Document:

Exhibit 10.1

 

Baker McKenzie.

 

 

 

 

 

 

Deed of
Settlement and Release

 

Solar Juice Co. Ltd

 

Kun
Fong Lee in his own capacity and as trustee for Solar Juice Co. Ltd

 

Jinhan
Zhou in his own capacity and as trustee for Solar Juice Co. Ltd

 

Andrew
Lawrence Burgess in his own capacity and as trustee for Burgess Absolutely Entitled Trust

 

Rami
Ahmed Fedda in his own capacity and as trustee for Fedda Absolutely Entitled Trust

 

Allied Energy Holding Pte Ltd

 

Chin
Piaw Tan

 

Solar Juice Pty Ltd

 

 

 

 

  

 

Baker
& McKenzie

ABN 32 266 778 912

Tower One -
International Towers Sydney

Level 46, 100 Barangaroo Avenue

Barangaroo
NSW 2000

Australia

www.bakermckenzie.com

 

 

 

 

    	 	 	 

     

    

 

Table of contents

 

 

	1.	Definitions and interpretation	2
	 	 	 
	2.	Effective Date	9
	 	 	 
	3.	The Shareholdings in the Company	10
	 	 	 
	4.	Issue of Subscription Shares	10
	 	 	 
	5.	Warranties in relation to Share Issue	14
	 	 	 
	6.	Completion	15
	 	 	 
	7.	Directors	16
	 	 	 
	8.	Consent Orders	16
	 	 	 
	9.	Management of the Company	17
	 	 	 
	10.	Scottish Pacific Facility	17
	 	 	 
	11.	Shareholders' Deed	18
	 	 	 
	12.	If GST is payable	18
	 	 	 
	13.	Stock Options and RSA	19
	 	 	 
	14.	Releases by the Parties	19
	 	 	 
	15.	No admission of liability	20
	 	 	 
	16.	Representations and warranties	20
	 	 	 
	17.	Confidentiality to be preserved	21
	 	 	 
	18.	General	22

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

 

	Title	Deed of Settlement and Release
	 	 
	Date	14 October 2020
	 	 
	Parties	Solar Juice Co. Ltd (a Cayman Islands registered company) of P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West
    Bay Road, Grand Cayman, KYl-1205 Cayman Islands (Solar Juice Cayman or SJC)
	 	 
	 	Kun Fong Lee in his own capacity and as trustee for Solar Juice Co. Ltd of Block 585, Pasir Ris Street 53, #10-47,
    Singapore 510585 (Lee)
	 	 
	 	Jinhan Zhou in his own capacity and as trustee for Solar Juice Co. Ltd of XueweilLandhu No 1, Sartu District,
    Daqing City, Heilongjian Province 163000, People's Republic of China (Zhou)
	 	 
	 	Andrew Lawrence Burgess in his own capacity and as trustee for Burgess Absolutely Entitled Trust of The Run Way,
    Blaxland NSW 2774 (Burgess)
	 	 
	 	Rami Ahmed Fedda in his own capacity and as trustee for Fedda Absolutely Entitled Trust of 1 Badger
    Avenue, Sefton NSW 2162 (Fedda)
	 	 
	 	Allied Energy Holding Pie Ltd of 18 Boon Lay Way #06-107 Trade Huy 21 Singapore 609966 Singapore (Allied)
	 	 
	 	Chin Piaw Tan of 12 Jelebu Road, #22-36 Hillian Residences 677673 Singapore (Tan)
	 	 
	 	Solar Juice Ply Ltd (139 534 026) of Unit I, 10-12 Forsyth Close, Wetherill Park  NSW  2164
    (Company)

 

Recitals

  

		A	Solar Juice Cayman, Lee in his capacity as trustee for
Solar Juice Cayman, Zhou in his capacity as trustee for Solar Juice Cayman, Burgess in his capacity as trustee for the Burgess
Absolutely Entitled Trust, Fedda in his capacity as trustee for the Fedda Absolutely Entitled Trust and Allied are the shareholders
of the Company (Shareholders).

 

		B	Solar Juice Cayman is a wholly owned subsidiary of SPI,
a company listed on NASDAQ.

 

		C	Solar Juice Cayman became the owner of the Shares (legally
and/or beneficially) following transfers to it of all the Shares held by SPI China (HK) Limited (Share
Transfers). At the time of those Share Transfers, SPI China (HK) Limited was also a wholly owned subsidiary of SPI.

 

		D	The Parties are in dispute as to the effectiveness of a
rights issue purportedly undertaken by the Company in May 2020 (Purported
Rights Issue) and the validity and consequences of certain events which followed, including:

 

		(a)	whether, as was the position prior the Purported Rights
Issue, Solar Juice Cayman:

 

		(i)	is the beneficial owner of an 80% shareholding in the Company;

 

		(ii)	has 4 directors on the board of the Company;

 

 

 

 

    	 	 	 

     

    

 

 

		(iii)	is entitled to appoint the Chairman of the board of the
Company and has the benefit of the Chairman's casting vote; and

 

		(iv)	has the protections set out in the Shareholders' Deed,
or

 

		(b)	whether as a result of actions taken by or on behalf of
the Defendants in connection with the Purported Rights Issue:

 

		(i)	Solar Juice Cayman's total beneficial shareholding has
been reduced to 40%;

 

		(ii)	2 of Solar Juice Cayman's nominee directors (Lee and Zhou)
have been removed as directors of the Company;

 

		(iii)	Chin Piaw Tan has been appointed as a director of the
Company;

 

		(iv)	Solar Juice Cayman is no longer entitled to appoint the
Chairman of the Company and does not have the benefit of the Chairman's casting vote; and

 

		(v)	the Shareholders' Deed has been terminated.

 

		E	The Parties are all parties to the Proceeding the subject
matter of which is the Dispute.

 

		F	The Parties have agreed to settle the Proceeding on the
terms of this Deed on a without admissions basis.

 

Operative provisions

 

 

 

		1.	Definitions and interpretation

 

Definitions

 

		1.1	In this Deed, unless the context requires otherwise, words
used have the following meanings:

 

Allied
Payment means the amount of A$120,000 paid by or on behalf of Allied to the Company as a prepayment from Allied to the
Company for the Allied Subscription Shares, being the amount which was paid by Allied to the Company on 25 May 2020 as the consideration
payable by Allied for the Allied Rights Issue Shares as part of the Purported Rights Issue.

 

Allied Rights Issue Shares means the
6 Shares that were invalidly issued to Allied as part of the Purported Rights Issue.

 

Allied Subscription Amount means A$120,000.

 

Allied Subscription Shares means 6 Shares.

 

Allied Warranties means the Warranties set
out in Part B of Schedule 2.

 

Authorisation
means:

 

		(a)	any authorisation, approval, licence, permit, consent,
qualification, accreditation, filing, registration, certificate, resolution, direction, declaration, or exemption and any renewal
and variation of them; and

 

		(b)	for anything which a Government Agency may prohibit or
restrict within a specified period, the expiry of that period without intervention or other action by that Government Agency.

 

 

 

 

 

    	 	2	 

     

    

 

 

Burgess Balance Amount means the amount of
the Burgess Payment less the Burgess Subscription Amount.

 

Burgess Payment means the amount of A$940,000
paid by or on behalf of Burgess to the Company on 21 May 2020 as the consideration payable by Burgess for the Burgess Rights Issue
Shares as part of the Purported Rights Issue.

 

Burgess Rights Issue Loans means the Loan Agreement
dated 19 May 2020 between Juicy Fruits (NSW) Pty Ltd (ACN 153 123 703) and Allied, and the Loan Agreement dated 19 May 2020 between
Juicy Fruits (NSW) Pty Ltd (ACN 153 123 703) and Cadence Products Enterprise Pte Ltd.

 

Burgess Rights Issue Shares means the 47 Shares
that were invalidly issued to Burgess as part of the Purported Rights Issue.

 

Burgess Subscription Amount means A$140,000.

 

Burgess Subscription Shares means 7 Shares.

 

Burgess Warranties means the Warranties set
out in clauses 16. l, I 6.2, I 6.3 and Part B of Schedule 2.

 

Business Day means a day that is not a Saturday,
Sunday, a public holiday or bank holiday in Sydney, New South Wales.

 

Claim(s) means any claim, cost, damages, debt,
expense, liability, loss, allegation, suit, action, demand, cause of action or proceeding of any kind whether known or unknown,
as at the Effective Date.

 

Completion means completion of the issue of
the Subscription Shares in accordance with clause 6.

 

Consent Orders means orders substantially in
the form of Schedule 1, or such other orders as agreed between the parties in writing.

 

Constitution means the constitution of the
Company.

 

Controller has the meaning defined in section
9 of the Corporations Act.

 

Corporations Act means the Corporations
Act 2001 (Cth).

 

Court means the Federal Court of Australia.

 

Deed means this Deed of Settlement and Release.

 

Defendants means Burgess, Fedda, Tan, Allied
and the Company.

 

Dispute means the dispute between the Parties
in respect of the matters set out in Recital D.

 

Effective Date means the date on which the last party executes this deed.

 

Escrowed Consideration Shares has the meaning
given to it in the SPA.

 

Executive Employment Agreements means both
the:

 

		(a)	Executive Employment Agreement between Solar Juice Pty
Ltd and Andrew Burgess; and

 

		(b)	Executive Employment Agreement between Solar Juice Pty
Ltd and Rami Fedda.

 

 

 

 

 

 

 

 

    	 	3	 

     

    

 

Fedda Balance Amount means the amount of the
Fedda Payment less the Fedda Subscription Amount.

 

Fedda Payment means
the amount of A$940,000 paid by Fedda to the Company on 21 May 2020 as the consideration payable by Fedda for the Fedda Rights
Issue Shares as part of the Purported Rights Issue.

 

Fedda Rights Issue
Loans means the Loan Agreement dated 19 May 2020 between Fabral Investments Pty Ltd (ACN 153 123 696) and Allied, and
the Loan Agreement dated 19 May 2020 between Fabral Investments Pty Ltd (ACN 153 123 696) and Cadence Products Enterprise Pte
Ltd.

 

Fedda Rights Issue Shares means the 47 Shares
that were invalidly issued to Fedda as part of the Purported Rights Issue.

 

Fedda Subscription Amount means A$140,000.

 

Fedda Subscription Shares means 7 Shares.

 

Fedda Warranties
means the Warranties set out in clauses 16.1, 16.2, 16.3 and Part B of Schedule 2.

 

First to Fourth Defendants means Burgess, Fedda,
Tan and Allied.

 

Government Agency means:

 

		(a)	a government, whether foreign, federal, state, territorial
or local or a department, office or minister of a government acting in that capacity; or

 

		(b)	a commission, delegate, instrumentality, agency, board,
or other government, semi government,judicial, administrative, monetary or fiscal body, department, tribunal, entity or authority,
whether statutory or not, and includes any self-regulatory organisation established under statute or any stock exchange.

 

GST means GST as defined in the A New Tax
System (Goods and Services Tax) Act 1999 (Cth), or any like tax.

 

GST Act means the A New Tax System (Goods
and Services Tax) Act 1999, or if that Act does not exist for any reason, means any Act imposing or relating to the imposition
or administration of a goods and services tax in Australia and to any regulation made under that Act.

 

Insolvency Event means:

 

		(a)	for any body corporate, the happening of one or more of
the following events:

 

		(i)	except for the purpose of a solvent reconstruction or
amalgamation which has the prior written consent of the other parties:

 

		(A)	process is filed in a court seeking an order that it be
wound up or that a Controller be appointed to it or any of its assets, unless the application is withdrawn, struck out or dismissed
within seven days of it being filed;

 

		(B)	an order is made that it be wound up or that a Controller
be appointed to it or any of its assets; or

 

		(C)	a resolution that it be wound up is passed or proposed;

 

 

 

 

    	 	4	 

     

    

 

 

		(ii)	a liquidator, provisional liquidator, Controller or any
similar official is appointed to, or takes possession or control of, all or any of its assets or undertaking;

 

		(iii)	an administrator is appointed to it, a resolution that
an administrator be appointed to it is passed or proposed, or any other steps are taken to appoint an administrator to it;

 

		(iv)	it enters into, or resolves to enter into, an arrangement,
compromise or composition with any of, or any class of, its creditors or members, or an assignment for the benefit of any of,
or any class of, its creditors, or process is filed in a court seeking approval of any such arrangement, compromise or composition;

 

		(v)	a reorganisation, moratorium, deed of company arrangement
or other administration involving one or more of its creditors is proposed or effected;

 

		(vi)	any action is taken by ASIC with a view to its deregistration
or its dissolution, or an application is made to ASIC that any such action be taken;

 

		(vii)	it is insolvent within the meaning of section 95A of the
Corporations Act, as disclosed in its accounts or otherwise, states that it is unable to pay its debts or is presumed to be insolvent
under any applicable law;

 

		(viii)	as a result of the operation of section 459F(l) of the
Corporations Act, it is taken to have failed to comply with a statutory demand;

 

		(ix)	it stops or suspends or threatens to stop or suspend the
payment of all or a class of its debts or the conduct of all or a substantial part of its business;

 

		(x)	any event or circumstance set out in section 461 of the
Corporations Act occurs in relation to it; or

 

		(xi)	anything having a substantially similar effect to any
of the events specified in paragraphs (a)(i) to (a)(x) of this definition happens to it under the Jaw of any jurisdiction;

 

		(b)	in relation to a person that is an individual, the happening
of one or more of the following events:

 

		(i)	a bankruptcy notice is issued to the person;

 

		(ii)	a receiver, trustee for creditors or trustee in bankruptcy
is appointed to any of the person's property;

 

		(iii)	a garnishee notice is issued concerning any money that
the person is said to be owed;

 

		(iv)	the person proposes or enters into an arrangement or composition
with, or an assignment for the benefit of, any of the person's creditors;

 

		(v)	the person proposes or effects a moratorium involving
any of the person's creditors;

 

		(vi)	the person stops or suspends, or threatens to stop or
suspend, the payment of all or a class of the person's debts or the conduct of all or a substantial part of the person's business;

 

		(vii)	the person is unable to pay all of the person's debts
as they fall due or is presumed to be insolvent under any applicable law;

 

		(viii)	the person becomes an "insolvent under administration"
as defined in section 9 of the Corporations Act;

 

 

 

 

 

    	 	5	 

     

    

 

		(ix)	anything having a substantially similar effect to any
of the events specified in paragraphs (b)(i) to (b)(viii) of this definition happens to the person under the law of any jurisdiction;
or

 

		(x)	the person dies, is imprisoned or becomes incapable of
managing his or her own affairs.

 

Interim
Orders means Orders I, 2 and 3 of the Orders made in the Proceeding on 4 June 2020 as extended by Order I of the Orders made
on 12 June 2020, as extended and varied by Order I of the Orders made on 3 July 2020 and as extended by Order I of the Orders
made on 21 July 2020.

 

Lee
Subscription Shares means 16 Shares.

 

Liabilities
means all liabilities, whether actual or contingent, present or future, quantified or unquantified.

 

Loss
means any claim, cost (including legal costs on a solicitor and client basis), damage, debt, expense, Tax, Liability, loss,
obligation, allegation, suit, action, demand, cause of action, proceeding or judgment of any kind however calculated or caused,
and whether direct or indirect, consequential, incidental or economic, including any decrease in the value of the Assets or the
value of the Sale Shares, whether or not realised.

 

New
Rights Issue has the meaning given to that term in clause 4.1.

 

Party
means a party to this Deed.

 

Plaintiffs
means Solar Juice Cayman, Lee and Zhou.

 

Proceeding
means Proceeding No. NSD605/2020 in the Federal Comt of Australia, New South Wales registry.

 

PPSA
means the Personal Property Securities Act 2009 (Cth).

 

Purported
Rights Isssue has the meaning given to it in the Statement of Claim filed in the Proceeding on 15 June 2020.

 

Related
Party has the meaning given to that term in the Corporations Act.

 

RSAs
means the Restricted Share Awards granted by SPI Energy Co. Ltd and its shareholders to Andrew Burgess and Rami Fedda subject
to the terms and conditions set out in the SPI. Energy Co. Ltd 2015 Equity Incentive Plan- Restricted Share Award Agreement between
SPI Energy Co. Ltd and each of Andrew Burgess and Rami Fedda.

 

Rights
Issue Loans means the Burgess Rights Issue Loans and the Fedda Rights Issue Loans.

 

Scottish
Pacific Facility means the Invoice Discounting Agreement between the Company and Scottish Pacific (BFS) Pty Limited (ACN 101
657 041) entered into on or about 29 March 2018.

 

Scottish
Pacific Guarantees means the document entitled “Deed of Guarantee and Indemnity” dated 19 April 2018 between:

		•	Scottish Pacific (BFS) Pty Limited;

		•	Solar Juice Pty Ltd;

		•	Juicy Fruits (NSW) Pty Ltd;

		•	Fabral Investments Pty Ltd;

 

 

 

 

    	 	6	 

     

    

 

 

		•	Juicy Fruits (No 2) Pty Ltd in its own right and as trustee for the Burgess Absolutely Entitled
Trust;

		•	SJ Trading (No 2) Pty Ltd in its own right and as trustee for the Fedda Absolutely Entitled
Trust;

		•	Fabral holdings Pty Ltd;

		•	Juicy Fruits Commercial Pty Ltd;

		•	Juicy Properties Pty Ltd;

		•	SJ (No 2) Pty Ltd;

		•	Solar Juice PPA Pty Ltd;

		•	Burgess; and

		•	Fedda.

 

Security Interest
means an interest in an asset which provides security for, or protects against default by, a person for the payment or satisfaction
of a debt, obligation or liability including a security interest registered under the PPSA, mortgage, charge, bill of sale, pledge,
deposit, lien, encumbrance, hypothecation or arrangement for the retention of title.

 

Share means a fully
paid ordinary share in the Company.

 

Share Certificate means each of:

		a)	Share Certificate No. 10 dated 22 May 2020 certifying that Rami Fedda as trustee for the
                                                                Fedda Absolutely Entitled Trust is the holder of 47 ordinary shares of Solar Juice Pty Ltd;

		b)	Share Certificate No. 11 dated 22 May 2020 certifying that Andrew Burgess as trustee for the
Burgess Absolutely Entitled Trust is the holder of 47 ordinary shares of Solar Juice Pty Ltd; and

		c)	Share Certificate No. 12 dated 26 May 2020 certifying that Allied Energy Holding Pte Ltd is the
holder of 6 ordinary shares of Solar Juice Pty Ltd.

(together, the Share Certificates)

 

Shareholders means has the meaning given in
Recital A.

 

Shareholders' Deed
means the Shareholders' Deed dated on or about May 2015 between Burgess, Fedda, Allied, SPI China (HK) Limited and the Company.

 

SJC Subscription Amount
means A$1,600,000, being the total aggregate amount payable for the Solar Juice Cayman Subscription Shares, Lee Subscription
Shares and Zhou Subscription Shares.

 

SJC Subscription Shares
means the Solar Juice Cayman Subscription Shares, the Lee Subscription Shares and the Zhou Subscription Shares.

 

SJC Warranties means the Warranties set out
in clause 16.3 of this Deed.

 

Solar Juice Cayman Subscription Shares means
49 Shares.

 

SPA means the Share
Purchase Agreement dated 31 March 2015 between Burgess, Fedda, Allied and SPI China (HK) Limited.

 

SPI means SPI Energy Co., Ltd.

 

SPI Group means
SPI and its affiliates, including Solar Juice Cayman.

 

Stock Options
means the Options available to Andrew Burgess and Rami Fedda and defined in clause 7 of the Executive Employment Agreements.

 

 

 

 

 

    	 	7	 

     

    

 

 

Subscriber Warranties
means the Allied Warranties, the Burgess Warranties and the Fedda Warranties.

 

Subscription Shares
means the Solar Juice Cayman Subscription Shares, Lee Subscription Shares, Zhou Subscription Shares, the Burgess Subscription
Shares, the Fedda Subscription Shares and the Allied Subscription Shares.

 

Tax means:

 

		(a)	a tax, levy, charge, impost, deduction, withholding or
duty of any nature (including stamp and transaction duty and GST) at any time imposed or levied by any Government Agency or required
to be remitted to, or collected, withheld, or assessed by, any Government Agency; and

 

		(b)	any related interest, expense, fine, penalty or other
charge on those amounts,

 

and includes any amount
that a person is required to pay to another person on account that other person's liability for Tax.

 

Tax Invoice has
the meaning given by the GST Act.

 

Third Party Interest
means any Security Interest, lease, license, option, voting arrangement, easement, covenant, notation, restriction, interest
under any agreement, interest under any trust, or other right, equity, entitlement or other interest of any nature held by a third
party.

 

Warranties
means the Company Warranties, SJC Warranties, Burgess Warranties, Fedda Warranties, and the Allied Warranties together (or individual
as the context requires).

 

Zhou Subscription Shares means 15 Shares.

 

Interpretation

 

		1.2	In this Deed:

 

		(a)	unless the context requires, a reference to:

 

		(i)	the singular includes the plural and vice versa;

 

		(ii)	a gender includes all genders;

 

		(iii)	a document (including this Deed) is a reference to that
document (including any Schedules and Annexures) as amended, consolidated, supplemented, novated or replaced;

 

		(iv)	a party means a party to this Deed;

 

		(v)	an item, Recital, clause, Schedule or Annexure is to an
item, Recital, clause, Schedule or Annexure of or to this Deed;

 

		(vi)	a notice means a notice, approval, demand, request, nomination
or other communication given by one party to another under or in connection with this Deed;

 

		(vii)	a person (including a party) includes:

 

		(A)	an individual, company, other body corporate, association,
partnership, firm, joint venture, trust and Govermnent Agency; and

 

 

 

 

 

    	 	8	 

     

    

 

		(B)	the person's successors, permitted assigns, substitutes,
executors and administrators;

 

		(viii)	a law includes any legislation, judgment, rule of common
law or equity or rule of any applicable stock exchange, and is a reference to that law as amended, consolidated, supplemented
or replaced and includes a reference to any regulation, by-law or other subordinate legislation;

 

		(ix)	proceedings includes litigation, arbitration and investigation;

 

		(x)	a judgment includes an order, injunction, decree, determination
or award of any court or tribunal;

 

		(xi)	time is to New South Wales time;

 

		(xii)	day is to a day in New South Wales;

 

		(xiii)	the words "including" and :includes” mean
“including, but not limited to”, and "includes, without limitation" respectively;

 

		(b)	where a word or phrase is defined, its other grammatical
forms have a corresponding meaning;

 

		(c)	headings are for convenience only and do not affect interpretation
of this Deed;

 

		(d)	if a payment or other act must (but for this clause) be
made or done on a day that is not a Business Day, then it must be made or done on the next Business Day; and

 

		(e)	if a period must be calculated from, after or before a
day or the day of an act or event, it must be calculated excluding that day.

 

 This Deed may not be construed adversely to a party
only because that party was responsible for preparing it.

 

 

 

 

		2.	Effective Date

 

		2.1	This Deed becomes effective on and from the Effective
Date.

 

 

 

 

 

    	 	9	 

     

    

 

 

 

		3.	The Shareholdings in the Company

 

		3.1	The parties acknowledge and agree that:

 

		(a)	the intention of the parties is for the issued share capital
of the Company to be held in the following proportions, and to record and recognise that this was the position both immediately
prior to 22 May 2020 and from that date onwards:

 

	Shareholder	%
Interest
	Solar Juice Cayman	49%
	Lee	16%
	Zhou	15%
	Burgess	7%
	Fedda	7%
	Allied	6%
	Total	100%

 

		(b)	if for any reason, the intention referred to in clause
3.l(a) is not accomplished by the provisions of this Deed, the parties will each promptly do all such things as are reasonably
necessary in all the circumstances to give effect to this intention.

 

		3.2	The Parties agree that:

 

		(a)	subject to the Court making the Consent Orders referred
to in clause 8:

 

		(i)	The statutory books and records of the Company, including
in particular the register of members must be rectified to reflect that the changes currently recorded as occurring on 22 May 2020
did not occur and notification must be given to ASIC accordingly within I Business Day of the Court making the Consent Orders;

 

		(ii)	the Share Certificates are to be cancelled within I Business
Day of the Court making the Consent Orders;

 

		(iii)	the Subscription Shares are to be issued as set out in
clause 4. The register of members of the Company is to be updated to reflect the issue of the Subscription Shares and notification
is to be given to ASIC accordingly within I Business Day after Completion.

 

 

 

		4.	Issue of Subscription Shares

 

New Rights Issue

 

		4.1	The Company offers to each Shareholder, rights to subscribe
for I 00 additional ordinary shares in the capital of the Company in an aggregate amount of A$2,000,000 at an issue price of A$20,000
per share, pro rata in accordance with each Shareholder's existing shareholding (New Rights Issue).

 

 

 

 

 

    	 	10	 

     

    

 

		4.2	The execution of this Deed by the Company constitutes
an irrevocable offer to each Shareholder to subscribe for additional Shares in the capital of the Company under the New Rights
Issue.

 

Issue of SJC Subscription Shares

 

		4.3	Pursuant to the New Rights Issue:

 

		(a)	Solar Juice Cayman agrees to subscribe for the Solar Juice
Cayman Subscription Shares;

 

		(b)	Lee agrees to subscribe for the Lee Subscription Shares;

 

		(c)	Zhou agrees to subscribe for the Zhou Subscription Shares,
together the SJC Subscription Shares.

 

		4.4	The Company agrees to issue the Solar Juice Cayman Subscription
Shares, the Lee Subscription Shares and the Zhou Subscription Shares free from Third Party Interests to Solar Juice Cayman, Lee
and Zhou on Completion for the SJC Subscription Amount, on the terms of this Deed.

 

		4.5	The execution of this Deed by Solar Juice Cayman, Lee
and Zhou constitutes an irrevocable application by Solar Juice Cayman, Lee and Zhou to subscribe at Completion for the Solar Juice
Cayman Subscription Shares, the Lee Subscription Shares and the Zhou Subscription Shares respectively.

 

Issue of Burgess Subscription Shares

 

		4.6	Pursuant to the New Rights Issue, Burgess agrees to subscribe
for, and the Company agrees to issue, the Burgess Subscription Shares free from Third Party Interests to Burgess on Completion
for the Burgess Share Subscription Amount, on the terms of this Deed.

 

		4.7	The execution of this Deed by Burgess constitutes an irrevocable
application by Burgess to subscribe at Completion for the Burgess Subscription Shares.

 

Issue of Fedda Subscription Shares

 

		4.8	Pursuant to the New Rights Issue, Fedda agrees to subscribe
for, and the Company agrees to issue, the Fedda Subscription Shares free from Third Party Interests to Fedda on Completion for
the Fedda Share Subscription Amount, on the terms of this Deed.

 

		4.9	The execution of this Deed by Fedda constitutes an irrevocable
application by Fedda to subscribe at Completion for the Fedda Subscription Shares.

 

Issue of Allied Subscription Shares

 

		4.10	Pursuant to the New Rights Issue, Allied agrees to subscribe
for, and the Company agrees to issue, the Allied Subscription Shares free from Third Party Interests to Allied on Completion for
the Allied Share Subscription Amount, on the terms of this Deed.

 

		4.11	The execution of this Deed by Allied constitutes an irrevocable
application by Allied to subscribe at Completion for the Allied Subscription Shares.

 

Terms and Conditions

 

		4.12	The terms and conditions of the subscription by each of
the Shareholders, and issue of the Subscription Shares by the Company, pursuant to the New Rights Issue are as follows:

 

 

 

 

 

    	 	11	 

     

    

 

		(a)	Each of the Company, Burgess, Fedda and Allied waives,
and prior to Completion must obtain the waiver from all other relevant persons, of all restrictions on issue (including pre-emption
rights) that might exist in respect of the Subscription Shares, whether under the Constitution or otherwise.

 

		(b)	Subject to clauses 4.12(c) and 4.12(d), the SJC Subscription
Amount is to be paid by SJC to the Company within 3 Business days of the Court making the Consent Orders.

 

		(c)	The Company has directed (with execution of this Deed
constituting an irrevocable direction by the Company to SJC) that the SJC Subscription Amount be paid in full to Burgess and Fedda
in equal proportions.

 

		(d)	Each of Burgess and Fedda have directed (with execution
of this Deed constituting an irrevocable direction by the each of Burgess and Fedda to SJC) that the SJC Subscription Amount be
paid to Allied to the following accounts:

 

Amount: A$1,155,000

 

	Payee's name: 	Cadence Products Enterprise Pte. Ltd.
	 	 
	Payee's address:	52, Duchess Avenue, #02-08,
Duchess Crest, Singapore 269197
	 	 
	Payee's bank: 	United Overseas Bank Ltd
	 	 
	Bank address: 	369, Alexandra Road
17-00 Singapore 119954
	 	 
	USD Bank acct no.:	xxxxxxxxxx
	 	 
	SWIFT code: 	UOVBSGSG

 

Amount: A$445,000

 

Allied Energy Holding Pte Ltd

 

	Payee's name:	Allied Energy Holding Pte. Ltd.
	 	 
	Payee's address:	18, Bon Lay Way, #06-107, Trade Hub 21, Singapore 609966
	 	 
	Payee's bank:	United Overseas
Bank Ltd
	 	 
	Bank address:	369, Alexandra Road 17-00 Singapore I 19954
	 	 
	USD Bank acct no.:	xxxxxxxxxxxxx
	 	 
	SWIFT
code:	UOVBSGSG

 

		(e)	The Burgess Subscription Amount is to be paid by way of
the Company deducting (with execution of this Deed constituting an irrevocable authorisation and consent by Burgess to such deduction
by the Company) A$140,000 from the Burgess Payment.

 

		(f)	The Fedda Subscription Amount is to be paid by way of
the Company deducting (with execution of this Deed constituting an irrevocable authorisation and consent by Fedda to such deduction
by the Company) A$140,000 from the Fedda Payment.

 

 

 

 

 

    	 	12	 

     

    

 

 

		(g)	The Allied Subscription Amount is to be paid by way of
the Company retaining the Allied Payment in full and applying (with execution of this Deed constituting an irrevocable authorisation
and consent by Fedda to such appllication by the Company) the Allied Payment as payment for the issue of the Allied Subscription
Shares.

 

		(h)	Burgess agrees to pay to Allied the amount of A$ l 40,000
in partial repayment of the the Burgess Rights Issue Loans.

 

		(i)	Fedda agrees to pay to Allied the amount of A$140,000
in partial repayment of the the Fedda Rights Issue Loans.

 

		(j)	Burgess agrees that he has no right or entitlement to
the Burgess Balance Amount.

 

		(k)	Fedda agrees that he has no right or entitlement to the
Fedda Balance Amount.

 

		(l)	Allied agrees that it has no right or entitltement to
the Burgess Balance Amount nor the Fedda Balance Amount.

 

		(m)	Allied acknowledges and agrees that its sole rights of recove1y in respect of the Burgess
                                                                               Rights Issue Loans and Fedda Rights Issue Loans is as against Burgess and Fedda respectively and that neither the Company nor
                                                                               SJC, Lee or Zhou have any obligations in respect of either the Burgess Rights Issue Loan or Fedda Rights Issue Loans.

 

		(n)	Allied undertakes that it will not commence any proceedings
(including debt recove1y proceedings) or take any other action as against the Company and/or SJC in respect of the Burgess Balance
Amount or Fedda Balance Amount, and acknowledges and agrees that each of the Company and SJC may plead this Deed as a bar to any
such proceedings or other action.

 

		4.13	The Company represents and warrants that, if and to the
extent that entry into the Deed (and the performance its obligations under the Deed) is considered to be financial assistance
under section 260A of the Corporations Act, the giving of such assistance to a person to acquire shares in the Company does not
materially prejudice (i) the interests of the Company or the Shareholders or (ii) the ability of the Company to pay its creditors.
Each of the Shareholders acknowledge and agree that the entry into the Deed by the Company (and the performance its obligations
under the Deed) does not materially prejudice their respective interests in the Company.

 

 

 

 

 

    	 	13	 

     

    

  

		4.14	The intention of the parties is for the issued share capital
of the Company following Completion to be as follows:

 

	Shareholder	%
    Interest	No. of Shares
	Solar Juice Cayman	49%	98
	Lee	16%	32
	Zhou	15%	30
	Burgess	7%	14
	Fedda	7%	14
	Allied	6%	12
	Total	100%	200

 

		4.15	If,
for any reason, the intention referred to in clause 4.13 is not accomplished by the provisions of this Deed, the parties
will each promptly do all such things as are reasonably necessary in all the circumstances to give effect to this intention.

 

		4.16	Burgess, Fedda and Allied agree that they will consent
to, and will not object to, any transfer of Shares from Lee and Zhou to any Related Party of SPI.

 

 

 

 

		5.	Warranties in
                                         relation to Share Issue

 

		5.1	The Company represents warrants and covenants to and with
each of the Shareholders that each statement contained in clause 16.2, 16.3 and Part A of Schedule 2 is true, accurate and not
misleading (Company Warranties).

 

		5.2	Each of the Shareholders represents and warrants and covenants,
in respect of itself only, to and with the Company and each other Shareholder that each statement contained in clause 16.3 is
true, accurate and not misleading.

 

		5.3	The Warranties are given at the Effective Date and Completion.

 

		5.4	Each of Allied, Burgess and Fedda acknowledge and agree
that Solar Juice Cayman, Lee and Zhou have been induced to enter into this Deed by the Burgess Warranties, the Fedda Warranties,
the Allied Warranties and the Company Warranties and that Solar Juice Cayman, Lee and Zhou have relied on the truth and accuracy
of the Allied Warranties, the Burgess Warranties, Fedda Warranties and Company Warranties. Each of Allied, Burgess and Fedda indemnify
Solar Juice Cayman, Lee, Zhou and the Company against all Loss (including any Tax Claim Loss) which may be made or brought against,
suffered or incurred by, Solar Juice Cayman, Lee, Zhou or the Company and which arises directly or indirectly out of or in connection
with any of the Allied Warranties, the Burgess Warranties, the Fedda Warranties and the Company Warranties being untrue, inaccurate
or misleading, or any breach of this Deed by either Allied, Burgess, Fedda or tl1e Company, whether or not the Loss was within
the parties' reasonable contemplation as at the Effective Date.

 

 

 

 

 

 

    	 	14	 

     

    

 

 

 

		6.	Completion

 

		6.1	The parties acknowledge and agree that:

 

		(a)	Completion must take place within 5 Business Days of the
Consent Orders being made by the Court at the offices of Baker McKenzie located at Tower One - International Towers Sydney, Level
46, 100 Barangaroo Avenue, Barangaroo NSW 2000 or at any other place agreed in writing by the parties;

 

		(b)	the obligations of the parties under clauses 6.3, 6.4
and 6.5 are interdependent so that Completion does not occur unless and until each of the relevant obligations set out in clauses
6.3, 6.4 and 6.5 are effected or completed; and

 

		(c)	all actions required to be performed on Completion will
be taken to have occurred simultaneously at Completion.

 

		6.2	No delivery or payment will be deemed to have been made
until all deliveries and payments due to be made at Completion have been made.

 

		6.3	At or before Completion:

 

		(a)	SJC must pay the SJC Subscription Amount to the Company
in accordance with clause 4.12(b);

 

		(b)	Burgess must pay the Burgess Subscription Amount to the
Company in accordance with clause 4.12(e);

 

		(c)	Fedda must pay the Fedda Subscription Amount to the Company
in accordance with clause 4.12(!); and

 

		(d)	Allied must pay the Allied Subscription Amount to the
Company in accordance with clause 4.12(g);

 

		6.4	At or before Completion, the Company must procure that
a meeting of directors of the Company is held at which the Board resolves, on Completion occurring, to:

 

		(a)	approve the registration of each of Solar Juice Cayman,
Lee, Zhou, Burgess, Fedda and Allied as the holder of the Solar Juice Cayman Subscription Shares, Lee Subscription Shares, Zhou
Subscription Shares, Burgess Subscription Shares, Fedda Subscription Shares and Allied Subscription Shares respectively;

 

		(b)	allot and issue to Solar Juice Cayman, Lee, Zhou, Burgess,
Fedda and Allied the Solar Juice Cayman Subscription Shares, Lee Subscription Shares, Zhou Subscription Shares, Burgess Subscription
Shares, Fedda Subscription Shares and Allied Subscription Shares respectively; and

 

		(c)	register Solar Juice Cayman, Lee, Zhou, Burgess, Fedda
and Allied as the holder of the Solar Juice Cayman Subscription Shares, Lee Subscription Shares, Zhou Subscription Shares, Burgess
Subscription Shares, Fedda Subscription Shares and Allied Subscription Shares respectively in the register of members of the Company;

 

		(d)	deliver to Solar Juice Cayman, Lee, Zhou, Burgess, Fedda
and Allied a share certificate as evidence of the issue of the Solar Juice Cayman Subscription Shares, Lee Subscription Shares,
Zhou Subscription Shares, Burgess Subscription Shares, Fedda Subscription Shares and Allied Subscription Shares respectively.

 

 

 

 

 

 

    	 	15	 

     

    

 

		6.5	On Completion, the Company must provide to the Shareholders
a copy of minutes of meeting of the Company approving:

 

		(a)	the cancellation of the existing share certificates for
the Burgess Rights Issue Shares, the Fedda Rights Issue Shares and the Allied Rights Issue Shares;

 

		(b)	the issue of new share certificates in accordance with
clause 6.4 above.

 

 

 

		7.	Directors

 

		7.1	The Parties agree that:

 

		(a)	Lee and Zhou are directors of the Company and are to be
recorded and recognised as being directors both immediately prior to 22 May 2020 and on and from that date onwards;

 

		(b)	Mr Denton Peng is the Chairman of the Company and is to
be recorded and recognised as being the Chairman of the Company both immediately prior to 22 May 2020 and on and from that date
onwards;

 

		(c)	Mr Tan is not a director of the Company and is to be recorded
and recognised as never having been a director of the Company;

 

		(d)	Justin Davis-Rice and Xiaogang Wang will be removed as
directors.

 

		7.2	By entry into this Deed, each Shareholder acknowledges,
agrees and resolves, pursuant to section 203C of the Corporations Act 2001 (Cth) that Justin Davis-Rice and Xiaogang Wang
be removed as directors of the Company.

 

		7.3	The statutory books and records of the Company must be
rectified to reflect the changes described in paragraph 7.1 above, and notification must be given to ASIC by the Company accordingly,
within I Business Day of the Consent Orders being made by the Court.

 

 

 

 

		8.	Consent Orders

 

		8.1	The Parties agree that:

 

		(a)	a declaration will be sought from the Court to give effect
to the parties' intentions set out in this Deed in relation to the shareholdings and directorships in the Company;

 

		(b)	subject to the declaration referred to in 8.l(a) being
made by the Court:

 

		(i)	the Proceeding be dismissed with no orders as to costs;
and

 

		(ii)	the amount paid to the Federal Court of Australia as security
for the costs of the Proceeding be paid as follows:

 

		(A)	A$50,000 to Fedda;

 

		(B)	A$50,000 to Burgess; and

 

		(C)	the balance of A$440,000 plus any interest accrued to
the Plaintiffs.

 

 

 

    	 	16	 

     

    

 

		8.2	The amounts to be paid to Fedda and Burgess pursuant to
clause 8.1(b)(i) and(ii) are inclusive of any GST payable.

 

		8.3	The First to Fourth Defendants and the Company must cause
their respective solicitors to execute the Consent Orders and deliver them to the solicitors for the Plaintiffs on the Effective
Date.

 

		8.4	As soon as practicable and in any event within 1 Business
Day of the Effective Date, the Plaintiffs will cause their solicitors, Baker McKenzie, to execute the Consent Orders and forward
them to the Associate for Justice Markovic with a request that the Consent Orders be made in chambers by consent of all of the
Parties.

 

		8.5	The Parties agree to do all things necessary or desirable
and instruct their solicitors to do all things necessary or desirable to have orders in the terms or to the effect of the Consent
Orders promptly made.

 

		8.6	If the Court does not agree to make the declaration referred
to in clauses I, 2 and 3 of the Consent Orders, the parties agree to co-operate to prepare an agreed statement of facts to be
provided to the Court for the purpose ofrequesting that the Court make the declaration and that the Parties will co-operate to
seek to have the Court make the declaration.

 

		8.7	If the Court does not agree to make the declaration the
parties will negotiate in good faith to seek to achieve the intention of the parties set out in this Deed but if
that cannot be achieved then the proceedings will remain on foot and the steps set out at clauses 3 and 4 above will not
take place.

 

 

 

		9.	Management of
                                         the Company

 

		9.1	The Parties agree that Solar Juice Cayman is entitled
to appoint two executive officers to join the Company's management team.

 

		9.2	Each of Burgess and Fedda agree that they will not take
any actions which would jeopardise the current arrangements with the suppliers or creditors of the Company, or any entities that
the Company has existing contractual relationships with.

 

 

 

		10.	Scottish Pacific
                                         Facility

 

		10.1	The Parties agree that:

 

		(a)	it is the intention of the Parties that the Scottish Pacific
Guarantees will be removed once alternative terms have been agreed between Scottish Pacific, the SPI Group and the Company in
relation to appropriate security for the Scottish Pacific Facility;

 

		(b)	Fedda and Burgess will not be entitled to remove the Scottish
Pacific Guarantees until:

 

		(i)	alternative security arrangements have been agreed with
Scottish Pacific; or

 

		(ii)	for a period of 6 months from Completion, whichever occurs
first.

 

		10.2	Fedda and Burgess will assist as requested by the SPI
Group to facilitate the above and will not take any actions which would jeopardise the Scottish Pacific Facility or the Company's
relationship with Scottish Pacific.

 

 

 

 

 

 

 

    	 	17	 

     

    

 

 

		11.	Shareholders'
                                         Deed

 

		11.1	The Parties agree that:

 

		(a)	the Shareholders Deed remains valid and on foot and has
not been terminated; and

 

		(b)	Solar Juice Cayman, Lee and Zhou are parties to the Shareholders'
Deed with effect from the date that they became Shareholders as recorded in the register of members of the Company.

 

		11.2	The Parties agree that within 10 Business Days of the
Effective Date they will negotiate amendments to the Shareholders' Deed, and execute an amended and restated version of the Shareholders'
Deed, which at a minimum will include that:

 

		(a)	the Shares held by Solar Juice Cayman, Lee or Zhou can
be transferred to any Related Party of SPI;

 

		(b)	any resolution proposed to be passed by the Company must
either be by way of:

 

		(i)	circulating written resolution; or

 

		(ii)	providing the wording of the proposed resolution to all
directors of the Company at least 5 business days prior to the board meeting at which that resolution is to be discussed;

 

		(c)	all materials in relation to any board meeting will be
provided at least 5 business days prior to the board meeting;

 

		(d)	any payments greater than A$1,000 by the Company must
be approved by at least one of the executive officers delegated by SPI, such approvals to be given within 24 hours of receipt
of any notice of requested payment being received by the SPI;

 

		(e)	no new contracts may be entered into or material contractual
terms changed without SPI's prior written approval, such approval to be given within 24 hours of receipt of any notice of requested
payment being received by the SPI;

 

		(f)	no new employment or contract agreements entered into
without the approval of at least one of the executive officers delegated by SPI, such approval to be given within 24 hours of
receipt of any notice of requested payment being received by the SPI;

 

		(g)	SPI, by way of the executive officers delegated by SPI,
to have access to the bank accounts of the Company.

 

		11.3	The Parties agree that within IO Business Days of the
Effective Date they will negotiate amendments to the Constitution to ensure that it is consistent with the amendments to the Shareholders'
Deed and that the parties will take all steps necessary to ensure the adoption of that constitution.

 

 

 

		12.	If GST is payable

 

		12.1	If any GST is payable on any taxable supply made by the
supplier (Supplier) under this Deed to the recipient of that supply (Recipient), the Recipient must pay the GST Amount to the
Supplier on the issue of an invoice relating to the taxable supply. It is a precondition for payment of the GST Amount by the
Recipient that the Supplier must provide to the Recipient a tax invoice or a document that the Commissioner will
treat as a tax invoice.

 

 

 

    	 	18	 

     

    

 

 

		12.2	The amount recoverable by the Supplier on account of GST
under this clause will include any fines, penalties, interest and other charges incurred as a consequence of late payment or other
default by the Recipient under this clause.

 

		12.3	The Parties agree to do all things necessary and instruct
their solicitors to do all things necessary to give effect to this clause.

 

 

 

		13.	Stock Options
                                         and RSA

 

		13.1	Any Stock Options and Restricted Share Awards granted
to Burgess and Fedda pursuant to the SPI Energy Co., Ltd. 2015 Equity Incentive Plan or the Restricted Share Award Agreement remain
subject to the terms and conditions of the SPI Energy Co., Ltd.2015 Equity Incentive Plan or Restricted Share Award Agreement
as applicable.

 

		13.2	Section 2.06 of the SPA will continue to apply to the
Escrowed Consideration Shares subject to the following amendments that will apply on and from Completion:

 

		(a)	"2016" will be replaced by "2021";

 

		(b)	"2017'' will be replaced by "2022";

 

		(c)	all references to the “Purchaser"will
be replaced by “Solar
Juice Cayman”.

 

 

 

		14.	Releases by
                                         the Parties

 

Releases

 

		14.1	With effect from Completion, the Plaintiffs release and
discharge each of the Defendants from all Claims which the Plaintiffs have, or may have had against the Defendants but for this
Deed in relation to the dispute described in Recital D, other than for an act of fraud by any of the Defendants.

 

		14.2	With effect from Completion, the Defendants release and
discharge the Plaintiffs from all Claims which the Defendants have, or may have had against the Plaintiffs but for this Deed in
relation to the dispute described in Recital D, other than for an act of fraud by any of the Plaintiffs.

 

		14.3	With effect from Completion, the First to Fourth Defendants
release and discharge the Company from all Claims which the First to Fourth Defendants have, or may have had against the Company
but for this Deed in relation to the dispute described in Recital D, other than for an act of fraud by the Company.

 

		14.4	The releases in Clause 14.1, 14.2 and 14.3 do not apply
to the Claims the Parties may have against each other arising out of any breach of this Deed.

 

Bar to action and covenant not to sue

 

		14.5	The Parties agree that the releases provided in this Deed
may be pleaded as a bar to any action, suit or proceeding commenced now or taken at any time by any of the Parties against any
of the other Parties, or any person on behalfofa Party, with respect to or in any way connected with the subject matter of the
releases.

 

		14.6	Each of the Parties to this Deed covenants not to bring
any action, suit or proceedings against any of the other Parties based in any way on any Claim which is the subject of a release
in clauses 14.1, 14.2 and 14.3 of this Deed even if one or all of the releases contained in that clause prove to be ineffective
for any reason.

 

 

 

 

    	 	19	 

     

    

 

 

 

		15.	No admission
                                         of liability

 

		15.1	Nothing in this Deed is to be construed as an admission
of liability by any Party.

 

 

 

		16.	Representations
                                         and warranties

 

		16.1	Burgess and Fedda each represent, warrant and covenant
to the Plaintiffs that they have not repaid any part of the Burgess Rights Issue Loans or Fedda Rights Issue Loans with Company
funds.

 

		16.2	Burgess, Fedda and the Company each represent, warrant
and covenant to the Plaintiffs that:

 

		(a)	the Company has not paid and will not pay any money to
Justin Davis-Rice;

 

		(b)	Justin Davis-Rice has no entitlement to any payment from
the Company, any shareholding in the Company or any right to any ongoing involvement in the Company;

 

		(c)	Justin Davis-Rice will have no future role or involvement
in the Company; and

 

		(d)	the Interim Orders have been complied with.

 

		16.3	Each Party warrants to the other Party that:

 

		(a)	capacity and power: if it is a corporation, it has full
legal capacity and power to enter into and perform this Deed and the transactions contemplated by this Deed;

 

		(b)	authority: if
it is a corporation, it has taken all corporate and other action necessary to authorise the execution and performance of
this Deed and to carry out the transactions contemplated by this Deed;

 

		(c)	documents binding: this Deed constitutes its legal, valid
and binding obligations enforceable against it in accordance with their terms;

 

		(d)	transactions permitted: the execution of this Deed and
the performance by it of its obligations or the exercise of rights under this Deed do not:

 

		(i)	if it is a corporation, contravene its constitution or
any of the provisions of any law that apply to it as replaceable rules or mandatory rules;

 

		(ii)	contravene a law, Authorisation or any Deed or obligation
binding on it or applicable to its assets, revenues or business or any Deed to which it is a party;

 

		(iii)	if it is a corporation, exceed any limits on its powers
or the powers of its directors;

 

		(e)	Authorisations:

 

		(i)	all Authorisations necessary or advisable for or in connection
with the execution, validity, performance or enforceability of this Deed and the transactions contemplated by this Deed have been
obtained and are in full force and effect;

 

 

 

 

 

    	 	20	 

     

    

 

 

		(ii)	all conditions of each of those Authorisations have been
complied with; and

 

		(iii)	no circumstances exist which would permit the termination,
revocation, suspension or cancellation of any of those Authorisations;

 

		(f)	benefit: it benefits by entering into, exercising its
rights and performing its obligations under this Deed; and

 

		(g)	legal advice: it has sought, or has had the opportunity
to seek and obtain, legal advice regarding the subject matter of this Deed (including, without limitation, the releases contained
within this Deed) before entering into this Deed.

 

		16.4	The Warranties in this Deed, including those in clauses
16.1 to 16.3, survive the execution of this Deed.

 

		16.5	Each party acknowledges that the other party has entered
into this Deed in reliance on the representations and warranties in this Deed, including those in clauses 16.1 to 16.3.

 

 

 

		17.	Confidentiality to be preserved Provisions of Deed
to remain confidential

 

		17.1	Subject to clause 17.2, the Parties acknowledge that the
terms of this Deed are confidential. Each Party must keep the terms of this Deed confidential and must not disclose or permit
to be disclosed (or further disclose) to any person:

 

		(a)	the content or effect of this Deed;

 

		(b)	the detail of any disputes which previously existed between
the Parties except to the extent that those details are already public knowledge; or

 

		(c)	any information or statement (or do any other thing) which
may be likely to harm or prejudice the reputation or good name of any other Party or, where applicable, its officers, employees
or customers.

 

Permitted disclosures of this Deed

 

		17.2	A Party may disclose the terms of the Deed:

 

		(a)	with the prior written consent of the other Party; or

 

		(b)	to those of its employees, officers, professional or financial
advisers, bankers, auditors and creditors, as the Party reasonably thinks necessary to give effect to this Deed but only on a
strictly confidential basis; or

 

		(c)	in relation the Plaintiffs to any employees, officers,
professional or financial advisers, bankers, auditors and creditors of SPI as necessary;

 

		(d)	to the extent that the Party is compelled to disclose
them by law, after the form and terms of that disclosure have been notified to the other Party and the other Party has had a reasonable
opportunity to comment on the form and terms; or

 

		(e)	for the purpose of the enforcement of this Deed.

 

 

 

 

 

 

    	 	21	 

     

    

 

 

 

		18.	General

 

Non-merger

 

		18.1	The warranties, other representations and Deeds made by
the Parties in this Deed are continuing and will not merge or be extinguished by payment of any monies payable under this Deed.

 

Invalid or unenforceable provisions

 

		18.2	If a provision of this Deed is invalid or unenforceable
in a jurisdiction:

 

		(a)	it is to be read down or severed in that jurisdiction
to the extent of the invalidity or unenforceability; and

 

		(b)	it does not affect the validity or enforceability of:

 

		(i)	that provision in another jurisdiction; or

 

		(ii)	the remaining provisions.

 

Waiver and exercise of rights

 

		18.3	A waiver by a Party of a provision or of a right under
this Deed is binding on the Party granting the waiver only ifit is given in writing and is signed by the Party or an officer of
the Party granting the waiver.

 

		18.4	A waiver is effective only in the specific instance and
for the specific purpose for which it is given.

 

		18.5	A single or partial exercise of a right by a Party does
not preclude another or fmther exercise of that right or the exercise ofanotherright.

 

		18.6	Failure by a Party to exercise or delay in exercising
a right does not prevent its exercise or operate as a waiver.

 

Amendments to this Deed

 

		18.7	This Deed may be amended only by a document signed by
all Parties.

 

Counterparts and exchange

 

		18.8	This Deed may be signed in counterparts and all counterparts
taken together constitute one document.

 

		18.9	An executed copy of this Deed may be exchanged by facsimile
or electronic mail.

 

		18.10	Delivery of this Deed may be effected by the Parties'
legal advisors.

 

Costs

 

		18.11	Each Party must pay its own costs (including its own legal
costs) of the negotiation, preparation, execution and performance of this Deed.

 

Further assurances

 

		18.12	Each party must, at its own expense, whenever requested
by another party, promptly do or, to the extent reasonably practicable, arrange for others to do everything, including executing
any documents, reasonably necessary to give full effect to this Deed and the transactions contemplated by this Deed.

 

 

 

    	 	22	 

     

    

 

No assignment

 

		18.13	A party must not assign or otherwise transfer, create
any charge, trust or other interest in, or otherwise deal in any other way with any of its rights under this Deed without the
prior written consent of the other parties.

 

Successors and assigns

 

		18.14	This Deed binds and benefits the Parties and their respective
successors and permitted assigns.

 

Entire Deed

 

		18.15	This Deed is the entire agreement of the parties about
the subject matter of this Deed and supersedes all other representations, negotiations, arrangements, understandings or Deeds
and all other communications. No party has entered into this Deed relying on any representations made by or on behalf of the other,
other than those expressly made in this Deed.

 

Governing Law and jurisdiction

 

		18.16	This Deed is governed by the laws of New South Wales,
Australia.

 

		18.17	Each Party irrevocably and unconditionally:

 

		(a)	submits to the non-exclusive jurisdiction of the courts
of New South Wales, Australia; and

 

		(b)	waives, without limitation any claim or objection based
on absence of jurisdiction or inconvenient forum.

 

 

 

 

 

 

 

    	 	23	 

     

    

 

Execution

 

Executed as a Deed.

 

Signed sealed and delivered

for
and on behalf of Solar Juice Co. Ltd

by its duly authorised representative:

 

 

	 	 	 
	Signature of authorised representative	 	Signature of witness
	 	 	 
	 	 	 
	Name of authorised representative
(please print)	 	Name of witness (please print)

 

 

 

 

 

Signed sealed and delivered

by Kun
Fong Lee in his own capacity

and as trustee for Solar Juice Co. Ltd 

in the presence of:

 

	 	 	 
	Signature of witness	 	Signature of Kun Fong Lee
	 	 	 
	 	 	 
	Name of witness
(please print)	 	 

 

 

 

 

Signed
sealed and delivered

by Jinhan Zhou in his own capacity

and as trustee
for Solar Juice Co. Ltd

in the presence of:

 

	 	 	 
	Signature of witness	 	Signature of Jinhan Zhou
	 	 	 
	 	 	 
	Name of witness
(please print)	 	 

 

 

 

 

    	 	24	 

     

    

 

 

Signed
sealed and delivered

by Andrew Lawrence Burgess in his

own capacity
and as trustee for

Burgess Absolutely Entitled Trust 

in the presence of:

 

	 	 	 
	Signature of witness	 	Signature of Andrew Lawrence Burgess
	 	 	 
	 	 	 
	Name of witness
(please print)	 	 

 

 

 

 

Signed
sealed and delivered

by
Rami Ahmed Fedda in his own

capacity and as trustee for
Fedda

Absolutely
Entitled Trust

in the presence of:

 

	 	 	 
	Signature of witness	 	Signature of Rami Ahmed Fedda
	 	 	 
	 	 	 
	Name of witness
(please print)	 	 

 

 

 

 

 

 

    	 	25	 

     

    

 

Signed
sealed and delivered

for
and on behalf of Allied Energy

Holding
Pte Ltd

by
its duly authorised representative

 

 

	/s/ Tan Chin Piaw	 	/s/ Stephanie Ang
	Signature of authorised representative	 	Signature of witness
	 	 	 
	Tan Chin Piaw	 	Stephanie Ang
	Name of authorised representative
(please print)	 	Name of witness (please print)

 

 

 

Signed sealed and delivered

by Chin Piaw Tan

in the presence of:

 

	/s/ Stephanie Ang	 	/s/ Chin Piaw Tan
	Signature of witness	 	Signature of Chin Piaw Tan
	 	 	 
	Stephanie Ang	 	 
	Name of witness
(please print)	 	 

 

 

Signed sealed and delivered

for and on behalf of Solar Juice Pty Ltd

in accordance with section 127 of the

Corporations Act 2001 by a director and

secretary/director:

 

	 	 	 
	Signature of director	 	Signature of secretary/director
	 	 	 
	 	 	 
	Name of director
(please print)	 	Name of secretary/director (please print)

 

 

 

 

 

    	 	26	 

     

    

 

Schedule 1

 

 

	 	Federal Court of Australia	No. NSD605/2020
	 	District Registry: New South Wales	 
	 	Division: General	 

 

IN THE MATTER OF SOLAR JUICE PTY LTD

ACN 139 534 026

 

Solar Juice Co. Ltd (a Cayman Islands registered
company) and others named in the schedule

Plaintiffs

 

Andrew Lawrence Burgess
in his own capacity and as trustee for Burgess Absolutely Entitled Trust and others named in the schedule

Defendants

 

ORDER

 

 

JUDGE: JUSTICE MARKOVIC

 

DATE OF ORDER:
October 2020

 

WHERE MADE: Sydney

   

BY CONSENT, THE COURT ORDERS THAT:

 

		1.	Declare that the purported issue of 47 ordinary shares in the Fifth Defendant to each of the
First Defendant and the Second Defendant on or about 22 May 2020 and the purported issue of 6 ordinary shares in the Fifth Defendant
to the Third Defendant on or about 26 May 2020 each pursuant to a purported rights issue (Purported Rights Issue) is invalid,
void and of no effect.

 

		2.	Declare that:

 

		(a)	the purported removal of the Second Plaintiff as a director of the Company;

 

		(b)	the purported removal of the Third Plaintiff as a director of the Company; and

 

		(c)	the purported appointment of Chin Piaw Tan as a director of the Company,

 

as set out in the document
entitled "Solar Juice - Director Appointment and Removal" is invalid, void and of no effect.

 

 

 

 

 

 

 

    	 	27	 

     

    

 

		3.	Declare that:

 

		(a)	the purported appointment of Justin Davis-Rice as chairperson
of the Company isi nvalid, void and of no effect; and

 

		(b)	Mr Xiaofeng Peng remains the duly appointed chairperson
of the Company.

 

		4.	Pursuant to section 175 of the Corporations Act 2001 (Cth) (Act), the
register of members of the Fifth Defendant required to be kept under section 169 of the Act be corrected by the Fifth Defendant
to reflect the setting aside of the Rights Issue.

 

		5.	The Fifth Defendant take
                                         all necessary steps to rectify the register of members in accordance with Order 1 and
                                         4 and lodge notice of the correct of the register of members of the Fifth Defendant with
                                         the Australian Securities and Investments Commission.

 

		6.	The interlocutory orders made on 4 June 2020, as extended by Order I of the Orders made on 12
                                                                June 2020, as extended and varied by Order 1 of the Orders made on 3 July 2020 and as extended by Order 1 of the Orders made
                                                                on 21 July 2020, be vacated.

 

		7.	The Plaintiffs' undertaking as to damages proffered on 4 June 2020, and repeated on 12 June
2020, 3 July 2020 and 21 July 2020 is discharged.

 

		8.	The amount paid by the Plaintiffs into Court as security for costs be paid out as follows:

 

		(a)	$50,000 to be paid to the First Defendant, Mr Burgess,
as follows: 

 

Andrew Burgess

 

Westpac

 

BSB: xxx xxx

 

Account: xxxxxx

 

		(b)	$50,000 to be paid to Second Defendant, Mr Fedda, as follows: 

 

Rami Fedda

 

Westpac

 

BSB: xxx

 

Account: xxxxxx

 

		(a)	the balance plus any interest accrued to be repaid to
the Plaintiffs as follows:

 

Account name: Baker
& McKenzie Law Practice Trust Account

 

BSB: xxxxxxx

 

Account
No: xxxxxxxx

 

Swift Code:ANZBAU3M

 

		9.	The proceedings, including the cross claim, be otherwise dismissed with no orders as to costs.

 

 

 

 

 

    	 	28	 

     

    

 

Schedule 2

 

 

 

Part A - Company
Warranties

 

		1.1	The capital structure of the Company as at the date of this Deed is as set out in clause 3.1(a), which comprises the entire share capital of
the Company.

 

		1.2	The capital structure of the Company as at the Completion Date is as set out in clause 4.13 of
this Deed, which comprises the entire share capital of the Company.

 

		1.3	The Company has not
                                         granted any option, convertible note, warrant or other security convertible into Shares
                                         or other right over the issued or unissued capital of the Company and the Company is
                                         not under any obligation to issue, transfer or otherwise dispose of, and has not granted
                                         any person the right to call for the issue, transfer or disposal of, any shares in the
                                         Company.

 

		1.4	Shareholder approval of the Company is not required for the issue of the Subscription Shares
or, if required, has been validly obtained.

 

		1.5	SJC, Lee and Zhou will acquire good and marketable title to the SJC Subscription
Shares and the SJC Subscription Shares will be validly issued and free from any Third Party Interests and any actual, pending or
threatened Claim by any person (other than the Dispute).

 

		1.6	Allied will acquire good and marketable title to the Allied Subscription Shares and the Allied
Subscription Shares will be validly issued and free from any Third Party Interests and any actual, pending or threatened Claim
by any person (other than the Dispute).
	 	 	 
	 	1.7	Burgess will acquire
good and marketable title to the Burgess Subscription Shares and the Burgess Subscription Shares will be validly issued and free
from any Third Party Interests and any actual, pending or threatened Claim by any person (other than the Dispute).

 

		1.8	Fedda will acquire good and marketable title to the Fedda Subscription Shares and the Fedda
Subscription Shares will be validly issued and free from any Third Party Interests and any actual, pending or threatened Claim
by any person (other than the Dispute).

 

		1.9	The Subscription Shares will be issued fully paid and rank equally with all other Shares on issue as at the Completion Date.

 

		1.10	The Company has complied in all material respects with, and the issue of the Subscription Shares
will comply in all material respects with, the Corporations Act, the Constitution and all other applicable laws.
	 	 	 
	 	1.11	There
is no restriction on the issue of the Subscription Shares and the Company has obtained all consents and waivers necessary to enable
it to issue the Subscription Shares.

 

		1.12	Other than in respect of the Purported Rights Issue,
                                         the Company has not received notice of any application or intended application for the
                                         rectification of its register of members or any other register that it is required by
                                         law to maintain.

 

		1.13	The Company is not subject to an Insolvency Event.

 

		1.14	The Company has not reduced, repaid, redeemed or repurchased any of its share capital or undergone any capital reorganisation or resolved
to repurchase any of its Shares.

 

		1.15	Other than the Dispute, the Company is not engaged in any legal proceedings.

 

 

 

    	 	29	 

     

    

 

		1.16	There are no proceedings pending or threatened against the Company, nor are there any matters
or disputes which might give rise to any proceedings against the Company, its directors, officers or any other person in respect
of whom the Company has liability

 

		1.17	There is no unfulfilled or unsatisfied judgment outstanding against the Company.

 

		1.18	The Company has not issued securities in the 12 months prior to the date of this Deed in reliance
on the disclosure exemption in section 708(1) of the Corporations Act other than the Purported Rights Issue.

 

		1.19	The Company is not issuing the Subscription Shares for the purposes of
them being on sold, nor transferred, or the granting, issuing or transferring of interests in, or options or warrants over them.

 

Part B •
Subscriber Warranties

 

		1.20	It is a person to whom the Subscription
Shares may be issued under section 708(12) of the Corporations Act.

 

		1.21	It subscribes for the Subscription
Shares as principal and not for the purposes of selling or transferring the Subscription Shares or granting any, issuing or transferring
interest in or options or warrants over them to any other person.

 

		1.22	It will only sell or otherwise
deal with the Subscription Shares as applicable in accordance with the Corporations Act, the Constitution and the Shareholders
Deed.

 

		1.23	Except as set out in this Deed, it does not required any regulatory approvals or waivers for
the subscription of the Subscription Shares.Exhibit 4.1

 

WARRANT AGREEMENT

 

between

 

GOOD WORKS ACQUISITION CORP.

 

and

 

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

THIS WARRANT AGREEMENT (this “Agreement”),
dated as of October 19, 2020, is by and between Good Works Acquisition Corp., a Delaware corporation (the “Company”),
and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”,
also referred to herein as the “Transfer Agent”).

 

WHEREAS, the Company is engaged in an initial
public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised
of one share of Common Stock (as defined below) and one-half of one redeemable warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 7,500,000 whole warrants (or up to 8,625,000 whole warrants
if the Over-allotment Option (as defined below) is exercised in full) to public investors in the Offering (the “Public
Warrants”). Each whole Warrant entitles the holder thereof to purchase one share of common stock of the Company,
par value $0.001 per share (“Common Stock”), for $11.50 per share, subject to adjustment as described
herein. Only whole warrants are exercisable; and

 

WHEREAS, on August 21, 2020, the Company
entered into certain Private Placement Unit Subscription Agreements with certain funds and accounts managed by Magnetar Financial
LLC, Mint Tower Capital Management B.V., Periscope Capital, Inc., and Polar Asset Management Partners Inc. (collectively the “Anchor
Investors”), pursuant to which the Anchor Investors agreed to purchase an aggregate of 228,000 private units (the
“Private Placement Units”) simultaneously with the closing of the Offering at a purchase price of $10.00
per Private Placement Unit and in connection therewith, will issue and deliver an aggregate of 114,000 warrants bearing the legend
set forth in Exhibit B hereto (the “Private Placement Warrants”); and

 

WHEREAS, in order to finance the Company’s
transaction costs in connection with an intended initial Business Combination (as defined below), I-B Good Works, LLC, a Delaware
limited liability company (the “Sponsor”) or an affiliate of the Sponsor or certain of the Company’s
initial stockholders, officers and directors may, but are not obligated to, loan the Company funds as the Company may require,
of which up to $1,500,000 of such loans may be convertible into up to an additional 150,000 units at a price of $10.00 per unit,
which units will be substantially identical to the Private Placement Units and in connection therewith, will issue and deliver
up to an aggregate of 75,000 warrants (the “Working Capital Warrants”); and

 

     

     

    

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File
No. 333-248333 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
and the Public Warrants and the Common Stock included in the Units; and

 

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

 

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

 

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

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent (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 be issued in registered form only, and, if a physical certificate is issued, shall be in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman
of the Board, President, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company.
In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in
which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not
ceased to be such at the date of issuance. 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 represented
by such physical certificate shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3 Registration.

 

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

     

    

 

2.4 Detachability of Warrants. The
Common Stock 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 I-Bankers, as representative of the
several underwriters in the Offering, but in no event shall the Common Stock and the Public Warrants comprising the Units be separately
traded until (A) the Company has filed a current report on Form 8-K with the Commission containing an audited balance
sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the Company
from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment
Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (B) the Company
issues a press release and files with the Commission a current report on Form 8-K announcing when such separate trading shall
begin.

 

2.5 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 share of Common Stock and one half 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 and Working
Capital Warrants.

 

The Private Placement Warrants and the
Working Capital Warrants shall be identical to the Public Warrants, except that so long as they are held by the Anchor Investors,
the Sponsor, the Company’s officers or directors, or any of their respective Permitted Transferees (as defined below), as
applicable, the Private Placement Warrants and the Working Capital Warrants: (i) may be exercised for cash or on a cashless
basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty (30) days after
the completion by the Company of an initial Business Combination (as defined below), and (iii) shall not be redeemable by
the Company; provided, however, that in the case of (ii), the Private Placement Warrants, the Working Capital Warrants and any
shares of Common Stock issued upon exercise of the Private Placement Warrants or the Working Capital Warrants and held by the Sponsor,
the Company’s officers or directors, the Anchor Investors or any of their respective Permitted Transferees, may be transferred
by the holders thereof:

 

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

 

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

 

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

 

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

 

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

 

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

 

    3

     

    

 

(g) if a holder is an entity,
as a distribution to its partners, shareholders, officers or members upon its liquidation, or by virtue of the applicable law or
such entity’s governing documents upon dissolution of such entity;

 

(h) in the case of the Anchor Investors,
to the Anchor Investor’s affiliates, or any investment fund or other entity controlled or managed by the Anchor Investor,
or to any investment manager or investment advisor of the Anchor Investor or an affiliate of any such investment manager or investment
advisor; or

 

(i) in the event of the Company’s
liquidation, bankruptcy or dissolution prior to the completion of a Business Combination;

 

provided, however, that, in the case of clauses
(a) through (h), these transferees (the “Permitted Transferees”) must enter into a written agreement
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 directors and officers and by the same
agreements entered into by the Anchor Investors with respect to such securities (including provisions relating to voting, the trust
account and liquidation distributions described elsewhere in the Prospectus).

 

2.7 Working Capital Warrants. The
Working Capital Warrants shall be identical to the Private Placement Warrants.

 

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

  

3. Terms and Exercise of Warrants.

 

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

 

3.2 Duration of Warrants. A Warrant
may be exercised only during the period (the “Exercise Period”) commencing on the later of: (i) the
date that is thirty (30) days after the first date on which the Company completes a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business
Combination”), and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and
terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the
date on which the Company completes its Business Combination, (y) the liquidation of the Company in accordance with the Company’s
amended and restated certificate of incorporation (the “Charter”), as amended from time to time, if the
Company fails to complete a Business Combination or (z) other than with respect to the Private Placement Warrants and the
Working Capital Warrants then held by the Sponsor, the Anchor Investors, or any officers or directors of the Company, or any of
their Permitted Transferees as provided in Section 6.1, the Redemption Date (as defined below) as provided in Section 6.3
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. Except with respect to the right to receive the Redemption Price (as defined below), in the event of a redemption (as
set forth in Section 6 hereof), each outstanding Warrant (other than a Private Placement Warrant or a Working Capital
Warrant held by the Sponsor, the Anchor Investors, or any officers or directors of the Company, or their Permitted Transferees,
in the event of a redemption for cash) not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date.
The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the
Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants
and, provided further that any such extension shall be identical in duration among all the Warrants. Notwithstanding the foregoing,
the Expiration Date of any Working Capital Warrants held by Sponsor shall not exceed five (5) years from the effective date of
the Registration Statement.

 

    4

     

    

 

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”) shares
of Common Stock 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 full share of Common
Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant,
the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows:

 

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

 

(b)  in the event of a redemption
pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined
in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of
this subsection 3.3.1(b) and Section 6.4, the “Fair Market Value” shall mean the average
last reported sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date
on which the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;

 

(c)  with respect to any Private Placement
Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working Capital Warrant is held by the Sponsor,
the Anchor Investors, or any officer or director of the Company, or their Permitted Transferees, by surrendering the Warrants for
that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market Value”, as defined in this subsection
3.3.1(c), over the Warrant Price  by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c),
the “Fair Market Value” shall mean the average last reported sale price of the Common Stock for the ten (10) trading
days ending on the third trading day prior to the date on which notice of exercise of the Private Placement Warrant or Working
Capital Warrant is sent to the Warrant Agent; or

 

    5

     

    

 

(d)  as provided in Section 7.4
hereof.

 

3.3.2 Issuance of Shares of Common Stock
on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant
a book-entry position or certificate, as applicable, for the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full,
a new book-entry position or countersigned Warrant, as applicable, for the number of shares of Common Stock as to which such Warrant
shall not have been exercised. 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 shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation
to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Common Stock
underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying
its obligations under Section 7.4. No Warrant shall be exercisable and the Company shall not be obligated to issue
shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered,
qualified or deemed to be exempt from registration or qualification under the securities laws of the state of residence of the
Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied
with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant and such Warrant may have
no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase
price for the Unit solely for the shares of Common Stock underlying such Unit. In no event will the Company be required to net
cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless
basis” pursuant to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”,
the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of
Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock to be issued to such
holder.

  

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

 

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

 

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

 

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4. Adjustments.

 

4.1 Stock Dividends.

 

4.1.1 Split-Ups. If after the date
hereof, and subject to the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased
by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, then,
on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock. A rights offering
to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair Market
Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of
(i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus
the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value.
For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable
for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received
for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value”
means the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the
trading day prior to the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such rights.

 

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

 

    7

     

    

 

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

 

4.3 Adjustments in Warrant Price.

 

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

   

4.4 Replacement of Securities upon Reorganization, etc.
In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change under subsections
4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock),
or in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company as another
entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection
with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon
the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of
shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger
or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received
if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”
); provided, however, that (i) if the holders of the Common Stock were entitled to exercise a right of election
as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount
of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall
be deemed to be the weighted average of the kind and amount received per share by the holders of the Common Stock in such consolidation
or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to
and accepted by the holders of the Common Stock (other than a tender, exchange or redemption offer made by the Company in connection
with redemption rights held by stockholders of the Company as provided for in the Company’s Charter or as a result of the
repurchase of shares of Common Stock by the Company if a proposed initial Business Combination is presented to the stockholders
of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof,
together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule))
of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2
under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a
part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of
the outstanding shares of Common Stock, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest
amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant
holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Common
Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after
the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4;
provided, further, that if less than 70% of the consideration receivable by the holders of the Common Stock in the
applicable event is payable in the form of common stock in the successor entity that is listed for trading on a national securities
exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following
such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure
of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission,
the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior
to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus
(B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means
the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for
a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such
amount, (1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common
Stock shall be the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending
on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility
obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of
the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period
equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration
paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock, and (ii) in
all other cases, the amount of cash per share of Common Stock, if any, plus the volume weighted average price of the Common Stock
as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable
event. If any reclassification or reorganization also results in a change in shares of Common Stock covered by subsection 4.1.1,
then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4.
The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers
or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share
issuable upon exercise of the Warrant.

 

    8

     

    

 

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

 

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

 

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

 

4.8 Other Events. In case any event
shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse
impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case,
the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national
standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary
to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the
terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.8
(i) as a result of any issuance of securities in connection with a Business Combination. The Company shall adjust the
terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

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5. Transfer and Exchange of Warrants.

 

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

 

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

 

5.3 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.
If a physical certificate is issued, the Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued, pursuant to the provisions of this Section 5, and the
Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company
for such purpose.

 

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

 

6. Redemption.

 

6.1 Redemption of Warrants for Cash.
Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company,
at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered
Holders of the Warrants, as described in Section 6.3 below, at the price (the “Redemption Price”)
of $0.01 per Warrant, provided that the last reported sales price of the Common Stock reported has been at least $18.00 per share
(subject to adjustment in compliance with Section 4 hereof), on each of twenty (20) trading days within the thirty (30) trading-day
period commencing once the Warrants become exercisable and ending on the third Business Day prior to the date on which notice of
the redemption is given and provided that there is an effective registration statement covering the shares of Common Stock issuable
upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as
defined in Section 6.3 below) or the Company has elected to require the exercise of the Warrants on a “cashless basis”
pursuant to subsection 3.3.1 and such cashless exercise is exempt from registration under the Securities Act.

 

    10

     

    

 

6.2 Reserved.

   

6.3 Date Fixed for, and Notice of, Redemption.
In the event that the Company elects to redeem all of the Warrants pursuant to Section 6.1, the Company shall fix a date for
the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage
prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”)
to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books.
Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered
Holder received such notice.

 

6.4 Exercise After Notice of Redemption.
The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with subsection 3.3.1(b) of this
Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 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, the notice of redemption shall contain the information necessary
to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market
Value” (as such term is defined in subsection 3.3.1(b) hereof) in such case. On and after the Redemption Date, the record
holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

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

 

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

 

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

 

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

 

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

 

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7.4 Registration of Common Stock; Cashless
Exercise at Company’s Option.

 

7.4.1 Registration of the Common Stock.
The Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after the closing of its
initial Business Combination, it shall use its reasonable best efforts to file with the Commission a registration statement for
the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants. The Company shall
use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and
a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement.
If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business
Combination, holders of the Warrants shall have the right, during the period beginning on the 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 shares of Common
Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants
(in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number
of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price
by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market Value” shall mean
the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading
day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities
broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined
by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request,
provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience)
stating that (i) the exercise of the Warrants on a cashless basis in accordance with this subsection 7.4.1 is not required
to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable
under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the
Securities Act (or any successor rule)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except
as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised
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 Common Stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that
it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any
successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise
such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any
successor rule) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall not
be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of the
Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company
does not elect at the time of exercise to require a holder of Public Warrants who exercises Public Warrants to exercise such Public
Warrants on a “cashless basis,” it agrees to use its best efforts to register or qualify for sale the Common Stock
issuable upon exercise of the Public 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 shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay
any transfer taxes in respect of the Warrants or such shares of Common Stock.

 

    12

     

    

 

8.2 Resignation, Consolidation, or Merger
of Warrant Agent.

 

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

   

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

 

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

 

8.3 Fees and Expenses of Warrant Agent.

 

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

 

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

 

8.4 Liability of Warrant Agent.

 

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

 

8.4.2 Indemnity. The Warrant Agent
shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company shall indemnify the Warrant
Agent and hold 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.

 

    13

     

    

 

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

 

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

 

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

 

9. Miscellaneous Provisions.

 

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

 

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

 

Good Works Acquisition Corp.

4265 San Felipe, Suite 603

Houston, TX 77027

Attn.: Cary Grossman

President

 

in each case, with copies to:

 

Schiff Hardin LLP

901 K Street NW

Suite 700

Washington, DC 20001

Attn.: Ralph V. De Martino, Esq.

Fax No.: (202) 778-6460

 

and

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Barry Grossman, Esq.

Fax No.: (212) 370-7889

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

9.8 Amendments. This Agreement may
be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or curing,
correcting or supplementing any mistake, including to conform the provisions of this Agreement to the description of the terms
of the Warrants and this Agreement set forth in the Prospectus, or any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable
and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments,
including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent
of the Registered Holders of 65% of the then-outstanding Public Warrants and, solely with respect to any amendment to the terms
of, or any provision of, this Agreement with respect to the Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants,
65% of the number of the then outstanding Private Placement Warrants, Working Capital Warrants or Post-IPO Warrants. Notwithstanding
the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1
and 3.2, respectively, without the consent of the Registered Holders.

 

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

 

Exhibit A Form of Warrant Certificate

 

Exhibit B Legend — Private Placement Warrants

 

[signature page to Warrant Agreement
follows]

 

    15

     

    

 

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

 

	 	GOOD WORKS ACQUISITION CORP.
	 	 
	 	By:	/s/ Cary Grossman
	 	Name: 	Cary Grossman
	 	Title:	President
	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	/s/ Steven Vacante
	 	Name:	Steven Vacante
	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

    16

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

GOOD WORKS ACQUISITION CORP.

 Incorporated Under the Laws of the State of Delaware

 

CUSIP 38216X 115

 

Warrant Certificate

 

This Warrant Certificate certifies
that     , or registered assigns, is the registered holder of     warrant(s) evidenced
hereby (the “Warrants” and each, a “Warrant”) to purchase shares of common
stock, $0.001 par value per share (“Common Stock”), of Good Works Acquisition Corp., a Delaware corporation
(the “Company”).  Each Warrant entitles the holder, upon exercise during the period set forth in
the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Common
Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the
Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant
Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the
office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. 
Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

The initial Exercise Price per share of
Common Stock for any Warrant is equal to $11.50 per share.  The Exercise Price is subject to adjustment upon the occurrence
of certain events set forth in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

    17

     

    

 

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

  

    18

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive                
shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of October 19, 2020 (the “Warrant
Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New
York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated
by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder) of the Warrants.  A copy of the
Warrant Agreement may be obtained by the holder hereof upon written request to the Company.  Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

Notwithstanding anything else in this Warrant
Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement
covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus
thereunder relating to the shares of Common Stock is current, except through “cashless exercise” as provided for in
the Warrant Agreement.

 

The Warrant Agreement provides that upon
the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face
hereof may, subject to certain conditions, be adjusted.  If, upon exercise of a Warrant, the holder thereof would be entitled
to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole
number of shares of Common Stock to be issued to the holder of the Warrant.

 

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

 

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

 

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

  

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

    19

     

    

 

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

 

In the event that the Warrant has been called
for redemption by the Company pursuant to Section 6.1 of the Warrant Agreement and the Company has required
cashless exercise pursuant to Section 6.4 of the Warrant Agreement, the number of shares of Common Stock
that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.4 of
the Warrant Agreement.

 

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

 

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

 

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

 

[Signature Page Follows]

 

    20

     

    

 

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

 

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

 

  

    21

     

    

 

EXHIBIT B

 

PRIVATE PLACEMENT WARRANTS LEGEND

 

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

 

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

 

 

22

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