Document:

Exhibit 10.9

 

FUND ACCOUNTING SERVICING AGREEMENT

 

THIS AGREEMENT is made and entered into
as of [                   ] by and
between VS TRUST, a Delaware statutory trust (the “Trust”) and U.S. BANCORP FUND SERVICES, LLC d/b/a U.S.
BANK GLOBAL FUND SERVICES, a Wisconsin limited liability company (“Fund Services”)

 

WHEREAS, each Fund is operated as a commodity
pool under the Commodity Exchange Act and is registered with the U.S. Securities and Exchange Commission (“SEC”) by
means of a registration statement on Form S-1 or Form S-3, as applicable (each a “Registration Statement”) under the
Securities Act of 1933, as amended (“1933 Act”); and

 

WHEREAS, the Trust desires to retain Fund
Services to provide fund accounting services to each Fund listed on Exhibit A hereto (as amended from time to time) the
services described herein, all as more fully set forth below;

 

WHEREAS, the Trust desires to
retain Fund Services to provide to each Fund the fund accounting services described herein, all as more fully set below.

 

NOW, THEREFORE, in consideration of
the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto, intending to be legally bound, do hereby agree as follows:

 

		1.	Appointment of Fund Services as Fund Accountant

 

The Trust hereby appoints Fund Services as fund accountant
of the Trust for the term of this Agreement to perform the services and duties described herein.  Fund Services hereby
accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of
Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted
against Fund Services hereunder.

 

		2.	Services and Duties of Fund Services

 

Fund Services shall provide the following accounting services
to each Fund:

 

		A.	Portfolio Accounting Services:

 

		(1)	Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Fund’s sponsor
(“Sponsor”).

 

		(2)	For each valuation date, obtain prices from a pricing source approved by the Trust and apply those prices to the portfolio
positions. For those securities where market quotations are not readily available, the Trust shall approve, in good faith, procedures
for determining the fair value for such securities.

 

     

     

    

 

		(3)	Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on investments for each
accounting period.

 

		(4)	Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains
or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.

 

		(5)	On a daily basis, reconcile cash of the Fund with the Fund’s custodian.

 

		(6)	Transmit a copy of the portfolio valuation to the Sponsor daily.

 

		(7)	Review the impact of current day’s activity on a per share basis, and review changes in market value.

 

		B.	Expense Accrual and Payment Services:

 

		(1)	For each valuation date, calculate the expense accrual amounts as directed by the Trust, on behalf of a Fund, as to methodology,
rate or dollar amount.

 

		(2)	Process and record payments for Fund expenses upon receipt of written authorization from the Trust, on behalf of a Fund.

 

		(3)	Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by Fund
Services and the Trust, on behalf of a Fund.

 

		(4)	Provide expense accrual and payment reporting.

 

		C.	Fund Valuation and Financial Reporting Services:

 

		(1)	Account for, on a Fund-by-Fund basis, Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other
Fund share activity as reported by the Trust’s transfer agent on a timely basis.

 

		(2)	Apply equalization accounting as directed by the Fund.

 

		(3)	Determine net investment income (earnings) for each Fund as of each valuation date. Account for periodic distributions of earnings
to shareholders and maintain undistributed net investment income balances as of each valuation date.

 

		(4)	Maintain a general ledger and other accounts, books, and financial records for each Fund.

 

		(5)	Determine the net asset value of each Fund according to the accounting policies and procedures set forth in the Fund’s
current prospectus.

 

    2

     

    

 

		(6)	Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such
time as required by the nature and characteristics of each Fund.

 

		(7)	Communicate to the Trust, on behalf of each Fund, at an agreed upon time, the per share net asset value for each valuation
date.

 

		(8)	Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances.

 

		(9)	Prepare monthly security transactions listings.

 

		(10)	Provide the daily net asset value per share (“NAV”) and holdings data to third-party reporting agencies as determined
by the Trust.

 

		(11)	Create and transmit NAV, Intraday Indicative Value (IIV) data files on a daily basis to the FTP sites designated by the Trust.

 

		D.	Tax Accounting Services:

 

		(1)	Maintain accounting records for the investment portfolio of the Funds to support the tax reporting required under the Internal
Revenue Code of 1986, as amended (the “Code”), as applicable.

 

		(2)	Maintain tax lot detail for each Fund’s investment portfolio.

 

		(3)	Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Trust, on behalf of each Fund.

 

		(4)	Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to
support tax reporting to the shareholders.

 

		E.	Compliance Control Services:

 

		(1)	Support reporting to regulatory bodies and support financial statement preparation by making the Fund’s accounting records
available to the Trust, Sponsor, the U.S. Securities and Exchange Commission (the “SEC”), National Futures Association
(the “NFA”), the Commodity Futures Trading Commission (the “CFTC”) and other applicable regulatory bodies
and the independent accountants.

 

		(2)	Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Trust in connection with any certification required of the Trust pursuant to the Sarbanes-Oxley Act of 2002 (the
“SOX Act”) or any rules or regulations promulgated by the SEC thereunder, provided the same shall not be deemed to
change Fund Services’ standard of care as set forth herein.

 

    3

     

    

 

		(3)	Cooperate with the Trust’s independent accountants and take all reasonable action in the performance of its obligations
under this Agreement to ensure that the necessary information is made available to such accountants for the expression of their
opinion on the Fund’s financial statements without any qualification as to the scope of their examination.

 

		3.	License of Data; Warranty; Termination of Rights

 

		A.	The valuation information and evaluations being provided to the Trust and Sponsor by Fund Services pursuant hereto (collectively,
the “Data”) are being licensed, not sold, to the Trust for internal purposes and use in the normal conduct of its business
and will not redistribute the Data in any form or manner to any third party, except for its advisers, agents and consultants. The
Trust and Sponsor have a limited license to use the Data only for purposes necessary to valuing the Trust’s assets and reporting
to regulatory bodies (the “License”). The Trust and Sponsor do not have any license nor right to use the Data for purposes
beyond the intentions of this Agreement including, but not limited to, resale to other users or use to create any type of historical
database. The License is non-transferable and not sub-licensable. The Trust’s and Sponsor’s right to use the Data cannot
be passed to or shared with any other entity.

 

The Trust and Sponsor acknowledge the proprietary rights
that Fund Services and its suppliers have in the Data.

 

		B.	THE TRUST AND SPONSOR HEREBY ACCEPT THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY
OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER.

 

		C.	Fund Services may stop supplying some or all Data to the Trust and Sponsor if Fund Services’ suppliers terminate any
agreement to provide Data to Fund Services. Also, Fund Services may stop supplying some or all Data to the Trust and Sponsor if
Fund Services reasonably believes that the Trust and Sponsor are using the Data in violation of the License, or breaching their
duties of confidentiality provided for hereunder, or if any of Fund Services’ suppliers demand that the Data be withheld
from the Trust and Sponsor. Fund Services will provide notice to the Trust and Sponsor of any termination of provision of Data
as soon as reasonably possible.

 

		4.	Pricing of Securities

 

		A.	For each valuation date, Fund Services shall obtain prices from a pricing source recommended by Fund Services and approved
by the Trust and apply those prices to the portfolio positions of the Fund. For those securities where market quotations are not
readily available, the Trust shall approve, in good faith, procedures for determining the fair value for such securities.

 

    4

     

    

 

If the Trust desires to provide a price that varies
from the price provided by the pricing source, the Trust shall promptly notify and supply Fund Services with the price of any such
security on each valuation date. All pricing changes made by the Trust will be in writing and must specifically identify the securities
to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new
price(s) is/are effective.

 

		B.	In the event that the Trust at any time receives Data containing evaluations, rather than market quotations, for certain securities
or certain other data related to such securities, the following provisions will apply: (i) evaluated securities are typically complicated
financial instruments. There are many methodologies (including computer-based analytical modeling and individual security evaluations)
available to generate approximations of the market value of such securities, and there is significant professional disagreement
about which method is best. No evaluation method, including those used by Fund Services and its suppliers, may consistently generate
approximations that correspond to actual “traded” prices of the securities; (ii) methodologies used to provide the
pricing portion of certain Data may rely on evaluations; however, the Trust acknowledges that there may be errors or defects in
the software, databases, or methodologies generating the evaluations that may cause resultant evaluations to be inappropriate for
use in certain applications; and (iii) the Trust assumes all responsibility for edit checking, external verification of evaluations,
and ultimately the appropriateness of using Data containing evaluations, regardless of any efforts made by Fund Services and its
suppliers in this respect.

 

		5.	Changes in Accounting Procedures

 

Any action by the Trust that affects accounting practices
and procedures of the Trust under this Agreement shall be effective upon written receipt of notice and acceptance by Fund Services.

 

		6.	Changes in Equipment, Systems, Etc.

 

Fund Services reserves the right to make changes from
time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long as such
changes do not adversely affect the services provided to the Trust under this Agreement.

 

		7.	Compensation

 

Fund Services shall be compensated for providing the
services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit B hereto (as amended
from time to time). Fund Services shall also be reimbursed for such miscellaneous expenses (set forth in Exhibit B)
as are reasonably incurred and documented by Fund Services in performing its duties hereunder. The Trust shall pay all such fees
and reimbursable expenses within 30 calendar days following receipt of the monthly billing notice, except for any fee or expense
subject to a good faith dispute. The Trust shall notify Fund Services in writing within 30 calendar days following receipt of each
invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days
of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing
in good faith as set forth above, unpaid invoices shall accrue a finance charge of 11⁄2% per month after the due date.

 

    5

     

    

 

		8.	Representations and Warranties

 

The Trust hereby represents and warrants
to Fund Services, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement,
that:

 

		(1)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

		(2)	This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

 

		(3)	It is conducting its business in compliance in all material respects with all laws and regulations, both state and federal,
applicable to it and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute,
rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting
its property which would prohibit its execution or performance of this Agreement.

 

		(4)	A registration statement under the Securities Act of 1933, as amended, will be made effective prior to the effective date of
this Agreement and will remain effective during the term of this Agreement, and appropriate state securities law filings will be
made prior to the effective date of this Agreement and will continue to be made during the term of this Agreement as necessary
to enable the Trust to make a continuous public offering of its shares; and

 

		(5)	All records of the Trust provided to Fund Services by the Trust or by a prior service provider of the Trust are accurate and
complete and Fund Services is entitled to rely on all such records in the form provided.

 

    6

     

    

 

		A.	Fund Services hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:

 

		(1)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

 

		(2)	This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and
constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties; and

 

		(3)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and
federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule,
regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its
property which would prohibit its execution or performance of this Agreement.

 

		9.	Standard of Care; Indemnification; Limitation of Liability

 

		A.	Fund Services shall use best efforts and exercise reasonable care in the performance of its duties under this Agreement. Neither
Fund Services nor its suppliers shall be liable for any error of judgment or mistake of law or for any loss suffered by the Trust
or any third party in connection with its duties under this Agreement, except a loss arising out of or relating to Fund Services’
refusal or failure to comply with the terms of this Agreement or from its bad faith, fraud, negligence, or willful misconduct in
the performance of its duties under this Agreement or breach of this Agreement. Notwithstanding any other provision of this Agreement,
if Fund Services has used best efforts and exercised reasonable care in the performance of its duties under this Agreement, the
applicable Fund, severally and not jointly, shall indemnify and hold harmless Fund Services and its suppliers from and against
any and all actual claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’
fees) that Fund Services or its suppliers may sustain or incur or that may be asserted against Fund Services or its suppliers by
any person arising out of or related to (X) any action taken or omitted to be taken by it in performing the services hereunder
(i) in accordance with the foregoing standards, or (ii) in reasonable reliance upon any written or oral instruction provided to
Fund Services by any duly authorized officer of the Trust, or (Y) the Data, or any information, service, report, analysis or publication
derived therefrom, provided that Fund Services shall be liable any errors or omissions in its own calculations contained in such
information, service, report or analysis, except for any and all claims, demands, losses, expenses, and liabilities arising out
of or relating to Fund Services’ refusal or failure to comply with the terms of this Agreement, breach of this Agreement,
or from its bad faith, fraud, negligence or willful misconduct in the performance of its duties under this Agreement. Fund Services
shall endeavor to provide the Trust, on behalf of the relevant Fund(s), such reasonable estimates, including reasonable estimates
related to amounts incurred for services provided hereunder, in connection with claims for which Fund Services seeks indemnity
from a Fund. This indemnity shall be a continuing obligation of each Fund, its successors and assigns, notwithstanding the termination
of this Agreement; provided that a Fund’s continuing obligations to indemnify Fund Services after the termination of this
Agreement shall relate to solely those claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable
attorneys’ fees) sustained in connection with Fund Services provision of services pursuant to this Agreement. As used in
this paragraph, the term “Fund Services” shall include Fund Services’ directors, officers and employees.

 

    7

     

    

 

The Trust acknowledges that the Data are intended for
use as an aid to institutional investors, registered brokers or professionals of similar sophistication in making informed judgments
concerning securities. The Trust accepts responsibility for, and acknowledges it exercises its own independent judgment in, its
selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing contained herein shall
be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

 

Fund Services shall indemnify and hold the Trust harmless
from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’
fees) that the Trust, on behalf of a Fund, may sustain or incur or that may be asserted against the Trust by any person arising
out of any action taken or omitted to be taken by Fund Services as a result of Fund Services’ refusal or failure to comply
with the terms of this Agreement, breach of this Agreement, or from Fund Services’ bad faith, fraud, negligence, or willful
misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of Fund Services,
its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term “Trust”
shall include the Trust’s trustees, officers and employees.

 

In the event of a mechanical breakdown or failure of
communication or power supplies beyond its reasonable control, Fund Services shall take all reasonable steps to minimize service
interruptions for any period that such interruption continues. Fund Services will make every reasonable effort to restore any lost
or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services. Fund Services agrees that
it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making
reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available.
Representatives of the Trust shall be entitled to inspect Fund Services’ premises and operating capabilities at any time
during regular business hours of Fund Services, upon reasonable notice to Fund Services. Moreover, Fund Services shall provide
the Trust, at such times as the Trust may reasonably require, copies of reports rendered by independent accountants on the internal
controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

 

    8

     

    

 

Notwithstanding the above, Fund Services reserves the
right to reprocess and correct non-material administrative errors at its own expense, provided that Fund Services shall provide
advance written notice to the Trust detailing the action it intends to take prior to taking such action. For material administrative
errors, Fund Services reserves the right to reprocess and correct administrative errors at its own expense upon consultation with
the Trust and in such manner as agreed to by the Trust.

 

In no case shall either party be liable to the other
for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such);
or (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies,
labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond
its control of transportation or power supply.

 

		B.	In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the
indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all
pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable
care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a
claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject
of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor
shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses
for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise
in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor’s prior written
consent.

 

		C.	The indemnity and defense provisions set forth in this Section 9 shall indefinitely survive the termination and/or assignment
of this Agreement.

 

		D.	If Fund Services is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed
to relieve Fund Services of any of its obligations in such other capacity.

 

    9

     

    

 

		10.	Notification of Error

 

The Trust will notify Fund Services of any discrepancy
between Fund Services and the Trust, including, but not limited to, failing to account for a security position in a Fund’s
portfolio, upon the later to occur of: (i) three business days after receipt of any reports rendered by Fund Services to the Trust;
(ii) three business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three
business days after receiving notice from any shareholder regarding any such discrepancy.

 

		11.	Data Necessary to Perform Services

 

The Trust or its agent shall furnish to Fund Services
the data necessary to perform the services described herein at such times and in such form as mutually agreed upon.

 

		12.	Proprietary and Confidential Information

 

		A.	Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary
information of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders
of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance
of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which
approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt
proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, provided that
Fund Services shall promptly notify the Trust of such request or permitted by applicable law or (iii) when so requested by the
Trust. Records and other information which have become known to the public through no wrongful act of Fund Services or any of its
employees, agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof
from the Trust or its agents or service providers, shall not be subject to this paragraph.

 

Further, Fund Services will adhere to the privacy policies
adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, Fund
Services shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security,
confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust
and its shareholders.

 

		B.	The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information
of Fund Services, all non-public information relative to Fund Services (including, without limitation, the Data and information
regarding USBGFS’ pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets,
market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software
in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes
and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided
under this Agreement, except (i) after prior notification to and approval in writing by Fund Services, which approval shall not
be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure
to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Fund
Services. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents
or representatives, and information that was already in the possession of the Trust prior to receipt thereof from Fund Services,
shall not be subject to this paragraph.

 

    10

     

    

 

		C.	Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of Fund Services
as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust’s registration
or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) Fund Services shall be
permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations,
and other marketing and promotional purposes.

 

		13.	Records

 

Fund Services shall keep records relating to the services
to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Trust,
but not inconsistent with the rules and regulations of appropriate government authorities, in particular, as required by the Securities
Exchange Act of 1934, as amended, the rules of the stock exchange on which the Funds’ shares are listed, 17 C.F.R. 4.23 (specifically,
the records specified in 17 C.F.R. 4.23(a)(1) through (8), (10) through (12) and (b)(1)), and other applicable federal
securities laws and created pursuant to the performance of the Administrator’s obligations under this Agreement. Fund Services
will also maintain those records of the Trust and the Funds including any changes, modifications or amendments thereto (the “Fund
Records”) and will act as document repository for such Fund Records. Upon receipt of such Fund Records, Fund Services will
issue a receipt for such Fund Records. Fund Services shall maintain a complete and orderly inventory of all Fund Records for which
it has issued a receipt. Fund Services shall be under no duty or obligation to audit or reconcile the content, nor shall it be
responsible for the accuracy or completeness of those Fund Records not created by it. Upon written request in a form to be determined
by Fund Services and the Trust, Fund Services will return or release the requested Fund Records to such persons or entities pursuant
to the Instructions provided by the Trust. Once one or more Fund Records have been returned or released by Fund Services, Fund
Services shall have no further duty or obligation to act as repository for said previously released Fund Records. The Trust represents
and warrants that: (a) promptly after the date of this Agreement, it will, at its own expense, deliver, cause to be delivered
or make available to Fund Services all of the Fund Records in effect as of the date of this Agreement; (b) it will, on a continuing
basis and at its own expense, promptly deliver, cause to be delivered or make available to Fund Services any Fund Records created
after the date of this Agreement; (c) it has adequate record-keeping policies and procedures in effect to ensure that all
Fund Records are promptly provided to Fund Services pursuant to the terms of this Agreement; (d) it shall be responsible for
the accuracy and completeness of any Fund Records not created by Fund Services; and (e) it shall be responsible for ensuring
the Trust’s or the Funds’ compliance with, fulfillment of its obligations under or enforcement of, any Fund Records
not created by Fund Services. Fund Services acknowledges that the records maintained and preserved by it pursuant to this Agreement
are the property of the Trust and will be, at the Trust’s expense, surrendered promptly upon reasonable request. In performing
its obligations under this Section, Fund Services may utilize micrographic and electronic storage media as well as independent
third party storage facilities.

 

    11

     

    

 

Notwithstanding anything in this Agreement to the
contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate
trade instructions to Fund Services the Trust shall be responsible for maintaining the Trust’s records as they relate to
the Trust’s review and approval of individuals authorized to place trading instructions.

 

		14.	Compliance with Laws

 

The Trust has and retains primary responsibility for
all compliance matters relating to the Funds, including but not limited to compliance with the 1933 Act, 1934 Act, the Internal
Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the rules and regulations of the SEC, CFTC,
NFA, the securities exchange on which any Shares are listed and the policies and limitations of the Fund relating to its portfolio
investments as set forth in its registration statement. Fund Services’ services hereunder shall not relieve the Trust of
its responsibilities for assuring such compliance.

 

		15.	Term of Agreement; Amendment

 

This Agreement shall become effective as of the date
first written above and will continue in effect for a period of two (2) years. This Agreement may be terminated effective at the
end of such initial term by either party upon giving at least 90 days’ prior written notice to the other party or such shorter
notice period as is mutually agreed upon by the parties. Subsequent to the end of the two (2) year period, this Agreement continues
until one party gives 90 days prior written notice to the other party or such shorter notice period as is mutually agreed upon
by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party
of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party.
In addition, the Trust may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator
or receiver for Fund Services by regulatory authorities or upon the happening of a like event at the direction of an appropriate
regulatory agency or court of competent jurisdiction (“Termination Upon Direction”). This Agreement may not be amended
or modified in any manner except by written agreement executed by Fund Services and the Trust, and authorized or approved by the
Trust’s Board of Trustees.

 

    12

     

    

 

		16.	Early Termination

 

In the absence of any material breach of this Agreement
or a Termination Upon Direction, should the Trust elect to terminate this Agreement prior to the end of the two (2) year term,
the Trust agrees to pay the following fees:

 

		a.	all monthly fees through the life of the Agreement, including the repayment of any negotiated discounts;

 

		b.	all fees associated with converting services to successor service provider;

 

		c.	all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion
to a successor service provider;

 

		d.	all reasonable and documented costs associated with a. to c. above.

 

		17.	Duties in the Event of Termination

 

In the event that, in connection with termination,
a successor to any of Fund Services’ duties or responsibilities hereunder is designated by the Trust by written notice to
Fund Services, Fund Services will promptly, upon such termination and at the expense of the Trust (which shall include only reasonable
and documented miscellaneous expenses), transfer to such successor all relevant books, records, correspondence and other data established
or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the
form in which Fund Services has maintained the same, the Trust shall pay any reasonable and documented miscellaneous expenses associated
with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision
for assistance from Fund Services’ personnel in the establishment of books, records and other data by such successor. If
no such successor is designated, then such books, records and other data shall be returned to the Trust.

 

		18.	Assignment

 

This Agreement shall extend to and be binding upon
the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable
by the Trust without the written consent of Fund Services, or by Fund Services without the written consent of the Trust accompanied
by the authorization or approval of the Trust’s Board of Trustees.

 

		19.	Governing Law

 

This Agreement shall be governed by and construed
in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable
laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1933 Act, the latter
shall control, and nothing herein shall be construed in a manner inconsistent with the 1933 Act or any rule or order of the SEC
thereunder.

 

    13

     

    

 

		20.	No Agency Relationship

 

Nothing herein contained shall be deemed to authorize
or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account,
of the other party to this Agreement.

 

		21.	Services Not Exclusive

 

Nothing in this Agreement shall limit or restrict
Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

 

		22.	Invalidity

 

Any provision of this Agreement which may be determined
by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

 

		23.	Notices

 

Any notice required or permitted to be given by either
party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service,
or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed
received by facsimile transmission to the other party’s address set forth below, or such other address(es) as may be specified
in writing by one party to the other party:

 

Notice to Fund Services shall be sent to:

 

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

 

Notice to the Trust shall be
sent to:

 

VS Trust

Attn: Justin Young

100 S Bedford Rd., Suite 340

Mt. Kisco, NY 10549

 

		24.	Multiple Originals

 

This Agreement may be executed on two or more counterparts,
each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the
same instrument.

 

    14

     

    

 

		25.	Fidelity Bond

 

Fund Services shall maintain
a fidelity bond covering larceny and embezzlement, an insurance policy with respect to directors and officers errors and omissions
coverage and electronic data processing insurance coverage, in amounts that are appropriate in light of its duties and responsibilities
hereunder. Upon the request of the Trust, Fund Services shall provide evidence that coverage is in place. Fund Services shall notify
the Trust should its insurance coverage with respect to professional liability or errors and omissions coverage be reduced or canceled.
Such notification shall include the date of cancellation or reduction and the reasons therefore. Fund Services shall notify the
Trust promptly of any material claims against it with respect to services performed under this Agreement, whether or not they may
be covered by insurance, and shall notify the Trust promptly should the total outstanding claims made by Fund Services under its
insurance coverage materially impair, or threaten to materially impair, the adequacy of its coverage.

 

		26.	Entire Agreement

 

This Agreement, together with
any exhibits, attachments, appendices or schedules expressly referenced herein, sets forth the sole and complete understanding
of the parties with respect to the subject matter hereof and supersedes all prior agreements relating thereto, whether written
or oral, between the parties.

 

		27.	Limited Recourse

 

This Agreement is executed by the Trust with respect
to each of the Funds and the obligations hereunder are not binding on any of the trustees, officers or shareholders of the Trust
individually but are binding only on the Fund to which such obligations pertain and the assets and property of such Fund. All obligations
of the Trust under this Agreement shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for
the obligations of another Fund.

 

		28.	No Third Party Rights

 

Nothing expressed or referred to
in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal
or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data
Providers as expressly set forth herein.

 

		29.	Construction

 

Any reference in this Agreement
to a form, statute or regulation shall include any successor thereto.

 

SIGNATURES ON THE FOLLOWING
PAGE

 

    15

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the last date written below.

 

	VS TRUST	 
	 	 	 
	By:	              	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 
	 	 	 
	U.S. BANCORP FUND SERVICES, LLC	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

 

    16

     

    

 

Exhibit A to the Fund Accounting Servicing
Agreement 

 

Separate Series of VS Trust

 

Name of Series

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17Exhibit 4.1

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of August 26, 2020, is by and between CF Finance Acquisition Corp. II, a
Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New
York corporation, as warrant agent (the “Warrant Agent”, also referred to herein,
in its capacity as the Company’s transfer agent, as the “Transfer Agent”).

 

WHEREAS, on August
26, 2020, the Company entered into that certain Private Placement Units Purchase Agreement with CF Finance Holdings II, LLC, a
Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase
an aggregate of 1,100,000 units, each unit consisting of one share of Common Stock (as defined below) and one-third of one warrant,
simultaneously with the closing of the Offering (as defined below), such warrants bearing the legend set forth in Exhibit B hereto
(the “Private Placement Warrants”), at a purchase price of $10.00
per unit; and 

 

WHEREAS, the Company
is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities,
each such unit comprised of one share of Common Stock and one-third of one redeemable Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 16,666,667 warrants (or up to 19,166,667 warrants if the
underwriter’s over-allotment is exercised in full) to public investors in the Offering (the “Public Warrants”);
and 

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-1, File No. 333-241727 (the “Registration Statement”) and prospectus
(the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”),
of the Units and the Public Warrants and the Common Stock included in the Units; and

 

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

 

WHEREAS, each whole
Warrant entitles the holder thereof to purchase one share of Common Stock of the Company, par value $0.0001 per share (“Common
Stock”), for $11.50 per share, subject to adjustment as described herein; and 

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

2. Warrants.

 

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

 

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

 

2.3 Registration.

 

2.3.1 Warrant
Register. The Warrant Agent shall maintain books (the “Warrant Register”)
for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by the Company. All of the Public Warrants shall initially
be represented by one or more book-entry certificates (each, a “Book-Entry Warrant Certificate”) deposited with
The Depository Trust Company (the “Depositary”) and registered in the name of Cede & Co., a nominee
of the Depositary. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership
shall be effected through, records maintained by (i) the Depositary or its nominee for each Book-Entry Warrant Certificate, or
(ii) institutions that have accounts with the Depositary (each such institution, with respect to a Warrant in its account, a “Participant”).

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

(a) to the Company’s
officers or directors, any current or future affiliate or family member of any of the Company’s officers or directors, any
current or future affiliate of the Sponsor or to any member(s), directors, officers or employees of the Sponsor or any of their
current or future affiliates;

 

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

 

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

 

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

 

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

 

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

 

(g) by virtue of
the laws of the state of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; provided, however,
that, in the case of clauses (a) through (e) or (g), these transferees (the “Permitted Transferees”)
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement. 

 

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

 

3. Terms and
Exercise of Warrants.

 

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

 

    3

     

    

 

3.2 Duration
of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving
the Company and one or more businesses (a “Business Combination”), and (ii) the
date that is twelve (12) months from the date of the closing of the Offering, and terminating at 5:00 p.m., New York City
time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes
its initial Business Combination, (y) the liquidation of the Company, or (z) other than with respect to the Private Placement
Warrants, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”);
provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions,
as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except with respect
to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant) in the
event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant (other than a Private
Placement Warrant in the event of a redemption) not exercised on or before the Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on the Expiration
Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided,
that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders
of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.

 

3.3 Exercise
of Warrants.

 

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

 

(a) by certified
check payable to the order of the Warrant Agent or by wire transfer;

 

(b) in the event
of a redemption pursuant to Section 6 hereof in which the Company’s board of directors (the “Board”)
has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by surrendering
the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market
Value”, as defined in this subsection 3.3.1(b) by (y) the Fair Market Value. Solely for purposes of this subsection
3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average last
reported sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which
the notice of redemption is sent to the holders of the Warrants, pursuant to Section 6 hereof;

 

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

 

(d) as provided in Section 7.4 hereof. 

 

    4

     

    

 

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

 

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

 

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

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; provided, however, no holder of a Warrant shall be subject
to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the
Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise
such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates),
to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as specified
by the holder) (the “Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common
Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise
of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock
that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person
and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the
Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible
preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except
as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the number
of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K,
quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may
be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder
of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of
shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date
as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a Warrant
may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in
such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st)
day after such notice is delivered to the Company.

 

    5

     

    

 

4. Adjustments.

 

4.1 Stock
Dividends.

 

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

 

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

 

    6

     

    

 

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

 

4.3 Adjustments
in Exercise Price.

 

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

 

4.3.2 If (i) the Company
issues additional shares of Common Stock or securities convertible into or exercisable or exchangeable for shares of Common Stock
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 share of Common Stock, 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 founder
shares held by such holder or affiliates, as applicable, prior to such issuance) (the “New Issuance Price”),
(ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of the initial Business Combination on the date of the consummation thereof (net of redemptions) and
(iii) the volume weighted average trading price of the Common Stock during the 20 trading day period starting on the trading day
prior to the day on which the Company consummates the initial Business Combination (such price, the "Market Value")
is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market
Value and the New Issuance Price and the Redemption Price (as defined below) shall be adjusted to equal to 180% of the greater
of the Market Value and the Newly Issued Price.

 

    7

     

    

 

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

 

    8

     

    

 

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

 

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

 

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

 

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

 

5. Transfer
and Exchange of Warrants.

 

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

 

5.2 Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered
Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that except as otherwise provided herein or in any Book-Entry Warrant Certificate or Definitive Warrant Certificate, each Book-Entry
Warrant Certificate and Definitive Warrant Certificate may be transferred only in whole and only to the Depositary, to another
nominee of the Depositary, to a successor depository, or to a nominee of a successor depository; provided further, however,
that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants),
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. 

 

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

 

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

 

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

 

    9

     

    

 

6. Redemption.

 

6.1 Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option
of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon
notice to the Registered Holders of the Warrants, as described in Section 6.2 below, at the price of $0.01
per Warrant (the “Redemption Price”), provided that the last sales price
of the Common Stock reported has been at least $18.00 per share (subject to adjustment in compliance with Section 4 hereof),
on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to
the date on which notice of the redemption is given and provided that there is an effective registration statement covering the
shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout
the 30-day Redemption Period (as defined in Section 6.2 below) or the Company has elected to require the
exercise of the Warrants on a “cashless basis” pursuant to subsection 3.3.1; provided, however,
that if and when the Public Warrants become redeemable by the Company, the Company may not exercise such redemption right if the
issuance of shares of Common Stock upon exercise of the Public Warrants is not exempt from registration or qualification under
applicable state blue sky laws or the Company is unable to effect such registration or qualification. 

 

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

 

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

 

6.4 Exclusion
of Certain Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not
apply to the Private Placement Warrants or the Post-IPO Warrants (if such Post-IPO Warrants provide that they are non-redeemable
by the Company) if at the time of the redemption such Private Placement Warrants or Post-IPO Warrants continue to be held by the
Sponsor or any Permitted Transferees, as applicable. However, once such Private Placement Warrants or Post-IPO Warrants are
transferred (other than to Permitted Transferees under Section 2.6), the Company may redeem the Private Placement
Warrants or the Post-IPO Warrants, provided that the criteria for redemption are met, including the opportunity of the holder of
such Private Placement Warrants or Post-IPO Warrants to exercise the Private Placement Warrants or the Post-IPO Warrants prior
to redemption pursuant to Section 6.3. Private Placement Warrants or Post-IPO Warrants (if such Post-IPO Warrants
provide that they are non-redeemable by the Company) that are transferred to persons other than Permitted Transferees shall upon
such transfer cease to be Private Placement Warrants or Post-IPO Warrants and shall become Public Warrants under this Agreement.

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

8. Concerning
the Warrant Agent and Other Matters.

 

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

 

    11

     

    

 

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, then the holder
of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall
be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office
in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and
subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested
with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as
if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or
appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring
to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request
of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations. 

 

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

 

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

 

8.3 Fees
and Expenses of Warrant Agent.

 

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

 

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

 

8.4 Liability
of Warrant Agent.

 

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

 

    12

     

    

 

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

 

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

 

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

 

8.6 Waiver.
The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”)
in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of
the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby
irrevocably waives any and all Claims against the Trust Account, including any monies therein or any distribution therefrom, 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, one business day after delivery
to an overnight courier servicer, or if sent by certified mail or private courier service within five (5) days after deposit
of such notice, postage prepaid, in each case addressed (until another address is filed in writing by the Company with the Warrant
Agent), as follows:

 

CF Finance Acquisition Corp. II

110 East 59th Street

New York, NY 10022

Attention: Chief Executive Officer

 

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, one business day after delivery to an overnight courier servicer, or
if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, in
each case addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

    13

     

    

 

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. Each party 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 in the Borough
of Manhattan or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that
such courts represent an inconvenient forum.

 

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

 

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

 

9.6 No Waiver
of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement,
and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party.
No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this
Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in
any circumstances without such notice or demand.

 

9.7 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. In the
event that any signature is delivered by facsimile transmission or any other form of electronic delivery, such signature shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force
and effect as if such signature page were an original thereof.

 

9.8 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.

 

9.9 Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) 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, and (ii) to provide for the delivery
of Alternative Issuance pursuant to Section 4.4. 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 a majority
of the then outstanding Public Warrants. Any amendment solely to the Private Placement Warrants shall require the vote or written
consent of a majority of the holders of the then outstanding Private Placement 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.

 

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

 

[Signature Page Follows]

 

    14

     

    

 

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

 

	 	CF FINANCE ACQUISITION CORP. II
	 	 
	 	By:	/s/ Howard W. Lutnick
	 	Name:	Howard W. Lutnick
	 	Title:	Chairman and Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER 

& TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	/s/ Steven Vacante
	 	Name:	Steven Vacante
	 	Title:	Vice President

 

[Signature Page to Warrant Agreement
– CF Finance Acquisition Corp. II]

 

    15

     

    

 

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

 

CF FINANCE ACQUISITION CORP. II

Incorporated Under the Laws of the State of Delaware

 

CUSIP 15725Q112

 

Warrant Certificate

 

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

 

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

 

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

 

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

 

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. 

 

    A-1

     

    

 

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.

 

	 	CF FINANCE ACQUISITION CORP. II

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

In the event that the Warrant has been called
for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required
cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of shares of Common Stock
that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of
the Warrant Agreement.

 

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

 

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

 

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

 

[Signature Page Follows]

 

    A-4

     

    

 

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

 

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

 

    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 CF FINANCE ACQUISITION CORP. II (THE “COMPANY”), CF FINANCE HOLDINGS II, LLC AND
THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE
THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3
OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT)
WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

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

 

 

B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]