Document:

eosholtecupa

Execution Version  #10184775 v14 \027606 \0022  __________________________________________  UNIT PURCHASE AGREEMENT  __________________________________________  by and among  Eos Energy Storage, LLC, as the Buyer,  Holtec Power, Inc., as the Seller   and   Eos Energy Enterprises, Inc., as Parent  * * * *  April 8, 2021  

 

#10184775 v14 \027606 \0022  i  TABLE OF CONTENTS  1. Definitions; Interpretations. ..................................................................................................... 1 2. Purchase and Sale of Transferred Interests. ............................................................................. 7 3. Representations and Warranties of the Buyer. ........................................................................ 8 4. Representations and Warranties of the Seller .......................................................................... 9 5. Covenants. ............................................................................................................................. 12 6. Closing Conditions. ............................................................................................................... 17 7. Closing Deliverables of the Seller. ........................................................................................ 18 8. Indemnification. ..................................................................................................................... 18 9. Termination. .......................................................................................................................... 20 10. Miscellaneous. ................................................................................................................... 20 

 

#10184775 v14 \027606 \0022  UNIT PURCHASE AGREEMENT This Unit Purchase Agreement (this “Agreement”) is entered into as of April 8, 2021 by  and among Eos Energy Storage, LLC, a Delaware limited liability company (the “Buyer”),  Holtec Power, Inc., a Delaware corporation (the “Seller”), and, solely for purposes of Section  5(f), Eos Energy Enterprises, Inc., a Delaware corporation (“Parent” and, collectively with the  Buyer and the Seller, the “Parties”).    RECITALS  WHEREAS, as of the date hereof, the Seller owns 51 Units of HI-POWER, LLC, a  Delaware limited liability company (the “Company”), which represents 51% of the total  outstanding Units of the Company, and the Buyer owns 49 Units of the Company, which  represents 49% of the total outstanding Units of the Company;  WHEREAS, the Seller desires to sell to the Buyer, and the Buyer desires to purchase  from the Seller, all of the Units of the Company not already owned by the Buyer, in accordance  with the terms and subject to the conditions set forth herein;   WHEREAS, as of the date hereof, the Seller has made contributions to the Company  pursuant to the Company Operating Agreement in an aggregate amount equal to Ten Million  One Hundred Ninety-One Thousand Five Hundred Seventy-Two U.S. Dollars and Eleven cents  ($10,191,572.11) (the “Seller Contributions”);   WHEREAS, concurrently with the consummation of the transactions contemplated  hereby, the Buyer and the Seller have agreed that the Seller Contributions will be returned to the  Seller by the Buyer; and  WHEREAS, the Parties desire to make certain representations, warranties, covenants, and  agreements as set forth more particularly herein.  AGREEMENT  NOW, THEREFORE, in consideration of the premises and the mutual promises herein  made, and in consideration of the representations, warranties, covenants, and agreements herein  contained, the Parties agree as follows:  1. Definitions; Interpretations.  Definitions.  All capitalized terms used and not defined herein shall have the  meanings ascribed hereto in that certain Operating Agreement, dated as of August 21, 2019, by  and among the Company, the Buyer and the Seller (the “Company Operating Agreement”).  Certain Other Definitions.  The following terms shall have the following  meanings when used in this Agreement:  

 

#10184775 v14 \027606 \0022  “Action” means any action, claim, counterclaim, demand, charge, complaint, suit, or  other proceeding (whether civil, criminal, administrative or arbitral, and whether at law or in  equity), in each case, by or before any Governmental Authority.   “Agreement” has the meaning set forth in the Preamble.  “Ancillary Agreement” means (i) the Assignment and Assumption Agreement, (ii) the  Transition Services Agreement, (iii) the Promissory Note, and (iv) the Sublease Agreement.  “Assignment and Assumption Agreement” means an Assignment and Assumption  Agreement substantially in the form attached hereto as Exhibit A.  “Business Day” means any day other than a Saturday, Sunday, or a day on which banks  in New York, New York are authorized or obligated by Law to close.  “Buyer” has the meaning set forth in the Preamble.  “Buyer Indemnified Parties” has the meaning set forth in Section 8(b).  “Closing” has the meaning set forth in Section 2(c).  “Closing Date” has the meaning set forth in Section 2(c).   “Code” means the Internal Revenue Code of 1986.  “Company” has the meaning set forth in the Recitals.  “Company Books and Records” means all books, ledgers, files, reports, plans, records, e- mails, manuals, and other documents or materials (in any form or medium) of, or maintained for,  the business or operations of the Company, including all customer lists and files, supplier lists  and files, pricing lists, mailing lists, marketing materials and advertising records, minute books  and Board records, financial books and records, purchase orders, and packing slips.  “Company Contracts” means (i) the Company Operating Agreement, (ii) the Teaming  Agreement, (iii) that certain Memorandum of Agreement, dated August 10, 2020, between  Holtec International and the Buyer, (iv) that certain Supplemental Agreement on Hi-Power  Operations, dated as of August 10, 2020, by and among the Seller, the Buyer and the Company,  and (v) that certain Supplementary Agreement to Teaming Agreement, dated November 13,  2020, by and among the Buyer, the Seller, and the Company.  “Company Operating Agreement” has the meaning set forth in Section 2(a).  “Consent” means:  (i) with respect to any Governmental Authority, any consent required to be obtained, or  any notice, payment, or filing required to be made, which, in each case, if not so obtained or  made would cause the consummation of the Transaction (with or without notice, lapse of time, or  both) (A) to violate any Law promulgated or enforced by such Governmental Authority, or (B) to  

 

#10184775 v14 \027606 \0022  conflict with, to result in a breach of, or to result in the termination of, any material permit or  license issued by such Governmental Authority; and  (ii) with respect to any Contract, any consent required to be obtained, or any notice,  payment, or filing required to be made, which, in each case, if not so obtained or made would  cause the consummation of the Transaction (with or without notice, lapse of time, or both) to  conflict with, or to result in a breach of, such Contract.  “Contract” means any written contract, arrangement, lease, sublease, license, sublicense,  commitment, instrument, guarantee, order, or other agreement under which one or more of the  Parties hereto has agreed to be bound.  “Contributed Assets” has the meaning set forth in Section 5(g)(i).    “Enforceability Exceptions” means, with respect to any Contract, such bankruptcy,  insolvency, reorganization, moratorium, fraudulent conveyance, or other similar Laws affecting  the enforcement of creditors’ rights generally and equitable principles, in each case that limits  the enforceability of such Contract.  “Equity Equivalents” means, with respect to any Person, (i) capital stock, membership or  partnership interests or units, and any other equity interests issued by such Person, (ii) stock  appreciation, phantom stock, profit participation, rights to be allocated or receive any profits,  loss, income, dividends, or distributions, and similar rights with respect to such Person, and (iii)  options, warrants, call rights, purchase rights, subscription rights, preemptive rights, conversion  rights, exchange rights, or other Contracts that could require such Person to issue, sell, or  otherwise cause to become outstanding any of the items referred to in the foregoing clauses (i)  through (iii).  “Excluded Assets” means the assets listed in Table 1 of Exhibit D attached hereto and,  for the avoidance of doubt, expressly includes all of the Seller’s shares of Parent Common Stock  and Options listed in Exhibit E attached hereto.  “Excluded Registration” means (i) a registration relating to the sale or grant of securities  to employees of Parent or a subsidiary pursuant to a stock option, stock purchase, equity  incentive or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a  registration on any form that does not include substantially the same information as would be  required to be included in a registration statement covering the sale of the Parent Common Stock  held by the Seller; or (iv) a registration in which the only Parent Common Stock being registered  is Parent Common Stock issuable upon conversion of debt securities that are also being  registered.  “Facility” means Units N1 and N2B, 200 Braddock Avenue, Keystone Commons  Complex, Borough of Turtle Creek, Allegheny County, Pennsylvania, which premises are owned  by the Landlord and presently leased by Seller under the Seller Facility Lease and currently  occupied by both the Seller and the Company.  “Governmental Authority” means any federal, state, local, or foreign government,  governmental or quasi-governmental authority, regulatory or administrative agency, or  

 

#10184775 v14 \027606 \0022  governmental department, board, bureau, agency, or instrumentality, including independent  agencies and commissions, courts, and tribunals, including arbitral bodies (whether private or  governmental), in each case, of competent jurisdiction with authority over the Parties,  Transaction and/or the specific matters contained herein.  “IRS” means the Internal Revenue Service of the United States, or any successor agency  thereto.  “JV Period” means the period from August 19, 2019 to the Closing Date.  “Landlord” means the Regional Industrial Development Corporation of Southwestern  Pennsylvania.  “Law” means any applicable law, constitutional provision, treaty, statute, code,  regulation, ordinance, rule, common law, Order, or other requirement of a Governmental  Authority enacted, promulgated, entered into, agreed to, or imposed by any Governmental  Authority.  “Losses” has the meaning set forth in Section 8(a).  “Order” means any order, award, decision, injunction, judgment, ruling, subpoena, or  verdict entered, issued, made, or rendered by any Governmental Authority relating to the Parties,  Transaction and/or the specific matters contained herein.  “Organizational Documents” means (i) the articles or certificate of incorporation and the  bylaws of a corporation, (ii) the articles or certificate of organization or formation and the limited  liability company agreement or operating agreement of a limited liability company, (iii) the  certificate of limited partnership and the limited partnership agreement of a limited partnership,  or (iv) the analogous charter or similar documents entered into, adopted, or filed in connection  with the creation, formation, or organization of any other entity.  “Parent Common Stock” means Parent’s Common stock, par value $0.0001 per share.  “Parties” has the meaning set forth in the Preamble.  “Pre-Closing Taxes” means (a) all Taxes imposed on the Company or asserted against the  properties, income or operations of the Company for any Pre-Closing Tax Period, or the pre- Closing portion of any Straddle Period, and (b) any reduced or deferred employment or payroll  Taxes or credits or advances of any employment or payroll Tax credits, under the Families First  Coronavirus Response Act (as the same may be amended or modified) or the Coronavirus Aid,  Relief, and Economic Security Act (as the same may be amended or modified).  “Pre-Closing Tax Period” has the meaning set forth in Section 5(e).  “Proprietary Rights” means all of the following throughout the world:  (i) patents,  copyrights, and trademarks; (ii) domain names; (iii) trade secrets and all other forms and types of  financial, business, scientific, technical, economic, or engineering information, including  patterns, plans, compilations, program devices, formulas, designs, prototypes, methods,  

 

#10184775 v14 \027606 \0022  techniques, specifications, inventions (whether or not reduced to practice), processes,  procedures, data, programs, or codes, whether tangible or intangible, and whether or how stored,  compiled, or memorialized physically, electronically, graphically, photographically, or in  writing, which derive independent economic value, actual or potential, from not being generally  known to, and not being readily ascertainable through proper means by, another Person; (iv)  social media user names and other account names; (v) computer software programs and software  systems; (vi) confidential information and proprietary data; (vii) all other intellectual property  rights; and (viii) all copies and tangible embodiments of the foregoing (in whatever form or  medium).  “Purchase Price” has the meaning set forth in Section 2(b).  “Promissory Note” has the meaning set forth in Section 2(b).  “Seller” has the meaning set forth in the Preamble.  “Seller Contributions” has the meaning set forth in the Recitals.  “Seller Facility Lease” means that certain Lease dated December 27, 1993 and amended  by Amendment of Lease dated June 13, 1994, Amendment of Lease dated February 11, 2004,  Amendment of Lease dated January 1, 2005, and Amendment of Lease dated September 17,  2008, between U.S. Tool and Die Incorporated (now known as Holtec Manufacturing Division,  an affiliate of the Seller), as lessee thereunder, and the Landlord, as lessor thereunder.  “Seller Indemnified Parties” has the meaning set forth in Section 8(a).  “Straddle Period” has the meaning set forth in Section 5(e).  “Subject Securities” has the meaning set forth in Section 5(f).  “Sublease Agreement” has the meaning set forth in Section 7(d).  “Tax” means (i) any federal, state, local, or foreign income, gross receipts, escheat,  unclaimed property, license, payroll, employment, excise, severance, stamp, occupation,  premium, windfall profits, environmental, customs duties, capital stock, franchise, profits,  withholding, social security (or similar), unemployment, disability, real property, personal  property, sales, use, transfer, registration, value added, alternative or add-on minimum,  estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition  thereto, (ii) a liability for amounts of the type described in clause (i) as a result Treasury  Regulations §1.1502-6, as a result of being a transferee or successor, or as a result of a contract  or otherwise, or (iii) any penalties or fees for failure to file or late filing of any Tax Returns.  “Tax Contest” has the meaning set forth in Section 5(e).  “Tax Returns” means any return, declaration, report, claim for refund, or information  return or statement relating to Taxes, including any schedule or attachment thereto, and including  any amendment thereof.  

 

#10184775 v14 \027606 \0022  “Teaming Agreement” means that certain Teaming Agreement, dated August 21, 2019,  by and among the Buyer, the Seller, and the Company.  “Transaction” means the collective transactions contemplated by this Agreement.  “Transfer” means transfer, sell, issue, lease, license, grant any Lien upon, or otherwise  dispose of.  “Transferred Interests” has the meaning set forth in Section 2(a).  “Transfer Taxes” means all transfer, documentary, recording, sales, use, stamp,  registration, value added, conveyance and other similar Taxes and fees (including any penalties  and interest, but excluding, for the avoidance of doubt, any income or gains Taxes or similar  Taxes)  applicable to, or resulting from, the transactions contemplated herein.  “Transition Services Agreement” means a Transition Services Agreement substantially in  the form attached hereto as Exhibit B.  Interpretation.    (i) Unless the context otherwise requires: (A) whenever the words  “include”, “includes”, or “including” are used, they shall be deemed to be followed by  the words “without limitation”; (B) the word “or” shall not be exclusive; (C) the words  “hereof”, “herein”, “hereunder”, “herewith”, and words of similar import shall refer to  this Agreement as a whole and not to any particular provision of this Agreement; (D)  any references contained herein to the preamble or recitals, or to any section or clause  shall refer to such preamble, recitals, sections, or clauses of this Agreement, as  applicable; (E) the meaning assigned to each term defined herein shall be equally  applicable to both the singular and the plural forms of such term, and to other capitalized  derivations and grammatical forms of such term; (F) references to any gender shall  include the other gender; (G) a reference to any Law shall include all amendments  thereto, all modifications and reenactment thereof, all Laws substituted therefor, and all  rules, regulations, and statutory instruments promulgated thereunder or pursuant thereto;  (H) a reference to any Contract (including this Agreement) shall include all exhibits,  schedules, and other attachments to such Contract, and shall refer to such Contract as  amended, restated, supplemented, or otherwise modified as of the time of determination;  (I) a reference to $ or dollars shall mean U.S. dollars; and (J) when calculating the  period of time before which, within which, or following which any act is to be done or  step taken pursuant to this Agreement, the date that is the reference date in calculating  such period shall be excluded and, if the last day of such period is not a Business Day,  then the period shall end on the next succeeding Business Day.  (ii) Section headings are not to be considered part of this Agreement,  are included solely for convenience, are not intended to be full or accurate descriptions  of the content of the sections of this Agreement, and shall not affect the construction  hereof or thereof.  

 

#10184775 v14 \027606 \0022  (iii) The Parties have participated jointly in the negotiation and drafting  of this Agreement (with the benefit of their respective legal counsels) and, in the event  an ambiguity or question of intent or interpretation arises, this Agreement shall be  construed as jointly drafted by the Parties, and no presumption or burden of proof shall  arise favoring or disfavoring any Party by virtue of the authorship of any provision of  this Agreement.  2. Purchase and Sale of Transferred Interests.  Purchase and Sale of Transferred Interests.  At the Closing, on the terms and  subject to the conditions set forth herein, the Buyer shall purchase and accept from the Seller,  and the Seller shall sell and deliver to the Buyer, all of the Seller’s Units (the “Transferred  Interests”), free and clear of all Liens (other than Liens arising under the Securities Act or state  securities Laws, as applicable), in exchange for the consideration specified herein.  Payment of Purchase Price. In consideration for the Transferred Interests, the  Buyer agrees to pay Twenty-Five Million U.S. Dollars ($25,000,000) (the “Purchase Price”). In  lieu of a cash payment at Closing, the Seller has agreed to accept a secured promissory note,  substantially in the form attached hereto as Exhibit C (the “Promissory Note”) with first priority  position, which shall be secured by the assets of the Company and a guarantee by Parent, all as  provided more particularly in the Promissory Note; provided, however, that under no  circumstances (including in the event that any installment payment under the Promissory Note is  subject to imputed interest recharacterization for federal income tax purposes) will the Buyer be  obligated to pay a Purchase Price in excess of Twenty-Five Million U.S. Dollars ($25,000,000)  in the aggregate (unless as otherwise expressly stated in the Promissory Note). The Purchase  Price will be paid by the Buyer to the Seller in installments, according to the schedule below, in  each case, without interest and in cash by wire transfer of immediately available funds to a bank  account designated in writing by the Seller to the Buyer:  (i) Five Million U.S. Dollars ($5,000,000) on the earlier to occur of  (A) May 31, 2021, and (B) closing of any sale of securities to the public by Parent  pursuant to an underwritten offering registered under the Securities Act;  (ii) Five Million U.S. Dollars ($5,000,000) on May 31, 2022;  (iii) Five Million U.S. Dollars ($5,000,000) on May 31, 2023;  (iv) Five Million U.S. Dollars ($5,000,000) on May 31, 2024; and  (v) Five Million U.S. Dollars ($5,000,000) on May 31, 2025.  Closing.  Subject to the satisfaction or waiver of all conditions to the Closing set  forth herein (other than conditions with respect to actions to be taken at the Closing itself, but  subject to the satisfaction or waiver of those conditions), the closing of the Transaction (the  “Closing”) shall take place remotely by electronic transmission on April 9, 2021, or at such other  time or on such other date or at such other place or in such other manner as the Buyer and the  Seller may mutually determine (the day on which the Closing takes place being referred to herein  as the “Closing Date”).  

 

#10184775 v14 \027606 \0022  Withholding.  Buyer or the Company, as applicable, shall be entitled to deduct  and withhold from the consideration otherwise payable pursuant to this Agreement to any Person  such amounts as it is required to deduct and withhold with respect to such payment under the  Code, or any provision of Law.  To the extent practicable, Buyer or the Company, as the case  may be, shall give Seller reasonable advance notice prior to making such deduction or  withholding and, if requested by Seller, shall use commercially reasonable efforts to cooperate  with Seller to reduce or avoid any such deduction or withholding. To the extent that amounts are  so withheld by Buyer or the Company, as applicable, such withheld amounts shall be treated for  all purposes of this Agreement as having been paid to the Person in respect of which such  deduction and withholding was made.  3. Representations and Warranties of the Buyer.  The Buyer hereby represents and  warrants to the Seller as of the date hereof and as of the Closing as follows:  Due Organization.  The Buyer is duly organized, validly existing, and in good  standing under the laws of the State of Delaware.  Power and Authority; Execution and Delivery; Due Authorization.  The Buyer has  full limited liability company power and authority to execute and deliver this Agreement and the  Ancillary Agreements and to perform its obligations hereunder and thereunder.  This Agreement  has been (and, when executed and delivered by the Buyer, the Ancillary Agreements will be)  duly executed and delivered by the Buyer and, assuming the due and valid authorization,  execution, and delivery by the Seller, this Agreement constitutes (and each of the Ancillary  Agreements will constitute) a legal, valid, and binding obligation of the Buyer, enforceable  against the Buyer in accordance with its terms and conditions, subject to the Enforceability  Exceptions.  The execution, delivery, and performance of this Agreement and the Ancillary  Agreements have been duly authorized by all requisite limited liability company action on the  part of the Buyer.  Noncontravention. Neither the execution and delivery of this Agreement or the  Ancillary Agreements by the Buyer, nor the performance by the Buyer of the Buyer’s obligations  hereunder or thereunder, will (A) violate the Organizational Documents of the Buyer, (B) violate  any Law to which the Buyer is subject or require the Consent of any Governmental Authority, in  each case subject to compliance with the Securities Act and state securities Laws and excluding  any such Laws that are applicable, or Consents that are required, solely by reason of the identity  of the Seller as a transferor of the Transferred Interests, or (C) require Consent under any  Contract of the Buyer, except, in each case within the foregoing clause (C), as would not,  individually or in the aggregate, reasonably be expected to prevent or materially delay the  consummation of the Transaction.    Legal Proceedings.  There are no Actions pending or, to the knowledge of the  Buyer, threatened by or against the Buyer or any Affiliate of the Buyer that challenge or seek to  restrain, enjoin, or otherwise prevent or delay the consummation of the Transaction or that, if  adversely determined, would, individually or in the aggregate, reasonably be expected to prevent  or materially delay the consummation of the Transaction.  

 

#10184775 v14 \027606 \0022  Brokers.  The Buyer does not and will not have any liability for the payment of  any fees or commissions to any broker, finder, agent, investment banker, or financial advisor in  connection with the Transaction.  Investment in Units.  The Buyer is acquiring the Transferred Interests for the  Buyer’s own account as principal, for investment purposes, and is not acquiring the Transferred  Interests with a view to or for sale in connection with any distribution thereof within the meaning  of the Securities Act.  The Buyer acknowledges that the Transferred Interests are not registered  under the Securities Act or any state securities Laws, and that the Transferred Interests may not  be transferred or sold except pursuant to the registration provisions of the Securities Act or  pursuant to an applicable exemption therefrom and subject to state securities Laws, as applicable.  Business and Operations of the Company.  (i) Each Company Contract constitutes a legal, valid, and binding  obligation of the Buyer, in full force and effect and enforceable in accordance with its  terms and conditions (subject to the Enforceability Exceptions) against the Buyer.  The  Buyer has duly performed all of its covenants and obligations under each Company  Contract, and the Buyer is not (with or without notice, lapse of time, or both) in breach  of or default under any Company Contract.    (ii) Since August 19, 2019, the Buyer has not taken any action to cause  the Company to operate outside of the ordinary course of business, consistent with past  practice.    (iii) The Buyer has not taken any action with respect to the Company in  bad faith, nor any action that constitutes willful misconduct, fraud, or a violation of  applicable Law.  (iv) To the knowledge of the Buyer, (A) the Company has conducted  no business or operations other than the Company Business, and (B) all of the liabilities  and obligations of the Company have arisen in the ordinary course of business,  consistent with past practice.   (v) To the knowledge of the Buyer, the Company has good and valid  title to, or holds valid leasehold interests in, all of the Company Assets. To the  knowledge of the Buyer, all of the Company Assets and the Contributed Assets have  been maintained in accordance with normal industry practice and are in good repair and  operating condition, ordinary wear and tear excepted.  (vi) To the knowledge of the Buyer, the Company Assets, the  Contributed Assets, the Facility, and the services to be performed under the Transition  Services Agreement collectively constitute all of the assets required for the continued  conduct of the Company Business after the Closing in substantially the same manner as  conducted prior to the Closing.  4. Representations and Warranties of the Seller.  The Seller hereby represents and  warrants to the Buyer as of the date hereof and as of the Closing as follows:   

 

#10184775 v14 \027606 \0022  Due Organization.  The Seller is duly incorporated, validly existing, and in good  standing under the laws of the State of Delaware.  Power and Authority; Execution and Delivery; Due Authorization.  The Seller has  full corporate power and authority to execute and deliver this Agreement and the Ancillary  Agreements and to perform its obligations hereunder and thereunder.  This Agreement has been  (and, when executed and delivered by the Seller, the Ancillary Agreements will be) duly  executed and delivered by the Seller and, assuming the due and valid authorization, execution,  and delivery by the Buyer, this Agreement constitutes (and each of the Ancillary Agreements  will constitute) a legal, valid, and binding obligation of the Seller, enforceable against the Seller  in accordance with its terms and conditions, subject to the Enforceability Exceptions.  The  execution, delivery, and performance of this Agreement and the Ancillary Agreements have been  duly authorized by all requisite corporate action on the part of the Seller.  Noncontravention. Neither the execution and delivery of this Agreement or the  Ancillary Agreements by the Seller, nor the performance by the Seller of the Seller’s obligations  hereunder or thereunder, will (A) violate the Organizational Documents of the Seller, (B) violate  any Law to which the Seller is subject or require the Consent of any Governmental Authority, in  each case subject to compliance with the Securities Act and state securities Laws and excluding  any such Laws that are applicable, or Consents that are required, solely by reason of the identity  of the Buyer as a transferee of the Transferred Interests, or (C) require Consent under any  Contract of the Seller, except, in each case within the foregoing clause (C), as would not,  individually or in the aggregate, reasonably be expected to prevent or materially delay the  consummation of the Transaction.    Legal Proceedings.  There are no Actions pending or, to the knowledge of the  Seller, threatened by or against the Seller or any Affiliate of the Seller that challenge or seek to  restrain, enjoin, or otherwise prevent or delay the consummation of the Transaction or that, if  adversely determined, would, individually or in the aggregate, reasonably be expected to prevent  or materially delay the consummation of the Transaction.  Brokers.  The Seller does not and will not have any liability for the payment of  any fees or commissions to any broker, finder, agent, investment banker, or financial advisor in  connection with the Transaction.  Capitalization; Subsidiaries.  (i) The Seller holds of record, owns beneficially, and has good and  marketable title to, all of the Transferred Interests, free and clear of any restrictions on  Transfer or other Liens (other than Liens arising under the Securities Act or state  securities Laws, as applicable), and holds no other direct or indirect Equity Equivalents  of the Company.  The Seller is not a party to any option, warrant, purchase right,  redemption right, or other Contract that could require the Seller to Transfer the  Transferred Interests (other than this Agreement and the Company Operating  Agreement).  The Seller is not a party to any voting trust, proxy, or other Contract with  respect to the voting of the Transferred Interests or any registration rights agreement or  other Contract with respect to the registration of the Transferred Interests.  All of the  

 

#10184775 v14 \027606 \0022  issued and outstanding Transferred Interests have been duly authorized and validly  issued.  Immediately after the Closing, the Buyer will own all of the outstanding Units  of the Company, free and clear of any Liens (other than Liens arising under the  Securities Act or state securities Laws, as applicable), and there will be no other  outstanding Equity Equivalents of the Company other than the Units owned by the  Buyer.    (ii) The Company does not hold of record or owns beneficially,  directly or indirectly, any Equity Equivalents of any other Person.   Business and Operations of the Company.  (i) None of the Seller or any of its Affiliates is a party to any Contract  with the Company other than the Company Contracts and, as of the Closing, the  Transition Services Agreement.  Each Company Contract constitutes a legal, valid, and  binding obligation of the Seller, in full force and effect and enforceable in accordance  with its terms and conditions (subject to the Enforceability Exceptions) against the  Seller.  The Seller has duly performed all of its covenants and obligations under each  Company Contract, and the Seller is not (with or without notice, lapse of time, or both)  in breach of or default under any Company Contract.    (ii) Since August 19, 2019, the Seller has not taken any action to cause  the Company to operate outside of the ordinary course of business, consistent with past  practice.    (iii) The Seller has not taken any action with respect to the Company in  bad faith, nor any action that constitutes willful misconduct, fraud, or a violation of  applicable Law.  (iv) Except for (A) the Contributed Assets that will be transferred,  conveyed, assigned and delivered to the Company prior to the Closing in accordance  with Section 5(g), (B) the Seller Facility Lease solely with respect to the Facility, and  (C) the Excluded Assets, none of the Seller or any of its Affiliates owns, or holds any  leasehold interest in or license to, any assets or properties (including any Proprietary  Rights) that are used by the Company in the conduct of its business and operations (the  “Company Assets”), and any such purported ownership or license is hereby expressly  disclaimed.   (v) The Seller has provided to the Buyer a full, correct and complete  copy of the Seller Facility Lease (without any redactions thereto), as in effect on the date  hereof.  As of the date hereof, none of the parties to the Seller Facility Lease is (with or  without notice, lapse of time, or both) in breach or default under the Seller Facility  Lease.     (vi) To the knowledge of the Seller, the Company has good and valid  title to, or holds valid leasehold interests in, all of the Company Assets. All of the  Company Assets and the Contributed Assets have been maintained in accordance with  

 

#10184775 v14 \027606 \0022  normal industry practice and are in good repair and operating condition, ordinary wear  and tear excepted.  (vii) To the knowledge of the Seller, the Company Assets, the  Contributed Assets, the Facility, and the services to be performed under the Transition  Services Agreement collectively constitute all of the assets required for the continued  conduct of the Company Business after the Closing in substantially the same manner as  conducted prior to the Closing.  (viii) To the knowledge of the Seller, (A) the Company has conducted  no business or operations other than the Company Business, and (B) all of the liabilities  and obligations of the Company have arisen in the ordinary course of business,  consistent with past practice.   5. Covenants.  Efforts to Consummate.  Subject to the terms and conditions set forth in this  Agreement, the Parties shall cooperate with each other, and each Party shall use its reasonable  best efforts to take or cause to be taken all actions and to do or cause to be done all things  reasonably necessary or advisable on its part, in order to consummate the Transaction, including  the satisfaction, but excluding the waiver, of the closing conditions set forth in Section 6.    Litigation Support.  From and after the Closing, in the event and for so long as the  Buyer or any of its Affiliates (including the Company), on the one hand, or the Seller or any of  its Affiliates, on the other hand, is contesting or defending any Action relating to either (i) a fact,  event, or condition in existence or occurring at or prior to the Closing involving the Company, or  (ii) the Transaction (in each case within the foregoing clauses (i) and (ii), other than any Action  between any of the Buyer, the Company, or any of their Affiliates, on the one hand, and the  Seller or any of its Affiliates, on the other hand), the Seller or the Buyer, as the case may be,  shall, and shall cause its respective Affiliates and Representatives to, cooperate with the Buyer or  its Affiliates or the Seller or its Affiliates, as applicable, and their counsel in such defense or  contest, including by making available its personnel and providing such testimony and access to  its books and records as shall be reasonably necessary or advisable in connection with such  contest or defense, in each case at the sole cost and expense of the contesting or defending party.  Company Agreements.  The Seller acknowledges and agrees that, from and after  the Closing, the Seller shall have no further rights as a Member of the Company, including any  voting rights, rights to participate in management, rights to any of the Buyer’s or the Company’s  Proprietary Rights or, subject to Article 13 of the Teaming Agreement, any other Proprietary  Rights used by the Company in the conduct of its business or operations (other than the Excluded  Assets), and rights to any profits and losses of the Company; provided, that, for the avoidance of  doubt, the Seller and the Buyer shall continue to be bound by any provisions of (x) the Company  Operating Agreement that, by their nature, survive a Member’s ceasing to own any Units  (including Articles 14 and 15 thereof except for Section 15.2 as applicable to the Seconded  Employees (as defined in the Transition Services Agreement)), and (y) the Teaming Agreement  that, by their nature, survive the termination thereof (including Article 13 thereof), all of which  shall survive the consummation of the Transaction in accordance with their terms; provided,  

 

#10184775 v14 \027606 \0022  however, that (x) Section 15.4 of the Company Operating Agreement and (y) Articles 6.2(b), 6.3,  6.10, 7, 8 and 18 of the Teaming Agreement, shall, in each case, not survive the consummation  of the Transaction. Each of the other Company Agreements is hereby terminated in its entirety,  effective as of the Closing Date.  Further Assurances.  From and after the Closing, each Party shall, and shall cause  its Affiliates and Representatives to, take such further actions and execute and deliver such  further documents (in form and substance reasonably satisfactory to such Party) as may be  reasonably requested by any other Party to carry out the purposes of this Agreement.  Tax Matters.  (i) Buyer shall prepare and timely file all Tax returns of the Company  for any taxable period of the Company beginning before, and ending after, the Closing  Date (a “Straddle Period”), and all taxable periods ending on or before the Closing Date  (a “Pre-Closing Tax Period”) to the extent that such Tax returns are not yet due and have  not been filed as of the Closing Date. Such Tax returns shall be prepared in a manner  consistent with past practice, unless a contrary treatment is required by applicable Law.  (ii) None of the Seller or any of its Affiliates shall (or shall cause or  permit any other Person to) (A) amend, re-file, file or otherwise modify any Tax return;  (B) make any Tax election; (C) file any ruling or request with any taxing authority; (D)  extend any statute of limitations; or (E) enter into any voluntary disclosure or similar  discussion with any taxing authority, in each case, relating in whole or in part to the  Company and with respect to any Pre-Closing Tax Period or Straddle Period, without  the prior written consent of the Buyer, such consent not to be unreasonably withheld,  conditioned or delayed.  (iii) The Buyer and the Seller agree to furnish or cause to be furnished  to each other, and upon request, as promptly as practicable, such information and  assistance (including access to books and records) as is reasonably necessary for  preparation of any return, audit, and the prosecution or defense of any claim, suit or  proceeding relating to the Tax liability of the Company with respect to any Pre-Closing  Tax Period or Straddle Period.  The requesting Party shall bear all out-of-pocket costs  and expenses incurred by the other Party hereto in providing such assistance.  (iv) In the event that a dispute arises between the Parties as to any  matter relating to Taxes attributable to the Company, the Parties shall attempt in good  faith to resolve such dispute, and any agreed-upon amount shall be paid to the  appropriate Party.  If such dispute is not resolved thirty (30) calendar days thereafter, the  Parties shall submit the dispute to an independent accounting firm mutually chosen by  the Parties for resolution, which resolution shall be final, conclusive and binding on the  Parties.  Notwithstanding anything in the Agreement to the contrary, the fees and  expenses of the independent account firm in resolving this dispute shall be borne equally  by the Parties.  

 

#10184775 v14 \027606 \0022  (v) The Buyer and Seller shall each be responsible for 50% of any  Transfer Taxes and related Tax Return preparation and filing costs; provided, however,  that, except as otherwise provided in this Agreement, in no event shall either Party be  liable for any Taxes of the other Party incurred in connection with this Agreement or the  Transaction.  (vi) With respect to any Pre-Closing Tax Period of the Company to  which the Partnership Audit Rules apply, notwithstanding anything herein to the  contrary, except as otherwise consented by the Buyer, (I) the Company shall make the  election under Code section 6226(a) with respect to the alternative payment of imputed  underpayment of the Company and any corresponding election under state or local Law,  to the extent that the imputed underpayment (within the meaning of Code section 6225  or any similar provision of state or local Law) or other amounts payable to a  Governmental Authority in connection with the adjustment by the Company or its  Subsidiaries would equal or exceed $1,000, and (II) neither the Company nor any of its  members shall, and shall not permit any of their respective Affiliates to, elect under  section 1101(g)(4) of the Bipartisan Budget Act of 2015 to have the amendments made  by such provisions apply to any income Tax Return of the Company with respect to any  pre-Closing period prior to 2018. “Partnership Audit Rules” means Code sections 6221  through 6241 and section 1101(g)(4) of the U.S. Bipartisan Budget Act of 2015, together  with any guidance issued thereunder or successor provisions and any similar provision  of state or local tax Laws.  (vii) The parties intend that the acquisition of the Transferred Interests  will be treated for income tax purposes as a purchase of 51% of the assets of the  Company, in accordance with Situation 1, in Revenue Ruling 99-96.  Buyer and Seller  agree to allocate the purchase price, plus any liabilities properly taken into account for  U.S. federal income Tax purposes, among 51% of the Company’s assets in accordance  with Section 1060 of the Code and the related Treasury Regulations, and any analogous  provisions of applicable state, local or foreign law.  If any adjustments to the purchase  price are made pursuant to this Agreement, Buyer and Seller shall adjust such allocation  accordingly.  (viii) To the extent permitted by applicable law, the parties agree that  any indemnification payments (and/or payments or adjustments) made with respect to  this Agreement shall be treated for all Tax purposes as an adjustment to the purchase  price.  (ix) For purposes of this Agreement, the amount of Taxes attributable to the  pre-Closing portion of any Straddle Period shall be determined based upon a hypothetical  closing of the taxable year on such Closing Date, with the Closing Date being included in  the pre-Closing portion of such Straddle Period; provided, however, real property,  personal property and other Taxes (which are not based on net income, profit, sales,  revenue, withholding or gains) shall be determined by reference to the relative number of  days in the pre-Closing portion (up to and including the Closing Date) and post-Closing  portion of such Straddle Period.  

 

#10184775 v14 \027606 \0022  (x) Each of Seller and Buyer shall notify the other party in writing within  thirty (30) calendar days of receipt of written notice of any pending or threatened tax  examination, audit or other administrative or judicial proceeding relating to the Company  (a “Tax Contest”) that could reasonably be expected to result in an indemnification  obligation under this Section 8(b) of such other party.  Notwithstanding the foregoing, the  Seller shall not agree to any settlement of a Tax Contest for a Pre-Closing Tax Period,  without the prior written consent of the Buyer. The Buyer shall have the right to be kept  fully informed of any material developments and receive copies of all correspondence  and shall have the right to observe the conduct of and participate in any Tax Contest for a  Pre-Closing Tax Period (through attendance at meetings or otherwise) at its own expense,  including through its own counsel and other professional experts.   (xi) This Section 5(e) shall survive until three months after the expiration of  the statute of limitations with respect to the applicable Tax.  Parent Registration.    (i) If Parent proposes to register (including, for this purpose, a registration  effected by Parent for stockholders other than the Seller) any Parent Common Stock  under the Securities Act in connection with the public offering of such Parent Common  Stock solely for cash (other than in an Excluded Registration), Parent shall, at such time,  promptly give the Seller notice of such registration. Upon the request of the Seller given  within one (1) day after such notice is given by Parent, Parent shall, subject to this  Section 5(f), cause to be registered all of the Parent Common Stock that the Seller owns  that is listed under the heading “PIPE (Unrestricted) Shares” on Exhibit E hereto and the  shares of Parent Common Stock to be issued upon exercise of the Holtec Options (as  defined in Exhibit E hereto) (such shares of Parent Common Stock, collectively, the  “Subject Securities”) (and expressly excluding any of the other shares of Parent Common  Stock listed on Exhibit E hereto) and has requested to be included in such registration.   Parent shall have the right to terminate or withdraw any registration initiated by it under  this Section 5(f) before the effective date of such registration, whether or not the Seller  has elected to include any Subject Securities in such registration.      (ii) If the managing underwriter or underwriters in an offering contemplated  by Section 5(f)(i), in good faith, advises the Parent that the dollar amount or number of  Subject Securities that the Seller and/or its affiliates desire to sell, taken together with all  other shares of Parent Common Stock or other equity securities that the Parent or any  other holder of Parent Common Stock desires to sell, exceeds the maximum dollar  amount or maximum number of equity securities that can be sold in such offering without  adversely affecting the proposed offering price, the timing, the distribution method, or the  probability of success of such offering, then the number of Subject Securities to be  included in such offering may be adjusted, as determined by the Parent in consultation  with such underwriter(s).   (iii) Neither Seller nor any of its affiliates may participate in any offering  contemplated by Section 5(f)(i) unless such person (a) agrees to sell such person’s  securities on the basis provided in the underwriting agreement for such offering and (b)  

 

#10184775 v14 \027606 \0022  completes and executes all customary questionnaires, powers of attorney, indemnities,  lock-up agreements, underwriting agreements and other customary documents as may be  reasonably required under the terms of such underwriting agreement. Seller shall, and  shall cause its affiliates to, enter into an underwriting agreement with the underwriters,  which underwriting agreement shall contain customary representations, covenants,  indemnities and other rights and obligations as are customary in underwritten offerings of  equity securities; provided, however, that no such person shall be required to make any  representations or warranties to or agreements with the Parent or the underwriters other  than representations, warranties or agreements regarding such person’s authority to enter  into such underwriting agreement and to sell, and its ownership of, the securities being  registered on its behalf, its intended method of distribution and any other representation  required by law.   Contributed Assets; No Further Obligations.    (i) The Seller hereby acknowledges that the Seller has possession of certain  Company Books and Records.  The Seller further acknowledges and agrees that to the extent that  the Seller may be deemed to have any ownership of or other interest in (in each case, other than  those rights arising by virtue of the Seller’s ownership of the Transferred Interests, all of which  will transfer to the Buyer at the Closing) any of the assets or properties that are used by the  Company in the conduct of its business and operations or that are otherwise located at the  Company’s allocated area within the Facility (including any and all Proprietary Rights (subject  to Article 13 of the Teaming Agreement), Special Purpose Equipment, inventory, raw materials,  improvements to the Facility (subject to the Sublease Agreement and/or Landlord’s ownership  rights), the HI-POWER domain name, and furniture, fixtures and equipment, but excluding the  Excluded Assets), such ownership or other interest is hereby expressly disclaimed, and the Seller  acknowledges and agrees that, subject to the limitations expressly provided herein, all such  assets and properties shall be owned solely and exclusively by the Company, free and clear of  any and all ownership claims or other Liens on the part of the Seller or its Affiliates (with all  such assets and properties referred to in this sentence, collectively with the Company Books and  Records, being referred to as the “Contributed Assets”).    (ii) In furtherance, and not in limitation, of the second sentence of Section  5(g)(i), the Seller covenants and agrees that, prior to the Closing, the Seller will execute and  deliver the Assignment and Assumption Agreement pursuant to which it will transfer, convey,  assign and deliver to the Company all of the Seller’s right, title and interest in and to the  Contributed Assets.  (iii) The Seller, on behalf of itself and its Affiliates, hereby confirms that, as of  the date hereof, none of the Company, Parent, the Buyer or any of their respective Affiliates or  Representatives has any outstanding indebtedness, obligations or liabilities of any nature  whatsoever to the Seller or its Affiliates, and the Seller hereby waives and releases and shall not  have any claims with respect to any of the foregoing; provided that this Section 5(g)(iii) shall not  apply to (A) the rights or obligations arising under this Agreement or any Ancillary Agreement,  (B) the Seller Contributions (which the Seller agrees shall have been returned in their entirety as  of the Closing), or (C) the gross negligence, fraud or willful misconduct on the part of Parent, the  Buyer or any of their respective Affiliates or Representatives.  

 

#10184775 v14 \027606 \0022  (iv) The Buyer, on behalf of itself and its Affiliates, hereby confirms that, as of  the date hereof, none of the Seller or any of its Affiliates or Representatives has any outstanding  indebtedness, obligations or liabilities of any nature whatsoever to the Buyer or its Affiliates, and  the Buyer hereby waives and releases and shall not have any claims with respect to any of the  foregoing; provided that this Section 5(g)(iv) shall not apply to (A) the rights or obligations  arising under this Agreement or any Ancillary Agreement or (B) the gross negligence, fraud or  willful misconduct on the part of the Seller or any of its Affiliates or Representatives.  6. Closing Conditions.  Conditions to the Buyer’s Obligation.  The Buyer’s obligation to consummate the  Transaction is subject to satisfaction (or waiver by the Buyer) of the following conditions:  (i) the representations and warranties made by the Seller in this  Agreement shall be true and correct at and as of the Closing, with the same force and  effect as if made at and as of the Closing;  (ii) the Seller shall have complied with and performed in all material  respects (without duplication of any materiality qualifier contained therein) all of the  covenants required to be performed by it at or prior to the Closing pursuant to this  Agreement;  (iii) the Seller shall have delivered to the Buyer a certificate of a  secretary or other authorized officer of the Seller certifying that the conditions set forth  in clauses (i) and (ii) above have been satisfied; and  (iv) no Order shall been entered, issued, made, or rendered, which  Order remains in effect and restrains, enjoins, makes illegal, or otherwise prohibits  consummation of all or any part of the Transaction.  Conditions to the Seller’s Obligation.  The Seller’s obligation to consummate the  Transaction is subject to satisfaction (or waiver by the Seller) of the following conditions:  (i) the representations and warranties made by the Buyer in this  Agreement shall be true and correct at and as of the Closing, with the same force and  effect as if made at and as of the Closing;  (ii) the Buyer shall have complied with and performed in all material  respects (without duplication of any materiality qualifier contained therein) all of the  covenants required to be performed by it at or prior to the Closing pursuant to this  Agreement;  (iii) the Buyer shall have delivered to the Seller a certificate of a  secretary or other authorized officer of the Buyer certifying that the conditions set forth  in clauses (i) and (ii) above have been satisfied; and  

 

#10184775 v14 \027606 \0022  (iv) no Order shall been entered, issued, made, or rendered, which  Order remains in effect and restrains, enjoins, makes illegal, or otherwise prohibits  consummation of all or any part of the Transaction.  7. Closing Deliverables of the Seller.  At the Closing, the Seller shall deliver to the  Buyer the following:  resignation letters, effective as of the Closing, from (i) Dr. Krishna Singh, Martin  Babos, and Richard M. Springman resigning as Managers of the Board, (ii) the Seller, resigning  as Administrative Member of the Company, and (iii) to the extent requested by the Buyer,  resignations from any other directors, managers, or officers of the Company (in their capacity as  such);   (i) a certification in the form prescribed by Code Section 1445 and Section  1446(f) and the regulations issued thereunder, duly executed by the Seller or a duly authorized  representative thereof to the effect that the Seller is not a “foreign person” for purposes of  Section 1445 and Section 1446(f) of the Code and (ii) an IRS Form W-9 properly completed and  duly executed by the Seller;   the Transition Services Agreement duly executed by the Seller and the Company;  a sublease agreement in form and substance reasonably satisfactory to the Buyer  and the Seller with respect to the Facility (the “Sublease Agreement”) duly executed by the  Seller and consented to by the Landlord;  a true, correct and complete copy of the fully-executed Assignment and  Assumption Agreement; and  a resignation, in form and substance reasonably satisfactory to Parent, duly  executed by Dr. Krishna Singh, pursuant to which Dr. Singh resigns as a member of the board of  directors of Parent, effective as of the Closing Date.  8. Indemnification.      By the Buyer.  The Buyer shall indemnify the Seller, its Affiliates, and its and  their respective officers, directors, managers, members, managing members, partners,  shareholders, employees, agents, representatives, attorneys, insurers, heirs, successors and  permitted assigns (collectively, the “Seller Indemnified Parties”) from and against any and all  losses, damages, liabilities, obligations, actions, judgments, awards, injunctions and other  equitable remedies, liens, settlements, diminution in value, taxes, penalties, fines, interest, costs,  fees and expenses (including reasonable fees and expenses of legal counsel and other  professional advisors and experts and court costs) (collectively, “Losses”) which the Seller  Indemnified Parties may suffer or incur arising out of, in connection with, relating to or resulting  from any of the following:   (i) the breach of any representation or warranty made by the Buyer in  this Agreement;  

 

#10184775 v14 \027606 \0022  (ii) the breach of any covenant or agreement set forth herein required  to be performed by the Buyer, or  (iii) any Taxes of the Buyer (which, for the avoidance of doubt, shall  not include any Pre-Closing Taxes for which the Seller shall indemnify the Buyer  Indemnified Parties pursuant to Section 8(b)(v) below).  By the Seller.    The Seller shall indemnify the Buyer, its Affiliates (including the  Company), and its and their respective officers, directors, managers, members, managing  members, partners, shareholders, employees, agents, representatives, attorneys, insurers, heirs,  successors and permitted assigns (collectively, the “Buyer Indemnified Parties”) from and  against any and all Losses which the Buyer Indemnified Parties may suffer or incur arising out  of, in connection with, relating to or resulting from any of the following:  (i)  the breach of any representation or warranty made by the Seller in  this Agreement;  (ii) the breach of any covenant or agreement set forth herein required  to be performed by the Seller;   (iii) any Taxes of the Seller;  (iv) the business and operations of the Company, or the leasing or  operation of the Facility, in each case, prior to the Closing Date (including any and all  such Losses rising out of, in connection with, relating to or resulting from (A) income,  property, excise or other Taxes, (B) environmental conditions or claims, (C) injury to  persons or damage to property, (D) claims with respect to employment or employee  benefits, (E) violations of Law, or (F) breaches of Contracts with third parties; or  (v) any Pre-Closing Taxes;  provided, however, that, with respect to the foregoing clauses (iv) and (v), Losses shall be  calculated equitably to reflect the fact that the Buyer held a 49% ownership interest in the  Company during such JV Period, as applicable.    The representations and warranties of the Buyer or the Seller hereunder, and the  rights to indemnification of any Seller Indemnified Party or Buyer Indemnified Party, as the case  may be, with respect thereto shall not be affected or deemed waived by reason of any investigation  made by or on behalf of such Seller Indemnified Party or Buyer Indemnified Party, as the case may  be, or by reason of the fact that such Seller Indemnified Party or Buyer Indemnified Party, as the  case may be, knew or should have know that any such representation or warranty is, was or might  by inaccurate or by reason of the Seller’s or the Buyer’s, as the case may be, waiver of any  condition set forth in Article 6 hereof.  For the avoidance of doubt, any Loss incurred as a result of any claim of any kind  against either the Seller Indemnified Parties or the Buyer Indemnified Parties related to the business  and operations of the Company during the JV Period shall be shared and allocated according to the  Buyer’s and Seller’s then respective ownership interest in the Company (i.e., 51% of Seller and  

 

#10184775 v14 \027606 \0022  49% of Buyer); provided, however, that (x) the foregoing shall not limit and is subject in all  respects to the Buyer’s and Seller’s respective rights and obligations under this Agreement  (including Sections 8(a)(i) and (ii) and 8(b)(i) and (ii) hereof) and (y) no Party shall share in or be  allocated any Loss arising out of or related to the bad faith, willful misconduct, fraud, or a violation  of applicable Law by any other Party.  9. Termination.  Right of Termination.  This Agreement may be terminated prior to the Closing:  (i) by the Buyer and the Seller upon mutual written consent; or  (ii) by either Party if any condition to such Party’s obligations set forth  in Section 6 (other than conditions with respect to actions to be taken at the Closing  itself) shall not have been satisfied on or before April 9, 2021 (unless such failure results  primarily from the breach by such Party of any representation, warranty, covenant, or  agreement set forth in this Agreement).  Effect of Termination.  In the event of the termination of this Agreement pursuant  to this Section 9, all rights and obligations of the Parties under this Agreement shall terminate  without any further liability of any Party, provided that (i) this Section 9 and Section 10 shall  survive such termination, and (ii) such termination shall not relieve any Party from liability  resulting from or arising out of its breach of this Agreement prior to such termination.  10. Miscellaneous.  Press Releases and Public Announcements.  No Party shall, or shall permit its  Affiliates or Representatives to, issue any press release or make any public filing, announcement,  or disclosure (whether written, oral, or electronic) relating to the Transaction without the prior  written approval of the other Party, except as required by applicable Law or the rules or  regulations of any United States or foreign securities exchange.  For the avoidance of doubt,  subject to the preceding sentence, each of the Parties acknowledges that from and after the date  hereof, it and its Representatives will continue to be bound by certain confidentiality and other  restrictive covenants in accordance with the terms and conditions set forth in Articles 14 and 15  of the Company Operating Agreement (as expressly modified by the provisos set forth in Section  5(c) of this Agreement); provided, however, that the Parties agree that Section 15.3 (Non- Disparagement) of the Operating Agreement shall be deemed for all purposes to apply to any  statements and information concerning the Company, Parent, the Buyer, the Seller, any of their  respective Affiliates or successors, and any of their respective Representatives (including expert  networks such as Gerson Lehman Group (GLG) and equivalent Persons).   Third-Party Beneficiaries.  The Agreement nor shall not confer any rights or  remedies upon any Person other than the Parties and their respective successors and permitted  assigns.  Entire Agreement.  This Agreement constitutes the entire agreement among the  Parties and supersede any prior understandings, agreements, representations, warranties, letters  of intent, or term sheets by or between the Parties (as well as any Affiliate or Representative  

 

#10184775 v14 \027606 \0022  acting on behalf of any Party), written or oral, to the extent they relate in any way to the subject  matter hereof or thereof.  Successors and Assigns.  This Agreement shall be binding upon and inure to the  benefit of the Parties and their respective successors and permitted assigns.  No Party may assign  this Agreement or any of such Party’s rights, interests, or obligations hereunder without the prior  written consent of the other Parties, and any such assignment in violation of the foregoing shall  be null and void.    Counterparts.  This Agreement may be executed in counterparts (including by  means of facsimile, .pdf, or other electronic transmission), each of which shall be deemed an  original and all of which together will constitute one and the same instrument.  Notices.  All notices, requests, instructions, demands, documents and other  communications to be given pursuant to this Agreement shall be in writing and shall be delivered  personally, sent by nationally-recognized overnight courier or electronic mail to a Party at the  addresses set forth below for such Party or to such other address as the Party to whom notice is  to be given may have furnished to the other Party hereto in writing in accordance herewith.  Any  such notice or communication shall be deemed to have been delivered and received (a) in the  case of personal delivery, on the date of such delivery, (b) in the case of a nationally-recognized  courier service that guarantees overnight delivery, on the Business Day after the date when sent  for overnight delivery, and (c) in the case of electronic mail, on the date sent (or on the first  Business Day following the date sent if the date sent is not a Business Day), and only if followed  by delivery of an original via a nationally-recognized overnight courier service that guarantees  overnight delivery:  If to the Seller:  Holtec International  1 Holtec Blvd.  Camden, NJ 08104  Attention: Legal Counsel  Email: legal@holtec.com  If to Parent or the Buyer: Eos Energy Storage LLC  3920 Park Avenue  Edison, NJ 08820  Attention:  Joseph Mastrangelo  Email:  jmastrangelo@eose.com  With a copy (which shall not constitute notice) sent contemporaneously to:  Morrison Cohen LLP  909 Third Avenue, 27th Floor  New York, New York 10022  

 

#10184775 v14 \027606 \0022  Attention:  David LaGalia, Esq.  Zachary Jacobs, Esq.  Email:  dlagalia@morrisoncohen.com  zjacobs@morrisoncohen.com  Any Party may change its contact information for such notices, requests, demands,  claims, and other communications by giving the other Party notice in the manner set forth above.  GOVERNING LAW.  THIS AGREEMENT SHALL IN ALL RESPECTS BE  GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS  (EXCLUDING CONFLICT OF LAWS RULES AND PRINCIPLES) OF THE STATE OF  DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED  ENTIRELY WITHIN SUCH STATE, INCLUDING ALL MATTERS OF CONSTRUCTION,  VALIDITY AND PERFORMANCE.  SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.  (i) ANY ACTION AGAINST ANY PARTY TO THIS  AGREEMENT ARISING OUT OF OR IN ANY WAY RELATING TO THIS  AGREEMENT SHALL BE BROUGHT IN ANY FEDERAL OR STATE COURT  LOCATED IN THE STATE OF DELAWARE AND EACH OF THE PARTIES  HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS  FOR THE PURPOSE OF ANY SUCH ACTION; PROVIDED, THAT A FINAL  JUDGMENT IN ANY SUCH ACTION SHALL BE CONCLUSIVE AND MAY BE  ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN  ANY OTHER MANNER PROVIDED BY LAW.  EACH PARTY IRREVOCABLY  AND UNCONDITIONALLY AGREES NOT TO ASSERT (A) ANY OBJECTION  WHICH IT MAY EVER HAVE TO THE LAYING OF VENUE OF ANY SUCH  ACTION IN ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF  DELAWARE, (B) ANY CLAIM THAT ANY SUCH ACTION BROUGHT IN ANY  SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND (C)  ANY CLAIM THAT SUCH COURT DOES NOT HAVE JURISDICTION WITH  RESPECT TO SUCH ACTION.    (ii) TO THE EXTENT THAT SERVICE OF PROCESS BY MAIL IS  PERMITTED BY APPLICABLE LAW, EACH PARTY IRREVOCABLY CONSENTS  TO THE SERVICE OF PROCESS IN ANY SUCH ACTION IN SUCH COURTS BY  THE MAILING OF SUCH PROCESS BY REGISTERED OR CERTIFIED MAIL,  POSTAGE PREPAID, AT ITS ADDRESS FOR NOTICES PROVIDED FOR  HEREIN.  (iii) EACH PARTY IRREVOCABLY AND UNCONDITIONALLY  WAIVES ANY RIGHT TO A TRIAL BY JURY AND AGREES THAT ANY OF  THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS  WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED- FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS  RIGHT TO TRIAL BY JURY IN ANY ACTION.  

 

#10184775 v14 \027606 \0022  Amendments.  No amendment of any provision of this Agreement shall be valid  or effective unless in writing executed by the Parties.  No consent under any provision of this  Agreement or waiver of any provision of this Agreement or of any default under or breach of any  representation, warranty, covenant, or agreement set forth herein, whether or not intentional,  shall be valid or effective unless in a writing executed by the Buyer (if the Party seeking to  enforce such consent or waiver is the Seller) or the Seller (if the Party seeking to enforce such  consent or waiver is the Buyer or Parent), nor shall any such waiver be deemed to extend to any  prior, subsequent, or similar default or breach or affect in any way any rights arising by virtue of  any such prior, subsequent, or similar default or breach.  No failure by any Party to take any  action with respect to any such default or breach shall constitute a waiver of such Party’s rights  to take any such action or to enforce any provision of this Agreement.    Severability.  Any term or provision of this Agreement that is invalid, illegal, or  unenforceable shall be deemed to be limited or modified in its application to the minimum extent  necessary to avoid such invalidity, illegality, or unenforceability.  The invalidity, illegality, or  unenforceability of any such term or provision in any situation in any jurisdiction shall not affect  the validity, legality, or enforceability of the remaining terms and provisions of this Agreement  or the validity, legality, or enforceability of such term or provision in any other situation or in  any other jurisdiction.  Expenses.  Except as otherwise provided in this Agreement, each Party shall bear  its own costs and expenses (including attorneys’ fees) incurred in connection with this  Agreement and the Transaction, whether or not the Closing shall have occurred.    Specific Performance; Remedies Cumulative.  Each Party agrees that irreparable  damages would occur, and money damages would be inadequate, if any provision of this  Agreement were not performed in accordance with the terms hereof and that, in the event of a  breach or threatened breach of this Agreement, the Parties shall be entitled to seek specific  performance of the terms hereof, in addition to any other remedy to which they are entitled at  law or in equity.  Each Party irrevocably waives any requirement for the securing or posting of  any bond, or for the proving of any actual or special damages, in connection with any specific  performance described within this Section 10(l).  Each Party further agrees that the only  permitted objection that it may raise in response to any Action for any specific performance  described within this Section 10(l) is that it contests the existence of a breach or threatened  breach of this Agreement.  Except as otherwise provided herein, the remedies provided herein  and therein shall be cumulative and shall not preclude the assertion by any Party of any other  rights or the seeking of any other remedies against any other Party.  [Signature pages follow]  

 

#10184775 v14 \027606 \0022  IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first  above written.  BUYER:    EOS ENERGY STORAGE, LLC    By: _______________________________________  Name:  Title:      SELLER:    HOLTEC POWER, INC.    By: _______________________________________  Name:  Title:      PARENT  (solely for purposes Section 5(f)):    EOS ENERGY ENTERPRISES, INC.    By: _______________________________________  Name:  Title:    Chief Strategic Alliances Officer Mack E. Treece Chief Strategic Alliances Officer Mack E. Treece Martin J. Babos, JR. VP Finance 

 

#10184775 v14 \027606 \0022  Exhibit A  Form of Assignment and Assumption Agreement  [See attached]  

 

#9843762 v8 \027606 \0022  CONTRIBUTION, ASSIGNMENT AND ASSUMPTION AGREEMENT  THIS CONTRIBUTION, ASSIGNMENT AND ASSUMPTION AGREEMENT, dated  as of April 9, 2021 (this “Agreement”), is made by and between Holtec Power, Inc., a Delaware  corporation (the “Member”), and HI-POWER, LLC, a Delaware limited liability company (the  “Company”).  Capitalized terms used but not defined herein shall have the meanings ascribed to  such terms in the Purchase Agreement (as defined below).   RECITALS  WHEREAS, the Member is a party to that certain Unit Purchase Agreement, dated as of  April 8, 2021 (as amended, restated or otherwise modified from time to time, the “Unit Purchase  Agreement”), in accordance with the terms and subject to the conditions of which, among other  things, the Member will sell all of its Units in the Company to Eos Energy Storage, LLC (the  “Buyer”);   WHEREAS, in anticipation and in furtherance of the Transaction pursuant to the Unit  Purchase Agreement, the Member wishes to sublease the Facility Lease, the Company Books  and Records, and any other Contributed Assets that the Member may own or in which the  Member may otherwise have an interest; and  WHEREAS, (i) the Member acknowledges that it will benefit substantially and directly  from the Transaction, (ii) the Member acknowledges that the Buyer would be unwilling to  consummate the Transaction without certain assurances that none of the Member or any of its  Affiliates owns, or holds any leasehold interest in or license to, any assets or properties recorded  on the Company’s financial statements that are used by the Company in the conduct of its  business and operations (which, after giving effect to the transactions contemplated by this  Agreement, the Member hereby confirms), and (iii) it is a material condition to the Transaction  that the Member and the Company execute and deliver this Agreement.  NOW, THEREFORE, in consideration of the foregoing and the respective  representations, warranties, covenants and agreements herein contained, and other good and  valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and  intending to be legally bound hereby, the parties hereto hereby agree as follows:  1. Contribution and Assignment.  The Member, for good and valuable consideration,  the receipt and sufficiency of which are hereby acknowledged, does hereby contribute, assign,  transfer, convey, and deliver to the Company, and the Company does hereby acquire, and accept  from the Member, all of the Member’s right, title and interest in and to the Contributed Assets,  free and clear of any Liens, TO HAVE AND TO HOLD the same unto the Company, and its  successors and assigns, to and for its use forever.    2. Headings.  The headings and captions contained in this Agreement are inserted  only as a matter of convenience and in no way define, limit or extend the scope or intent of this  Agreement or any provision hereof.  3. Counterparts.  The parties hereto may sign this Agreement in counterparts, each  of which shall be deemed an original but all of which together shall constitute one instrument.   

 

#9843762 v8 \027606 \0022  2  The parties hereto agree that delivery of this Agreement may be effected by means of an  exchange of .pdf or other electronic copies.  4. Governing Law.  This Agreement shall be governed by, and construed and  enforced in accordance with, the Laws of the State of Delaware.    5. Successors and Assigns.  This Agreement shall be binding upon and inure to the  benefit of the parties hereto and their successors and assigns.    6. Amendment.  This Agreement may not be modified or amended in any manner  other than by an instrument in writing signed by each party or each such party’ successors or  assigns.  7. Further Assurances.  From and after the date hereof, each party hereto shall, and  shall cause its Affiliates and Representatives to, take such further actions and execute and deliver  such further documents (in form and substance reasonably satisfactory to such party) as may be  reasonably requested by the other party hereto to carry out the purposes of this Agreement.  [Signature page follows]  

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of  the date first above written.  MEMBER:  HOLTEC POWER, INC.  ________________________________  Name:    Title:      COMPANY:  HI-POWER, LLC  ________________________________  Name:    Title:      

 

#10184775 v14 \027606 \0022  Exhibit B  Form of Transition Services Agreement  [See attached]  

 

Execution Version  #10185755 v13 \027606 \0022  TRANSITION SERVICES AGREEMENT  This Transition Services Agreement (this “Agreement”) is entered into as of April 9,  2021 by and among HI-POWER, LLC, a Delaware limited liability company (the “Company”),  Eos Energy Storage, LLC, a Delaware limited liability company (the “Buyer”), and Holtec  Power, Inc., a Delaware corporation (the “Seller” and, together with the Company and Buyer, the  “Parties”). Capitalized terms not defined herein shall have the meanings ascribed to them in the  Unit Purchase Agreement (as defined below).    RECITALS  WHEREAS, pursuant to that certain Unit Purchase Agreement, dated as of April 8, 2021,  by and among Buyer, Seller and Eos Energy Enterprises, Inc. (the “Unit Purchase Agreement”),  the Seller has agreed to sell, and the Buyer has agreed to purchase, all of Seller’s Units of the  Company (following which, Buyer shall own 100% of the Units of the Company);  WHEREAS, in connection with the Unit Purchase Agreement, in order to ensure a  smooth transition of the business operations of the Company, Seller has agreed to provide  ongoing support and services to the Company following the Closing for a certain period of time.  NOW, THEREFORE, in consideration of the foregoing premises and of the respective  covenants and agreements contained herein the Parties, intending to be legally bound, hereto  agree as follows:  1. Services to be provided by Seller to Company.   (a) Seller shall provide to the Company all of the services that it provided to  the Company prior to the Closing, including, without limitation, human resources, accounting,  IT, payroll, administrative services and procurement, along with such other services mutually  agreed between the Parties in writing to ensure a smooth transition of the business operations of  the Company resulting from the sale of Seller’s ownership interest in the Company to the Buyer  (the “Services”).    (b) Seller shall perform the Services in the same manner and to the same  standards as it performed the Services prior to Closing, and the Company shall pay for such  Services at the rates set by the Seller on an hourly basis according to Seller’s standard rate  sheets, as attached hereto as Attachment A (“Rate Sheets”), which shall remain unchanged for  the duration of the Term of this Agreement.  (c) Attached hereto as Attachment B are copies of the invoices that Seller  issued to the Company for: (i) all back-office Services (i.e. human resources, accounting, IT,  payroll, administrative services and procurement, and the like) (“Back-Office Services”); and (ii)  the provision to the Company of the Holtec Seconded Employees, for the three (3) calendar  months immediately preceding the date hereof. For the duration of the Term of this Agreement,  

 

#10185755 v13 \027606 \0022  2  the total number of hours to be billed to the Company for the Back-Office Services pursuant to  the Rate Sheets in any calendar month shall in no event exceed the average number of hours  billed to the Company for the Back-Office Services per month during the three (3) calendar  months immediately preceding the date hereof. In the event that such cap is reached in any  month during the Term of this Agreement, the Company’s prior written consent shall be required  before any additional hours can be billed by Seller.  (d) Back-Office Personnel. Seller’s employees performing Back-Office  Services (the “Back-Office Personnel”) are expressly excluded from the definition of “Holtec  Seconded Employee”, as defined in Section 2 below. Although Back-Office Personnel are  performing Services for the benefit and at the expense of the Company (invoiced for their  Services pursuant to this Agreement), the Back-Office Personnel will be physically located in  Seller’s offices and such Back-Office Personnel are expressly employees of and under the  direction, control, and supervision of Seller.  For the avoidance of doubt, any individual not  listed in Attachment C are considered Seller’s employees providing Services to the Company  according to Rate Sheets and the terms herein.  (e) Contracted Personnel.  Seller, on behalf of Company, has engaged  multiple staffing firms to procure personnel for Company (the “Contracted Personnel”).  The  Contracted Personnel are listed in Attachment D.  Upon execution of this Agreement, the  Company shall be responsible for all contracts with such staffing agencies in relation to the  Contracted Personnel.  Seller shall continue to provide administrative support for the staffing  agency contracts under its provision of Back-Office Services until the earlier of (i) the staffing  contract being assigned to or renegotiated by Company or Buyer; and/or (ii) the end of the Term  of this Agreement.  Currently the Contracted Personnel are, and shall remain, under the day-to- day direction, and supervision of the Company and the staffing agencies are, and will continue,  being paid directly by the Company for their staffing services related to the Contracted  Personnel.  The Seller agrees to work with Company and/or Buyer to transfer the contracts with  the applicable staffing agencies to avoid any lapse in Contracted Personnel engagement.  For the  avoidance of doubt, the Contracted Personnel are not considered “Holtec Seconded Employees”,  as defined in Section 3 below. For avoidance of doubt, during the period the contracts are held  by Seller, the service fee of 15% of the total cost of the Contracted Personnel shall apply,  invoiced monthly by Seller to Company.  2. Secondment of Employees. Also included within the Services, in addition to the  Back-Office Personnel’s performance of work, shall be the provision by the Seller to the  Company of those of the Seller’s employees identified as the Holtec Seconded Employees  currently employed by Seller under the terms of the Company Operating Agreement, as listed in  Attachment C hereto (the “Holtec Seconded Employees”). The Holtec Seconded Employees  shall remain employees of the Seller for the duration of the Term, and shall be provided in  accordance with and subject to the terms of this Agreement during the Term of this Agreement.    

 

#10185755 v13 \027606 \0022  3  (a) Seller Obligations. During the Term of this Agreement, the Seller agrees  to carry out and perform all of the duties and obligations set forth in this Section 2(a).  (i) Seller shall make the Holtec Seconded Employees available  to perform services for the Company at Company’s facility at Units N1 and N2B,  200 Braddock Avenue, Keystone Commons Complex, Borough of Turtle Creek,  Allegheny County, Pennsylvania  and at the day-to-day direction and supervision  of the Company on a full-time basis or such other basis as in effect as of the  Closing, as directed by the Company.    (ii) Seller shall maintain to the extent practical to Seller in full  force and effect all of its employee benefit plans, programs and arrangements (the  “Employee Plans”) for the Holtec Seconded Employees on the same terms,  conditions and cost basis as are in existence on the date of this Agreement.   (iii) Seller shall: (A) maintain to the extent practical to Seller in  full force and effect its existing employment practices liability insurance, workers  compensation insurance and professional liability insurance (covering both entity- level and employee-level claims), in each case covering all of the Holtec  Seconded Employees and on the same terms and conditions as are in existence on  the date of this Agreement (collectively, the “Insurance Policies”); Within 10 days  after the Closing, Seller shall furnish the Company with certificates of insurance  and copies of endorsements for Seller’s workers compensation insurance policy,  and any other documentation reasonably requested by the Company, evidencing  the Company’s coverage under such policy in accordance with the preceding  sentence.  (iv) Seller shall timely and faithfully carry out all of its payroll,  tax withholding and reporting, and other duties and obligations as the common  law employer of the Holtec Seconded Employees, and shall furnish the Company  with Seller’s payroll and tax records with respect to the Holtec Seconded  Employees (along with such other records as may be requested by the Company  to confirm Seller’s compliance with all of its employer obligations) within 3  business days after each completed payroll period.  (v) Seller shall not, without the Buyer’s prior written consent,  modify any of the terms or conditions of employment, or terminate the  employment, of any of the Holtec Seconded Employees with Seller during the  Term of this Agreement unless such Holtec Seconded Employee violates Seller’s  employment policies or practices, which shall be so determined at Seller’s own  discretion.  

 

#10185755 v13 \027606 \0022  4  (vi) Seller shall notify the Company and Buyer promptly of any  material change in the terms and conditions of employment of the Seller’s  employees (including the Holtec Seconded Employees) generally.  (vii) Subject to Sections 1(b) and 1(c) hereof, Seller shall  invoice the Company on a monthly basis in arrears for Seller’s direct costs of  employing the Holtec Seconded Employees and maintaining the Employee Plans  for the Holtec Seconded Employees’ benefit plus a 15% service fee, and shall  provide the Company with an accounting and any supporting documentation  reasonably requested to verify such amounts. Such costs, which shall be paid by  the Company pursuant to Section 2(b) of this Agreement, shall be computed as  the sum total of the following expenses for each full or partial month during the  Term of this Agreement (for the avoidance of doubt, in each case, only to the  extent that such expenses are allocable solely during the Term of this Agreement),  without duplication (collectively, the “Costs”):  A. All wages paid by Seller to the Holtec Seconded  Employees;  B. All applicable federal, state and local taxes, including  unemployment, employment, payroll and withholding taxes, payable by Seller  and attributable to the Holtec Seconded Employees;  C. All insurance premiums paid by Seller for coverage of the  Holtec Seconded Employees under Seller’s workers compensation insurance  policy (but not for any other insurance coverage); and  D. All employer contributions made or required to be made by  Seller with respect to the Holtec Seconded Employees under the Employee Plans,  and all premiums paid by Seller for the Holtec Seconded Employees’ coverage  under the Employee Plans.  Notwithstanding anything herein to the contrary, Costs shall not  include any costs, penalties, liabilities or other obligations that may be paid or  incurred by Seller to the extent arising as a result of any failure to pay wages or  withhold tax, any failure to pay workers compensation or other coverage  premiums, any documentary, operational or other compliance failure with respect  to any Employee Plan, or any other failure to timely and fully carry out its duties  and obligations as employer of the Holtec Seconded Employees and sponsor of,  or participating employer in, the Employee Plans.  (viii) On the Termination Date, Seller shall immediately  terminate the employment of all Holtec Seconded Employees who are then  

 

#10185755 v13 \027606 \0022  5  employed by Seller, and the Company shall offer employment to all such Holtec  Seconded Employees effective on the Termination Date; provided, however, that  nothing contained in this Agreement is intended to confer upon the Holtec  Seconded Employees any right to continued employment after the Termination  Date.    (ix) As soon as practicable (but not more than 30 days) after the  termination or resignation of any Holtec Seconded Employee from employment  with Seller, Seller shall pay or otherwise discharge all of Seller’s obligations to or  with respect to such Holtec Seconded Employee, including, without limitation,  earned but unpaid wages and employment tax withholding and reporting, and the  Company shall reimburse Seller for any such obligations that constitute Costs (to  the extent not previously paid to Seller pursuant to Section 2(b) of this  Agreement).  (b) Duties and Obligations of the Company.  During the Term of this  Agreement, the Company agrees to carry out and perform all of the duties and obligations set  forth in this Section 2(b).  (i) As consideration for Seller’s services hereunder,  subject to Sections 1(b) and 1(c) hereof, the Company shall pay Seller an  amount equal to the Costs by wire transfer of immediately available funds  within thirty (30) days of Seller’s invoice.  (ii) At all times during the Term of this Agreement, the  Company and the Buyer shall manage the day-to-day activities of the  Holtec Seconded Employees and Back-Office Personnel, respectively,  (provided that Seller shall maintain ultimate direction and control over the  Back-Office Personnel, and Company shall maintain day-to-day direction  and supervision over the Seconded Employees during such period). The  Company may request that Seller terminate the secondment of any Holtec  Seconded Employee who cannot or will not comply with the directions of  Company during the Term of this Agreement.    (iii) The Company shall be responsible for OSHA  compliance and shall document, and notify the Seller of the names of  Holtec Seconded Employees with recordable or lost-time injuries under  OSHA.    (iv) On the Termination Date, Company shall, subject to  Section 2(a)(ix), offer employment to all such Holtec Seconded  Employees effective on the Termination Date.  

 

#10185755 v13 \027606 \0022  6  (c) Maintenance of Records.    Seller shall, for a period of two (2) years after  the Term of this Agreement, maintain accurate records of all Costs, and any other costs incurred  by Seller with respect to the Holtec Seconded Employees, and, at such times and in such form as  the Company shall reasonably request, Seller shall furnish to the Company documentation as to  such costs.  To the extent reasonably requested, the Company (through its authorized Human  Resources representatives) shall have the right to review records maintained by Seller with  respect to the Holtec Seconded Employees, such as, drug screening test or such similar related  documents maintained by Seller with respect to the Holtec Seconded Employees and only as  related to the Company’s work. Seller shall, upon reasonable notice from the Company, allow  the Company and its authorized representatives access to all information and documents  reasonably required for such review during reasonable business hours and provide copies of  applicable documents, all at the Company’s sole cost and expense.  (d) [Reserved].    (e) Seller Disclaimer.  Except as expressly provided herein, Seller assumes no  responsibility or liability for the performance, quality of work product, or any actions or  omissions of the Holtec Seconded Employees.  (f) Special Indemnity.  In addition to (and not in limitation of) Section 7,  Seller shall hold the Buyer, the Company, and their respective shareholders, officers, directors,  parents, subsidiaries and affiliates free of and harmless from all liability, judgments, costs,  damages, claims or demand, including reasonable attorneys’ fees, (i) arising under Section 2(a)  or 2(c), to the extent caused by Seller’s failure to comply with its obligations under Section 2(a)  or 2(c); or (ii) arising out of employment related claims made by the Holtec Seconded  Employees or any governmental agency or body to the extent due to the acts or omissions of  Seller occurring after the Closing in connection with the employment of the Holtec Seconded  Employees during the Term of this Agreement as provided for herein.   3. Excluded Assets. Seller agrees to allow the Company to utilize the Excluded  Assets in use by Company at the time of Closing (as defined in the Unit Purchase Agreement)  located at the Company’s facility at Units N1 and N2B, 200 Braddock Avenue, Keystone  Commons Complex, Borough of Turtle Creek, Allegheny County, Pennsylvania, during the  Term of this Agreement. Following such time, Seller shall remove the Excluded Assets from the  Facility at Seller’s expense.  Seller shall provide reasonable notice to Company for removal of  Excluded Assets if located in the Company-allocated area of the Facility.   4. Term. The term of this Agreement will commence on the Closing Date and will  continue for a period of ninety (90) days, unless extended, at the sole discretion of the Company,  for an additional thirty (30) days (the “Term”).  All or part of the Services and/or use of the  Excluded Assets may be terminated prior to the end of the Term by written notice from the  Company to the Seller.   

 

#10185755 v13 \027606 \0022  7  5. Cooperation; Access.  Each Party shall make available on a timely basis to the  other Party, such information, materials and access as may be reasonably requested to enable the  requesting Party to provide the respective Services hereunder.   6. Confidentiality.    (a) The Parties and their respective employees may have access to certain  financial, technical, proprietary, confidential and other information of the other Parties,  including, but not limited to, the data, reports, interpretations, forecasts, analyses, compilations,  studies, summaries, extracts, records, manufacturing processes and other know-how, statements  (written or oral) or other documents of any kind, which contain sensitive information concerning  the business and affairs of the respective Parties (collectively, the “Confidential Information”).   Each Party shall, and shall cause its affiliates and employees, to hold the Confidential  Information strictly confidential unless such Confidential Information (i) was generally available  to the public other than as a result of a disclosure by the non-disclosing Party or its affiliates, (ii)  was available to the non-disclosing Party or its affiliates on a non-confidential basis prior to the  Closing, provided that the source of such information was not bound by a confidentiality  agreement or otherwise prohibited from transmitting such information by a contractual, legal or  fiduciary duty, or (iii) such information was independently developed by the non-disclosing  Party without using any of the Confidential Information.  Each Party hereby agrees that neither  it, its employees or its respective affiliates will, in any manner, directly or indirectly,  communicate, publish, divulge or otherwise disclose, in whole or in part, the Confidential  Information to any person or use the Confidential Information in any way other than as set forth  hereunder.    (b) Each Party hereby acknowledges that, in the event of a breach or  threatened breach of any of the foregoing, the other Party may sustain great and irreparable  injury and damage.  Therefore, in addition to any other remedies which each Party may have  hereunder, or in law or equity, it shall be entitled to seek an injunction issued by any court of  competent jurisdiction restraining such breach or threatened breach.  This paragraph shall not,  however, be construed as a waiver of any of the rights which a Party may have for damages or  otherwise.    7. [Reserved].   8. Indemnity.  In addition to (and not in limitation of) Section 2(f):   (a) It is understood and agreed that Holtec Seconded Employees will be  performing the Service under Company’s day-to-day direction, supervision, and management.  Therefore, Company and Buyer shall not make any claims, and hereby waives and releases any  claims against Seller, and its respective shareholders, officers, directors, parents, subsidiaries and  affiliates, or the Holtec Seconded Employees arising during the course of or resulting from the  performance of Services or any work directed by the Company or any inadequacies or deficiency  

 

#10185755 v13 \027606 \0022  8  in Company’s oversight, direction or management, including violations of applicable laws, to the  extent such claims or violations arise during or as result of performance which was at or under  Company’s management, supervision, or direction.  Further, Company shall indemnify, defend,  and hold harmless Seller and its respective shareholders, officers, directors, parents, subsidiaries  and affiliates and the Holtec Seconded Employees from any and all third-party claims or Losses  to the extent arising out of or as a result of the Holtec Seconded Employees performing work  under the management of Company after the Closing.   (b) Seller shall indemnify and hold harmless Company, Buyer and their  respective shareholders, officers, directors, parents, subsidiaries and affiliates from and against  any and all Losses, including damage to third party property and personal injury (including  death) arising out of the Holtec Seconded Employees’ performance, to the extent such claims do  not arise out of or as a result of performance which was at or under Company’s management,  including the negligent, unlawful or willful acts or omissions of Holtec Seconded Employees.   For the avoidance of doubt, Seller shall not have an obligation to indemnify or hold Company or  Buyer harmless from and against such Losses where the Holtec Seconded Employees were  acting under the day-to-day management, direction and supervision of Company or Buyer (or  were instructed not to act).   (c) Notwithstanding the foregoing, but subject to the terms and conditions of  the Unit Purchase Agreement, in the event that any Holtec Seconded Employee files a complaint,  or initiates any action against the Company, to the extent based upon an event occurring prior to  the Closing Date, Seller and Buyer shall share all of the costs relating to such complaint or action  (including, without limitation, costs of defense, settlement, penalties and awards) based upon  their respective ownership of Units of the Company prior to the Closing (i.e. Buyer: 49% and  Seller: 51%).  9. Proprietary Rights. The Seller covenants and agrees that any and all Proprietary  Rights including, without limitation, Confidential Information, developed or discovered by the  Holtec Seconded Employees in connection with the performance of the Services hereunder is  and shall remain the sole and exclusive property of the Company, and the Seller hereby disclaims  and assigns to the Company and all of its right, title and interest in and to the same.  10. Amendments and Waivers.  Any provision of this Agreement may be amended or  waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an  amendment, by each Party to this Agreement, or in the case of a waiver, by the Party against  whom the waiver is to be effective. No failure or delay by any Party in exercising any right or  privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise  thereof preclude any other or further exercise thereof or the exercise of any other right, power or  privilege. To the maximum extent permitted by Law, (a) no waiver that may be given by a Party  shall be applicable except in the specific instance for which it was given and (b) no notice to or  demand on one Party shall be deemed to be a waiver of any obligation of such Party or the right  of the Party giving such notice or demand to take further action without notice or demand.  

 

#10185755 v13 \027606 \0022  9  11. Assignment.  Neither this Agreement nor any of the rights and obligations of the  Parties hereunder may be assigned by any Party without the prior written consent of the other  Parties.    12. Entire Agreement. This Agreement and the documents, instruments and other  agreements specifically referred to herein or delivered pursuant hereto, set forth the entire  understanding of the Parties with respect to the subject matter hereof.  Any and all previous  agreements and understandings between or among the Parties regarding the subject matter  hereof, whether written or oral, are superseded by this Agreement.  13. Notices. Any notice, request, demand, waiver, consent, approval or other  communication which is required or permitted hereunder shall be made in accordance with the  procedures set forth in the Unit Purchase Agreement.  14. No Third Party Beneficiaries. No provision of this Agreement is intended to  confer upon any person other than the Parties hereto any rights or remedies hereunder. Without  limiting the foregoing, nothing in this Agreement, express or implied, is intended to or shall  confer upon or be construed to confer upon any Holtec Seconded Employee or such Holtec  Seconded Employee’s beneficiaries, dependents or legal representatives any rights or remedies  (including any right to employment for any specified period with, or any right to any specific  benefits or compensation from, Seller, Buyer, Company, or their respective affiliates) of any  nature or kind whatsoever.  15. Headings. All captions contained in this Agreement are for convenience of  reference only, do not form a part of this Agreement and shall not affect in any way the meaning  or interpretation of this Agreement.   16. Counterparts. This Agreement may be executed in counterparts, and each Party  hereto may execute any such counterpart, each of which (including any electronic or facsimile  copies) when executed and delivered shall be deemed to be an original and both of which  counterparts taken together shall constitute but one and the same instrument.  The Parties agree  that the delivery of this Agreement may be effected by means of an exchange of electronic or  facsimile signatures.  17. Severability; Enforcement. Any provision of this Agreement which is invalid or  unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or  unenforceability without invalidating or rendering unenforceable the remaining provisions  hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or  render unenforceable such provision in any other jurisdiction.  18. Governing Law; Consent to Jurisdiction;. This Agreement shall be governed by  and interpreted and enforced in accordance with the governing law and jurisdiction set forth in  the Unit Purchase Agreement.  

 

#10185755 v13 \027606 \0022  10  19. Independent Contractors. Nothing contained in this Agreement shall be deemed or  construed to create a partnership or joint venture, to create the relationships of  employee/employer or principal/agent, or otherwise create any liability whatsoever of any Party  with respect to the indebtedness, liabilities, obligations or actions of another Party or any of their  respective officers, directors, employees, members, stockholders, agents or representatives, or  any other person or entity.  [Signatures to follow]  

 

#10185755 v13 \027606 \0022  IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly  executed by their respective authorized officers as of the date first above written.  HI-POWER, LLC  By: ______________________  Name:   Title:     Eos Energy Storage, LLC  By: ______________________  Name:   Title:     Holtec Power, Inc.  By: ______________________  Name:   Title:  

 

#10185755 v13 \027606 \0022  Attachment A – Seller’s Standard Rate Sheets  

 

#10185755 v13 \027606 \0022  Attachment B  Copies of the invoices that Seller issued to the Company for: (i) all back-office Services (i.e.  human resources, accounting, IT, payroll, administrative services and procurement, and  the like) (“Back-Office Services”); and (ii) the provision to the Company of the Holtec  Seconded Employees, for the three (3) calendar months immediately preceding the Closing.  

 

#10184775 v14 \027606 \0022  Exhibit C  Form of Promissory Note  [See attached]  

 

#10205191 v4 \027606 \0022  PROMISSORY NOTE  $25,000,000              April 9, 2021  FOR VALUE RECEIVED, Eos Energy Storage, LLC, a Delaware limited liability  company (the “Maker”), hereby promises to pay to the order of Holtec Power, Inc., a Delaware  corporation (the “Holder”), the principal amount of Twenty Five Million Dollars ($25,000,000)  (together with any other note issued in exchange herefor, the “Note”).  1. Unit Purchase Agreement. This Note is issued by the Maker, on the date hereof,  pursuant to the Unit Purchase Agreement, dated as of April 8, 2021 (as amended, restated,  modified or supplemented from time to time, the “Purchase Agreement”), by and among the  Maker, the Holder and Eos Energy Enterprises, Inc., a Delaware corporation (the “Parent”), and  is subject to the terms thereof, all of which are incorporated herein by reference and made a part  hereof.   2. Payments.  The Maker promises to pay the principal amount of this Note in  accordance with Section 2(b) of the Purchase Agreement. All payments to be made to the Holder  shall be made in the lawful money of the United States of America in accordance with Section  2(b) of the Purchase Agreement. If any payment falls on a Saturday, Sunday or public holiday, it  shall be payable on the next succeeding business day. This Note may be voluntarily prepaid by  the Maker at any time, and any such prepayments shall be applied to the unpaid principal amount  in inverse order of maturity under Section 2(b) of the Purchase Agreement.  3. Events of Default/Remedies.  (a) The happening of any one of the following specific events shall be deemed  an “Event of Default”:  (i) the Maker’s default in paying the applicable payment amount, as  and when due, in accordance with Section 2(b) of the Purchase Agreement, which default is not  cured within ten (10) days after written notice of such default from the Holder;  (ii) the filing of any petition or the commencement of any proceeding  by the Maker for any relief under the bankruptcy or insolvency laws or any laws relating to the  relief of debtors, readjustment of indebtedness, reorganization, compositions or extensions; or  (iii) the filing of any petition for the commencement of any proceeding  against the Maker for any relief under any bankruptcy or insolvency laws or any laws relating to  the relief of debtors, readjustment of indebtedness, reorganization, compositions or extensions,  which proceeding is not dismissed within sixty (60) days.  (b) If an Event of Default shall be existing, the Holder may, at the election of  the Holder, by written notice to the Maker, declare any and all obligations or liabilities of the  Maker to the Holder under this Note (including the unpaid principal hereunder) immediately due  and payable without presentment, demand, protest or other notice and pursue whatever remedies  it may have at law and equity, including exercising its rights under Paragraph 5 hereof.  The  Holder may elect, in its sole discretion, to rescind an acceleration and all its consequences  

 

#10205191 v4 \027606 \0022  2  hereunder if all existing Events of Default have been cured or waived, if such rescission would  not conflict with any court judgment or decree.  (c) If an Event of Default shall be existing and remain uncured in accordance  with Section 3(a)(i) then Maker shall pay to the Holder a late charge at a rate of one percent (1%)  per month for any installment payment not received by the Holder within ten (10) days after the  installment is due. The late charge shall be calculated for the number of days the Event of  Default remains uncured. If, from any circumstances whatsoever, fulfillment of any provision  hereof shall involve transcending the limit of validity prescribed by law which a court of  competent jurisdiction may deem applicable hereto, then ipso facto, the late charge interest rate  to be fulfilled shall be reduced to the limit of such validity, and if under any circumstances the  Holder hereof shall ever receive as interest an amount which would exceed the highest lawful  rate, such amount which would be excessive interest shall be applied to the reduction of the  unpaid principal balance due hereunder and not to the payment of interest.  4. Security Interest. As security for performance of its obligations hereunder, the  Maker hereby grants to the Holder a first priority security interest in all of the Maker’s right, title  and interest in its assets.  5. Guaranty. The Parent unconditionally guarantees the payment when due, whether  at stated maturity, by acceleration or otherwise, of all obligations of the Maker owing to the  Holder under this Note. The Parent’s willingness to agree to the terms and conditions of this  Paragraph 5 is a material inducement for the Holder to accept this Note and shall be enforced  strictly in accordance with its terms.  Upon the occurrence of any Event of Default under this  Note, the Holder may demand from the Parent payment in full of all amounts then owing to the  Holder, including all amounts accelerated as a result of any Event of Default.  The Parent  guarantees that this Note will be paid strictly in accordance with its terms, regardless of any  contrary terms contained in this Note or any laws in effect in any jurisdiction affecting any of  such terms or the rights of the Holder with respect thereto.    6. Waiver by the Maker.  The Maker hereby expressly waives presentment, demand  and protest, notice of demand, dishonor and nonpayment of this Note, and all other notices or  demands of any kind in connection with the validity, acceptance, performance, default or  enforcement hereof, and hereby consents to any delays, extensions of time, renewals, waivers or  modifications that may be granted or consented to by the Holder with respect to the time of  payment or any other provision hereof.  7. Severability.  In the event any one or more of the provisions of this Note shall for  any reason be held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or  in the event that any one or more of the provisions of this Note operate or prospectively operate  to invalidate this Note, then and in all such events, the provision(s) only shall be deemed null and  void and shall not affect any other provisions of this Note, and the remaining provisions of this  Note shall remain operative and in full force and effect and in no way shall be affected,  prejudiced or disturbed thereby.  8. Notices.  Any notice or other communication required or permitted under this  Note shall be given in accordance with Section 10(f) of the Purchase Agreement.   

 

#10205191 v4 \027606 \0022  3  9. No Waiver By Inaction.  Failure on the part Holder to commence any action or  discharge any rights granted hereunder, regardless of the length of time, shall not be deemed to  be a waiver by of any of its rights hereunder.  10. Headings.  The headings and captions used herein are for convenience of  reference only and do not constitute a substantive part of this Note.  11. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.  Sections 10(g)  and 10(h) of the Purchase Agreement are incorporated herein by reference.  12. Replacement of Note.  Upon the Maker’s receipt of evidence satisfactory to it of  the loss, theft, destruction or mutilation of this Note, and in case of loss, theft or destruction, of  an indemnity reasonable satisfactory to it, or, in the case of mutilation, upon surrender and  cancellation of this Note, and in all cases upon reimbursement to the Maker of all reasonable  expenses incidental thereto, the Maker will make and deliver a new Note of like tenor in lieu of  this Note.  13. Successors and Assigns.  This Note shall be binding upon and shall inure to the  benefit of the parties hereto and their respective successors and permitted assigns.  None of the  Maker, the Holder or the Parent may assign any of its rights or obligations under this Note to any  Person without the prior written consent of the other parties hereto, with any such purported  assignment without such consent being null and void.    14. Headings.  The headings herein are for convenience and reference only and in no  way define or limit the scope or content of this Note or in any way affect its provisions.  15. Relationship of the Parties.  The Holder shall in no event be construed for any  purpose to be a partner, joint venturer or associate of the Maker, it being the sole intention of the  parties to establish a relationship of debtor and creditor.  16. Amendments.  This Note may not be amended other than in a writing and  executed and delivered by the Maker, the Holder, and the Parent.  [Signature Page Follows] 

 

#10205191 v4 \027606 \0022  IN WITNESS WHEREOF, the Maker has caused this Note to be executed as of the date  first written above.  EOS ENERGY STORAGE, LLC  By:  ___________________________  Name:    Title:   Acknowledged and agreed   solely for purposes of Paragraph 5:    EOS ENERGY ENTERPRISES, INC.  By:  ___________________________  Name:    Title:   

 

#10184775 v14 \027606 \0022  Exhibit D  Excluded Assets  Seller shall retain ownership of all items listed in Table 1 below, “Seller-Owned Assets in the  Facility”. This list is not considered comprehensive, and Seller shall retain ownership of all other  assets in the Seller’s allocated spaces within the Facility, including, but not limited to the room  where the servers and related IT equipment are located (the “Server Room”), excluding the  Company assets specifically listed in Table 2 below, “Company-Owned Assets Located in Seller  Allocated Area”  Company shall retain ownership of all other Company Assets, including all assets located within  the Company’s allocated space within the Facility, unless specifically included in Table 1 below.  Company shall also retain the assets listed in Table 2 below, “Company-Owned Assets Located  in Seller Allocated Area.”  Table 1: Seller-Owned Assets in the Facility  Item Description Current  Use  Location Current  Owner  Quantity  1. 25-horsepower air compressor Company Shop Floor Seller 1  2. Computers, Laptops  Dell Latitude (x3)  Company Shop Floor Seller 3  3. Computers, Desktops  Dell (x10)  Company Shop Floor Seller 10  4. Computers, Desktops   Dell (x1)  Custom (x1) Company Company  Office  Seller 2  5. Computers, Monitors  Dell (x7)  Thinkvision (x1)  HP (x1)  Lenovo (x3) Company Company  Office  Seller 12  6. Computers, Monitors  Dell (x1)  Company Shop Floor Seller 1  7. TV  Panasonic (x1)  Samsung (x1)  Company Company  Office  Seller 2  8. TV  Seiki (x1)  Company Shop Floor Seller 1  9. Phones and Phone Systems  Desk Phone, Avaya (x5)  Conference Unit, Cisco/Tanberg (x1)  Conference Phone, Avaya (x1) Company Office/  Conference  Room  Seller 7  10. Network Switches  Cisco SG300-10p (PSZ18361B3Z)  Cisco SG300-10p (PSZ18191PYA)  Cisco SG300-10p (PSJ152505X1)  Cisco SG300-10p  Cisco WS-C3650-48PS (FDO2118Z0EH)  Cisco WS-C3650-48PS (FDO2118Z0ED) Company Server  Room  Seller 6  11. Firewall  Watchguard T35 (D0200B159D5C4)  Company Server  Room  Seller 1  

 

#10184775 v14 \027606 \0022  12. Storage  Dell PowerEdge R510 (x1)  Company Server  Room  Seller 1  13. Software and Licenses Company Seller All software and  licences.  Table 2: Company-Owned Assets Located in Seller Allocated Area  Item Description Current  Use  Current  Owner  Location Quantity Estimated  Total  Value  1. Wireless Access Points  Aerohive AP250 (2501905061118)  Aerohive AP250 (2501905061446)  Aerohive AP250 (02501905064180)  Aerohive AP250 (02501905060713) Company Company Company  Office  4 N/A  2. Servers  Dell PowerEdge R740 (4KB7K93)  Dell PowerEdge R740 (4KB6K93)  Company Company Server  Room  2 N/A  3. Storage  Dell EMC ME4024  Company Company In Box 1 N/A  4. All other items purchased under  Seller Project Number 2936 or  purchased directly by HI-POWER  Company Company Server  Room  As per PO N/A  

 

#10184775 v14 \027606 \0022  Exhibit E  Holtec’s and its Affiliates’ Parent Common Stock  EOS ENERGY ENTERPRISES, INC. (Ticker: EOSE)  Holtec & Affiliates Holdings Initial Closing Shares  Restricted  Shares  PIPE  (Unrestricted)  Shares  Total  Shares  Holtec International 691,656 288,190 979,846  Singh Real Estate Enterprises, Inc. 691,656 288,190 979,846  HI-MED, LLC 288,190 288,190  Tequesta Properties, Inc. 288,190 288,190  Earn Out Shares  Restricted  Shares  PIPE  (Unrestricted)  Shares  Total  Shares  Holtec International 46,636 19,391 66,027  Singh Real Estate Enterprises, Inc. 46,540 19,391 65,931  HI-MED, LLC 19,391 19,391  Tequesta Properties, Inc. 19,391 19,391  Total  Options & RSUs  Options:  Holtec International 1 86,457  Krishna P. Singh 2 18,473  Restricted Stock Units  Holtec International 3 1,441  Krishna P. Singh 4 5,198  Footnotes  1 Option Grant from Memorandum of Agreement dated 8/10/2020 (such options, the “Holtec Options”)  2 Option Award Agreement dated 12/8/2020.  3 Advisory Board Consulting Agreement dated 7/14/2018.Exhibit 4.1

 

WARRANT
AGREEMENT

 

between

GLOBAL
SPAC PARTNERS CO.

and

CONTINENTAL
STOCK TRANSFER & TRUST COMPANY

Dated
April 8, 2021

 

THIS
WARRANT AGREEMENT (this “Agreement”), dated as of April 8, 2021, is by and between Global SPAC Partners Co.,
a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company,
a New York limited purpose trust company, as warrant agent (in such capacity, the “Warrant Agent”, also referred
to herein as the “Transfer Agent”).

 

WHEREAS,
on April 8, 2021, the Company entered into that certain Placement Unit Subscription Agreement, with Global SPAC Sponsors LLC, a Delaware
limited liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 515,000
Units (“Placement Units”) for an aggregate purchase price of $5,150,000 (or 563,000 Placement Units for an
aggregate purchase price of $5,630,000 if the underwriters’ over-allotment option is exercised in full), each Unit consisting of
(i) one subunit (the “Placement Subunits”), consisting of one Class A ordinary share (as defined below) (“Placement
Shares”) and one-quarter of one warrant to purchase one Placement Share (the “Placement Warrants”)
of the Company and (ii) one-half of one Placement Warrant, and, in connection therewith, has determined to issue and deliver up to 386,250
Placement Warrants (or 422,250 Placement Warrants if the underwriters’ over-allotment option is exercised in full) bearing the
legend set forth in Exhibit B hereto, to be sold simultaneously with the closing of the Offering (as defined below). Each whole
Placement Warrant entitles the holder thereof to purchase one Placement Share at a price of $11.50 per share, subject to adjustment as
described herein; and

 

WHEREAS,
on April 8, 2021, the Company entered into that certain Placement Unit Subscription Agreement, with I-Bankers Securities, Inc. (“I-Bankers”),
pursuant to which I-Bankers will purchase an aggregate of 160,000 Placement Units for an aggregate purchase price of $1,600,000 (or 184,000
Placement Units for an aggregate purchase price of $1,840,000 if the underwriters’ over-allotment option is exercised in full),
and in connection therewith, has determined to issue and deliver up to 120,000 Placement Warrants (or 138,000 Placement Warrants if the
underwriters’ over-allotment option is exercised in full) bearing the legend set forth in Exhibit C hereto, to be sold simultaneously
with the closing of the Offering (as defined below); and

 

WHEREAS,
in order to finance the Company’s transaction costs in connection with an intended initial merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business
Combination”), the Sponsor, members of the Company’s management team or any of their respective affiliates or third
parties may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may
be convertible into Units at a price of $10.00 per Unit, each Unit consisting of one subunit (consisting of one Class A ordinary share
and one-quarter of one warrant) and one-half of one warrant to purchase one Class A ordinary share (the “Loan Warrants”);
and

 

WHEREAS,
the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity
securities, each such unit (the “Public Units”, and together with the Placement Units, the “Units”)
comprised of one subunit (consisting of one Class A ordinary share and one-quarter of one Public Warrant (as defined below)) and
one-half of one Public Warrant (the “Public Subunits”, and together with the Placement Subunits,
the “Subunits”) and, in connection therewith, has determined to issue and deliver up to 12,000,000 redeemable
warrants (including up to 1,800,000 redeemable warrants subject to the Over-allotment Option) to public investors in the Offering (collectively
with the warrants included in the Public Subunits, the “Public Warrants” and, together with the Placement Warrants
and the Loan Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one Class A
ordinary share of the Company, par value $0.0001 per share (“Class A ordinary shares”), for $11.50 per
share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able
to exercise any fraction of a Warrant; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement
on Form S-1, No. 333-249465 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the
Public Warrants and the Public Subunits included in the Units; and

 

    1

     

    

 

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

 

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

 

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

 

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

 

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

 

2.
Warrants.

 

2.1
Form of Warrant. Each Warrant shall initially be issued in registered form only.

 

2.2
Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant
to this Agreement, a certificated Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3
Registration.

 

2.3.1
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants
shall be shown on, and the transfer of such ownership shall be effected through, records maintained by institutions that have accounts
with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account,
a “Participant”).

 

If
the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct
the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible
for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written
instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall
instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive
Warrant Certificates”) which shall be in the form annexed hereto as Exhibit A.

 

Physical
certificates, if issued, shall be signed by, or bear the facsimile signature of, the Chief Executive Officer, Chief Financial Officer,
or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have
ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same
effect as if he or she had not ceased to be such at the date of issuance.

 

    2

     

    

 

2.3.2
Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may
deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing
on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

 

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

 

2.5
Fractional Warrants. The Company shall not issue fractional Warrants other than as part of the Units, each of which is comprised
of one Subunit and one-half of one whole Warrant or as part of the Subunits, each of which is comprised of one Class A ordinary share
and one-quarter of one whole Warrant. If, upon the detachment of Warrants from the Units, Subunits or otherwise, a holder of Warrants
would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to
be issued to such holder.

 

2.6
Placement Warrants; Loan Warrants.

 

2.6.1
The Placement Warrants and the Loan Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor,
I-Bankers or any of their Permitted Transferees (as defined below), the Placement Warrants and the Loan Warrants: (i) may be exercised
for cash or on a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) including the Class A
ordinary shares issuable upon exercise of the Placement Warrants and the Loan Warrants, may not be transferred, assigned or sold until
thirty (30) days after the completion by the Company of an initial Business Combination and (iii) shall not be redeemable by the
Company pursuant to Section 6.1 hereof; provided, however, that in the case of clause (ii), the Placement Warrants
and the Loan Warrants and any Class A ordinary shares held by the Sponsor or any of their Permitted Transferees that are issued
upon exercise of the Placement Warrants and the Loan Warrants may be transferred by the holders thereof:

 

(a)
to the Company’s or I-Bankers’ officers, directors, the initial holders, any affiliates or immediate family members of any
of the Company’s or I-Bankers’ officers or directors, initial holders, any member, officer, or director of the Sponsor, I-Bankers
or any immediate family member, partner, affiliate or employee of a member of the Sponsor or I-Bankers;

 

(b)
by gift to any permitted transferee under subsection (a), a trust, the beneficiaries of which are one or more permitted transferees under
subsection (a), or a charitable organization;

 

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

 

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

 

(e)
by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or the completion of the
Company’s Business Combination at prices no greater than the price at which the securities were originally purchased;

 

    3

     

    

 

(f)
by virtue of the laws of the Cayman Islands or the Sponsor’s or I-Bankers’ organizational documents upon liquidation or dissolution
of the Sponsor or I-Bankers;

 

(g)
subsequent to the Company’s initial Business Combination, in the event of a consolidation merger, share exchange or similar transaction
in which the Company is the surviving entity that results in a change in the majority of the Company’s board of directors (the
“Board”) or management team;

 

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

  

(i)
in the event of the Company’s completion of a liquidation, merger, share exchange or other similar transaction which results in
all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other
property subsequent to the completion of the Company’s initial Business Combination; provided, however, that in each
case (except for clauses (g), (h) or (i) or with the prior written consent of the Company) prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each permitted transferee (the “Permitted
Transferees”) must enter into a written agreement with the Company agreeing to be bound by these transfer restrictions.
Notwithstanding the foregoing, with respect to any Placement Warrants held by I-Bankers and/or its designees, in addition to the foregoing
restriction on transfer of the Placement Warrants, the Placement Warrants purchased by I-Bankers and/or its designees shall not be sold
during the Offering, or sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the date
of effectiveness of the Registration Statement or commencement of sales of the Offering, except to any member participating in the Offering
and the officers or partners thereof. Additionally, the Placement Warrants purchased by I-Bankers and/or its designees shall not be the
subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the
securities by any person for a period of 180 days immediately following the date of effectiveness of the Registration Statement or commencement
of sales of the Offering.

 

3.
Terms and Exercise of Warrants.

 

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

 

3.2
Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing
thirty (30) days after the first date on which the Company completes a Business Combination and (B) terminating at the earliest
to occur of (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which the Company completes
its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s amended and restated
memorandum and articles of association, as amended from time to time, if the Company fails to complete a Business Combination, and (z) other
than with respect to the Placement Warrants and the Loan Warrants then held by the Sponsor, I-Bankers or their Permitted Transferees
with respect to a redemption pursuant to Section 6.1 hereof, 5:00 p.m., New York City time on the Redemption Date (as defined
below) as provided in Section 6.3 hereof (the “Expiration Date”); provided, however,
that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2
below, with respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to
the right to receive the Redemption Price (as defined below) (other than with respect to a Placement Warrant or a Loan Warrant then held
by the Sponsor, I-Bankers or their Permitted Transferees in connection with a redemption pursuant to Section 6.1 hereof)
in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Placement Warrant or Loan Warrant
then held by the Sponsor, I-Bankers or their Permitted Transferees in the event of a redemption pursuant to Section 6.1 hereof)
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this
Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the
duration of the Warrants by delaying the Expiration Date; provided that the Company shall provide at least twenty (20) days prior
written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical
in duration among all the Warrants. Notwithstanding anything to the contrary contained herein, for so long as any Placement Warrant is
held by I-Bankers and/or its designees, such Placement Warrant may not be exercised after five years from the effective date of the Registration
Statement.

 

    4

     

    

 

3.3
Exercise of Warrants.

 

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

 

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

  

(b)
in the event of a redemption pursuant to Section 6.1 hereof in which the Board has elected to require all holders of the Warrants
to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Class A ordinary shares
equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the Warrants, multiplied
by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the
Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.4, the “Fair Market Value”
shall mean the average closing price of the Public Subunits or the Class A ordinary shares, as the case may be, for the ten (10) trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant
to Section 6 hereof;

 

(c)
with respect to any Placement Warrant or Loan Warrant, so long as such Placement Warrant or Loan Warrant is held by the Sponsor, I-Bankers
or a Permitted Transferee, by surrendering the Warrants for that number of Class A ordinary shares equal to the quotient obtained
by dividing (x) the product of the number of Class A ordinary shares underlying the Warrants, multiplied by the excess of the
“Fair Market Value” (as defined in this subsection 3.3.1(c)) less the Warrant Price by (y) the Fair Market Value.
Solely for purposes of this subsection 3.3.1(c), the “Fair Market Value” shall mean the average last reported sale
price of the Class A ordinary shares for the ten (10) trading days ending on the third (3rd) trading day prior to the date
on which notice of exercise of the Warrant is sent to the Warrant Agent;

 

(d)
[Reserved]; or

 

(e)
on a cashless basis, as provided in Section 7.4 hereof.

 

3.3.2
Issuance of Class A ordinary shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance
of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered
Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Class A ordinary shares to which he,
she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company,
and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the
number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated
to deliver any Class A ordinary shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant
exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the Public
Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under
Section 7.4 or a valid exemption from registration is available. No Warrant shall be exercisable and the Company shall not
be obligated to issue Class A ordinary shares upon exercise of a Warrant unless the Class A ordinary shares issuable upon such
Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws
of the state of residence of the Registered Holder of the Warrants. Subject to Section 4.6 of this Agreement, a Registered
Holder of Warrants may exercise its Warrants only for a whole number of Class A ordinary shares. The Company may require holders
of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any
exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant,
to receive a fractional interest in a Class A ordinary share, the Company shall round down to the nearest whole number, the number
of Class A ordinary shares to be issued to such holder.

 

    5

     

    

 

3.3.3
Valid Issuance. All Class A ordinary shares issued upon the proper exercise of a Warrant in conformity with this Agreement
and the amended and restated memorandum and articles of association of the Company, shall be validly issued as fully paid and nonassessable.

  

3.3.4
Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for Class A ordinary shares
is issued and who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder
of record of such Class A ordinary shares on the date on which the Warrant, or book-entry position representing such Warrant, was
surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated
Warrant, except that, if the date of such surrender and payment is a date when the register of members 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 Class A ordinary shares outstanding immediately after
giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Class A ordinary shares beneficially
owned by such person and its affiliates shall include the number of Class A ordinary shares issuable upon exercise of the Warrant
with respect to which the determination of such sentence is being made, but shall exclude Class A ordinary shares that would be
issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates
and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned
by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining
the number of outstanding Class A ordinary shares, the holder may rely on the number of outstanding Class A ordinary shares
as reflected in (1) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current
Report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by
the Company or (3) any other notice by the Company or Continental Stock Transfer &Trust Company, as transfer agent (in
such capacity, the “Transfer Agent”), setting forth the number of Class A ordinary shares outstanding.
For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days,
confirm orally and in writing to such holder the number of Class A ordinary shares then outstanding. In any case, the number of
issued and outstanding Class A ordinary shares shall be determined after giving effect to the conversion or exercise of equity securities
of the Company by the holder and its affiliates since the date as of which such number of issued and outstanding Class A ordinary
shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum
Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such
increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

 

    6

     

    

 

4.
Adjustments.

 

4.1
Share Capitalizations.

 

4.1.1
Sub-Divisions. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued
and outstanding Class A ordinary shares is increased by a share capitalization, or by a sub-division of Class A ordinary shares
or other similar event, then, on the effective date of such share capitalization, sub-division or similar event, the number of Class A
ordinary shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the issued and outstanding
Class A ordinary shares. A rights offering to holders of Class A ordinary shares entitling holders to purchase Class A
ordinary shares at a price less than the “Historical Fair Market Value” (as defined below) shall be deemed a capitalization
of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold
in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for the Class A ordinary shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Class A
ordinary share paid in such rights offering divided by (y) the Historical Fair Market Value. For purposes of this subsection
4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining
the price payable for Class A ordinary shares, there shall be taken into account any consideration received for such rights, as
well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the
volume weighted average price of the Class A ordinary shares as reported during the ten (10) trading day period ending on the
trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such rights. No Class A ordinary shares shall be issued at less than their par value.

 

4.1.2
Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or
make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of such Class A ordinary
shares (or other shares of the Company’s capital stock into which the Warrants are convertible) (an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary
Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets
paid on each Class A ordinary share in respect of such Extraordinary Dividend divided by all outstanding Class A ordinary 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 4.1.1
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 Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution
does not exceed $0.50 per share (taking into account all of the outstanding Class A ordinary 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 Class A ordinary shares issuable on exercise of each Warrant) but only with respect to the amount
of the aggregate cash dividends or cash distributions equal to or less than $0.50 (“Ordinary Cash Dividends”),
(c) any payment to satisfy the redemption rights of the holders of the Class A ordinary shares in connection with a proposed initial
Business Combination or a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i)
to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial
Business Combination or to redeem 100% of the Company’s Class A ordinary shares if the Company does not complete its initial Business
Combination within the time period required by the Company’s amended and restated memorandum and articles of association, as amended
from time to time, or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination
activity, or (d) any payment in connection with the redemption of Class A ordinary shares upon the failure of the Company to complete
its initial Business Combination and any subsequent liquidation and distribution of its assets upon its liquidation or 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 Class A ordinary
shares during the 365-day period ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased,
effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75
(the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend)
and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day
period prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s
initial Business Combination, there were 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.

 

    7

     

    

 

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

 

4.3
Adjustments in Exercise Price. Whenever the number of Class A ordinary shares purchasable upon the exercise of the Warrants
is adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest
cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the
number of Class A ordinary shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the
denominator of which shall be the number of Class A ordinary shares so purchasable immediately thereafter.

 

4.4
Raising of Capital in Connection with the Initial Business Combination. If (x) the Company issues additional Class A
ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination
at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue
price to be determined in good faith by the Board and, in the case of any such issuance to the Sponsor or its affiliates, without taking
into account any Class B ordinary shares of the Company, par value $0.0001 per share (the “Class B ordinary shares”),
held by the Sponsor or such affiliates, as applicable, prior to such issuance (the “Newly Issued Price”), (y) the
aggregate gross proceeds from such issuances represent more than 50% of the total equity proceeds, and interest thereon, available for
the funding of the Company’s initial Business Combination on the date of the completion of the Company’s initial Business
Combination (net of redemptions), and (z) the volume-weighted average trading price of the Subunits or Class A ordinary shares
as the case may be, during the twenty (20) trading day period starting on the trading day prior to the day on which the Company completes
its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price
will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00
per share redemption trigger price described in Section 6.1 will be adjusted (to the nearest cent) to be equal to 180%
of the higher of the Market Value and the Newly Issued Price.

 

    8

     

    

  

4.5
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and outstanding
Class A ordinary shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects
the par value of such Class A ordinary shares), or in the case of any merger or consolidation of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any
reclassification or reorganization of the issued and outstanding Class A ordinary shares), or in the case of any sale or conveyance
to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection
with which the Company is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis
and upon the terms and conditions specified in the Warrants and in lieu of the Class A ordinary shares of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or
other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his,
her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however,
that (i) if the holders of the Class A ordinary shares were entitled to exercise a right of election as to the kind or amount
of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other
assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average
of the kind and amount received per share by the holders of the Class A ordinary shares in such consolidation or merger that affirmatively
make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the
Class A ordinary shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights
held by shareholders of the Company as provided for in the Company’s amended and restated memorandum and articles of association
or as a result of the repurchase of Public Subunits by the Company if a proposed initial Business Combination is presented to the shareholders
of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together
with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and
together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members
of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the
Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a Warrant shall be entitled to
receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have
been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer,
accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange
offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to
the adjustments provided for in this Section 4; provided further that if less than 70% of the consideration receivable
by the holders of the Class A ordinary shares in the applicable event is payable in the form of shares in the successor entity that
is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed
for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30)
days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K
filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant
Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less
than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value”
means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for
a Capped American Call on Bloomberg Financial Markets (assuming zero dividends) (“Bloomberg”). For purposes
of calculating such amount, (i) Section 6 of this Agreement shall be taken into account, (ii) the price of each
Class A ordinary share shall be the volume weighted average price of the Class A ordinary shares as reported during the ten
(10) trading day period ending on the trading day prior to the effective date of the applicable event, (iii) the assumed volatility
shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the
day of the announcement of the applicable event and (iv) the assumed risk-free interest rate shall correspond to the U.S. Treasury
rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the
consideration paid to holders of the Class A ordinary shares consists exclusively of cash, the amount of such cash per Class A
ordinary share, and (ii) in all other cases, the volume weighted average price of the Class A ordinary shares as reported during
the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification
or reorganization also results in a change in Class A ordinary shares covered by subsection 4.1.1, then such adjustment shall
be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this
Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other
transfers. In no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant.

  

    9

     

    

 

4.6
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 or 4.5, the Company shall give written notice
of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of
the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality
or validity of such event.

 

4.7
No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any
Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such
exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to such holder.

 

4.8
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; provided, however, that the Company may at any time in its sole discretion
make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any
Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the
form as so changed.

 

4.9
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to
(i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then,
in each such case, the Company shall appoint a firm of independent registered public accountants, investment banking or other appraisal
firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the
Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is
necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted
pursuant to this Section 4.9 as a result of any issuance of securities in connection with a Business Combination. The Company
shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

4.10
No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment
to the conversion ratio of the Class B ordinary shares into Class A ordinary shares or the conversion of the Class B ordinary
shares into Class A ordinary shares, in each case, pursuant to the Company’s amended and restated memorandum and articles
of association, as amended from time to time.

 

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 properly guaranteed and accompanied
by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall
be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled
shall be delivered by the Warrant Agent to the Company from time to time upon request.

  

5.2
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange
or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except
as otherwise provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may be transferred only in whole and
only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided
further, however that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the
Placement Warrants and the Loan Warrants), the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the new Warrants must also bear a restrictive legend.

 

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

 

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

 

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

 

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

 

6.
Redemption.

 

6.1
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00. Subject to Section 6.5
hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise
Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3
below, at a Redemption Price of $0.01 per Warrant, provided that (a) the Reference Value (as defined below) equals or
exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there is an effective registration
statement covering the issuance of the Class A ordinary shares issuable upon exercise of the Warrants, and a current prospectus
relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below).

 

6.2
[Reserved].

  

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

 

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

 

6.5
Exclusion of Placement Warrants and Loan Warrants. The Company agrees that the redemption rights provided in Section 6.1
hereof shall not apply to the Placement Warrants and Loan Warrants if at the time of the redemption such Placement Warrants or Loan
Warrants continue to be held by the Sponsor, I-Bankers or their Permitted Transferees. However, once such Placement Warrants or Loan
Warrants are transferred (other than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem
the Placement Warrants or Loan Warrants pursuant to Section 6.1 hereof, provided that the criteria for redemption are met,
including the opportunity of the holder of such Placement Warrants or Loan Warrants to exercise the Placement Warrants or Loan Warrants
prior to redemption pursuant to Section 6.4 hereof. Placement Warrants or Loan Warrants that are transferred to persons other
than Permitted Transferees shall upon such transfer cease to be Placement Warrants or Loan Warrants and shall become Public Warrants
under this Agreement, including for purposes of Section 9.8 hereof.

 

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

 

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

 

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

 

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

  

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

 

7.4.1
Registration of the Class A Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than fifteen
(15) Business Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a
registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of
the Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such
registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with
the provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th) Business
Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the
sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such registration statement being declared
effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement
covering the issuance of the Class A ordinary shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless
basis,” pursuant to subsection 3.3.1, by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities
Act or another exemption) for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the
product of the number of Class A ordinary shares underlying the Warrants, multiplied by the excess of the “Fair Market Value”
(as defined below) less the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair
Market Value” shall mean the volume-weighted average price of the Class A ordinary shares as reported during the ten (10) trading
day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder of such
Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the Warrant
Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant,
the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law
firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless basis” in accordance
with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Class A ordinary shares
issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as
such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive
legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of the Warrants have been exercised
or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences
of this subsection 7.4.1.

 

7.4.2
Cashless Exercise at Company’s Option. If the Class A ordinary shares are at the time of any exercise of a Public Warrant
not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of
the Securities Act, the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise
such Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act as described
in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain
in effect a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon
exercise of the Warrants, notwithstanding anything in this Agreement to the contrary, and (y) use its commercially reasonable efforts
to register or qualify for sale the Class A ordinary shares issuable upon exercise of the Public Warrants under applicable blue
sky laws of the state of the residence of the holder to the extent an exemption is not available.

 

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8.
Concerning the Warrant Agent and Other Matters.

 

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

 

8.2
Resignation, Consolidation, or Merger of Warrant Agent.

 

8.2.1
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.
If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty
(30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of a Warrant
(who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant 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 Class A ordinary shares not later than the effective date of any
such appointment.

 

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

 

8.3
Fees and Expenses of Warrant Agent.

 

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

 

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

 

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8.4
Liability of Warrant Agent.

 

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

 

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

 

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

 

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

 

9.
Miscellaneous Provisions.

 

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

 

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

 

Global
SPAC Partners Co.

2093 Philadelphia Pike #1968

Claymont,
DE 19703

Attention: Bryant B. Edwards, Chief Executive Officer

 

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

 

Continental
Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

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

 

9.4
Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person
or corporation other than the parties hereto and the Registered Holders of the Warrants and, for purposes of Sections 7.4, 9.4 and 9.8,
I-Bankers and/or its designees, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation,
promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be
for the sole and exclusive benefit of the parties hereto and, for purposes of Sections 7.4, 9.4 and 9.8, I-Bankers and/or its designees,
their successors and assigns and of the Registered Holders of the Warrants.

  

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

 

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

 

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

 

9.8
Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of
curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other
provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that
the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including
any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered
Holders of at least 50% of the then outstanding Public Warrants and, solely with respect to the Placement Warrants or the Loan Warrants,
at least 50% of the number of then outstanding Placement Warrants or the Loan Warrants. Notwithstanding the foregoing, the Company may
lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without
the consent of the Registered Holders.

 

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

 

Exhibit A
Form of Warrant Certificate

 

Exhibit B
Legend — Placement Warrants and Loan Warrants

 

Exhibit C
Legend — Placement Warrants

 

[SIGNATURE
PAGE FOLLOWS]

 

    15

     

    

 

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

 

	 	GLOBAL SPAC PARTNERS CO.
	 	 
	 	By:	/s/
Bryant B. Edwards
	 	 	Name: Bryant B. Edwards
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST
    COMPANY,
	 	as Warrant Agent
	 	 	 
	 	By:	/s/
Ana Gois
	 	 	Name: Ana Gois
	 	 	Title: Vice President

 

[Signature
Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

Form of
Warrant Certificate

[FACE]

 

Number

 

Warrants

 

THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

GLOBAL
SPAC PARTNERS CO.

 

Incorporated
Under the Laws of the Cayman Islands

 

CUSIP
G3934K 111

 

Warrant
Certificate

 

This
Warrant Certificate certifies that , or registered assigns, is the registered holder of warrant(s) evidenced hereby (the
“Warrants” and each, a “Warrant”) to purchase Class A ordinary shares, $0.0001
par value (the “Class A ordinary shares”), of Global SPAC Partners Co., a Cayman Islands exempted company
(the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant
Agreement referred to below, to receive from the Company that number of fully paid and non-assessable Class A ordinary shares as
set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement,
payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United
States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant
Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant
Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

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

 

The
initial Exercise Price per one Class A ordinary share for any Warrant is equal to $11.50 per share. The Exercise Price is subject
to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

 

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

 

    A-1

     

    

  

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

 

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

 

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

 

	 	GLOBAL SPAC PARTNERS CO.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST
    COMPANY,
	 	as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-2

     

    

 

[Form of
Warrant Certificate]

[Reverse]

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    A-3

     

    

 

Election
to Purchase

(To
Be Executed Upon Exercise of Warrant)

 

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

 

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

 

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

 

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

 

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

 

[Signature
Page Follows]

 

    A-4

     

    

 

	Date:     ,
    21	 
	 	(Signature)
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

	Signature Guaranteed:	 
	 	 
	 	 

 

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

 

    A-5

     

    

 

EXHIBIT B

 

LEGEND

 

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

 

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

 

    B-1

     

    

  

EXHIBIT
C

 

LEGEND

 

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

 

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

 

 

C-1

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