Document:

Exhibit 4.1

 

FORM OF
WARRANT

 

ASSIGNMENT,
ASSUMPTION AND AMENDMENT AGREEMENT

 

This Assignment, Assumption and Amendment Agreement
(this “Agreement”) is made as of [●], 2021, by and among Qell Acquisition Corp., a Cayman Islands exempted company
(“Qell”), [Qell Dutchco] N.V., a Netherlands public limited liability company (“Holdco”), and Continental
Stock Transfer & Trust Company, a New York corporation, a warrant agent (the “Warrant Agent”).

 

WHEREAS,
Qell and the Warrant Agent are parties to that certain Warrant Agreement, dated as of September 29, 2020, and filed with the United
States Securities and Exchange Commission on October 5, 2020 (the “Existing Warrant Agreement”);

 

WHEREAS,
capitalized terms used herein, but not otherwise defined, shall have the meanings given to such terms in the Existing Warrant Agreement;

 

WHEREAS,
pursuant to the Existing Warrant Agreement, Qell issued (i) 7,060,000 private placement warrants to the Sponsor (collectively, the
 “Private Placement Warrants”) to purchase Qell’s Class A ordinary shares, par value $0.0001 per share (“Class A
Shares”), with each Private Placement Warrant being exercisable for one Class A Share and with an exercise price of $1.50
per share, and (ii) 12,650,000 warrants as part of units to public investors in the Offering (the “Public Warrants”
and together with the Private Placement Warrants, the “Warrants”) to purchase Class A Shares, with each whole
Public Warrant being exercisable for one Class A Share and with an exercise price of $11.50 per share;

 

WHEREAS,
all of the Warrants are governed by the Existing Warrant Agreement;

 

WHEREAS,
on March [●], 2021, Holdco, Qell, Queen Merger Sub, a Cayman Islands exempted company (“Merger Sub”) and
Lilium GmbH, a German limited liability company (“Lilium”) entered into that certain Business Combination Agreement
(“BCA”);

 

WHEREAS,
pursuant to the BCA, the parties thereto agreed to enter into a multi-step business combination as part of which, among other things,
Qell will merge with and into Merger Sub (“Merger”) and in such Merger each Warrant that is outstanding immediately
prior to the effective time of the Merger (as determined in accordance with the applicable terms and conditions set forth in the BCA,
the “Effective Time”) shall cease to represent a right to acquire Class A Shares and shall, subject to the terms
and conditions set forth in the BCA, automatically represent, immediately following the Effective Time, a right to acquire ordinary Class A
shares of $10.00 in the share capital of Holdco (“Holdco Class A Shares”) on the same contractual terms and conditions
as were in effect immediately prior to the Effective Time under the Existing Warrant Agreement (the “Warrant Conversion”);

 

WHEREAS,
the Board of Directors of Qell has determined that the consummation of the transactions contemplated by the BCA will constitute a Business
Combination for the purposes of the Existing Warrant Agreement;

 

WHEREAS,
the Warrant Conversion in connection with such Business Combination is permitted under Section 4.5 of the Existing Warrant Agreement
and does not require the consent of any Registered Holders;

 

     

     

    

 

WHEREAS,
Section 9.8 of the Existing Warrant Agreement provides that Qell and the Warrant Agent may amend the Existing Warrant Agreement without
the consent of any Registered Holders for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision
contained therein or adding or changing any other provisions with respect to matters or questions arising under the Existing Warrant Agreement
as Qell and the Warrant Agent may deem necessary or desirable and that Qell and the Warrant Agent deem shall not adversely affect the
interest of the registered holders of the Warrants;

 

WHEREAS,
in connection with the Merger and the Warrant Conversion, Qell desires to assign all of its right, title and interest in the Existing
Warrant Agreement to Holdco and Holdco wishes to accept such assignment; and

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows.

 

1.            Assignment
and Assumption; Consent.

 

1.1            Assignment
and Assumption. Qell hereby assigns to Holdco all of Qell’s right, title and interest in and to the Existing Warrant Agreement
(as amended hereby) as of the Effective Time and Holdco hereby assumes, and agrees to pay, perform, satisfy and discharge in full, as
the same become due, all of Qell’s liabilities and obligations under the Existing Warrant Agreement (as amended hereby) arising
from and after the Effective Time.

 

1.2            Consent.
The Warrant Agent hereby consents to the assignment of the Existing Warrant Agreement by Qell to Holdco pursuant to Section 1.1
hereof effective as of the Effective Time, and the assumption of the Existing Warrant Agreement by Holdco from Qell pursuant to Section 1.1
hereof effective as of the Effective Time, and to the continuation of the Existing Warrant Agreement in full force and effect from and
after the Effective Time, subject at all times to the Existing Warrant Agreement (as amended hereby) and to all of the provisions, covenants,
agreements, terms and conditions of the Existing Warrant Agreement and this Agreement.

 

2.            Amendment
of Existing Warrant Agreement. Qell and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in this Section 2,
effective as of the Effective Time, and acknowledge and agree that the amendments to the Existing Warrant Agreement set forth in this
Section 2 are necessary or desirable and that such amendments do not adversely affect the interests of the registered holders.

 

2.1            Preamble.
The preamble on page one of the Existing Warrant Agreement is hereby amended by deleting “Qell Acquisition Corp., a Delaware
corporation” and replacing it with “Qell Dutchco N.V., a public limited company incorporated under the laws of the Netherlands”.
As a result thereof, all references to the “Company” in the Existing Warrant Agreement shall be references to Qell Dutchco
N.V. rather than Qell Acquisition Corp.

 

    -2-

     

    

 

2.2            Reference
to Holdco Shares. All references to “Class A Shares” or “shares of Class A Shares” in the Existing
Warrant Agreement (including all Exhibits thereto) shall mean “Holdco Class A Shares” or “class A shares in the
share capital of Holdco.”

 

2.3            Notice.
The address for notices to the Company set forth in Section 9.2 of the Existing Warrant Agreement is hereby amended and restated
in its entirety as follows:

 

[INSERT HOLDCO ADDRESS]

[INSERT HOLDCO ADDRESS]

[INSERT HOLDCO ADDRESS]

Attention:

Email:

 

3.            Miscellaneous
Provisions.

 

3.1            Effectiveness
of Warrant. Each of the parties hereto acknowledges and agrees that the effectiveness of this Agreement shall be expressly subject
to the occurrence of the Merger and shall automatically be terminated and shall be null and void if the BCA shall be terminated for any
reason.

 

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

 

3.3            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.

 

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

 

3.5            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.

 

    -3-

     

    

 

3.6            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.

 

3.7            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.

 

3.8            Entire
Agreement. This Agreement and the Existing Warrant Agreement, as modified by this Agreement, constitutes the entire understanding
of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express
or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments
are hereby canceled and terminated.

 

[Remainder of page intentionally left blank.]

 

    -4-

     

    

 

IN
WITNESS WHEREOF, Qell, Holdco and the Warrant Agent have duly executed this Agreement, all as of the date first written above.

 

	 	QELL ACQUISITION CORP.
	 	 	 
	 	 By:	
	 	Name:
	 	Title:
	 	 
	 	[QELL DUTCHCO] N.V.
	 	 

	 	By:	

                                                          

	 	Name:
	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	 By:	
	 	Name:
	 	Title:

 

[Signature Page to Warrant Assignment, Assumption and Amendment Agreement]EX-4.5

 Exhibit 4.5 

THIRD SUPPLEMENTAL INDENTURE 

THIRD SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
March 15, 2021, between Viela Bio, Inc., a Delaware corporation (the “Guaranteeing Entity”), which is a subsidiary of the Issuer (as defined below), and U.S. Bank National Association, as trustee under the Indenture referred to
below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, Horizon Therapeutics USA, Inc. (formerly known as Horizon Pharma USA, Inc.), a Delaware corporation (the “Issuer”),
has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of July 16, 2019, providing for the issuance of 5.500% Senior Notes due 2027 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Entity shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Entity shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note
Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this
Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the Guaranteeing Entity and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1.    CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture. 
 2.    AGREEMENT TO
GUARANTEE. The Guaranteeing Entity hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee of the Indenture including but not limited to Article 10 thereof. 

3.    NO RECOURSE AGAINST OTHERS. No director, officer,
employee, incorporator or stockholder of the Issuer or any Guarantor (including, for the avoidance of doubt, the Guaranteeing Entity), as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, the
Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

4.    NEW YORK LAW TO GOVERN; WAIVER OF JURY TRIAL. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE TRUSTEE AND THE GUARANTEEING ENTITY CONSENTS AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE OR U.S. FEDERAL COURT LOCATED IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, COUNTY
OF NEW YORK, STATE OF NEW YORK IN RELATION TO ANY LEGAL ACTION OR PROCEEDING (I) ARISING OUT OF, RELATING TO OR IN CONNECTION WITH THIS INDENTURE, AS SUPPLEMENTED, THE NOTES, THE GUARANTEES AND ANY RELATED DOCUMENTS AND/OR

 
(II) ARISING UNDER ANY U.S. FEDERAL OR U.S. STATE SECURITIES LAWS IN RESPECT OF THE NOTES, THE GUARANTEES AND ANY SECURITIES ISSUED PURSUANT TO THE TERMS OF THE INDENTURE, AS SUPPLEMENTED.
THE TRUSTEE AND THE GUARANTEEING ENTITY WAIVES ANY OBJECTION TO PROCEEDINGS IN ANY SUCH COURTS, WHETHER ON THE GROUND OF VENUE OR ON THE GROUND THAT THE PROCEEDINGS HAVE BEEN BROUGHT IN AN INCONVENIENT FORUM. THE TRUSTEE AND THE GUARANTEEING ENTITY,
TO THE EXTENT ORGANIZED OUTSIDE OF THE UNITED STATES, SHALL APPOINT HORIZON PHARMA USA, INC. (HORIZON PHARMA USA, INC., 150 S SAUNDERS ROAD, LAKE FOREST, IL 60045), AS ITS AGENT FOR SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING AND
AGREES THAT SERVICE OF PROCESS UPON SAID AUTHORIZED AGENT SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON IT IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE GUARANTEEING ENTITY AGREES TO DELIVER, UPON THE EXECUTION AND DELIVERY OF
THIS SUPPLEMENTAL INDENTURE, A WRITTEN ACCEPTANCE BY SUCH AGENT OF ITS APPOINTMENT AS SUCH AGENT. THE GUARANTEEING ENTITY, TO THE EXTENT ORGANIZED OUTSIDE OF THE UNITED STATES, FURTHER AGREES TO TAKE ANY AND ALL ACTION, INCLUDING THE FILING OF ANY
AND ALL SUCH DOCUMENTS AND INSTRUMENTS, AS MAY BE REASONABLY NECESSARY TO CONTINUE SUCH DESIGNATION AND APPOINTMENT OF CT CORPORATION SYSTEM IN FULL FORCE AND EFFECT FOR SO LONG AS THE INDENTURE, AS SUPPLEMENTED, REMAINS IN FORCE. THE ISSUER, THE
TRUSTEE AND THE GUARANTEEING ENTITY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 5.    COUNTERPARTS. The parties may sign any number of copies of
this Supplemental Indenture. Each signed copy (which may be provided via facsimile or other electronic transmission) shall be an original, but all of them together represent the same agreement. 

6.    EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof. 
 7.    THE TRUSTEE. The Trustee shall
not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Entity and
the Issuer. 
 8.    RATIFICATION OF INDENTURE; SUPPLEMENTAL
INDENTURE PART OF INDENTURE. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes. 
 Notwithstanding anything to the
contrary in the Indenture, this Supplemental Indenture and any notice or other communication sent to the Trustee hereunder requiring a signature must be signed manually or by way of a digital signature provided by DocuSign (or such other digital
signature provider as specified in writing by the Trustee from time to time). Issuer agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Bank, including without
limitation the risk of the Bank acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

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

			
	VIELA BIO, INC.
		
	By:	 	 /s/ Paul W. Hoelscher

		 	Name: Paul W. Hoelscher
		 	Title: Treasurer

  

			
	 U.S. BANK NATIONAL ASSOCIATION,

  as Trustee

		
	By:	 	 /s/ Joshua A. Hahn_

		 	Name: Joshua A. Hahn
		 	Title: Vice President

 [Signature Page to Third Supplemental Indenture]

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