to 11,500,000 units (including 1,500,000 units
which may be issued pursuant to an overallotment option granted to the underwriters of the Public Offering), each unit (“Unit”)
comprised of one ordinary share of the Company, par value $.0001 per share (“Ordinary Share”), and one-half of one
warrant, where each whole warrant entitles the holder to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment
as described herein, and, in connection therewith, will issue and deliver up to 5,750,000 whole warrants (the “Public Warrants”)
to the public investors in connection with the Public Offering; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
No. 333-259253 (“Registration Statement”) and prospectus (“Prospectus”), for the registration,
under the Securities Act of 1933, as amended (“Securities Act”) of, among other securities, the Public Warrants; and

 

WHEREAS,
the Company has received binding commitments (“Subscription Agreements”) from the Company’s sponsor and the Representative
(and its designees) to purchase up to an aggregate of 5,000,000 warrants (the “Private Warrants”) (including up to
450,000 Private Warrants which may be purchased if the underwriters’ overallotment option is exercised in full); and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

    

    

 

2. Warrants.

 

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

 

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

 

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

 

2.4. Registration.

 

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

 

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

 

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

 

    2

    

    

 

2.6. Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be identical to the Public
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 whole Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle
the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number
of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and
in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per
share at which the Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the
Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days;
provided, that the Company shall provide at least twenty (20) days’ prior written notice of such reduction to registered holders
of the Warrants and, provided further that any such reduction shall be applied consistently to all of the Warrants.

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing on the date that is thirty (30) days after the consummation
by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration
Statement) and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) the date that is five (5) years after
the date on which the Company consummates a Business Combination, (ii) at 5:00 p.m., New York City time on the Redemption Date as
provided in Section 6.2 of this Agreement and (iii) the liquidation of the Trust Account (defined below) (“Expiration
Date”). The period of time from the date the Warrants will first become exercisable until the expiration of the Warrants shall
hereafter be referred to as the “Exercise Period.” Except with respect to the right to receive the Redemption Price
(as set forth in Section 6 hereunder), as applicable, each outstanding Warrant not exercised on or before the Expiration Date shall
become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on
the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided,
however, that the Company will provide at least twenty (20) days’ prior written notice of any such extension to registered
holders and, provided further that any such extension shall be applied consistently to all of the Warrants.

 

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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 Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in
connection with the exercise of the Warrant, as follows:

 

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

 

(b)
in the event of a redemption pursuant to Section 6.1 hereof in which the Company’s management has elected to force all holders
of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Ordinary Shares
equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by
the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely
for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported closing price of the Ordinary
Shares for the five (5) trading days ending on the third trading day prior to the date on which the notice of redemption is sent
to holders of the Warrants pursuant to Section 6 hereof; or

 

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

 

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

 

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

 

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3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for Ordinary Shares is issued shall for all purposes
be deemed to have become the holder of record of such shares on the date on which the Warrant, 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, 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 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 cause 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 Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing
sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates shall include the number of Ordinary
Shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude
Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned
by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
preferred 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 Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the
Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or
other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice
by the Company or the Warrant Agent setting forth the number of Ordinary Shares outstanding. For any reason at any time, upon the written
request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder
the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving
effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such
number of outstanding Ordinary Shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase
or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that
any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1. Dividends;
Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding Ordinary Shares
is increased by a dividend payable in Ordinary Shares, or by a split up of Ordinary Shares, or other similar event, then, on the effective
date of such dividend, split up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding Ordinary Shares.

 

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

 

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4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Ordinary Shares or other shares of the Company’s capital stock into which
the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately
after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s
Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend divided by all outstanding
shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend); provided, however, that
none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection
4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and
cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend
or distribution does not exceed $0.50 per share (taking into account all of the outstanding shares of the Company at such time (whether
or not any shareholders waived their right to receive such dividend) and as adjusted to appropriately reflect any of the events referred
to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the
Warrant Price or to the number of Ordinary Shares issuable on exercise of each Warrant) but only with respect to the amount of the aggregate
cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the holders of the
Ordinary Shares in connection with a proposed initial Business Combination or certain amendments to the Company’s Amended and Restated
Memorandum and Articles of Association (as described in the Registration Statement) or (d) any payment in connection with the Company’s
liquidation and the distribution of its assets upon its failure to consummate a Business Combination. Solely for purposes of illustration,
if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate
of $0.40 of cash dividends and cash distributions on the Ordinary Shares during the 365-day period ending on the date of declaration
of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 dividend,
by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or
made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount
of all cash dividends and cash distributions paid or made in such 365-day period prior to such $0.35 dividend)). Furthermore,
solely for the purposes of illustration, if following the closing of the Company’s initial Business Combination, there were 100,000,000
shares outstanding and the Company paid a $1.00 dividend to 17,500,000 of such shares (with the remaining 82,500,000 shares waiving their
right to receive such dividend), then no adjustment to the Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000
shares equals $0.175 per share which is less than $0.50 per share.

 

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

 

4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares (other
than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Ordinary Shares), 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 Ordinary Shares),
or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety
or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares
of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount
of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation,
or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised
his, her or its Warrant(s) immediately prior to such event. If any reclassification also results in a change in the Ordinary Shares covered
by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5.
The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of
the Warrant.

 

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4.6. Issuance
in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional Ordinary
Shares or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Company’s
initial shareholders, or their affiliates, without taking into account any founders’ shares held by them prior to such issuance),
(b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c)
the Fair Market Value (as defined below) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the Ordinary Shares
or equity-linked securities. Solely for purposes of this Section 4.6, the “Fair Market Value” shall mean the volume
weighted average reported trading price of the Ordinary Shares for the twenty (20) trading days starting on the trading day prior to the
date of the consummation of the Business Combination.

 

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

 

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

 

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

 

4.10 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, in the case of certificated Warrants, 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.

 

    7

    

    

 

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

 

5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
of a warrant certificate or book-entry position 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, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6. Private
Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants
until after the consummation by the Company of an initial Business Combination, except for transfers (i) among the initial shareholders
or to the initial shareholders’ or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s
shareholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to
a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s
immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant
to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of
a Business Combination, (vii) in connection with the consummation of a Business Combination by private sales at prices no greater
than the price at which the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior
to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business
Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their Ordinary Shares for cash, securities or other property, in each case (except for clauses
(vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal guardian for
such transferee agrees to be bound by the transfer restrictions contained in this section and any other applicable agreement the transferor
is bound by.

 

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

 

6. Redemption.

 

6.1. Redemption.
Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at
the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the closing price of the Ordinary Shares equals or exceeds $18.00 per share (subject to adjustment in
accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period commencing
after the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given and
provided that there is an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, and a
current prospectus relating thereto, available throughout the 30-day redemption or the Company has elected to require the exercise
of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the Public Warrants
become redeemable by the Company, the Company may not exercise such redemption right if the issuance of Ordinary Shares upon exercise
of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable
to effect such registration or qualification.

 

    8

    

    

 

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

 

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

 

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

 

7.1. No
Rights as Shareholder. A Warrant does not entitle the registered holder thereof to any of the rights of a shareholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent
or to receive notice as shareholders in respect of the meetings of shareholders 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 Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares
that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4. Registration
of Ordinary Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination, it shall
use its best efforts to file with the Securities and Exchange Commission a registration statement for the registration, under the Securities
Act, of the Ordinary Shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary
to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those states where
holders of Warrants then reside, the Ordinary Shares issuable upon exercise of the Warrants, to the extent an exemption is not available.
The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement,
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 day following the closing of the Business Combination, holders
of the Warrants shall have the right, during the period beginning on the 91st day after the closing of the Business Combination and ending
upon such registration statement being declared effective by the Securities and Exchange Commission, and during any other period when
the Company shall fail to have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise of the
Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(c). The Company
shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be
registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise will be freely tradable under U.S. federal
securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly,
will not be required to bear a restrictive legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised
on a cashless basis, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences
of this Section 7.4. The provisions of this Section 7.4 may not be modified, amended, or deleted without the prior written consent of
the Representative.

 

    9

    

    

 

8. Concerning
the Warrant Agent and Other Matters.

 

8.1. Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of Warrants, but the Company shall not be obligated
to pay any transfer taxes in respect of the Warrants or such Ordinary 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 the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of
the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the
State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized
under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor
Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason
it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument
transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon
request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties,
and obligations.

 

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

 

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

 

8.3. Fees
and Expenses of Warrant Agent.

 

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

 

    10

    

    

 

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

 

8.4. Liability
of Warrant Agent.

 

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

 

8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own fraud, 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
fraud, gross negligence, willful misconduct, or bad faith.

 

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

 

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

 

9. Miscellaneous Provisions.

 

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

 

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

 

Gesher I
Acquisition Corp.

Hagag Towers

North Tower,
Floor 24

Haarba 28

Tel Aviv,
Israel

Attn: Ezra
Gardner

 

    11

    

    

 

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

 

Continental
Stock Transfer & Trust Company

1 State Street

New York,
New York 10004

Attn: Compliance
Department

 

with a copy in each case
to:

 

Graubard
Miller

The Chrysler
Building

405 Lexington
Avenue, 11th Floor

New York,
New York 10174

Attn: David
Alan Miller, Esq.

 

and

 

Loeb &
Loeb LLP

345 Park
Avenue

New York,
New York 10154

Attn: Mitchell
Nussbaum, Esq.

 

and

 

EarlyBirdCapital,
Inc.

366 Madison
Avenue, 8th Floor

New York,
NY 10017

Attn: Steven
Levine

 

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. The Company hereby waives any objection that such courts represent an inconvenient forum. Notwithstanding
the foregoing, the provisions of this paragraph are not binding on holders of Warrants and will not apply to suits brought to enforce
any liability or duty created by the Securities Act or the Exchange Act or any other claim for which the federal district courts of the
United States of America are the sole and exclusive forum. Any process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim.

 

    12

    

    

 

9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
registered holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representative, any right, remedy, or
claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representative
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and the Representative with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered
holders of the Warrants.

 

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

 

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

 

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

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of (i) a majority
of the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation
of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken
after the consummation of a Business Combination. 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. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representative.

 

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

 

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

 

[signature page follows]

 

    13

    

    

 

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

 

	 	GESHER I ACQUISITION CORP.
	 	 
	 	By:	/s/
Ezra Gardner
	 	 	Name: Ezra Gardner
	 	 	Title: Chief Executive Officer
	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 
	 	By:	/s/ Douglas Reed
	 	 	Name: Douglas Reed
	 	 	Title: Vice President

 

[Signature Page to Warrant Agreement]

 

 

14

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