Document:

Exhibit 10.14.3

 

CLEANTECH ACQUISITION CORP.

207 West 25th Street, 9th Floor

New York, NY 10001

 

September 9, 2022

 

ATW Partners Opportunities Management, LLC

 17 State
Street, Suite 2100

New York, NY 10004

 

		Re:	ATW Special Situations I LLC

 

Ladies and Gentlemen:

 

As you are
aware, ATW Special Situations I LLC, a Delaware limited liability company (the “SPV”) managed by ATW Partners Opportunities
Management, LLC (“ATW”), has entered into (i) a Securities Purchase Agreement dated as of December 16, 2021 with CleanTech
Acquisition Corp., a Delaware corporation (together with its successors and assigns, “Cleantech”) and Nauticus Robotics,
Inc., a Texas corporation (together with its successors and assigns, “Nauticus”) (as amended by that certain letter
agreement dated as of January 31, 2022, by and among Cleantech, Nauticus and the SPV (the “January Letter Agreement”),
and as further amended, amended and restated, supplemented or otherwise modified from time to time, the “Securities Purchase
Agreement”) and (ii) a letter agreement dated as of December 16, 2021 with Material Impact Fund II, L.P., a Delaware limited
partnership (“MIF II”) (the “MIF II Letter Agreement”), providing that if the SPV consummates the
secured convertible term loan investment in the Company (as defined in the MIF II Letter Agreement) (the “Investment”),
MIF II will make a capital contribution of $5,000,000 to the SPV (the “MIF II Contribution”) to be invested by the
SPV in the Investment. Capitalized terms used in this letter agreement (this “Letter Agreement”) but not defined shall
have the meanings assigned thereto in the Securities Purchase Agreement.

 

The parties hereto acknowledge
(i) that under the terms of the Securities Purchase Agreement in effect prior to the amendment thereto effected by the January Letter
Agreement (the “Original Securities Purchase Agreement”), the SPV agreed, subject to the terms and conditions of the
Securities Purchase Agreement, to purchase a Debenture and an associated Warrant from Cleantech by the advance of a Subscription Amount
in the amount of $32,300,000 and (ii) that pursuant to the January Letter Agreement, the SPV, Cleantech and Nauticus agreed that upon
the receipt by the SPV of the MIF II Contribution, the Subscription Amount that the SPV had agreed to advance subject to the terms and
conditions of the Securities Purchase Agreement would automatically increase from $32,300,000 to $37,200,000 (the “SPV Automatic
Increase Provision”), with the Principal Amount of the Debenture and the number of Warrant Shares initially issuable under the
associated Warrant subscribed for by the SPV being increased accordingly to reflect the increased Subscription Amount, in accordance with
the terms of the Securities Purchase Agreement.

 

Further, the parties hereto acknowledge
that the SPV’s signature page to the Original Securities Purchase Agreement contained an incorrect formula for determining the Principal
Amount of the Debenture to be subscribed for and that the correct formula for determining the Principal Amount is as set forth in the
definition of “Principal Amount” as defined in the Original Securities Purchase Agreement, and desire to amend the SPV’s
signature page to the Securities Purchase Agreement to reflect the correct formula for determining the Principal Amount of the Debenture
to be subscribed for by the SPV.

 

     

     

    

 

Further, the parties hereto desire
to amend the Securities Purchase Agreement such that (i) the Subscription Amount that the SPV is required to advance to Cleantech subject
to the terms and conditions of the Securities Purchase Agreement be reduced from $32,300,000 to $29,000,000, (ii) the Subscription Amount
that the SPV is required to advance to Cleantech subject to the terms and conditions of the Securities Purchase Agreement shall not be
increased upon receipt of any capital contribution or other amount received by the SPV from MIF II as contemplated by the SPV Automatic
Increase Provision of the January Letter Agreement, and (iii) the SPV Automatic Increase Provision shall have no force or effect, and
instead MIF II shall be made a party to the Securities Purchase Agreement as a Purchaser and subscribe for Securities (including a Debenture
and associated Warrant) pursuant to and subject to the terms and conditions of the Securities Purchase Agreement as amended hereby, by
the advance by MIF II to Cleantech of a Subscription Amount in the amount of $5,000,000 (and accordingly, the parties hereto desire to
make certain other amendments to the terms of the Securities Purchase Agreement in connection therewith).

 

Further, the parties hereto acknowledge
that the SPV and MIF II desire to terminate the MIF II Letter Agreement, along with any rights and obligations of MIF II and the SPV provided
therein. For the avoidance of doubt, the SPV and MIF II acknowledge that they have mutually agreed to terminate the MIF Letter Agreement.

 

Further, the parties hereto
acknowledge that The 2022 SLS Family Irrevocable Trust, a Florida Trust (“SLS Family Trust”) desires to become a party
to the Securities Purchase Agreement as a Purchaser and subscribe for Securities (including a Debenture and associated Warrant) pursuant
to and subject to the terms and conditions of the Securities Purchase Agreement as amended hereby, by the advance by SLS Family Trust
to Cleantech of a Subscription Amount in the amount of $1,800,000, and accordingly, the parties hereto desire to make certain other amendments
to the terms of the Securities Purchase Agreement in connection therewith.

 

Further, the parties hereto desire
to amend the definition of the term “Exempt Issuance” in the Securities Purchase Agreement to provide that the anti-dilution
provisions of the Debentures and Warrants to be issued to the Purchasers under the Securities Purchase Agreement shall not be triggered
by the sale and issuance by Cleantech, during the period beginning on the date of the consummation of the Merger and ending on the date
that is one (1) year following the date of the consummation of the Merger, of shares of Common Stock with gross proceeds to the Company
not to exceed $5,000,000 for an effective per share purchase price of such shares of Common Stock of not less than $10.00.

 

Further, the parties hereto desire
to amend the form of Debenture attached as Exhibit A to the Securities Purchase Agreement and the form of Warrant attached as Exhibit
C to the Securities Purchase Agreement to, among other things, reflect the change of the legal names of Cleantech and Nauticus contemplated
to take effect at the closing of the Merger.

 

Now, therefore, the parties hereto
agree as follows:

 

1. 
Amendment to the Securities Purchase Agreement. The Securities Purchase Agreement shall be amended, effective as of the
date hereof, as follows (and for the avoidance of doubt, to the extent of any conflict between the terms of this Letter Agreement and
the terms of the January Letter Agreement and the Securities Purchase Agreement in effect prior to the execution of this Letter Agreement
(the “Existing Securities Purchase Agreement”), the terms of this Letter Agreement shall control):

 

(a)  The
Subscription Amount that the SPV has agreed to advance to Cleantech for the purchase of Securities (including a Debenture and
associated Warrant) subject to the terms and conditions of the Securities Purchase Agreement as amended hereby is $29,000,000, and
accordingly, (i) the Principal Amount of the Debenture subscribed for by the SPV is $29,591,600 (i.e., after applying the multiplier
of 1.0204 to such Subscription Amount pursuant to the Securities Purchase Agreement as amended hereby); and (ii) the number of
Warrant Shares initially issuable under the associated Warrant subscribed for by the SPV is 2,367,328 shares, subject to adjustment
under the terms of such Warrant.

 

    2

     

    

 

(b)
The SPV’s signature page to the Securities Purchase Agreement shall be replaced with the SPV’s executed signature page
attached as Annex 1 hereto, which reflects the foregoing amendments set forth in the preceding Section 1(a) and correctly states
the formula for determining the Principal Amount of the Debenture to be purchased by the SPV subject to the terms and conditions of the
Securities Purchase Agreement as amended hereby.

 

(c)
Notwithstanding anything set forth in the January Letter Agreement (including without limitation the SPV Automatic Increase Provision),
the Subscription Amount that the SPV has agreed to advance to Cleantech for the purchase of Securities under and pursuant to the terms
of the Securities Purchase Agreement shall not be increased upon receipt by Cleantech of the MIF II Contribution or any other amount received
by Cleantech from MIF II.

 

(d)
The following defined term is inserted in the appropriate alphabetical order in Section 1.1 of the Securities Purchase Agreement:

 

“Agent”
shall mean ATW Special Situations I LLC, a Delaware limited liability company, in its capacity as Agent (as defined in the Pledge and
Security Agreement) on behalf of the Creditors (as defined in the Pledge and Security Agreement).

 

(e)
The following defined terms appearing in Section 1.1 of the Securities Purchase Agreement are hereby amended and restated as follows:

 

“Escrow
Agreement” means the escrow agreement to be entered into on or prior to the Closing Date, by and among the Company, the Purchasers
and the Escrow Agent pursuant to which the Purchasers shall deposit Subscription Amounts with the Escrow Agent, subject to the terms and
conditions of this Agreement, in form and substance satisfactory to the Lead Purchaser, to be applied to the transactions contemplated
hereunder.

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of
Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered
to the Company, (b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder, warrants to the
Placement Agent in connection with the transactions pursuant to this Agreement and any securities upon exercise of warrants to the
Placement Agent and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and
outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to
increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities
(other than in connection with stock splits or combinations) or to extend the term of such securities, and (c) securities issued
pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided
that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights
that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section
4.13(a) herein, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself
or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company
and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in
which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is
investing in securities, (d) securities issued pursuant to the Merger Agreement, provided that the effective price per share of any
such securities is not lowered, any such securities are not amended to increase the number of shares issuable thereunder and none of
the terms or conditions of any such securities are otherwise materially changed in any manner that adversely affects any of the
Purchasers, (e) concurrently with the Closing, as contemplated by the Merger Agreement, a private placement of shares of Common
Stock with strategic or existing investors with gross proceeds to the Company of at least $25 million for an effective per share
purchase price of Common Stock of not less than $10.00 and provided no additional securities, resets or rights shall be granted to
the purchasers in connection therewith and further provided that such purchasers may be granted pro-rata registration rights in
connection therewith (but not on better terms than the Registration Rights Agreement) with the shares underlying the Debentures (the
“Concurrent Financing”), and (f) during the period beginning on the date of the consummation of the Merger and
ending on the date that is one (1) year following the date of the consummation of the Merger, a private placement of shares of
Common Stock with gross proceeds to the Company not to exceed $5 million for an effective per share purchase price of Common Stock
of not less than $10.00 and provided no additional securities, resets or rights shall be granted to the purchasers in connection
therewith and provided further such purchasers may be granted registration rights in connection therewith (but not on better terms
than the Registration Rights Agreement) with the shares underlying the Debentures.

 

    3

     

    

 

“Lock-Up
Agreements” means the Lock-Up Agreements, dated as of the Closing Date, by and among the Company and the directors, officers,
and 5% or more stockholders of the Company immediately following the consummation of the Merger, in the form of Exhibit H-1 and
H-2 attached hereto, as applicable. Alternatively, if provided by such party pursuant to the Merger and the terms thereof are substantially
similar to Exhibit H1 and/or H2, as applicable, such lock-up agreement shall be sufficient for purposes of this Agreement
and shall be deemed a Lock-Up Agreement hereunder.

 

“Permitted
Indebtedness” means (a) the indebtedness evidenced by the Debentures, (b) the indebtedness existing on the date hereof and
set forth on Schedule 4.22, (c) lease obligations (including capital leases) and purchase money indebtedness of up to
$500,000, in the aggregate, incurred in connection with the acquisition of capital assets and lease obligations with respect to
newly acquired or leased assets, (d) indebtedness that (i) is expressly subordinate to the Debentures pursuant to a written
subordination agreement with the Purchasers that is acceptable to each Purchaser in its sole and absolute discretion and (ii)
matures at a date later than the 91st day following the Maturity Date (as defined in the Debentures), (e) up to $75 million, in the
aggregate, indebtedness that is senior, pari-passu or junior to the Debentures (including unsecured indebtedness), provided that (i)
any such indebtedness does not include any equity or equity-linked component thereof, (ii) any pari-passu or junior indebtedness
incurred pursuant to this clause (e) (other than unsecured indebtedness) shall be subject to a written intercreditor agreement with
the Purchasers that is acceptable to each Purchaser in its sole discretion and (iii) any indebtedness incurred pursuant to this
clause (e) shall not be incurred by a Foreign Subsidiary (as defined in the Pledge and Security Agreement), (f) additional unsecured
indebtedness in an amount not to exceed $1,500,000 in the aggregate, and (g) the indebtedness existing on the Original Issue Date
(as defined in the Debentures) set forth on Schedule 20 to the Perfection Certificate (attached as Exhibit A to the Pledge and
Security Agreement).

 

“Pledge
and Security Agreement” means the Pledge and Security Agreement (as amended, amended and restated, supplemented or otherwise
modified from time to time), dated as of the Closing Date, among the Company, the Target, the Agent, and the other debtors from time to
time party thereto and each of the Purchasers who purchase Securities hereunder, in form and substance satisfactory the Lead Purchaser
in its sole discretion.

 

    4

     

    

 

“Registration
Rights Agreement” means the Registration Rights Agreement (as amended, amended and restated, supplemented or otherwise modified
from time to time), dated as of the Closing Date, among the Company and the Purchasers party thereto, in the form of Exhibit B
attached hereto.

 

“Security
Documents” shall mean the Pledge and Security Agreement, the Intellectual Property Security Agreements, the Subsidiary Guarantee,
the original Pledged Securities, along with medallion guaranteed executed blank stock powers to the Pledged Securities, any other documents,
instruments or filings required under the Pledge and Security Agreement and/or the Intellectual Property Security Agreements, as applicable,
including without limitation all UCC-1 filing receipts, each in form and substance satisfactory to the Lead Purchaser in its sole discretion,
and any other documents, instruments or filing necessary or appropriate, as determined by the Lead Purchaser in its sole discretion, in
order to grant the Agent on behalf of the Creditors (as defined in the Pledge and Security Agreement) a first priority security interest
in the assets of the Company and the Subsidiaries, each in form and substance satisfactory to the Lead Purchaser in its sole discretion.

 

“Subsidiary
Guarantee” means the Subsidiary Guarantee (as amended, amended and restated, supplemented or otherwise modified from time to
time), dated as of the Closing Date, by the Target and each other Subsidiary (other than Excluded Subsidiaries (as defined in the Pledge
and Security Agreement)) from time to time party thereto, in favor of the Agent on behalf of the Creditors (as defined in the Pledge and
Security Agreement), in form and substance satisfactory to the Lead Purchaser in its sole discretion.

 

“Transaction
Documents” means this Agreement, that certain Letter Agreement dated as of September 9, 2022, by and among the Company, the
Target and the Purchasers, the Debentures, the Warrants, the Registration Rights Agreements, the Pledge and Security Agreement, the Intellectual
Property Security Agreements, the Subsidiary Guarantee, the Lock-Up Agreements, all exhibits and schedules thereto and hereto and any
other documents or agreements executed in connection with the transactions contemplated hereunder.

 

(f)  
Section 2.1 of the Securities Purchase Agreement is hereby amended and restated in its entirety as follows:

 

“2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein substantially concurrent with the consummation
of the Merger, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $40,000,000
in principal amount of the Debentures. Each Purchaser shall deliver to the Escrow Agent, via wire transfer immediately available funds
equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and the Company
shall deliver to each Purchaser its respective Debenture and a Warrant, as determined pursuant to Section 2.2(a), and the Company and
each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and
conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall
mutually agree. Notwithstanding anything contained in this Agreement to the contrary, the obligations of the Lead Purchaser (as defined
in Section 5.2 hereto) to purchase the Securities set forth in this Agreement from the Company and the obligations of the Company to sell
such Securities to the Lead Purchaser shall not be conditioned on the satisfaction of the closing conditions set forth in Section 2.3(a)(i),
Section 2.3(a)(ii) and Section 2.3(a)(iii) of this Agreement, other than with respect to the Lead Purchaser itself in each case.”

 

    5

     

    

 

(g)
Section 2.2(a) of the Securities Purchase Agreement is hereby amended and restated in its entirety as follows:

 

“(a)
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser (or if specified in the provisions
of this Section 2.2(a) below, to the Lead Purchaser), the following:

 

 (i) this Agreement duly executed by the Company;

 

(ii)
one or more legal opinions of Company Counsel and Target Counsel, in form and substance reasonably satisfactory to the Lead Purchaser;

 

(iii)
a Debenture with a principal amount equal to such Purchaser’s Principal Amount, registered in the name of such Purchaser;

 

(iv)  
a Warrant registered in the name of such Purchaser to purchase up to a number of shares of Common Stock equal to 120% of such Purchaser’s
Principal Amount of Debentures issued on the Closing Date divided by the Conversion Price, with an exercise price equal to $20, subject
to adjustment as provided therein;

 

(v)
the Company’s wire instructions, on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer
of the Company;

 

(vi)
the Pledge and Security Agreement, duly executed by the Company and each Subsidiary, along with all of the Security Documents,
including without limitation the Subsidiary Guarantee, duly executed by the parties thereto;

 

(vii)
to the Lead Purchaser, evidence of insurance and loss payee endorsements required under the Pledge and Security Agreement and certificates
of insurance policies and/or endorsements naming the Agent as additional insured or loss payee, or such other or further documents required
to grant Agent on behalf of the Creditors (as defined in the Pledge and Security Agreement a collateral interest in such policies or the
proceeds thereof, as applicable, in form and substance reasonably satisfactory to Lead Purchaser in its sole discretion;

 

(viii)
to the Lead Purchaser, the original Pledged Securities and corresponding stock powers;

 

(ix)
one or more intellectual property security agreements, duly executed by the Company and each Subsidiary, in form and substance
satisfactory to the Lead Purchaser in its sole discretion (the “Intellectual Property Security Agreements”);

 

(x)
a perfection certificate, duly executed by the Company, Target and each Subsidiary and Target Subsidiary as of the date of hereof,
and a bring-down perfection certificate, duly executed by the Company, the Target and each Subsidiary and Target Subsidiary as of the
Closing Date, each in form and substance satisfactory to the Lead Purchaser in its sole discretion;

 

 (xi) the duly executed Lock-Up Agreements;

 

 (xii) the Registration Rights Agreement duly executed by the Company;

 

 (xiii) the duly executed Escrow Agreement;

 

(xiv)
such other documents and instruments with respect to the transactions contemplated hereby as the Lead Purchaser may reasonably
request.”

 

    6

     

    

 

(h)
Article V of the Securities Purchase Agreement is hereby amended by adding the following new Section 5.23 in the appropriate numerical
order:

 

“5.23
Decisions of Purchasers. Notwithstanding anything set forth herein or in any of the other Transaction Documents, any term or provision
of this Agreement or any other Transaction Document providing that a decision, selection, objection, or action, shall, in order to be
made or permitted hereunder or thereunder (as the context requires), require the consent, approval, or objection of “a majority
in interest of the Purchasers” or “the Purchasers of a majority in interest of the Securities then outstanding” or “the
Holders of a majority of the Registrable Securities” or “the Purchasers with at least 51% of the Subscription Amounts”
or “the holders of at least 51% of the principal amount of the then outstanding Debentures” or “the Creditors holding
a majority in principal amount of Debentures (based on then-outstanding principal amounts of Debentures at the time of any such determination)”
or “a Majority in Interest” or other words of similar effect, if any employee, officer, partner, director, manager, member,
stockholder, agent, representative or other affiliate of any Purchaser is, at the time such consent, approval or objection is to be made
or given, as applicable, a member of the Board of Directors of the Company, the vote of such Purchaser shall not be counted in determining
whether the applicable consent, approval or objection shall be made or given, as applicable (any such Purchaser, a “Restricted
Purchaser”); provided, for the avoidance of doubt and without limiting the foregoing, the restriction on the ability of a Restricted
Purchaser to vote in decisions to be made by the Purchasers hereunder or in any other Transaction Document provided in this Section 5.23
shall apply to any action of the Company or any Subsidiary not permitted to be taken without the consent of the applicable Purchasers
(as provided hereunder or in any other Transaction Document), and accordingly, the vote of any Restricted Purchaser shall not be counted
in determining whether the Company or such Subsidiary, as applicable, shall be permitted to take such action in accordance with this Agreement
or such other Transaction Document, as applicable. Notwithstanding the foregoing or anything else in this Agreement or any other Transaction
Document to the contrary, in no event shall any amendment or other modification be made to, nor shall there be any waiver with respect
to, this Agreement or any other Transaction Document, nor shall any side letter or other agreement be entered into by any Person with
respect to this Agreement or any other Transaction Document, that disproportionately and adversely affects the rights or obligations of
any Restricted Purchaser relative to any other Purchaser or holder of Securities, or that results in any Restricted Purchaser being treated
differently and adversely from or otherwise less favorably than any other Purchaser or holder of Securities, unless such Restricted Purchaser
has provided its prior written consent to any such amendment, modification, waiver, side letter or other agreement.”

 

(i)  
The form of Debenture attached as Exhibit A to the Securities Purchase Agreement (the “Existing Form of Debenture”)
shall be amended and restated in its entirety and replaced by, effective as of the date hereof, the form of Debenture attached as Annex
2 hereto. All references in the Securities Purchase Agreement to the Existing Form of Debenture are hereby modified and shall now
be deemed to refer to the form of Debenture as modified by this Letter Agreement

 

(j)  
The form of Warrant attached as Exhibit C to the Securities Purchase Agreement (the “Existing Form of Warrant”)
shall be amended and restated in its entirety and replaced by, effective as of the date hereof, the form of Warrant attached as Annex
3 hereto. All references in the Securities Purchase Agreement to the Existing Form of Warrant are hereby modified and shall now be
deemed to refer to the form of Warrant as modified by this Letter Agreement.

 

(k)
All references in the Transaction Documents to the Existing Securities Purchase Agreement are hereby modified and shall be deemed
to refer to the Securities Purchase Agreement as modified by this Letter Agreement.

 

2.
Termination of the MIF Letter Agreement by Mutual Agreement of the SPV and MIF II. Effective as of the date hereof, the
MIF II Letter Agreement is hereby terminated, and accordingly all provisions of the MIF II Letter Agreement shall have no further force
or effect. The SPV hereby releases MIF II, its officers, partners, managers, employees, directors, agents and representatives from and
against any and all claims, losses, damages, liabilities, demands, costs and expenses attributable to, or arising out of, in any way the
MIF II Letter Agreement. MIF II hereby releases the SPV, its officers, partners, managers, employees, directors, agents and representatives
from and against any and all claims, losses, damages, liabilities, demands, costs and expenses attributable to, or arising out of, in
any way the MIF II Letter Agreement. The SPV and MIF II expressly agree and acknowledge that their entering into this Letter Agreement
shall not be construed in any manner as an admission of any liability, obligation, or wrongdoing on the part of either the SPV or MIF
II with respect of the MIF Letter Agreement. Each of the SPV and MIF II expressly denies any and all liability or wronging with respect
to the MIF Letter Agreement. This Letter Agreement states the entire agreement among the SPV and MIF II and the other parties hereto about
the termination of the MIF Letter Agreement, and supersedes all and all prior agreements, commitments, communications, negotiations, offers
(whether in writing or oral), representations, statements, understandings and writings pertaining thereto, and may not be amended or modified
except by written instrument duly executed and delivered by all of the parties hereto.

 

    7

     

    

 

3.
Subscription and Joinder as a Purchaser by MIF II. Effective as of the date hereof, MIF II shall be joined to the Securities
Purchase Agreement as amended hereby as a Purchaser, and MIF II hereby agrees to advance to Cleantech, pursuant to and subject to the
terms and conditions of the Securities Purchase Agreement as amended hereby, a Subscription Amount for the purchase of Securities (including
a Debenture and associated Warrant) in the amount of $5,000,000, and accordingly, (i) the Principal Amount of the Debenture subscribed
for by MIF II is $5,102,000 (i.e., after applying the multiplier of 1.0204 to such Subscription Amount pursuant to the Securities Purchase
Agreement as amended hereby); and (ii) the number of Warrant Shares initially issuable under the associated Warrant subscribed for by
MIF II is 408,160 shares, subject to adjustment in accordance with the terms of such Warrant. In furtherance of the foregoing, MIF II
hereby delivers to Cleantech the executed signature page of MIF II to the Securities Purchase Agreement attached as Annex 4 hereto,
which reflects the Subscription Amount to be advanced by MIF II to Cleantech subject to the terms and conditions of the Securities Purchase
Agreement as amended hereby and the resulting Principal Amount of the Debenture and number of Warrant Shares initially issuable under
the Warrant being subscribed for by MIF II, subject to the terms and conditions of the Securities Purchase Agreement as amended hereby,
as described in the foregoing sentence; and upon such delivery, effective as of the date hereof, MIF II assumes all of the rights and
obligations of a Purchaser under the Securities Purchase Agreement as amended hereby and makes all of the representations and warranties
applicable to a Purchaser under the Securities Purchase Agreement, for itself and for no other Purchaser. MIF II acknowledges that, in
addition to this Letter Agreement, MIF II and its counsel have had the opportunity to review the Original Securities Purchase Agreement
and the January Letter Agreement amending the Original Securities Purchase Agreement (which collectively are amended by this Letter Agreement
and, to the extent of any conflict between the terms therein and the terms of this Letter Agreement, superseded by this Letter Agreement),
copies of which are attached as Annex 6 and Annex 7 hereto, respectively.

 

4. Subscription
and Joinder as a Purchaser by The 2022 SLS Family Irrevocable Trust. Effective as of the date hereof, SLS Family Trust shall be
joined to the Securities Purchase Agreement as amended hereby as a Purchaser, and SLS Family Trust hereby agrees to advance to
Cleantech, pursuant to and subject to the terms and conditions of the Securities Purchase Agreement as amended hereby, a
Subscription Amount for the purchase of Securities (including a Debenture and associated Warrant) in the amount of $1,800,000, and
accordingly, (i) the Principal Amount of the Debenture subscribed for by SLS Family Trust is $1,836,720 (i.e., after applying the
multiplier of 1.0204 to such Subscription Amount pursuant to the Securities Purchase Agreement as amended hereby); and (ii) the
number of Warrant Shares initially issuable under the associated Warrant subscribed for by SLS Family Trust is 146,937 shares,
subject to adjustment in accordance with the terms of such Warrant. In furtherance of the foregoing, SLS Family Trust hereby
delivers to Cleantech the executed signature page of SLS Family Trust to the Securities Purchase Agreement attached as Annex
5 hereto, which reflects the Subscription Amount to be advanced by SLS Family Trust to Cleantech subject to the terms and
conditions of the Securities Purchase Agreement as amended hereby and the resulting Principal Amount of the Debenture and number of
Warrant Shares initially issuable under the Warrant being subscribed for by SLS Family Trust, subject to the terms and conditions of
the Securities Purchase Agreement as amended hereby, as described in the foregoing sentence; and upon such delivery, effective as of
the date hereof, SLS Family Trust assumes all of the rights and obligations of a Purchaser under the Securities Purchase Agreement
as amended hereby and makes all of the representations and warranties applicable to a Purchaser under the Securities Purchase
Agreement, for itself and for no other Purchaser. SLS Family Trust acknowledges that, in addition to this Letter Agreement, SLS
Family Trust and its counsel have had the opportunity to review the Original Securities Purchase Agreement and the January Letter
Agreement amending the Original Securities Purchase Agreement (which collectively are amended by this Letter Agreement and, to the
extent of any conflict between the terms therein and the terms of this Letter Agreement, superseded by this Letter Agreement),
copies of which are attached as Annex 6 and Annex 7 hereto, respectively.

 

Except as otherwise set forth
in this Letter Agreement, each party hereto agrees that this Letter Agreement shall be limited to the precise meaning of the words as
written herein and shall not be deemed to be a consent to any waiver or modification of any other term or condition of either the Securities
Purchase Agreement or any other Transaction Document. The interpretation and enforceability of this Letter Agreement and the rights of
the parties hereunder shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without regard
to its principles of conflicts of laws. This Letter Agreement may be executed in multiple counterparts, each of which shall constitute
an original, and all of which together shall constitute one and the same instrument. This Letter Agreement may be executed by facsimile
or other electronic transmission, including by email with attached “pdf”. This Letter Agreement shall be binding upon and
inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. This Letter Agreement
may be amended, supplemented or otherwise modified only by a written agreement duly executed by or on behalf of each of the parties hereto.
The provisions of this Letter Agreement may be waived only by a written instrument duly executed by or on behalf of the party against
whom such waiver is sought to be enforced.

 

(Signature Page Follows)

 

    8

     

    

 

Please execute this Letter Agreement where indicated below
in order to confirm your agreement with the foregoing provisions.

 

	 	Very truly yours,
	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 	 
		By:	/s/ Eli Spiro
	 	 	Name: 	 Eli Spiro
	 	 	Title:	Chief Executive Officer

 

	 	NAUTICUS ROBOTICS, INC.
	 	 	 
		By:	
	 	 	Name: 	 Nicolaus Radford
	 	 	Title:	 President and Chief Executive Officer

 

Accepted and agreed

as of the date first written above by:

 

ATW SPECIAL SITUATIONS I LLC,

as a Purchaser and a party to the MIF II Letter Agreement

 

	By:	ATW PARTNERS OPPORTUNITIES
	 	MANAGEMENT, LLC, its Manager

 

	By:		 
	 	Name: 	Antonio Ruiz-Gimenez	 
	 	Title:	Authorized Signatory	 

 

MATERIAL IMPACT FUND II, L.P.,

as a Purchaser and a party to the MIF II Letter Agreement

 

By: MATERIAL IMPACT FUND PARTNERS II, LLC, its General
Partner

 

	By:		 
	 	Name: 	Adam Sharkawy	 
	 	Title:	Managing Member	 

 

THE 2022 SLS FAMILY IRREVOCABLE TRUST,

as a Purchaser

 

	By:		 
	 	Name: 	Adam Westreich	 
	 	Title:	Trustee	 

 

    9

     

    

 

Please execute this Letter Agreement where indicated below
in order to confirm your agreement with the foregoing provisions.

 

	 	Very truly yours,
	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 
	 	
    By:
	 

    

	 	 	Name: 	Eli Spiro
	 	 	Title:	 Chief Executive Officer

 

	 	NAUTICUS ROBOTICS, INC.
	 	 
	 	By:	/s/ Nicolaus Radford
	 	
     
	Name: 
	Nicolaus Radford

    

	 	 	Title:	President and Chief Executive Officer

 

Accepted and agreed

as of the date first written above by:

 

ATW SPECIAL SITUATIONS I LLC,

as a Purchaser and a party to the MIF II Letter Agreement

 

By: ATW PARTNERS OPPORTUNITIES

MANAGEMENT, LLC, its Manager

 

	By:		 
	 	Name: 	 Antonio Ruiz-Gimenez	 
	 	Title:	Authorized Signatory	 

 

MATERIAL IMPACT FUND II, L.P.,

as a Purchaser and a party to the MIF II Letter Agreement

 

By: MATERIAL IMPACT FUND PARTNERS II, LLC, its General
Partner

 

	By:		 
	 	Name: 	 Adam Sharkawy	 
	 	Title:	Managing Member	 

 

THE 2022 SLS FAMILY IRREVOCABLE TRUST,

as a Purchaser

 

	By:		 
	 	Name: 	 Adam Westreich	 
	 	Title:	Trustee	 

 

    10

     

    

 

Please execute this Letter Agreement where indicated below
in order to confirm your agreement with the foregoing provisions.

 

	 	Very truly yours,
	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 
	 	
    By:
	 

    

	 	 	Name: 	Eli Spiro
	 	 	Title:	 Chief Executive Officer
	 	 	 	 
	 	NAUTICUS ROBOTICS, INC.
	 	 
	 	By:	
	 	
     
	Name: 
	Nicolaus Radford

    

	 	 	Title:	President and Chief Executive Officer

 

Accepted and agreed

as of the date first written above by:

 

ATW SPECIAL SITUATIONS I LLC,

as a Purchaser and a party to the MIF II Letter Agreement

 

	By:	ATW PARTNERS OPPORTUNITIES
	 	MANAGEMENT, LLC, its Manager

 

	By:	/s/ Antonio Ruiz-Gimenez	 
	 	Name: 	 Antonio Ruiz-Gimenez	 
	 	Title:	Authorized Signatory	 

 

MATERIAL IMPACT FUND II, L.P.,

as a Purchaser and a party to the MIF II Letter Agreement

 

By: MATERIAL IMPACT FUND PARTNERS II, LLC, its General
Partner

 

	By:		 
	 	Name: 	 Adam Sharkawy	 
	 	Title:	Managing Member	 

 

THE 2022 SLS FAMILY IRREVOCABLE TRUST,

as a Purchaser

 

	By:		 
	 	Name: 	 Adam Westreich	 
	 	Title:	Trustee	 

 

    11

     

    

 

Please execute this Letter Agreement where indicated below
in order to confirm your agreement with the foregoing provisions.

 

	 	Very truly yours,
	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 
	 	
    By:
	 

    

	 	 	Name: 	Eli Spiro
	 	 	Title:	 Chief Executive Officer
	 	 	 	 
	 	NAUTICUS ROBOTICS, INC.
	 	 
	 	By:	
	 	
     
	Name: 
	Nicolaus Radford

    

	 	 	Title:	President and Chief Executive Officer

 

Accepted and agreed

as of the date first written above by:

 

ATW SPECIAL SITUATIONS I LLC,

as a Purchaser and a party to the MIF II Letter Agreement

 

By: ATW PARTNERS OPPORTUNITIES

MANAGEMENT, LLC, its Manager

 

	By:		 
	 	Name: 	 Antonio Ruiz-Gimenez	 
	 	Title:	Authorized Signatory	 

 

MATERIAL IMPACT FUND II, L.P.,

as a Purchaser and a party to the MIF II Letter Agreement

 

By: MATERIAL IMPACT FUND PARTNERS II, LLC, its
General Partner

 

	By:	/s/ Adam Sharkawy	 
	 	Name: 	 Adam Sharkawy	 
	 	Title:	Managing Member	 

 

THE 2022 SLS FAMILY IRREVOCABLE TRUST,

as a Purchaser

 

	By:		 
	 	Name: 	 Adam Westreich	 
	 	Title:	Trustee	 

 

    12

     

    

 

Please execute this Letter Agreement where indicated below
in order to confirm your agreement with the foregoing provisions.

 

	 	Very truly yours,
	 	 
	 	CLEANTECH ACQUISITION CORP.
	 	 
	 	
    By:
	 

    

	 	 	Name: 	Eli Spiro
	 	 	Title:	 Chief Executive Officer
	 	 	 	 
	 	NAUTICUS ROBOTICS, INC.
	 	 
	 	By:	
	 	
     
	Name: 
	Nicolaus Radford

    

	 	 	Title:	President and Chief Executive Officer

 

Accepted and agreed

as of the date first written above by:

 

ATW SPECIAL SITUATIONS I LLC,

as a Purchaser and a party to the MIF II Letter Agreement

 

	By:	ATW PARTNERS OPPORTUNITIES
	 	MANAGEMENT, LLC, its Manager

 

	By:		 
	 	Name: 	 Antonio Ruiz-Gimenez	 
	 	Title:	Authorized Signatory	 

 

MATERIAL IMPACT FUND II, L.P.,

as a Purchaser and a party to the MIF II Letter Agreement

 

By: MATERIAL IMPACT FUND PARTNERS II, LLC, its General
Partner

 

	By:		 
	 	Name: 	 Adam Sharkawy	 
	 	Title:	Managing Member	 

 

THE 2022 SLS FAMILY IRREVOCABLE TRUST,

as a Purchaser

 

	By:	/s/ Adam Westreich	 
	 	Name: 	 Adam Westreich	 
	 	Title:	Trustee	 

 

    13Exhibit
4.1

 

WARRANT
AGREEMENT

 

This
Warrant Agreement (“Agreement”) is made as of September 8, 2022 between EF Hutton Acquisition Corporation I, a Delaware
corporation, with offices at 24 Shipyard Drive, Suite 102, Hingham, MA 02043 (“Company”), and Continental Stock Transfer
& Trust Company, a New York limited purpose trust company, with offices at 1 State Street, 30th Floor, New York, New York 10004,
as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”).

 

WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of up to 11,500,000 units (including up to 1,500,000
units subject to the Over-allotment Option (as defined below)) (“Public Units”), each Public Unit comprised of one
share of common stock of the Company, par value $0.0001 per share (“Common Stock”), one warrant, where each warrant
entitles the holder to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment as described herein,
and, in connection therewith, will issue and deliver up to 11,500,000 warrants (including up to 1,500,000 warrants subject to the Over-allotment
Option) (the “Public Warrants”) and one right to receive 1/8 of one share of Common Stock upon the consummation of
the Company’s initial business combination (the “Public Rights”) to the public investors in connection with the Public
Offering; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
File No. 333-264314 (“Registration Statement”), and a prospectus (the “Prospectus”) for the registration,
under the Securities Act of 1933, as amended (“Act”), of the Public Units, the Public Warrants, Public Rights and
the Common Stock included in the Public Units; and

 

WHEREAS,
the Company has received binding commitments from EF Hutton Partners, LLC (the “Sponsor”) and certain other parties
to purchase up to an aggregate of 242,500 units (or 257,500 units if the underwriters exercise the over-allotment option in full) (“Private
Units”), each Private Unit containing one share of Common Stock, one warrant, where each warrant entitles the holder to purchase
one share of Common Stock at a price of $11.50 per share, subject to adjustment as described herein, and, in connection therewith, will
issue and deliver up to an aggregate of 242,500 warrants (or 257,500 warrants if the underwriters exercise the over-allotment option
in full) (the “Private Warrants”) bearing the legend set forth in Exhibit B hereto, and one right to receive 1/8 of
one share of Common Stock upon the consummation of the Company’s initial business combination (the “Private Rights”)
in a private placement transaction to occur simultaneously with the consummation of the Public Offering; and

 

WHEREAS,
the Company may issue up to an additional 547,500 (“Working Capital Units” and together with the Public Units and
the Private Units, the “Units”) which will include up to an additional 547,500 warrants (“Working Capital
Warrants”) in satisfaction of certain working capital loans the Sponsor or the Company’s officers, directors, initial
stockholders (as defined in the Prospectus) or their affiliates may, but are not obligated to, make to the Company; and

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

2.
Warrants.

 

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

 

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

 

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

 

2.4.
Registration.

 

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

 

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

 

2.5.
Detachability of Warrants. The securities comprising the Public Units will not be separately transferable until the 90th day following
the date of the Prospectus or, if such 90th day is not on a day, other than 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, unless EF Hutton, division of Benchmark Investments, LLC (the “Representative”) informs the Company
of its decision to allow earlier separate trading, but in no event will separate trading of the securities comprising the Units begin
until (i) the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company
of the gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the over-allotment option,
if the over-allotment option is exercised prior to the filing of the Form 8-K, and (ii) the Company issues a press release and files
a Current Report on Form 8-K announcing when such separate trading shall begin. (the “Detachment Date”).

 

    	2

    	 

    

 

2.6.
Private Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be issued in the
same form as the Public Warrants.

 

2.7
Post IPO Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public
Warrants except as may be agreed upon by the Company.

 

3.
Terms and Exercise of Warrants

 

3.1.
Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle
the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number
of 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 refers to the price per share
at which the 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 applied consistently to all of the Warrants.

 

3.2.
Duration of Warrants. A Warrant may be exercised only during the period commencing on the later of 30 days after the consummation
by the Company of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration
Statement) or 12 months from the closing of the Public Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur
of (i) five years from the consummation of a Business Combination, (ii) the Redemption Date as provided in Section 6.2 of this Agreement
and (iii) the liquidation of the Company, provided, however, that for so long as Private Warrants are beneficially owned by affiliates
of EF Hutton, a division of Benchmark Investments, LLC, including EF Hutton Partners, LLC, such Private Warrants will not be exercisable
more than five years from the effective date of the Registration Statement in accordance with FINRA Rule 5110(g)(8)(A) (“Expiration
Date”). The period of time from the date the Warrants will first become exercisable until the expiration of the Warrants shall
hereafter be referred to as the “Exercise Period.” Except with respect to the right to receive the Redemption Price (as set
forth in Section 6 hereunder), as applicable, each Warrant not exercised on or before the Expiration Date shall become void, and all
rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time, on the Expiration
Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however,
that the Company will provide at least twenty (20) days’ prior written notice of any such extension to registered holders and,
provided further that any such extension shall be applied consistently to all of the Warrants.

 

3.3.
Exercise of Warrants.

 

3.3.1.
Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may
be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly
executed, and by paying in full the Warrant Price for each 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, by good certified check or wire payable to the Warrant Agent; or

 

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

 

    	3

    	 

    

 

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

 

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

 

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 nonassessable.

 

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

 

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

 

    	4

    	 

    

 

4.
Adjustments.

 

4.1.
Stock Dividends; 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 outstanding shares of Common Stock.

 

4.2.
Aggregation of Shares. If after the date 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.
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 shares of Common Stock or other shares of the Company’s
capital stock into which the Warrants are convertible (an “Extraordinary Dividend”), then the Warrant Price shall
be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market
value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect of such
Extraordinary Dividend divided by all outstanding shares of the Company at such time (whether or not any shareholders waived their right
to receive such dividend); provided, however, that none of the following shall be deemed an Extraordinary Dividend for purposes of this
provision: (a) any adjustment described in subsection 4.1 above, (b) any cash dividends or cash distributions which, when combined on
a per share basis with all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the
date of declaration of such dividend or distribution does not exceed $0.50 per share (taking into account all of the outstanding shares
of the Company at such time (whether or not any shareholders waived their right to receive such dividend) and as adjusted to appropriately
reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that
resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) but only
with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50, (c) any payment to satisfy
the conversion rights of the holders of the shares of Common Stock in connection with a proposed initial Business Combination or certain
amendments to the Company’s Amended and Restated Certificate of Incorporation (as described in the Registration Statement) or (d)
any payment in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business
Combination. Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a
cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Common Stock during
the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately
after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of
all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50 (the greater
of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period prior to such
$0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s initial Business
Combination, there were total shares outstanding of 100,000,000 and the Company paid a $1.00 dividend to 17,500,000 of such shares (with
the remaining 82,500,000 shares waiving their right to receive such dividend), then no adjustment to the Warrant Price would occur as
a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than $0.50 per share.

 

    	5

    	 

    

 

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

 

4.5.
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares
of Common Stock (other than a change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock),
or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in
which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
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 Warrant holders shall thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the
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 Warrant holder would have
received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event. If any reclassification also
results in a change in the Common Stock covered by Section 4.1, 4.2 or 4.3, then such adjustment shall be made pursuant to Sections 4.1,
4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than the par value per share
issuable upon exercise of the Warrant.

 

4.6.
Issuance in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional
shares of Common Stock or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such
issue price or effective issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such
issuance to the Sponsor, the initial stockholders or their affiliates, without taking into account any shares of the Company’s
Common Stock issued prior to the Public Offering and held by the initial stockholders or their affiliates, as applicable, prior to such
issuance) (the “Newly Issued Price”), (b) the aggregate gross proceeds from such issuances represent more than 60%
of the total equity proceeds, and interest thereon, available for the funding of the Business Combination on the date of the consummation
of such Business Combination (net of redemptions), and (c) the Market Value (as defined below) is below $9.20 per share, then the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the Newly
Issued Price, and the Redemption Trigger Price (as defined below) will be adjusted (to the nearest cent) to be equal to 180% of the greater
of (i) the Market Value or (ii) the Newly Issued Price. Solely for purposes of this Section 4.6, the “Market Value”
shall mean the volume weighted average trading price of the Common Stock during the twenty (20) trading day period starting on the trading
day prior to the date of the consummation of the Business Combination.

 

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

 

    	6

    	 

    

 

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

 

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

 

4.10.
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an
adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall
appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall
give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent
and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall
adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5.
Transfer and Exchange of Warrants.

 

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

 

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

 

5.3.
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result
in the issuance of a warrant certificate or book-entry position for a fraction of a warrant.

 

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

 

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

 

    	7

    	 

    

 

5.6.
Private Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working
Capital Warrants until after the consummation by the Company of an initial Business Combination, except for transfers in each case to
the foregoing individuals and entities (“Permitted Transferees”), (i) to our officers or directors, any affiliates
or family members of any of our officers or directors, the other initial stockholders, or any affiliates or family members of the initial
stockholders, (ii) in the case of an individual, by gift to a member of one of the members of the individual’s immediate family
or to a trust, the beneficiary of which is a member of one of the individual’s immediate family, an affiliate of such person or
to a charitable organization; (iii) in the case of an individual, by virtue of laws of descent and distribution upon death of any of
our officers, our directors or the initial stockholders; (iv) in the case of an individual, pursuant to a qualified domestic relations
order; (v) by private sales or transfers made in connection with the consummation of an initial business combination at prices no greater
than the price at which the securities were originally purchased; (vi) in the event of our liquidation prior to the completion of our
initial business combination; or (vii) in the event of our liquidation, merger, capital stock exchange, reorganization or other similar
transaction which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or
other property subsequent to our completion of our initial business combination; provided, however, that in the case of clauses (i) through
(v) these Permitted Transferees must enter into a written agreement agreeing to be bound by these transfer restrictions and the other
restrictions contained in the letter agreements and by the same agreements entered into by our initial stockholders and the private placement
participants with respect to such securities (including provisions relating to voting, the trust account and liquidating distributions
described in the Prospectus).

 

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

 

6.
Redemption.

 

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

 

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

 

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

 

    	8

    	 

    

 

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

 

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

 

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

 

7.3.
Reservation of Shares 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 will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to
this Agreement.

 

7.4.
Registration of Shares of Common Stock. The Company agrees that as soon as practicable after the closing of its initial Business
Combination, it shall use its best efforts to file with the SEC a registration statement for the registration, under the Act, of the
shares of Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary
to register or qualify for sale, in those states in which the Warrants were initially offered by the Company and in those states where
holders of Warrants then reside, the shares of Common Stock issuable upon exercise of the Warrants, to the extent an exemption is not
available. The Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement
has not been declared effective by the 90th Business Day following the closing of the Business Combination, holders of the Warrants shall
have the right, during the period beginning on the 91st Business Day after the closing of the Business Combination and ending upon such
registration statement being declared effective by the SEC, 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” as determined in accordance with Section 3.3.1(c). The Company shall provide the Warrant Agent with
an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise
of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the shares
of Common Stock issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend.
For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue
to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4.

 

8.
Concerning the Warrant Agent and Other Matters.

 

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

 

    	9

    	 

    

 

8.2.
Resignation, Consolidation, or Merger of Warrant Agent.

 

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

 

8.2.2.
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the Transfer Agent for the shares of 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 will 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, Chief Operating Officer, President, Secretary
or Chairman of the Board of Directors of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement
for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

8.4.2.
Indemnity. The Warrant Agent shall be liable hereunder only for its own fraud, gross negligence, willful misconduct or bad faith.
The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and
reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the
Warrant Agent’s fraud, gross negligence, willful misconduct, or bad faith.

 

    	10

    	 

    

 

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

 

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

 

9.
Miscellaneous Provisions.

 

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

 

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

 

EF
Hutton Acquisition Corporation I

24
Shipyard Drive, Suite 102

Hingham,
MA 02043

Attn:
Benjamin Piggott, Chief Executive Officer

E-mail:
ben505@gmail.com

 

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

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Compliance Department

 

with
a copy in each case to:

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, NY 10154

Attn:
Mitchell S. Nussbaum, Esq. and James A. Prestiano, Esq.

E-mail:
jprestiano@loeb.com

 

and

 

EF
Hutton division of Benchmark Investment, LLC

590
Madison Avenue, 39th Floor

New
York, NY 10022

Attn:
Jim Campbell

Email:
JCampbell@efhuttongroup.com

 

    	11

    	 

    

 

and: 

 

Hogan
Lovells US LLP

1601
Wewatta Street, Suite 900

Denver,
CO 80202

Attn:
David Crandall, Esq.

Email:
david.crandall@hoganlovells.com

 

9.3.
Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall
be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result
in the application of the substantive laws of another jurisdiction. Subject to applicable law, the Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement, including under the Act, 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 forum for any such action, proceeding or claim. The Company hereby
waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing,
the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any
other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

 

Any
person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented
to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above,
is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District
of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented
to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District
Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an
“enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by
service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

 

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

 

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

 

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

 

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

 

    	12

    	 

    

 

9.8.
Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of
(i) curing any ambiguity or to correct any mistake, including to conform the provisions hereof to the description of the terms of the
Warrants and this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision contained herein,
or (ii) adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may
deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications
or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent
or vote of the registered holders of at least 50% of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company
may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the
consent of the registered holders. The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written
consent of the Representative.

 

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

 

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

 

Exhibit
A – Form of Warrant Certificate

 

Exhibit
B – Legend

 

[Signature
Page Follows]

 

    	13

    	 

    

 

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

 

	 	EF
    HUTTON ACQUISITION CORPORATION I
	 		                                 
	 	By:	/s/
    Benjamin Piggott 
	 		Name:
Benjamin Piggott 
	 		Title:
Chief Executive Officer 
	 		
	 	CONTINENTAL
    STOCK TRANSFER
	 	&
    TRUST COMPANY, as Warrant Agent
	 		
	 	By:	/s/
    Michael Goedecke 
	 	Name:
    	Michael Goedecke 
	 	Title:
    	

 

[Signature
Page to Warrant Agreement]

 

    	14

    	 

    

 

EXHIBIT
A

 

FORM
OF WARRANT CERTIFICATE

 

[See
attached]

 

    	15

    	 

    

 

EXHIBIT
B

 

LEGEND
FOR PRIVATE PLACEMENT WARRANTS

 

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 EF HUTTON ACQUISITION CORPORATION I (THE “COMPANY”)
AND EF HUTTON PARTNERS, LLC IN SECTION 5.6 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.

 

    	16

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