Document:

Exhibit 10.1

 

OCEAN
POWER TECHNOLOGIES, INC.

 

and

 

ROBERT
P. POWERS

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”) is made as of this 13th day of December 2021 (the “Effective Date”) by and
between Ocean Power Technologies, Inc., a New Jersey corporation (the “Company”), and Robert P. Powers (“Executive”).

 

1.
Employment

 

The
effectiveness of this Agreement is conditioned upon the completion of a background investigation of the Executive to the satisfaction
of the Company’s President and Chief Executive Officer (“CEO”) as well as the Board of Directors (“Board”)
and Executive delivering to the Company on or before the Effective Date: (i) documentation evidencing Executive’s eligibility to
work in the U.S., and (ii) a fully completed and executed Form I-9 and the documentation contemplated by the Form I-9 evidencing his
identity and work authorization. During the Employment Period (as defined in Section 4 below), the Company will employ Executive and
Executive will serve as Chief Financial Officer (“CFO”), and in that capacity function as the Company’s principal financial
officer reporting directly to the President and CEO.

 

2.
Duties and Responsibilities of Executive on the Effective Date

 

(a)
During the Employment Period, Executive will devote substantially all of his professional time and efforts to the business of the Company,
will act in the best interests of the Company and will perform with due care his duties and responsibilities. Executive’s duties
will include those commensurate with the position of CFO as well as such additional duties and responsibilities as may be assigned to
him by the CEO or the Board from time to time.

 

(b)
Executive agrees to cooperate fully with the CEO and Board and not engage directly or indirectly in any activity that materially interferes
with the performance of Executive’s duties and responsibilities. During the Employment Period, Executive will not hold outside
employment, join, be a member of or serve on any corporate, civic or charitable boards or committees, or perform substantial personal
services for parties unrelated to the Company without the advance written approval of the CEO and the Nominating & Governance Committee
of the Board. Furthermore, Executive agrees to disclose to Company any such items as of the Effective Date.

 

(c)
Executive represents and covenants to the Company that he is not subject to, or a party to, any employment agreement, non-competition
covenant, non-solicitation agreement, nondisclosure agreement, or any other agreement, covenant, understanding or restriction that would
prohibit Executive from executing this Agreement and fully performing his duties and responsibilities under this Agreement.

 

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(d)
Executive acknowledges and agrees that Executive owes the Company a duty of loyalty and that any obligations described in this Agreement
are in addition to, and not in lieu of, any obligations Executive owes the Company as a matter of law.

 

(e)
Executive’s base of operations will be at the Company’s offices located in Monroe Township, New Jersey. This work schedule
may be amended as needed and in compliance with Company’s policies, which may be amended from time to time, including but not limited
to flexible working. Executive may be required to travel and work for extended periods of time outside of his base of operations including
but not limited to international travel.

 

3.
Compensation

 

(a)
Base Salary Commencing on the Effective Date and during the Employment Period, the Company will pay to Executive an annual base
salary of $280,000 (the “Base Salary”), which salary will be payable on a bi-monthly basis in conformity with the Company’s
customary payroll practices for executive salaries. Executive’s Base Salary will be reviewed for adjustment by the CEO and the
Compensation Committee of the Board (“Compensation Committee”) annually, but not during the first year of employment, at
the time that the CEO and the Compensation Committee reviews salaries for other senior executives. For all purposes of this Agreement,
Executive’s Base Salary will include any portion thereof which Executive elects to defer under a nonqualified plan or arrangement,
if any.

 

(b)
Short-Term Incentive Bonus During the Employment Period, Executive will be eligible for an annual, discretionary, performance-based
Short-Term Incentive (“STI”) cash bonus (the “STI Bonus”) targeted at 50% of Base Salary (which will be prorated
for fiscal year 2022) on such terms and conditions as may be determined by the CEO and the Board or the Compensation Committee. The STI
Bonus earned, if any, with respect to a fiscal year will be subject to the performance of Executive and the Company during such fiscal
year, relative to performance goals established for such fiscal year by the CEO and the Board or the Compensation Committee. The Compensation
Committee shall determine the level of attainment of performance goals and the amount of the STI Bonus following the end of each fiscal
year. Except as provided in Section 7 of this Agreement, Executive shall be eligible to receive the STI Bonus (if any) provided that
Executive is actively employed by the Company on the date the STI Bonus is paid. The Board will establish the STI goals for fiscal year
2022 that are applicable to Executive, which may consist of the same STI goals for fiscal year 2022 that have already been established
for other senior executives.

 

(c)
Long-Term Incentive Compensation During the Employment Period, Executive will be eligible to receive equity based awards pursuant
to the Company’s 2015 Omnibus Incentive Plan, as may be amended from time to time, or such successor plan (the “LTI”),
subject to such terms and conditions as may be determined by the Board or the Compensation Committee (the “Equity Awards”).
The Equity Awards shall be subject to such restrictions, vesting and other conditions and limitations as set forth in the LTI and any
applicable award documents. Notwithstanding the foregoing and in light of the one-time RSU Award set forth in Section 3(d) below, the
Executive shall not be eligible for an Equity Award for fiscal year 2022 and shall not be eligible to participate in the LTI plan for
fiscal year 2022.

 

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(d)
One-Time RSU Award Subject to the approval of the Compensation Committee and the Board, the Company shall grant to Executive,
and Executive shall receive, a one-time grant of 75,000 shares of Company common stock in the form of restricted stock units (RSUs) on
the Effective Date. The RSU Award will vest, if at all, in accordance with the following schedule (subject to Executive’s continued
employment with the Company through the applicable vesting date) and will otherwise be subject to the terms and conditions of the LTI
and any applicable award documents:

 

	 	 	First anniversary @ the

                                                                                grant date of RSU Award
	 	Second Anniversary @

                                                                                grant date of RSU Award

	Time-based
    vesting	 	1/6th
    of the RSU Award	 	1/6th
    of the RSU Award
	Performance-based
    vesting – positive Total Shareholder Return	 	1/3rd
    of the RSU Award	 	1/3rd
    of the RSU Award 

 

(e)
Withholding Executive’s Base Salary, STI Bonus, RSU Award, and other compensation payments hereunder will be subject to
such payroll and other taxes, withholdings, assessments and deductions as may be required by applicable law.

 

(f)
Stock Holding Guidelines Executive agrees that while Executive is employed under the terms of this Agreement, Executive will be
subject to the Company’s Stock Holding Guidelines for Named Executive Officers and Directors, which may be amended from time to
time.

 

4.
Term of Employment

 

(a)
The initial Term of this Agreement will be for the period beginning on the Effective Date and ending at midnight (Eastern Time) on the
first anniversary of the Effective Date. The Term will be extended automatically for successive one-year periods unless either party
gives the other written notice of its intent to terminate the Agreement not less than 90 days prior to the end of the then-current Term.
The initial Term and any extensions are hereinafter referred to as the “Term.” The date on which this Agreement is terminated
at the end of the Term or in accordance with Section 6 will be referred to herein as the “the Termination Date.”

 

(b)
The period commencing on the Effective Date and ending at the close of business on the Termination Date will constitute the “Employment
Period.”

 

(c)
Notwithstanding any other provision of this Agreement, this Agreement may be terminated at any time during the Employment Period in accordance
with Section 6.

 

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5.
Benefits

 

Subject
to the terms and conditions of this Agreement, Executive will be entitled to the following benefits during the Employment Period:

 

(a)
Reimbursement of Business Expenses The Company agrees to promptly reimburse Executive for reasonable business-related expenses
incurred in the performance of Executive’s duties under this Agreement upon receipt by the Company of proper documentation with
respect thereto (setting forth the amount, business purpose and establishing payment), subject to the Company’s written expense
reimbursement policies and any written pre-approval policies in effect from time to time.

 

(b)
Benefit Plans and Programs To the extent permitted by applicable law, Executive (and where applicable, his plan-eligible dependents)
will be eligible to participate in all benefit plans and programs, including improvements or modifications of the same, then being actively
maintained by the Company for the benefit of its executive employees (or for an employee population which includes its executive employees),
subject in any event to the eligibility requirements and other terms and conditions of those plans and programs, including, without limitation,
401(k) plan, medical and dental insurance, life insurance and disability insurance. The Company will not, however, by reason of this
Section 5(b), have any obligation to institute, maintain, or refrain from changing, amending, or discontinuing any such benefit plan
or program.

 

(c)
Vacation Executive shall be entitled to four (4) weeks of paid vacation annually (pro-rated for fiscal 2022), provided that such
time will not carry over from one year to the next except as permitted by the Company’s policies as may be in effect from time
to time. Executive shall also be eligible for all other holiday and leave pay generally available to other senior executives of the Company.

 

6.
Termination of Agreement

 

(a)
Automatic Termination in the Event of Death This Agreement will automatically terminate in the event of Executive’s death.

 

(b)
Company’s Right to Terminate At any time during the Employment Period, the Company will have the right to terminate this
Agreement for any of the following reasons:

 

	 	(1)	Upon
    Executive’s Disability (as defined below);
	 	(2)	For
    Cause (as defined in Section 7); or
	 	(3)	For
    any other reason whatsoever, in the sole and complete discretion of the Company.

 

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(c)
Executive’s Right to Terminate At any time during the Employment Period, Executive will have the right to terminate this
Agreement for:

 

	 	(1)	Good
    Reason (as defined in Section 7); or 
	 	(2)	For
    any other reason whatsoever, in the sole and complete discretion of Executive. 

 

(d)
Disability For purposes of this Agreement, “Disability” means that Executive has sustained sickness or injury that
renders Executive incapable of performing substantially all of the duties and responsibilities required of Executive hereunder for a
period of 90 consecutive calendar days or a total of 120 calendar days during any 12-month period. The existence of a Disability will
be determined in the sole and reasonable discretion of the Board.

 

(e)
Notices Any termination of this Agreement by the Company under Section 6(b) or by Executive under Section 6(c) will be communicated
by a Notice of Termination to the other party. A “Notice of Termination” means a written notice that: (i) indicates the specific
termination provision in this Agreement relied upon; and (ii) if the termination is by the Company for Cause or by Executive for Good
Reason, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment
under the provision so indicated. The Notice of Termination must specify the Termination Date. A Notice of Termination may be delivered
(1) personally, (2) by a recognized express overnight courier service courier or delivery service with signature by the recipient as
established by the sender by evidence obtained from such courier, (3) by facsimile or email transmission (with acknowledgement by recipient
of complete transmission) or (4) by United States mail, registered or certified mail, return receipt requested, postage prepaid. The
Termination Date may be as early as 14 calendar days after the Notice of Termination is given but no later than 60 calendar days after
the Notice of Termination is given, unless otherwise agreed to by the parties in writing.

 

(f)
Resignation from Positions Upon termination of this Agreement, Executive will immediately resign from all other positions that
Executive holds with the Company or its affiliates, unless otherwise agreed to in writing by the parties. Executive agrees to cooperate
with the Company to take all actions reasonably necessary or appropriate to effectuate his resignation any other positions.

 

7.
Severance Payments 

 

(a)
Termination by the Company Subject to the terms and conditions of this Agreement, including Section 7(h) below, if the Company
terminates this Agreement during the first year having worked not less than six continuous months of the Employment Period pursuant to
Sections 6(b)(1) or 6(b)(3), then the Company will pay Executive severance in the amount of three months of Base Salary in a lump sum
within 30 days after the Termination Date subject to all applicable withholding. If the Company terminates this Agreement after the first
year of the Employment Period pursuant to Sections 6(b)(1) or 6(b)(3), then the Company will pay Executive severance in the amount of
six months of Base Salary in a lump sum within 60 days after the Termination Date subject to all applicable withholding. If termination
occurs pursuant to Section 7(c) then the provisions in Section 7(c) apply in lieu of the provisions contained in this Section 7(a).

 

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(b)
Termination by Executive for Good Reason Subject to the terms and conditions of this Agreement, including Section 7(h) below,
if Executive terminates this Agreement during the first year having worked not less than six continuous months of the Employment Period
pursuant to Section 6(c)(1), then the Company will pay Executive severance in the amount of three months of Base Salary in a lump sum
within 30 days after the Termination Date subject to all applicable withholding. If Executive terminates this Agreement after the first
year of the Employment Period pursuant to Section 6(c)(1), then the Company will pay Executive severance in the amount of six months
of Base Salary in a lump sum within 60 days after the Termination Date subject to all applicable withholding. If termination occurs pursuant
to Section 7(c) then the provisions in Section 7(c) apply in lieu of the provisions contained in this Section 7(b).

 

(c)
Termination after a Change of Control Subject to the terms and conditions of this Agreement, including Section 7(h) below, if
a Change of Control (as defined below) occurs and Executive is terminated pursuant to Section 6(b)(3) or Executive terminates this Agreement
during the Employment Period pursuant to Section 6(c)(1) within 90 days after such occurrence, then the Company will pay Executive severance
in the amount of three months of Base Salary in a lump sum within 60 days after the Termination Date subject to all applicable withholding.

 

(d)
Termination upon Failure to Renew by the Company Subject to the terms and conditions of this Agreement, including Section 7(h)
below, in the event that this Agreement terminates at the end of the Term and is not renewed as a result of a decision by the Company
not to renew this Agreement, prior to a decision by Executive not to renew this Agreement, and the Executive terminates his employment
within 30 days after receiving notice of the non-renewal, the Company will pay Executive severance in the amount of three months of Base
Salary in a lump sum within 60 days after the Termination Date subject to all applicable withholding.

 

(e)
Additional Benefits Subject to the terms and conditions of this Agreement, including Section 7(h) below, if the Company is required
to pay Executive severance pursuant to Section 7(a), 7(b), 7(c), or 7(d), then:

 

	 	(1)	Such
    severance will be paid in addition to any other payments the Company makes to Executive (including, without limitation, salary, any
    STI bonus, any LTI compensation, benefits, and expense reimbursements) in discharge of the Company’s obligations to Executive
    under this Agreement with respect to periods ending coincident with or prior to the Termination Date.
	 	(2)	Payments
    under Sections 7(a), 7(b), 7(c), or 7(d) will be in lieu of any severance benefits otherwise due to Executive under any severance
    pay plan or program maintained by the Company that covers its employees and/or its executives except to the extent otherwise expressly
    provided in such severance pay plan or program.
	 	(3)	The
    expiration date of any vested options held by Executive will be extended to a date that is 90 days after the Termination Date.

 

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In
addition to the foregoing benefits but only in the event the Company is required to pay Executive severance by the express terms of Section
7(c) , to the extent Executive has not previously vested in such rights (whether in accordance with Section 8 hereof or otherwise), Executive
will become fully vested in all of the rights and interests held by Executive under the Company’s stock and other equity plans
as of the Termination Date, including without limitation any stock options, restricted stock, restricted stock units, performance units,
and/or performance shares.

 

(f)
Cause For the purposes of this Agreement, “Cause” means the occurrence or existence, prior to occurrence of circumstances
constituting Good Reason, of any of the following events during the Employment Period:

 

	 	(1)	Executive’s
    gross negligence or material mismanagement in performing, or material failure or inability (excluding as a result of death or Disability)
    to perform, Executive’s duties and responsibilities as described herein or as lawfully directed by the President & CEO
    or the Board;
	 	(2)	Executive’s
    willful misconduct or material dishonesty against the Company or any of its affiliates (including theft, misappropriation, embezzlement,
    forgery, fraud, falsification of records, or misrepresentation) or any act that results in material injury to the reputation, business
    or business relationships of the Company or any of its affiliates;
	 	(3)	Executive’s
    material breach of: (i) this Agreement (including any misrepresentations in connection with the execution of the Agreement); (ii)
    any fiduciary duty owed by Executive to the Company or its affiliates; or (iii) any written workplace policies applicable to Executive
    (including the Company’s code of conduct and policy on workplace harassment) whether adopted on or after the date of this Agreement,
    provided that the Board gives Executive written notice of such breach within 90 calendar days from the first date that the Board
    is aware, or reasonably should be aware, of such breach. 
	 	(4)	Executive’s
    having been convicted of, or having entered a plea bargain, a plea of nolo contendere or settlement admitting guilt for, any
    felony, any crime of moral turpitude, or any other crime that could reasonably be expected to have a material adverse impact on the
    Company’s or any of its affiliates’ reputations; or
	 	(5)	Executive’s
    having committed any material violation of any federal law regulating securities (without having relied on the advice of the Company’s
    attorney) or having been the subject of any final order, judicial or administrative, obtained or issued by the Securities and Exchange
    Commission, for any securities violation involving fraud, including, for example, any such order consented to by Executive in which
    findings of facts or any legal conclusions establishing liability are neither admitted nor denied.

 

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(g)
Good Reason For the purposes of this Agreement, “Good Reason” means the occurrence, prior to the occurrence of circumstances
constituting Cause, of any of the following events during the Employment Period without Executive’s consent:

 

	 	(1)	Any
    material breach by the Company of this Agreement;
	 	(2)	A
    material reduction in Executive’s authority or job duties, responsibilities and requirements that is inconsistent with Executive’s
    position as Chief Financial Officer of the Company and Executive’s prior authority, duties, responsibilities and requirements;
    or
	 	(3)	A
    material reduction in the Executive’s Base Salary or STI Bonus opportunity unless a proportionate reduction is made to the
    Base Salary or STI Bonus opportunity of all of the Company’s executives.

 

Executive
must provide written notice of termination for Good Reason to the Company within fifteen (15) calendar days after the event constituting
Good Reason first occurs, which notice shall state such Good Reason in reasonable detail. The Company shall have a period of fifteen
(15) calendar days in which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in Executive’s
notice of termination. If the Company does not correct the act or failure to act, Executive must terminate Executive’s employment
for Good Reason within fifteen (15) calendar days after the end of the cure period, in order for the termination to be considered a Good
Reason termination.

 

(h)
General Waiver and Release of Claims The receipt of any severance or other benefits pursuant to this Section 7 will be subject
to Executive timely executing and not revoking a general waiver and release of claims reasonably acceptable to the Company in its discretion
that becomes effective no later than sixty (60) calendar days following Executive’s Termination Date (such date, the “Release
Effective Date”). If the release does not become effective by the Release Effective Date, provided the Company has acted in good
faith, Executive will forfeit any rights to severance payments or benefits under this Agreement. To the extent that any severance payments
or benefits are “non-qualified deferred compensation” under Section 409A (as defined in Section 24 below) that is not otherwise
exempt from the application of Section 409A, and if the sixty (60) calendar day period referenced above spans two calendar years, then,
the payment of such amounts will not occur until the later of (i) the first payroll date to occur during the calendar year following
the calendar year in which the Termination Date occurs or (ii) the Release Effective Date.

 

(i)
Exclusive Payments Except as provided above, no severance or other payment in the way of severance will be made to Executive upon
termination of this Agreement.

 

8.
Change of Control

 

(a)
If a Change of Control occurs during the Employment Period, Executive will thereupon become 100% vested in all of the rights and interests
then held by Executive under the Company’s stock and other equity plans (to the extent not already vested), including without limitation
any stock options, restricted stock, restricted stock units, performance units, and/or performance shares.

 

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(b)
Change of Control For the purposes of this Agreement, “Change of Control” means that, after the Effective Date, the
following two events have occurred: (1) the Executive (i) is requested to resign by the Company, (ii) is terminated by the Company without
Cause, or (iii) events or circumstances have occurred that constitute Good Reason; and (2) one of the following has occurred:
(i) any person or group of affiliated or associated persons acquires more than 50% of the voting power of the Company; (ii) the consummation
of a sale of all or substantially all of the assets of the Company; (iii) the dissolution of the Company; (iv) a majority of the members
of the Board are replaced during any 12-month period; or (v) the consummation of any merger, consolidation, or reorganization involving
the Company in which, immediately after giving effect to such merger, consolidation or reorganization (the “Transaction”),
less than 50.1% of the total voting power of outstanding stock of the surviving or resulting entity is then “beneficially owned”
(within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in the aggregate by the stockholders of the
Company immediately prior to such merger, consolidation or reorganization; provided, however, that if the Board, in its sole discretion,
approves the Transaction, such Transaction shall not be a Change of Control event.

 

9.
Conflicts of Interest 

 

Executive
agrees that he will promptly disclose to the CEO and the Board any conflict of interest involving Executive upon Executive becoming aware
of such conflict. For sake of clarity but not be construed as an exclusive list of such conflicts, Executive’s ownership of any
interest in any business organization that competes directly or indirectly with the Company in the wave energy industry anywhere in the
world will be deemed to constitute a conflict of interest.

 

10.
Confidentiality

 

The
Company agrees to provide Executive valuable Confidential Information of the Company and of third parties who have supplied such information
to the Company. In consideration of such Confidential Information and other valuable consideration provided hereunder, Executive agrees
to comply with this Section 10.

 

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(a)
Confidential Information For the purposes of this Agreement, “Confidential Information” means, without limitation
and regardless of whether such information or materials are expressly identified as confidential or proprietary: (i) any and all material
non-public, confidential or proprietary information or work product of the Company or its affiliates; (ii) any non-public information
that gives the Company or its affiliates a material competitive business advantage or the opportunity of obtaining such advantage; (iii)
any material non-public information the disclosure or improper use of which is reasonably expected to be materially detrimental to material
interests of the Company or its affiliates; (iv) any material trade secrets of the Company or its affiliates; and (v) any other material
non-public information of or regarding the Company or any of its affiliates, or its or their past, present or future, direct or indirect,
potential or actual officers, directors, employees, owners, or business partners, including but not limited to information regarding
any of their material businesses, operations, assets, liabilities, properties, systems, methods, models, processes, results, performance,
investments, investors, financial affairs, future plans, business prospects, acquisition or investment opportunities, strategies, business
partners, business relationships, contracts, contractual relationships, organizational or personnel matters, policies or procedures,
management or compensation matters, compliance or regulatory matters, as well as any technical, seismic, industry, market or other data,
studies or research, or any forecasts, projections, valuations, derivations or other analyses, performed, generated, collected, gathered,
synthesized, purchased or owned by, or otherwise in the possession of, the Company or its affiliates or which Executive has learned of
through his employment with the Company. Confidential Information also includes any non-public, confidential or proprietary information
about or belonging to any third party that the Company or its affiliates have agreed in writing to keep confidential. Notwithstanding
the foregoing, Confidential Information does not include any information which is or becomes generally known by the public other than
as a result of Executive’s actions or inactions.

 

(b)
Protection Executive promises, except in the regular course of the Company’s business or as required by law: (i) to keep
Confidential Information, and all documentation, materials and information relating thereto, strictly confidential; (ii) not to use the
Confidential Information for any purpose other than as required in connection with fulfilling his duties as Chief Financial Officer for
the benefit of the Company; and (iii) to return to the Company all documents and electronically stored information, including but not
limited to all Company issued electronic equipment, containing Confidential Information in Executive’s possession upon separation
from the Company for any reason.

 

(c)
Disclosure Required By Law If Executive is legally required to disclose any Confidential Information, Executive will promptly
notify the Company in writing of such request or requirement so that the Company may seek an appropriate protective order or other relief.
Executive agrees to cooperate with and not to oppose any effort by the Company to resist or narrow such request or to seek a protective
order or other appropriate remedy. In any case, Executive will: (i) disclose only that portion of the Confidential Information that,
according to the advice of Executive’s counsel, is required to be disclosed (and Executive’s disclosure of Confidential Information
to Executive’s counsel in connection with obtaining such advice will not be a violation of this Agreement); (ii) use reasonable
efforts to obtain assurances that such Confidential Information will be treated confidentially; and (iii) promptly notify the Company
in writing of the items of Confidential Information so disclosed.

 

(d)
Third-Party Confidentiality Agreements To the extent that the Company possesses any Confidential Information which is subject
to any confidentiality agreements with, or obligations to, third parties, Executive will comply with all such agreements or obligations
in full.

 

(e)
Survival The covenants made by Executive in this Section 10, will survive termination of this Agreement for five (5) years following
the Termination Date.

 

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11.
Non-Competition & Non-Solicitation

 

Executive
acknowledges that the Company has invested substantial time, money and resources in the development and retention of its Confidential
Information, customers, accounts and business partners, and further acknowledges that during the course of Executive’s employment
with the Company Executive has had and will have access to the Company’s Confidential Information and will be introduced to existing
and prospective customers, suppliers, accounts and business partners of the Company. Executive acknowledges and agrees that any and all
goodwill associated with any existing or prospective customer, supplier, account or business partner belongs exclusively to the Company,
including, but not limited to, any goodwill created as a result of direct or indirect contacts or relationships between Executive and
any existing or prospective customers, supplier’s accounts or business partners. Additionally, the parties acknowledge and agree
that Executive possesses skills that are special, unique or extraordinary and that the value of the Company depends upon his use of such
skills on its behalf.

 

In
recognition of the foregoing, Executive agrees that:

 

(a)
During the Term of this Agreement, and for a period of one (1) year thereafter, Executive may not, without the prior written consent
of the Company, (whether as an employee, agent, servant, owner, partner, consultant, independent contractor, representative, stockholder,
or in any other capacity whatsoever) perform any work anywhere in the world related in any way to the ocean energy and ocean data industry
on behalf of any entity or person other than the Company (including Executive). This includes a prohibition against performing work related
to products, services and technology sold by, or contemplated to be sold by, the Company.

 

(b)
During the Term of this Agreement, and for a period of one (1) year thereafter, Executive may not entice, solicit or encourage any Company
employee to leave the employ of the Company or any independent contractor to sever its engagement with the Company, absent prior written
consent from the Company.

 

(c)
During the Term of this Agreement, and for a period of one (1) year thereafter, Executive may not, directly or indirectly, entice, solicit
or encourage any customer, prospective customer, supplier or acquirer, acquiree, investor or other business relationship of the Company
to cease doing business with the Company, reduce its relationship with the Company or refrain from establishing or expanding a relationship
with the Company.

 

12.
Withholdings

 

The
Company may withhold and deduct from any payments made or to be made pursuant to this Agreement all federal, state, local and other taxes
as may be required pursuant to any applicable law or governmental regulation or ruling and any other deductions consented to in writing
by Executive.

 

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13.
Severability

 

It
is the desire of the parties hereto that this Agreement be enforced to the maximum extent permitted by law and should any provision contained
herein be held unenforceable by a court of competent jurisdiction or arbitrator (pursuant to Section 15), the parties hereby agree and
consent that such provision will be reformed to create a valid and enforceable provision to the maximum extent permitted by law; provided,
however, if such provision cannot be reformed, it will be deemed ineffective and deleted from this Agreement without affecting any other
provision of this Agreement.

 

14.
Title and Headings; Construction

 

Titles
and headings to Sections and paragraphs are for the purpose of reference only and will in no way limit, define or otherwise affect the
provisions of this Agreement. Any and all Exhibits referred to in this Agreement are, by such reference, incorporated herein and made
a part hereof for all purposes. The words “herein”, “hereof”, “hereunder” and other compounds of
the word “here” will refer to the entire Agreement and not to any particular provision hereof. Both parties to this Agreement
have approved all language in this Agreement and the language in this Agreement will not be strictly construed in favor of or against
either party.

 

15.
Forum Selection and Attorneys’ Fees

 

Any
legal or equitable actions filed by Executive or the Company to enforce the terms of this Agreement, or relating to any other legal or
equitable issues that arise between Executive and the Company either during or after Executive’s employment, shall exclusively
be filed in New Jersey State Superior Court (Middlesex County) or the United States District Court for the District of New Jersey (Newark
Vicinage). Nothing in this paragraph precludes either party from seeking to remove a case filed in New Jersey Superior Court to U.S District
Court for the District of New Jersey. In any such action, the court may order the payment of a party’s costs and expenses associated
with such action including, without limitation, expert fees and reasonable attorneys’ fees, should the court or jury issue a final
judgment in that party’s favor, and the court/judge then determines (i) the party should be considered the “prevailing party”
based on the Court’s determination that the party prevailed on the most substantial contested issues, and (ii) the opposing party’s
claims or defenses lacked a good faith basis.

 

16.
Governing Law 

 

This
Agreement and Release will be interpreted under, and governed by, the laws of the State of New Jersey, without reference to conflict
of laws principles.

 

17.
Entire Agreement and Amendment 

 

This
Agreement contains the entire agreement of the parties with respect to Executive’s employment and the other matters covered herein
(except to the extent that other agreements are specifically referenced herein); moreover, this Agreement supersedes all prior and contemporaneous
agreements and understandings, oral or written, between the parties hereto concerning the subject matter hereof and thereof. This Agreement
may be amended, waived or terminated only by a written instrument executed by both parties hereto.

 

    	12

    	 

    

 

18.
Survival of Certain Provisions 

 

Wherever
appropriate to the intention of the parties, the respective rights and obligations of the parties, including but not limited to the rights
and obligations set forth in Sections 6 through 15, will survive any termination or expiration of this Agreement for any reason.

 

19.
Waiver of Breach

 

No
waiver by either party of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision
of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other
party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either party to take any
action by reason of any breach will not deprive such party of the right to take action at any time while such breach continues.

 

20.
Assignment 

 

Neither
this Agreement nor any rights or obligations hereunder will be assignable or otherwise subject to hypothecation by Executive (except
by will or by operation of the laws of intestate succession) or by the Company, except as follows. This Agreement shall bind any successor
of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation or otherwise), in the same
manner and to the same extent that the Company would be obligated under this Agreement if no succession had taken place. In the case
of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by this Agreement, the Company
shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this
Agreement, in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
The term “Company,” as used in this Agreement, shall mean the Company as hereinbefore defined and any successor or assignee
to the business or assets which by reason hereof becomes bound by this Agreement.

 

21.
Notices 

 

Notices
provided for in this Agreement will be in writing and will be deemed to have been duly received: (a) when delivered in person or sent
by facsimile or email transmission with receipt confirmed; (b) on the first business day after such notice is sent by recognized express
overnight courier service or delivery service with signature by the recipient as established by the sender by evidence obtained from
such courier; or (c) on the third business day following deposit in the United States mail, registered or certified mail, return receipt
requested, postage prepaid and addressed, to the following address, as applicable:

 

(a)
If to Company, addressed to: 28 Engelhard Drive, Suite B, Monroe Township, New Jersey, 08831; Attn: President & CEO.

 

    	13

    	 

    

 

(b)
If to Executive, addressed to: 222 Monroe Street, Apt. 1, Brooklyn, NY 11216, or

 

(c)
To such other address as either party may have furnished to the other party in writing in accordance with this Section 21.

 

22.
Counterparts

 

This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered will be an original, but all such
counterparts will together constitute one and the same instrument. Each counterpart may consist of a copy hereof containing multiple
signature pages, each signed by one party, but together signed by both parties.

 

23.
Other Definitions

 

The
parties agree that as used in this Agreement the following terms will have the following meanings: an “affiliate” of a person
means any person directly or indirectly controlling, controlled by, or under common control with, such person; the terms “controlling,
controlled by, or under common control with” mean the possession, directly or indirectly, of the power to direct or influence or
cause the direction or influence of management or policies (whether through ownership of securities or other ownership interest or right,
by contract or otherwise) of a person; the term “person” means a natural person, partnership (general or limited), limited
liability Company, trust, estate, association, corporation, custodian, nominee, or any other individual or entity in its own or any representative
capacity, in each case, whether domestic or foreign.

 

24.
Section 409A

 

(i)
This Agreement is intended to comply with Section 409A of the Internal Revenue Code, as may be amended, and the regulations and guidance
promulgated thereunder (“Section 409A”), to the extent applicable. Payments under the Agreement are intended to be exempt
from Section 409A under the “short term deferral” exemption, to the maximum extent applicable, and then under the “separation
pay” exemption, to the maximum extent applicable. Notwithstanding anything in this Agreement to the contrary, payments may only
be made under this Agreement upon an event and in a manner permitted by Section 409A, to the extent applicable. As used in the Agreement,
the term “termination of employment,” “resignation” or words of similar import shall mean Executive’s separation
from service with the Company within the meaning of Section 409A. In no event may Executive, directly or indirectly, designate the calendar
year of a payment. For purposes of Section 409A, each payment hereunder shall be treated as a separate payment and the right to a series
of payments shall be treated as the right to a series of separate payments. All reimbursements and in-kind benefits provided under the
Agreement shall be made or provided in accordance with the requirements of Section 409A.

 

    	14

    	 

    

 

(ii)
Notwithstanding anything herein to the contrary, if payment of any amount subject to Section 409A is triggered by a separation from service
that occurs while Executive is a “specified employee” (as defined by Section 409A), and if such amount is scheduled to be
paid within six (6) months after such separation from service, the amount shall accrue without interest and shall be paid the first business
day after the end of such six-month period, or, if earlier, within sixty (60) days following Executive’s death. If any payments
are postponed due to such requirements, such postponed amounts will be paid in a lump sum to Executive on the first payroll date that
occurs after the date that is six months following Executive’s separation of service with the Company without interest.

 

25.
Full Settlement

 

The
Company’s obligations, if any, to make payments to Executive under Section 7 will not be reduced by any failure of Executive to
seek other employment. The payments under Section 7 will not be reduced if Executive obtains other employment.

 

26.
Compensation Recovery Policy 

 

Executive
agrees and acknowledges that amounts payable under Sections 3(b), 3(c) and 3(d) of this Agreement shall be subject to the terms of any
compensation recovery policy or policies established by the Company and approved by the Board as may be amended from time to time (to
the extent applicable).

 

27.
Indemnification and Directors and Officers Insurance

 

In
Executive’s capacity as a director, officer, or employee of the Company or serving or having served any other entity as a director,
officer, or employee at the Company’s request, Executive shall be indemnified and held harmless by the Company to the fullest extent
allowed by law, the Company’s Certificate of Incorporation and Bylaws, from and against any and all losses, claims, damages, liabilities,
expenses (including legal fees and expenses), judgments, fines, settlements and other amounts arising from any and all claims, demands,
actions, suits or proceedings, civil, criminal, administrative or investigative, in which Executive may be involved, or threatened to
be involved, as a party or otherwise by reason of Executive’s status, which relate to or arise out of the Company and such other
entities, their assets, business or affairs, if in each of the foregoing cases, (i) Executive acted in good faith and in a manner Executive
believed to be in the best interests of the Company, and, with respect to any criminal proceeding, had no reasonable cause to believe
Executive’s conduct was unlawful, and (ii) Executive’s conduct did not constitute gross negligence or willful or wanton misconduct.
The Company shall advance all reasonable expenses incurred by Executive in connection with the investigation, defense, settlement or
appeal of any civil or criminal action or proceeding referenced in this Section, including but not necessarily limited to, reasonable
fees of legal counsel, expert witnesses or other litigation-related expenses; however, any such advance of reasonable expenses shall
be recoverable by the Company if a court of competent jurisdiction determines that the Executive was not subject to the indemnification
addressed in this Section 27.

 

    	15

    	 

    

 

Executive
and the Company have executed this Agreement to be effective for all purposes as of the Effective Date.

 

	EXECUTIVE:	 	OCEAN
    POWER TECHNOLOGIES, INC.:
	 	 	 
	/s/
    Robert P. Powers	 	/s/
    J. Philipp Stratmann
	 	 	 
	Robert
    P. Powers	 	J.
    Philipp Stratmann
	 	 	President
    & CEO
	 	 	Ocean
    Power Technologies, Inc.

 

    	16EX-4.1

 Exhibit 4.1 

WARRANT AGREEMENT 
 THIS
WARRANT AGREEMENT (this “Agreement”), dated as of December 8, 2021, is by and between Target Global Acquisition I Corp., a Cayman Islands exempted company (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation, as warrant agent (in such capacity, the “Warrant Agent,” and also referred to herein as the “Transfer Agent”). 

WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity
securities, each such unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”) and one-third of a redeemable Public Warrant (as
defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 6,666,666 warrants (or up to 7,666,666 warrants depending on the extent to which the Over-allotment Option (as defined
below) is exercised) to public investors in the Offering (the “Public Warrants”); 
 WHEREAS, the Company entered
into that certain Private Placement Warrants Purchase Agreement with Target Global Sponsor Ltd., a Cayman Islands limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of
6,666,667 private placement warrants (or up to 7,466,667 private placement warrants depending on the extent to which the Over-allotment Option is exercised) simultaneously with the closing of the Offering (and the closing of the Over-allotment
Option, if applicable), each bearing the legend set forth in Exhibit A hereto (the “Private Placement Warrants”); 

WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined
below), the Sponsor or an affiliate of the Sponsor or the Company’s officers and directors may, but are not obligated to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up
to an additional 1,000,000 warrants at a price of $1.50 per warrant, which will be identical to the Private Placement Warrants (the “Working Capital Warrants”); 

WHEREAS, in order to extend the period of time the Company has to consummate a Business Combination (as defined below) by an additional three
months, the Sponsor or its affiliates or designees must deposit into the trust account additional funds of $2,000,000, or $2,300,000 if the underwriters’ Over-allotment Option is exercised in full ($0.10 per unit in either case), for each of
the available three-month extensions, for a total payment of up to $4,000,000, or $4,600,000 if the underwriters’ Over-allotment Option is exercised in full ($0.20 per unit in either case), in exchange for a
non-interest bearing, unsecured promissory note, and such loan may be convertible into Warrants at a price of $1.00 per Warrant at the option of the lender, which will be identical to the Private Placement
Warrants (the “Extension Warrants” and, together with the Public Warrants, Private Placement Warrants and Working Capital Warrants, the “Warrants”); 

WHEREAS, each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment as
described herein; 
 WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-1, File No. 333-253732 (the “Registration Statement”) and
prospectus (the “Prospectus”) for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the Ordinary Shares included in the Units;

 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; 
 WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

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

 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 initially be issued in registered form only, and, if a physical certificate is issued, shall be in substantially the form of Exhibit B hereto, the provisions of which are incorporated herein and shall be
signed by, or bear the facsimile signature of, the Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. All of
the Public Warrants shall initially be represented by one or more book-entry certificates (each, a “Book-Entry Warrant Certificate”). 

2.2 Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to
this Agreement, a Warrant certificate shall be invalid and of no effect and may not be exercised by the holder thereof. 
 2.3
Registration. 
 2.3.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant
Register”) for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective
holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. All of the Public Warrants shall initially be represented by one or more Book-Entry Warrant Certificates deposited
with The Depository Trust Company (the “Depositary”) and registered in the name of Cede & Co., as nominee of the Depositary. Ownership of beneficial interests in the Public Warrants shall be shown on, and the
transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Book-Entry Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution, with
respect to a Warrant in its account, a “Participant”). 
 If the Depositary subsequently ceases to make its book-entry settlement
system available for the Public Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the
Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant
Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificate”). Such Definitive Warrant Certificate shall be in the form annexed hereto as Exhibit
B, with appropriate insertions, modifications and omissions, as provided above. 
 2.3.2 Registered Holder. Prior to due
presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on a Definitive 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. 

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

  
 2 

 2.5 No Fractional Warrants Other Than as Part of Units. The Company shall not issue
fractional Warrants other than as part of the Units, each of which is comprised of one Ordinary Share and one-third of one Public Warrant. If, upon the detachment of Public Warrants from Units or otherwise, a
holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number of Warrants to be issued to such holder. 

2.6 Private Placement Warrants, Working Capital Warrants and Extension Warrants. The Private Placement Warrants, the Working Capital
Warrants and Extension Warrants shall be identical to the Public Warrants, except that the Private Placement Warrants, the Working Capital Warrants and Extension Warrants: (i) may be exercised for cash or on a “cashless basis,”
pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination and (iii) shall not be redeemable by the
Company pursuant to Section 6.1 hereof; provided, however, that in the case of clause (ii), the Private Placement Warrants, the Working Capital Warrants and Extension Warrants may be transferred by the holders
thereof: 
 (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers or
directors, any affiliate of the Sponsor or to any member(s) of the Sponsor or any of their affiliates; 
 (b) in the case of an individual,
by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; 

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

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

(e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the
consummation of an initial Business Combination at prices no greater than the price at which the Ordinary Shares or Warrants were originally purchased; 

(f) by virtue of the laws of the Cayman Islands or the limited liability company agreement of the Sponsor upon dissolution of the Sponsor;

 (g) in the event of the Company’s liquidation prior to the consummation of a Business Combination; and 

(h) 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 its shareholders having the right to exchange their Ordinary Shares for cash, securities or other property; provided, however, that, in the case of clauses (a) through (f),
these transferees (the “Permitted Transferees”) enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement and the other restrictions contained in the letter agreement,
dated as of the date hereof, by and among the Company, the Sponsor and the Company’s officers and directors. In addition, the Ordinary Shares issued upon exercise of the Private Placement Warrants, Working Capital Warrants and Extension
Warrants, may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination, except to Permitted Transferees. 

2.7 Working Capital Warrants. Each of the Working Capital Warrants and Extension Warrants shall be identical to the Private Placement
Warrants. 
 3. Terms and Exercise of Warrants. 

3.1 Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
Agreement, to purchase from the Company the number of 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 shall mean 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 unless a longer period is required by stock exchange rules or applicable law, provided, that the
Company shall provide at least three (3) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants. 

  
 3 

 3.2 Duration of Warrants. A Warrant may be exercised only during the period (the
“Exercise Period”) commencing thirty (30) days after the first date on which the Company completes a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, involving
the Company and one or more businesses (a “Business Combination”) and terminating at the earliest to occur of: (x) at 5:00 p.m., New York City time on the date that is five (5) years after the date on which the
Company completes its initial Business Combination, (y) the liquidation of the Company, and (z) other than with respect to the Private Placement Warrants, the Working Capital Warrants and Extension Warrants, at 5:00 p.m., New York City
time on the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the
satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption
Price (as defined below) (other than with respect to a Private Placement Warrant, a Working Capital Warrant or an Extension Warrant in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant
(other than a Private Placement Warrant, a Working Capital Warrant or an Extension 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 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior
written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants. 

3.3 Exercise of Warrants. 

3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof
by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the
“Book-Entry Warrants”) on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an
election to purchase (“Election to Purchase”) Ordinary Shares pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the
case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depositary’s procedures, and (iii) payment in full of 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, the exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows: 

(a) in lawful money of the United States, in good certified check or good bank draft payable to the Warrant Agent or by wire transfer of
immediately available funds; 
 (b) in the event of a redemption pursuant to Section 6.1 hereof in which the Board has elected to
require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of 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”, as defined in this subsection 3.3.1(b) by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b)
and Section 6.1, the “Fair Market Value” shall mean the volume weighted average price of the Ordinary Shares for the ten (10) trading day period ending on the trading day immediately prior to the date on which the notice of
redemption is sent to the holders of the Warrants, pursuant to Section 6.2 hereof; 
 (c) with respect to any Private Placement
Warrant, Working Capital Warrant or Extension Warrant, 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 excess of the “Sponsor Exercise Fair Market Value,” as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection
3.3.1(c), the “Sponsor Exercise Fair Market Value” shall mean the average reported closing price of the Ordinary Shares for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of
the Warrant is sent to the Warrant Agent; or 
 (d) on a cashless basis as provided in Section 7.4 hereof. 

3.3.2 Issuance of Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds
in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to which
he, she or it is entitled, registered in such name or names as may be directed by him, her 

  
 4 

 
or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares as to which such Warrant
shall not have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate, or
a Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall
have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to
the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable
upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in
the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a
Unit containing such Public Warrant shall have paid the full purchase price for the Unit solely for the Ordinary Share underlying such Unit. In no event will the Company be required to net cash settle the Warrant exercise. The Company may require
holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis,” the holder of any Warrant would be
entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to such holder. 

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 non-assessable. 
 3.3.4 Date of Issuance. Each person in
whose name any book-entry position or certificate, as applicable, for Ordinary Shares is issued shall for all purposes be deemed to have become the holder of record of such Ordinary 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 in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date
when the share transfer books of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such Ordinary 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 effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) (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 shares 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 Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other
notice by the Company or the Transfer Agent setting forth the number of 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

  
 5 

 
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 Share Capitalizations. 

4.1.1 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 share capitalization payable in Ordinary Shares, or by a split-up of Ordinary Shares or other similar
event, then, on the effective date of such share capitalization, 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 the outstanding Ordinary Shares. A rights offering to holders of the Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a share
capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into
or exercisable for Ordinary Shares) and multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the Historical Fair Market Value. For purposes of this subsection
4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account any consideration received for such rights, as well
as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the
trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares shall be issued at less than their par value.

 4.1.2 Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend
or make a distribution in cash, securities or other assets to the holders of Ordinary Shares on account of such Ordinary Shares (or other shares of the Company’s share capital into which the Warrants are convertible), other than (a) as
described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of Ordinary Shares in connection with a proposed initial Business Combination, (d) to satisfy
the redemption rights of the holders of Ordinary Shares in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (as amended from time to time, the
“Charter”) (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial Business Combination or to redeem 100% of the Ordinary Shares included in the Units sold in
the Offering (the “Public Shares”) if the Company does not complete the Business Combination within the period set forth in the Charter or (B) with respect to any other material provisions relating to
shareholders’ rights or pre-initial Business Combination activity or (e) in connection with the redemption of Public Shares upon the failure of the Company to complete its initial Business
Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant
Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each
Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with
the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to
appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary
Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50.

  

  
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 4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of
Section 4.6 hereof, the number of outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification of Ordinary Shares or other similar event, then, on the effective date of
such consolidation, combination, reverse share 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. 

4.3 Adjustments in Warrant Price. 

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

4.3.2 If (x) the Company issues additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with
the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Ordinary Share (with such issue price or effective issue price to be determined in good faith by the Board and, in the case of any such
issuance to the initial shareholders (as defined in the Prospectus) or their affiliates, without taking into account any Class B Ordinary Shares (as defined below) held by such shareholders or their affiliates, as applicable, prior to such
issuance (the “Newly Issued Price”)), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for funding the initial Business Combination on
the date of the completion of the Company’s initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Ordinary Shares during the 20 trading day period starting on the trading day prior to
the day on which the Company consummates the Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the
Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described in Section 6.1, shall be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the
Newly Issued Price. 
 4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of
the outstanding Ordinary Shares (other than a change under subsections 4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in the case of any merger or
consolidation of the Company with or into another entity or conversion of the Company as another entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding Ordinary Shares), or in the case of any sale or conveyance to another entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is
dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a
dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification or reorganization also results in a
change in Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share
issuable upon exercise of the Warrant. 
 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number
of Ordinary 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 Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections
4.1, 4.2, 4.3 or 4.4, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the
effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

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

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

4.8 Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this
Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether
or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The
Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 
 4.9 No
Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the conversion ratio of the Company’s Class B ordinary shares (the
“Class B Ordinary Shares”) into Ordinary Shares or the conversion of the Class B Ordinary Shares into Ordinary Shares, in each case, pursuant to the Charter. 

5. Transfer and Exchange of Warrants. 

5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, in the case of a certificated Warrant, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new
Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the
Company from time to time upon request. 
 5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry Warrant Certificate and Definitive Warrant Certificate may be
transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however, that in the event that a Warrant surrendered for
transfer bears a restrictive legend (as in the case of the Private Placement Warrants, the Working Capital Warrants and Extension Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant
Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 

5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result
in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. 
 5.4 Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 
 5.5 Warrant Execution and
Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5,
and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 

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

  
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 6. Redemption. 

6.1 Redemption of Public Warrants. Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any
time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.01 per
Warrant; provided that (a) the Reference Value (as defined below) equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), and (b) there is an effective registration
statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in
Section 6.3 below) or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1(b) hereof. 

6.2 Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem the
Warrants pursuant to Section 6.1, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage
prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (such period, the “30-day Redemption Period”) to the Registered Holders of the
Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such
notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Section 6.1 and (b) “Reference
Value” shall mean the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third
trading day prior to the date on which notice of the redemption is given. 
 6.3 Exercise After Notice of Redemption. 

The Warrants may be exercised, for cash (or on a “cashless basis” pursuant to Section 3.3.1(b) of this Agreement, if applicable)
at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. In the event that the Company determines to require all holders of Warrants to exercise their Warrants
on a “cashless basis” pursuant to subsection 3.3.1(b) hereof, the notice of redemption shall contain instructions on how to calculate the number of Ordinary Shares to be received upon exercise of the Warrants. 

On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the
Warrants, the Redemption Price. 
 6.5 Exclusion of Private Placement Warrants, Working Capital Warrants and Extension Warrants. The
Company agrees that the redemption rights provided in Section 6.1 hereof shall not apply to the Private Placement Warrants, the Working Capital Warrants or Extension Warrants. 

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 general meeting or the appointment 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 shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

7.4 Registration of Ordinary Shares; Cashless Exercise at Company’s Option. 

  
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 7.4.1 Registration of the Ordinary Shares. The Company agrees that as soon as
practicable, but in no event later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a post-effective amendment to the
registration statement relating to the Offering or a new registration statement registering, under the Securities Act, the issuance of the Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable
efforts to cause the same to become effective within 60 Business Days after the closing of its Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or
redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants
shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the
Company shall fail to have maintained an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” pursuant to subsection
3.3.1, by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of
the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1,
“Fair Market Value” shall mean the volume weighted average price of the Ordinary Shares for the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the
holder of such Warrants or its securities broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise”
of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a
cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United States federal securities laws
by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection
7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this
subsection 7.4.1. 
 7.4.2 Cashless Exercise at Company’s Option. If the Ordinary Shares are at the time of any exercise
of a Warrant not listed on a national securities exchange such that they satisfy the definition of “covered securities” under Section 18(b)(1) of the Securities Act (or any successor rule), the Company may, at its option, require
holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) as described in subsection 7.4.1
and (i) in the event the Company so elects, the Company shall not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants,
notwithstanding anything in this Agreement to the contrary or (ii) if the Company does not so elect, the Company agrees to use its commercially reasonable efforts to register or qualify for sale the Ordinary Shares issuable upon exercise of the
Public Warrants under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available. 

8. Concerning the Warrant Agent and Other Matters. 

8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such 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 a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant 

  
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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 shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

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

8.4 Liability of Warrant Agent. 

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

8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The
Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except
as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. 
 8.4.3 Exclusions. The Warrant Agent
shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company
of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner,
method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any Ordinary Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and non-assessable. 

  
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 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 the Warrants. 
 8.6 Waiver. The
Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain
Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the
Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account. 

9. Miscellaneous Provisions. 

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

Target Global Acquisition I Corp. 

PO Box 1093, Boundary Hall, 

Cricket Square, Grand Cayman, 
 KY1-1102, Cayman Islands 
 Attention: Shmuel Chafets 

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

1 State Street, 30th Floor 

New York, NY 10004 
 Attention:
Compliance Department 
 in each case, with a copy to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
NY 10017 
 Attn:    Leo Borchardt, Esq. 

            Deanna L. Kirkpatrick, Esq. 

Email:  leo.borchardt@davispolk.com 

            deanna.kirkpatrick@davispolk.com 

and 
 UBS Securities LLC 

1285 Avenue of the Americas 
 New
York, New York 10019 
 Attention: ECM Syndicate 

and 

  
 12 

 BofA Securities, Inc. 

One Bryant Park 
 New York, New
York 10036 
 Attention: ECM Legal 

9.3 Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall
be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.
Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are
the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any Warrants shall be deemed to have notice of and to have consented to the forum provisions in this Agreement. If any action, the subject matter of
which is within the scope of the forum provisions of this Agreement, is filed in a court other than a court of the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in
the name of any holder of the Warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in connection with any action brought in any such court to
enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as
agent for such warrant holder. 
 9.4 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to
confer upon, or give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or
agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the
Warrants. 
 9.5 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the
office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the
Warrant Agent. 
 9.6 Counterparts: Electronic Signatures. 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. A signature to this Agreement transmitted electronically shall have
the same authority, effect and enforceability as an original signature. 
 9.7 Effect of Headings. The section headings herein are for
convenience only and are not part of this Agreement and shall not affect the interpretation thereof. 
 9.8 Amendments. This Agreement
may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein, including to conform the provisions hereof to
the description of the terms of the Warrants and this Agreement set forth in the Prospectus, 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 modification or amendment to increase the Warrant Price or shorten the Exercise Period shall require
the vote or written consent of the Registered Holders of at least a majority of the number of the then outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants, Working Capital Warrants or
Extension Warrants or any provision of this Agreement with respect to the Private Placement Warrants, Working Capital Warrants or Extension Warrants, at least a majority of the number of then outstanding Private Placement Warrants, Working Capital
Warrants and Extension Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. 

  
 13 

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

[Signature Page Follows] 
  

  
 14 

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

			
	TARGET GLOBAL ACQUISITION I CORP.
		
	By:	 	 /s/ Heiko Dimmerling

	Name:	 	Heiko Dimmerling
	Title:	 	Chief Financial Officer and Director
	
	 CONTINENTAL STOCK TRANSFER &

TRUST COMPANY, as Warrant Agent

		
	By:	 	 /s/ Ana Gois

	Name:	 	Ana Gois
	Title:	 	Vice President

 [Signature Page to Warrant Agreement] 

 EXHIBIT A 

LEGEND 
 THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE AGREEMENTS BY AND AMONG TARGET GLOBAL ACQUISITION I CORP. (THE “COMPANY”), TARGET GLOBAL
SPONSOR LTD. AND THE OTHER SIGNATORIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED [PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS
COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN)]1 EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH
THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED HEREBY AND ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH
SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY. 
  

	1 	 To be included only for ordinary shares issued upon exercise of a warrant if prior to such 30-day period. 

 EXHIBIT B 

[Form of Warrant Certificate] 

[FACE] 
 Number 

Warrants 
 THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE 

WARRANT AGREEMENT DESCRIBED BELOW 

TARGET GLOBAL ACQUISITION I CORP. 

Incorporated Under the Laws of the Cayman Islands 

CUSIP G8675N 125 

Warrant Certificate 

This Warrant Certificate certifies
that                 , or registered assigns, is the registered holder of
                warrants evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase Class A Ordinary Shares, $0.0001 par
value per share (the “Ordinary Shares”), of Target Global Acquisition I Corp., a Cayman Islands exempted company (the “Company”). Each Warrant entitles the holder, upon exercise during the Exercise Period set forth
in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the “Warrant
Price”) as determined pursuant to the Warrant Agreement, payable in US dollars, by bank wire or certified check (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon
surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 
 Each whole Warrant is initially
exercisable for one fully paid and non-assessable Ordinary Share. No fractional shares will be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a
fractional interest in an Ordinary Share, the Company will, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant holder. The number of Ordinary Shares issuable upon exercise of the Warrants
is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 
 The initial Warrant Price per Ordinary
Share for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent
not exercised by the end of such Exercise Period, such Warrants shall become void. 
 Reference is hereby made to the further provisions of
this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

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

This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York. 

 
			
	TARGET GLOBAL ACQUISITION I CORP.
		
	By:	 	  

		 	Name: Heiko Dimmerling
		 	Title: Chief Financial Officer and Director
	
	CONTINENTAL STOCK TRANSFER & TRUST
	COMPANY as Warrant Agent
		
	By:	 	  

		 	Name:
		 	Title:

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as
of                , 2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a
New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of
rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the
Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

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

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the issuance of the Ordinary Shares to be issued upon exercise is effective under the Securities Act of 1933, as amended, and (ii) a prospectus thereunder relating to the Ordinary Shares is current,
except through “cashless exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides that upon the
occurrence of certain events the number of Ordinary Shares issuable upon the exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled
to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for
this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

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

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to
receive                     Ordinary Shares and herewith tenders payment for such Ordinary Shares to the order of Target Global Acquisition I Corp.
(the “Company”) in the amount of $                 in accordance with the terms hereof. The undersigned requests that a certificate for such Ordinary
Shares be registered in the name of                 whose address is                 and
that such Ordinary Shares be delivered to                 whose address
is                 . If said number of shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate
representing the remaining balance of such Ordinary Shares be registered in the name of                 , whose address
is                 and that such Warrant Certificate be delivered to                 ,
whose address is                 . 
 In the event that the
Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the
Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless
exercise provisions of the Warrant Agreement, to receive Ordinary Shares. If said number of shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new
Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the name of                 , whose address is
                and that such Warrant Certificate be delivered to                 , whose
address is                 . 
 [Signature Page
Follows] 

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

  

	
	 Signature Guaranteed:

 

	                                     
                       

 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE).

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