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Exhibit 10.2

AMENDED AND RESTATED SEVERANCE AGREEMENT

THIS AMENDED AND RESTATED SEVERANCE AGREEMENT (“Agreement”) is made effective as of February 10, 2021 by and between FEDERAL REALTY INVESTMENT TRUST, a Maryland real estate investment trust (the “Company”) and JEFFREY S. BERKES (“Employee”).

WHEREAS, the Company and the Employee previously entered into a Severance Agreement dated May 1, 2000 (as amended, the “Prior Agreement”); and

WHEREAS, concurrently with execution of this Agreement, the Company is promoting Employee to President and Chief Operating Officer of the Company and the Company and Employee desire to enter into this Agreement to replace and supersede the Prior Agreement in its entirety to reflect terms commensurate with the role and responsibilities of President.

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, including the Employee’s promotion to President of the Company, the Employee and the Company agree as follows:

               1.            Position, Duties and Authority.  Effective as of the date first written above, Employee shall serve as the President of the Company and shall have primary oversight responsibility for the operation, management and development of the Company’s real estate operations.  Employee acknowledges that he shall be a fiduciary of the Company, and may be an employee of an operating partnership subsidiary of the Company with the same title, roles and responsibilities as he has for the Company. Executive agrees to travel as needed to perform his duties, consistent with any then current federal, state or local restrictions imposed in connection with the Covid pandemic.

2.            Termination and Severance not Related to a Change of Control.

(a)           Generally.  Employee may resign from his position as President of the Company and terminate his employment by giving the Board of Trustees of the Company (“Board”) at least sixty (60) days prior written notice; provided that any notice in connection with a Constructive Termination shall be governed by Section 2(f) below.  The Company shall have the right to terminate the Employee at any time and for any reason subject to the notice and other provisions of this Agreement.  Upon Employee’s resignation or termination, Employee shall be deemed to have automatically resigned as an officer, director or trustee from the Company any and all entities owned, controlled or managed by the Company without any further action or notice.

(b)          Termination for Cause.  If the Company terminates Employee’s employment for Cause (defined below), Employee’s employment shall automatically terminate on the date set by the Board and Employee shall not be entitled to any payments or benefits other than those that accrued through the date of such termination or are otherwise required to be provided by law or pursuant to any of the Company’s employee benefit plans on termination.  For purposes of this Agreement, “Cause” shall mean any one or more of the following events:

(i)            Employee is convicted of committing a felony or a misdemeanor involving moral turpitude under any state, federal or local law;

(ii)           Employee breaches in any material respect this Agreement or the policies and procedures of the Company and Employee fails to cure the breach to the reasonable satisfaction of the Board provided that breaches falling within Section 2(b)(v) shall be governed by that subsection;

(iii)          Employee engages in conduct that constitutes willful gross neglect or willful gross misconduct in performing Employee’s duties, or engages in fraud, misappropriation or embezzlement with respect to Company property or information;

(iv)          Employee engages in any willful act or omission that causes harm in any material respect to the financial condition or business reputation of the Company; or

Exhibit 10.2

(v)           Following a thorough investigation by a neutral third-party investigator, Employee is found to have engaged in sexual misconduct, discrimination, harassment, retaliation, assault, or other improper or violent act toward any employee or third party, in each case that in the good faith determination of the Board has or could result in reputational or financial harm to the Company, or constitutes a violation of law, or a material breach of any policy, procedure, rule, regulation, or directive of the Company.

No act or failure to act shall be considered to be willful unless done or omitted to be done in bad faith and without reasonable belief it was in the best interests of the Company.  Any act or failure to act based upon express direction given pursuant to a resolution of the Board or upon the express instructions of the Chairman of the Board (provided that Employee was not the Chairman of the Board at the applicable time) shall be conclusively presumed to be done, or omitted to be done, by Employee in good faith and in the best interests of the Company.  The Company may only terminate Employee for Cause following a resolution approved by a majority of the Board.  If matters constituting Cause become known to the Company within one (1) year after Employee’s termination occurs, then the Board may, by delivery of written notice to Employee, treat such termination as being for Cause, cease and terminate any severance payments or benefits then remaining to be paid, and seek reimbursement of all payments made and benefits provided, with interest, by any available legal means.  The foregoing is an exclusive list of the acts or omissions that shall be considered Cause for the termination of Executive’s employment.  If the Board reasonably determines that any act or failure to act alleged to constitute Cause is curable, Employee shall be provided with notice of at least thirty (30) days to cure any act or omission alleged to constitute Cause and Employee shall have an opportunity to present his case to the full Board (with the assistance of his own counsel) before any termination for Cause is finalized by a vote of a majority of the Board.  The Board’s determination as to whether an act alleged to constitute Cause is curable is binding on Employee.

(c)           Termination without Cause.  In the event that Employee is terminated for any reason other than a termination for Cause or a termination on death or disability, the Board shall give Employee at least sixty (60) days prior written notice of such termination.  Upon such termination, Employee shall be entitled to receive the Accrued Obligations (as defined in Section 11(k)) together with the following payments and benefits:

(i)            A cash amount equal to the sum of: (A) one year of Employee’s annual base salary in effect as of the date of termination; plus (B) an amount equal to the highest annual bonus earned by Employee in the last three (3) completed fiscal years of the Company prior to the termination.  For purposes of such calculation, it shall be assumed that all annual bonuses were paid 100% in cash; plus (C) if Employee elects continuation of medical, vision and dental group insurance coverage (as applicable) under COBRA (including dependent coverage), the Company shall reimburse Employee, on an after-tax basis, for up to a period of twelve (12) months an amount equal to the difference between the cost of such continuation of benefits and the amount Employee paid for such coverage (on a monthly premium basis) immediately prior to the date of termination.  Such payments due under Section 2(c)(i)(A) and (B) hereof shall be paid to Employee no later than two and one-half (21⁄2) months following Employee’s termination.

(ii)           All of Employee’s outstanding unvested stock options, restricted stock awards, dividend equivalent rights or other similar equity awards that vest solely on the basis of the passage of time and continued employment shall become fully vested as of the date of termination.  Any shares that vest as aforesaid shall be deemed vested on the date of Employee’s termination.  Notwithstanding anything to the contrary in any stock option agreement, upon termination of employment due to a termination without Cause, Employee shall be entitled to exercise all vested stock options until the earlier of one (1) year after termination of employment and the original term of the option.

(iii)          Some or all of Employee’s outstanding performance share awards, related dividend equivalent rights or other similar performance based equity awards shall be earned as of the date of termination based on the level of achievement of the performance goals established for such awards as of such date and then pro‐rated based on the portion of the performance period that has elapsed as of the date of Employee’s termination.  For purposes hereof, the level of achievement of the performance goals established for each such award will be determined on the day immediately prior to the effective date of Employee’s termination as follows: (A) if the performance goal is a market-based goal, such as total shareholder return, stock price or relative funds from operations multiple, then the actual performance for the performance period through such date shall be used; (B) if the goal is a financially based, non-market-based goal, then the level of achievement of such goal shall be based on 

Exhibit 10.2

the most recently reported number(s) by the Company in its reports filed with the Securities and Exchange Commission or if such numbers are not so filed, based on the numbers as prepared internally by the Company for the quarter ending prior to the date of termination; and (C) if the performance goal is based on achievement of a company-wide strategic objective or satisfaction of individual performance criteria, the level of achievement of such goal will be deemed to have been accomplished at target level.  Any shares that are earned and vest as aforesaid shall be deemed earned and vested on the effective date of Employee’s termination of employment.

(iv)          All other employee benefits Employee would be entitled to receive under any employee benefit plan of the Company, payable in accordance with the terms and conditions of any such tax qualified employee benefit plans.

(d)          Termination on Death.  Termination of Employee’s employment will be effective upon the date of Employee’s death.  Upon such termination, Employee or Employee’s estate, survivors or beneficiaries (as the case may be) shall be entitled to receive the Accrued Obligations together with the following payments and benefits:

(i)            A cash amount equal to the sum of: (A) Employee’s base salary through the last day of the month in which Employee’s death occurs; plus (B) the annual cash bonus for the year in which Employee’s death occurs pro-rated through the date of Employee’s death and based on the level of bonus payout recorded on the Company’s books and records for the last fiscal quarter completed prior to Employee’s death.  This calculation shall not take into account any election made by the Employee to have a portion of such annual bonus paid in the form of Company shares.  Such payments shall be paid to Employee no later than the sixtieth (60th) day following Employee’s death.

(ii)           All of Employee’s outstanding unvested stock options, restricted stock awards, dividend equivalent rights or other similar equity awards that vest solely on the basis of the passage of time and continued employment shall become fully vested as of the date of Employee’s death.  Notwithstanding anything to the contrary in any stock option agreement, upon termination of employment due to the Employee’s death, Employee or Employee’s estate, as applicable, shall be entitled to exercise all vested stock options until the earlier of one (1) year after termination of employment due to death and the original term of the option.

(iii)          Some or all of Employee’s outstanding performance share awards, related dividend equivalent rights or other similar performance based equity awards shall be earned as of the date of termination based on the level of achievement of the performance goals established for such awards as of such date and then pro‐rated based on the portion of the performance period that has elapsed as of the date of Employee’s termination.  For purposes hereof, the level of achievement of the performance goals established for each such award will be determined on the day immediately prior to the effective date of Employee’s termination as follows: (A) if the performance goal is a market-based goal, such as total shareholder return, stock price or relative funds from operations multiple, then the actual performance for the performance period through such date shall be used; (B) if the goal is a financially based, non-market-based goal, then the level of achievement of such goal shall be based on the most recently reported number(s) by the Company in its reports filed with the Securities and Exchange Commission or if such numbers are not so filed, based on the numbers as prepared internally by the Company for the quarter ending prior to the date of termination; and (C) if the performance goal is based on achievement of a company-wide strategic objective or satisfaction of individual performance criteria, the level of achievement of such goal will be deemed to have been accomplished at target level.  Any shares that are earned and vest as aforesaid shall be deemed earned and vested on the date of Employee’s death.

(iv)          All other death benefits under any applicable plans and programs of the Company in accordance with the terms and provisions of such plans.

(e)          Termination on Disability.  Termination of Employee’s employment will be effective thirty (30) days after notice from the Board in the event Employee has experienced a Disability.  For purposes hereof, “Disability” shall mean Employee’s inability to perform, with or without reasonable accommodation, Employee’s duties under this Agreement due to a physical or mental illness or injury for a period of six (6) consecutive months or for an aggregate of twelve (12) months in any consecutive twenty-four (24) month period.  Any question as to the existence of the Disability of Employee as to which Employee and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Employee and the Company.  If Employee and 

Exhibit 10.2

the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third physician who shall make such determination in writing.  The determination of Disability made in writing to the Company and Employee shall be final and conclusive for all purposes of this Agreement.  Upon such termination, Employee or Employee’s estate, survivors or beneficiaries (as the case may be) shall be entitled to receive the Accrued Obligations together with the following payments and benefits:

(i)            A cash amount equal to equal to the sum of: (A) the annual cash bonus for the year in which Employee’s termination for Disability occurs pro-rated through the date of Employee’s termination and based on the level of bonus payout recorded on the Company’s books and records for the last fiscal quarter completed prior to Employee’s termination.  This calculation shall not take into account any election made by the Employee to have a portion of such annual bonus paid in the form of Company shares; plus (B) if Employee elects continuation of medical, vision and dental group insurance coverage (as applicable) under COBRA (including dependent coverage), the Company shall reimburse Employee, on an after-tax basis, for up to a period of twelve (12) months an amount equal to the difference between the cost of such continuation of benefits and the amount Employee paid for such coverage (on a monthly premium basis) immediately prior to the date of termination.  Such payments due under clause (A) hereof shall be paid to Employee no later than two and one-half (21⁄2) months following Employee’s termination.

(ii)           All of Employee’s outstanding unvested stock options, restricted stock awards, dividend equivalent rights or other similar equity awards that vest solely on the basis of the passage of time and continued employment shall become fully vested as of the date of termination.  Any shares that vest as aforesaid shall be deemed vested on the date of Employee’s termination.  Notwithstanding anything to the contrary in any stock option agreement, upon termination of employment due to the Employee’s Disability, Employee or Employee’s estate, as applicable, shall be entitled to exercise all vested stock options until the earlier of one (1) year after termination of employment due to Disability and the original term of the option.

(iii)          Some or all of Employee’s outstanding performance share awards, related dividend equivalent rights or other similar performance based equity awards shall be earned as of the date of termination based on the level of achievement of the performance goals established for such awards as of such date and then pro‐rated based on the portion of the performance period that has elapsed as of the date of Employee’s termination.  For purposes hereof, the level of achievement of the performance goals established for each such award will be determined on the day immediately prior to the effective date of Employee’s termination as follows: (A) if the performance goal is a market-based goal, such as total shareholder return, stock price or relative funds from operations multiple, then the actual performance for the performance period through such date shall be used; (B) if the goal is a financially based, non-market-based goal, then the level of achievement of such goal shall be based on the most recently reported number(s) by the Company in its reports filed with the Securities and Exchange Commission or if such numbers are not so filed, based on the numbers as prepared internally by the Company for the quarter ending prior to the date of termination; and (C) if the performance goal is based on achievement of a company-wide strategic objective or satisfaction of individual performance criteria, the level of achievement of such goal will be deemed to have been accomplished at target level.  Any shares that are earned and vest as aforesaid shall be deemed earned and vested on the date of Employee’s termination.

(iv)          All other disability benefits under any applicable plans and programs of the Company in accordance with the terms and provisions of such plans.

(f)           Resignation on Constructive Termination.  If Employee intends to resign as a result of a Constructive Termination (defined below), Employee shall provide to the Board a written notice within ninety (90) days after the initial existence of the condition supporting the Constructive Termination that specifies the Employee’s intention to resign as a result of the Constructive Termination and specifically identifies the condition that is the cause of the Constructive Termination.  The Company shall have a period of thirty (30) days after the date of such notice to cure the condition supporting the Constructive Termination.  If the Company does not cure the condition within such 30-day period, the Employee’s termination will occur on the day immediately following the end of the cure period.  If the Company cures the condition within such 30-day cure period, then Employee will be deemed to have withdrawn his notice of termination effective as of the date the cure is effected.  If Employee is terminated as a result of a Constructive Termination, Employee shall be entitled to receive the Accrued Obligations together with the following payments and benefits:

Exhibit 10.2

(i)            A cash amount equal to the sum of: (A) one year of Employee’s then current annual base salary as of the date of termination; plus (B) an amount equal to the highest annual bonus earned by Employee in the last three (3) completed fiscal years of the Company prior to the termination.  For purposes of such calculation, it shall be assumed that all annual bonuses were paid 100% in cash; plus (C) if Employee elects continuation of medical, vision and dental group insurance coverage (as applicable) under COBRA (including dependent coverage), the Company shall reimburse Employee, on an after-tax basis, for up to a period of twelve (12) months an amount equal to the difference between the cost of such continuation of benefits and the amount Employee paid for such coverage (on a monthly premium basis) immediately prior to the date of termination.  Such payments due under Section 2(f)(i)(A) and (B) hereof shall be paid to Employee no later than two and one-half (21⁄2) months following Employee’s termination.

(ii)           All of Employee’s outstanding unvested stock options, restricted stock awards, dividend equivalent rights or other similar equity awards that vest solely on the basis of the passage of time and continued employment shall become fully vested as of the date of termination.  Any shares that vest as aforesaid shall be deemed vested on the date of Employee’s termination.  Notwithstanding anything to the contrary in any stock option agreement, upon termination of employment due to a Constructive Termination, Employee shall be entitled to exercise all vested stock options until the earlier of one (1) year after termination of employment and the original term of the option.

(iii)          Some or all of Employee’s outstanding performance share awards, related dividend equivalent rights or other similar performance based equity awards shall be earned as of the date of termination based on the level of achievement of the performance goals established for such awards as of such date and then pro‐rated based on the portion of the performance period that has elapsed as of the date of Employee’s termination.  For purposes hereof, the level of achievement of the performance goals established for each such award will be determined on the day immediately prior to the effective date of Employee’s termination as follows: (A) if the performance goal is a market-based goal, such as total shareholder return, stock price or relative funds from operations multiple, then the actual performance for the performance period through such date shall be used; (B) if the goal is a financially based, non-market-based goal, then the level of achievement of such goal shall be based on the most recently reported number(s) by the Company in its reports filed with the Securities and Exchange Commission or if such numbers are not so filed, based on the numbers as prepared internally by the Company for the quarter ending prior to the date of termination; and (C) if the performance goal is based on achievement of a company-wide strategic objective or satisfaction of individual performance criteria, the level of achievement of such goal will be deemed to have been accomplished at target level.  Any shares that are earned and vest as aforesaid shall be deemed earned and vested on the date of Employee’s termination.

(iv)          All other employee benefits Employee would be entitled to receive under any employee benefit plan of the Company, payable in accordance with the terms and conditions of any such tax qualified employee benefit plans.

For purposes of this Agreement, a “Constructive Termination” shall be deemed to have occurred upon any one of the following conditions:  (1) a material negative change to Employee’s title or a material diminution of the Employee’s authority, duties or responsibilities from those described in Section 1 hereof that is not agreed to by Employee; (2) a material diminution of the Employee’s base pay or total annual target compensation opportunity (including base pay, annual bonus opportunity, and value of annual equity award target) from the amounts in place as of the date of this Agreement; (3) the relocation of Employee’s primary office location to a location that is more than fifty (50) miles from San Jose, California or any other location to which Employee has agreed to move; or (4) any other action or inaction by the Company that constitutes a material breach of this Agreement.  No condition shall give rise to a Constructive Termination if employee consents to such condition in advance.

3.            Termination and Severance Related to a Change in Control.

(a)           Payments and Benefits.  In the event that within the six (6) months prior to or the two (2) years following a Change in Control, Employee’s employment is terminated without Cause or the Employee terminates the Employee’s employment as a result of a Constructive Termination, Employee shall be entitled to receive the 

Exhibit 10.2

Accrued Obligations together with the following payments and benefits, in lieu of receiving any benefits under Section 2 above:

(i)            A cash amount equal to the sum of: (A) two (2) years of Employee’s annual base salary in effect as of the date of termination; plus (B) an amount equal to two hundred percent (200%) of the highest annual bonus earned by Employee in the last three (3) completed fiscal years of the Company prior to the termination.  For purposes of such calculation, it shall be assumed that all annual bonuses were paid 100% in cash; plus (C) if Employee elects continuation of medical, vision and dental group insurance coverage (as applicable) under COBRA (including dependent coverage), the Company shall reimburse Employee, on an after-tax basis, for up to a period equal to the lesser of twenty-four (24) months or the maximum time Employee can continue insurance coverage under COBRA an amount equal to the difference between the cost of such continuation of benefits and the amount Employee paid for such coverage (on a monthly premium basis) immediately prior to the date of termination.  Such payments due under Section 3(a)(i)(A) and (B) hereof shall be paid to Employee no later than two and one-half (21⁄2) months following Employee’s termination.

(ii)           All of Employee’s outstanding unvested stock options, restricted stock awards, dividend equivalent rights or other similar equity awards that vest solely on the basis of the passage of time and continued employment shall become fully vested as of the date of termination.  Any shares that vest as aforesaid shall be deemed vested on the date of Employee’s termination.  Notwithstanding anything to the contrary in any stock option agreement, upon termination of employment as provided in this Section 3(a), Employee shall be entitled to exercise all vested stock options until the earlier of one (1) year after termination of employment and the original term of the option.

(iii)          Some or all of Employee’s outstanding performance share awards, related dividend equivalent rights or other similar performance based equity awards shall be earned as of the date of termination based on the level of achievement of the performance goals established for such awards as of such date and then pro‐rated based on the portion of the performance period that has elapsed as of the date of Employee’s termination.  For purposes hereof, the level of achievement of the performance goals established for each such award will be determined on the day immediately prior to the effective date of Employee’s termination as follows: (A) if the performance goal is a market-based goal, such as total shareholder return, stock price or relative funds from operations multiple, then the actual performance for the performance period through such date shall be used; (B) if the goal is a financially based, non-market-based goal, then the level of achievement of such goal shall be based on the most recently reported number(s) by the Company in its reports filed with the Securities and Exchange Commission or if such numbers are not so filed, based on the numbers as prepared internally by the Company for the quarter ending prior to the date of termination; and (C) if the performance goal is based on achievement of a company-wide strategic objective or satisfaction of individual performance criteria, the level of achievement of such goal will be deemed to have been accomplished at target level.  Any shares that are earned and vest as aforesaid shall be deemed earned and vested on the date of Employee’s termination.

(iv)          All other employee benefits Employee would be entitled to receive under any employee benefit plan of the Company, payable in accordance with the terms and conditions of any such tax qualified employee benefit plans.

For purposes of this Agreement, a Change in Control shall have the meaning set forth in the Company’s 2020 Performance Incentive Plan for a “Change in Control.”

(b)          Excise Tax.  In the event it is determined that any payment or benefit (within the meaning of Section 280G(B)(2) of the Internal Revenue Code of 1986 (as amended, the “Code”), to Employee or for his benefit paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in connection with, or arising out of, his employment (“Payments”), would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by Employee with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Payments shall be payable either: (a) in full; or (b) in such lesser amount that would result in no portion of such Payments being subject to an excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income or excise taxes (including the excise tax imposed by Section 4999), results in the Employee’s receipt on an after-tax basis of the greatest amount or benefits under this 

Exhibit 10.2

Agreement, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code.  In that event, Employee shall designate those rights, payments, or benefits under this Agreement, any other agreements, and any benefit arrangements that should be reduced or eliminated so as to avoid having the payment or benefit to Employee under this Agreement be deemed to be an excess parachute payment; provided, however, that in order to comply with Section 409A of the Code, the reduction or elimination will be performed in the order in which each dollar of value subject to a right, payment, or benefit reduces the parachute payment to the greatest extent.  All determinations under this paragraph shall be made at the expense of the Company by a nationally recognized public accounting firm selected by the Company and subject to approval of Employee, which approval shall not be unreasonably withheld.  Employee shall be deemed to have approved any nationally recognized public accounting firm then serving as the Company’s independent auditor or internal auditor.  Such determination shall be binding upon Executive and the Company in the absence of manifest error.  To the extent the terms of this paragraph conflict with the terms of an equity award granted pursuant to Employee, this paragraph shall control.

4.       Restrictive Covenants.  Employee acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and accordingly agrees as follows, subject to the terms and conditions of applicable law:

(a)     Non-Competition.  For a period of one (1) year following the date Employee ceases to be employed by the Company plus the length of time during which Employee is in breach of the terms hereof as determined by any court of competent jurisdiction on the Company’s application for injunctive relief (the “Restricted Period”), Employee will not, directly or indirectly, own, manage, operate, control, consult with, be employed by or otherwise provide services to, or participate in the ownership, management, operation or control of any company listed as of the date Employee ceases to be employed by the Company in the Bloomberg REIT Shopping Center Index, the FTSE NAREIT Shopping Center Index or a list of non-publicly traded companies that is agreed to by the Company and Employee from time to time (“Protected Business”).  Notwithstanding the foregoing, Employee’s ownership solely as a passive investor of 2% or less of the outstanding securities of any class of any company shall not, by itself, be considered to violate this Section 4(a).

(b)    Non-Solicitation.  During Restricted Period, Employee will not, whether on Employee’s own behalf or on behalf of or in conjunction with any person or entity (“Person”): (i) solicit or encourage (which shall not include providing references on behalf of any such employee or issuing a non-targeted general employment advertisement) any employee of the Company or its subsidiaries (“Restricted Group”) at or above the level of Director or any leasing agent (including specialty leasing agents) who was employed by the Company during the Restricted Period or the sixty (60) days preceding Employee’s termination to leave the employment of the Company or its subsidiaries, or hire any such employee; or (ii) intentionally encourage any material consultant engaged in the Protected Business and retained by the Restricted Group to cease working with the Restricted Group.

(c)    Confidentiality.  Employee may not at any time (whether during or after Employee’s employment with the Company), disclose, divulge, reveal, communicate, share, transfer or provide access to any Confidential Information that he may obtain during his employment by the Company to any other Person, except: (i) in connection with performing his duties for the Company or its subsidiaries; (ii) to the Company or its subsidiaries, or to any authorized (or apparently authorized) agent or representative of any of them; (iii) when required to do so by law or regulation or requested by a court, governmental agency, legislative body, arbitrator or other person with apparent jurisdiction to order him to communicate, divulge or make accessible any such confidential information; (iv) in the course of any proceeding brought to enforce this Agreement; or (v) in confidence to any attorney or other professional advisor for the purposes of securing professional advice.  For purposes of this Agreement, “Confidential Information” shall mean any proprietary or confidential information of the Company and its subsidiaries, and includes, without limitation, trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals; provided, however, that the term Confidential Information shall not include any document, record, data, compilation or other information that is known or generally available to the public, or within any trade or industry of the Company or any of its affiliates, other than as a result of Employee’s violation of this Section 4(c), or not otherwise considered confidential by persons within such trade or industry.  Upon termination of Employee’s employment with the Company for any reason, Employee shall: (A) cease and not thereafter commence 

Exhibit 10.2

use of any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by the Company, its subsidiaries or affiliates; and (B) immediately destroy, delete, or return to the Company, at the Company’s option as communicated to Employee, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in Employee’s possession or control (including any of the foregoing stored or located in Employee’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate to the Protected Business of the Company and its subsidiaries, except that Employee may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information and may retain any Company-issued cell phone, his contacts and calendars and any compensation-related information or information reasonably necessary for tax return purposes.

(d)          No Defamation.  Employee agrees not to participate in or facilitate the dissemination to the media or any other third party: of any defamatory information concerning the Company, any officer or trustee of the Company or Employee’s experiences as an employee of the Company, without the Company’s prior written consent except as may be required by law.  Notwithstanding the foregoing, this Section 4(d) does not apply to information which is already in the public domain through no fault of the Employee.  Further, upon Employee’s termination, the Company shall direct all officers and trustees of the Company to refrain from disparaging Employee or Employee’s performance as an employee of the Company, and shall be responsible for any breach by its officers and trustees of this Section 4(d).  Nothing in this Section 4(d) or any other provision of this Agreement is intended to prevent the Parties from disclosing factual information regarding any claim for sexual harassment, sex discrimination, or retaliation for reporting sexual harassment or sex discrimination.

(e)     Intellectual Property.  If Employee creates, invents, designs, develops, contributes to or improves any works of authorship, inventions, intellectual property, materials, documents or other work product (including, without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials) (“Works”), either alone or with third parties, at any time during Executive’s employment by the Company and within the scope of such employment and with the use of any the Company resources (“Company Works”), Executive shall promptly and fully disclose the same to the Company and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company.  Employee shall take all requested actions and execute all requested documents (including any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Company Works.  Employee shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party without the prior written permission of such third party.  Employee shall comply with all relevant policies and guidelines of the Company that are from time to time previously disclosed to Employee, including regarding the protection of Confidential Information and intellectual property and potential conflicts of interest.  The assignments and transfers by Employee to Company hereunder do not apply to any invention which the Employee develops totally on his time without using the Company’s equipment, supplies, facilities, or trade secret information except for the inventions which: (i) relate at the time of conception or reduction to practice of the invention to the Company’s business, or actual or anticipated research or development of the Company; or (ii) result from any work done by the Employee for the Company.

(f)           Reasonableness.  The parties agree that the restrictive covenants in this Section 4 are necessary to protect the goodwill or other business interests of the Company and that such restrictive covenants do not impose a greater restraint than is necessary to protect such goodwill or other business interests.

(g)     Severability.  It is expressly understood and agreed that although Employee and the Company consider the restrictions contained in this Section 4 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that any restriction contained in this Section 4 is an unenforceable restriction against Employee, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply with such deletion or modification as such court may judicially determine or indicate to make the Agreement valid and 

Exhibit 10.2

enforceable.  The restrictions contained in this Section 4 shall be construed as separate and individual restrictions and shall each be capable of being reduced in application or severed without prejudice to the other restrictions contained in this Section 4 or to the remaining provisions of this Agreement.

(h)     Injunctive Relief.  The parties agree that any breach of this Section 4 will result in irreparable harm to the non‐breaching party which cannot be fully compensated by monetary damages and accordingly, in the event of any breach or threatened breach of this Section 4, the non-breaching party shall be entitled to injunctive relief.

               5.            Compliance with Code Section 409A.

(a)           The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Employee to incur any additional tax or interest under Code Section 409A, the Company shall, after consulting with and receiving the approval of Employee, reform such provision in a manner intended to avoid the incurrence by Employee of any such additional tax or interest.

(b)          A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A, and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  The determination of whether and when a separation from service has occurred for proposes of this Agreement shall be made in accordance with the presumptions set forth in Section 1.409A-1(h) of the Treasury Regulations.

(c)           Any provision of this Agreement to the contrary notwithstanding, if at the time of Employee’s separation from service, the Company determines that Employee is a “specified employee,” within the meaning of Code Section 409A, then to the extent any payment or benefit that Employee becomes entitled to under this Agreement on account of such separation from service would be considered nonqualified deferred compensation under Code Section 409A, such payment or benefit shall be paid or provided at the date which is the earlier of: (i) six (6) months and one day after such separation from service; and (ii) the date of Employee’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 4(c) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or provided to Employee in a lump-sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

(d)          Any reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Code Section 409A shall be made or provided in accordance with the requirements of Code Section 409A, including that: (i) in no event shall any fees, expenses or other amounts eligible to be reimbursed by the Company under this Agreement be paid later than the last day of the calendar year next following the calendar year in which Employee provides verification reasonably acceptable to the Company that the applicable fees, expenses or other amounts were incurred; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits that the Company is obligated to pay or provide, in any given calendar year shall not affect the expenses that the Company is obligated to reimburse, or the in-kind benefits that the Company is obligated to pay or provide, in any other calendar year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect; (iii) Employee’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than Employee’s remaining lifetime (or if longer, through the 6th anniversary of the Effective Date).

(e)          For purposes of Code Section 409A, Employee’s right to receive any installment payments shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this 

Exhibit 10.2

Agreement specifies a payment period with reference to a number of days (for example, “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company.  In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement, to the extent such payment is subject to Code Section 409A.

(f)           To the extent the terms of this Section 5 conflict with the terms of an equity award granted to Employee, this Section 5 shall govern.

6.     Release.  Notwithstanding any provision herein to the contrary, the Company shall have no obligation to pay any amount or provide any benefit, as the case may be, under this Agreement (other than the Accrued Obligations and any amount that is required to be paid under applicable law or the terms of an applicable benefit plan upon termination), unless the Employee executes and delivers to the Company, and does not revoke (to the extent the Employee is allowed to do so as set forth in the General Release), a General Release in substantially the form attached hereto as Exhibit 1 within sixty (60) days of the Employee’s termination of employment.

7.     Set Off; Mitigation.  The obligation of the Company to pay or provide Employee the amounts or benefits under this Agreement shall be subject to set-off, counterclaim or recoupment of amounts owed by the Employee to the Company, as permitted by applicable law and/or any policy of the Company.  In addition, except as provided in Section 3(b), the Employee shall not be required to mitigate the amount of any payments or benefits provided to the Employee hereunder by securing other employment or otherwise, nor will such payments and/or benefits be reduced by reason of the Employee securing other employment or for any other reason.  Further, the Company shall withhold from all payments to Employee hereunder all amounts required to be withheld under applicable local, state or federal income and employment tax laws, including amounts necessary to satisfy tax withholding obligations on any restricted stock or other equity award that vests as provided in this Agreement.

8.     Recoupment.  All incentive-based compensation paid to Employee will be subject to the Company’s Incentive‐Based Compensation Recoupment Policy as in effect from time to time and any other recoupment or clawback policies or requirements required by law.

9.      Governing Law/Dispute Resolution.  This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without regard to conflicts of law principles thereof.  Except for injunctive relief authorized with respect to any violation of the restrictive covenants in Section 4 hereof, each of the Company and Employee hereby irrevocably submits to the exclusive jurisdiction of the United States District Court for the District of Maryland or the District Court of the State of Maryland sitting in Montgomery County, Maryland over any suit, action or proceeding arising out of or relating to this Agreement, and each of the parties agrees that any action relating in any way to this Agreement must be commenced only in the courts of the State of Maryland, federal or state. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted or not prohibited by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a court has been brought in an inconvenient forum. Each of the parties hereto hereby irrevocably consents to the service of process in any suit, action or proceeding by sending the same by certified mail, return receipt requested, or by recognized overnight courier service, to the address of such party set forth in Section 11(e).  The prevailing party in any dispute or proceeding arising out of or relating to this Agreement shall be awarded its attorney’s fees and costs.

10.         Survival.  The provisions of Sections 2 through 11 shall survive the termination of this Agreement to the extent necessary to enforce the rights and obligations described therein.

11.         Miscellaneous. 

(a)     Entire Agreement; Amendments.  This Agreement (together with any schedules and exhibits attached hereto) contains the entire understanding of the parties with respect to the employment of Employee by the Company and supersedes all prior agreements and understandings, including, without limitation, the Prior Agreement and verbal agreements, between Employee and the Company and/or its current or former affiliates regarding the subject matters herein.  Except for existing restricted stock award agreements in place as of the date of this agreement, there are no restrictions, agreements, promises, warranties, covenants or undertakings between the 

Exhibit 10.2

parties with respect to the subject matter herein other than those expressly set forth herein.  This Agreement (together with any schedules and exhibits attached hereto) may not be altered, modified, or amended except by written instrument signed by the parties hereto.

(b)          No Waiver.  The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

(c)           Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

(d)          Assignment/Successors and Assigns.  Neither this Agreement nor any of Employee’s rights and duties hereunder shall not be assignable or delegable by Employee.  Any purported assignment or delegation by Employee in violation of the foregoing shall be null and void ab initio and of no force and effect.  This Agreement shall be assigned by the Company to a person or entity which is a successor in interest (“Successor”) to substantially all of the business operations of the Company and the Company shall require any Successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to expressly assume and agree to perform under this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.  Upon such assignment and assumption, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate or Successor.  This Agreement shall be binding upon and inure to the benefit of the Employee and the Employee’s heirs and personal representatives, the Company and its successors, assigns and legal representatives.

(e)          Notices.  For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by e-mail, hand or overnight courier addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.
												
		If to the Company:		If to Employee:
				
		Federal Realty Investment Trust		The most recent address of Employee set forth in the
		909 Rose Avenue, Suite 200		personnel records of the Company
		North Bethesda, Maryland 20852		
		Attention: General Counsel		

(f)     Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

(g)     Negotiation of Agreement.  This Agreement has been negotiated by Employee and the Company, and both parties have had the opportunity to consult counsel.  Accordingly, this Agreement is not to be construed in favor of one party or another, or its interpretation affected by whether a particular provision was drafted by one party or the other.

(h)     Headings.  Headings herein are inserted for convenience and shall not affect the interpretation of any provision of this Agreement.

(i)    Code Section References.  References to sections of the Exchange Act or the Code, or rules or regulations related thereto, shall be deemed to refer to any successor provisions, as applicable.

(j)     Supersedes other Severance Plans.  It is intended that the payments and benefits provided under this Agreement are in lieu of, and not in addition to, termination, severance or change of control payments and benefits provided under the other termination or severance plans, policies or agreements, if any, of the Company.

Exhibit 10.2

(k)     Accrued Obligations.  Upon any termination of Employee’s employment with the Company, Employee shall be entitled to payment of final wages through the date of termination and reimbursement of all business expenses incurred prior to the date of termination and reflected in an expenses report submitted to Company within thirty (30) days after the date of termination (“Accrued Obligations”).  Reimbursement of such business expenses shall be in accordance with and subject to the terms and limitations set forth in any employee expense reimbursement policy(ies) of the Company in effect at the time of termination.

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

												
	FEDERAL REALTY INVESTMENT TRUST		 EXECUTIVE:
				
				
	By:			
		Donald C. Wood		Jeffrey S. Berkes
		Chief Executive Officer		

Exhibit 1               Form of Release

Exhibit 10.2

Exhibit 1

RELEASE

               This Release is entered into and effective for all purposes as of __________, 20___, between JEFFREY S. BERKES (“Employee”) and Federal Realty Investment Trust (“Company”).

               IN CONSIDERATION of the mutual promises and agreements set forth in that certain Amended and Restated Severance Agreement dated February 10, 2021 between Company and Employee (“Severance Agreement”) and the mutual promises herein, the receipt and sufficiency of which are hereby acknowledged, Company and Employee hereby agree as follows:

     1.     Employee hereby irrevocably and unconditionally releases, remits, acquits, and discharges Company and any affiliate of Company and its present and former officers, trustees, agents, employees, contractors, successors and assigns (separately and collectively "Company Releasees"), jointly and individually, from any and all claims, known or unknown, which Employee, his heirs, successors or assigns have or may have against Company Releasees and any and all liability which the Company Releasees may have to him whether called claims, demands, causes of action, obligations, damages or liabilities arising from any and all basis, however called, including but not limited to claims of discrimination under any federal, state or local law, rule or regulation.  This release relates to claims known or unknown arising prior to and during Employee's employment by Company, whether those claims are past or present, whether they arise from common law, contract or statute, whether they arise from labor laws or discrimination laws, or any other law, rule or regulation, provided, however, that this release does not apply to any rights or claims that may arise after the date of this Release.  Employee specifically acknowledges that this release is applicable to any claim under the CIVIL RIGHTS ACT OF 1964, as amended, the AGE DISCRIMINATION IN EMPLOYMENT ACT, as amended, and/or the AMERICANS WITH DISABILITIES ACT.  This release is for any relief, no matter how called, including but not limited to reinstatement, wages, back pay, front pay, severance pay, compensatory damages, punitive damages or damages for pain or suffering, or attorney fees.  Notwithstanding the foregoing, Employee does not waive or release any claim which cannot be waived or released by private agreement, and further does not release any rights to defense and indemnification under any applicable agreements with the Company, the Company’s articles or bylaws, the Company’s insurance policies, or pursuant to California Labor Code section 2802.

2.    Subject to Paragraph 4 below, Company and its successors and assigns hereby irrevocably and unconditionally release, remit, acquit, and discharge Employee from any and all claims, known or unknown, which Company has or may have against Employee and any and all liability which Employee may have to it whether called claims, demands, causes of action, obligations, damages or liabilities arising from Employee’s employment with Company; provided, however, that such release does not extend to any claims, demands, causes of action, damages, or liabilities arising from fraud or willful misconduct by Employee, or acts or omissions by Employee that would constitute a violation of criminal law.  This release relates to claims known or unknown arising prior to and during Employee's employment by Company, whether those claims are past or present, whether they arise from common law, contract or statute, whether they arise from labor laws or discrimination laws, or any other law, rule or regulation, provided, however, that this release does not apply to any rights or claims that may arise after the date of this Release.  This release is for any relief, no matter how called, including but not limited to compensatory damages, punitive damages or damages for pain or suffering, or attorney fees.  

3.    Employee represents that he has not filed any administrative or judicial claim or complaint against Company Releasees.  Company represents that it has filed no administrative or judicial claim or complaint against Employee.

4.            This Release shall be and remain in effect despite any alleged breach of the Severance Agreement or the discovery or existence of any new or additional fact or any fact different from that which Employee or Company or their counsel now know or believe to be true.  Notwithstanding the foregoing, nothing in this Release shall be construed as or constitute a release of Employee’s or Company’s rights to enforce the terms of the Severance Agreement, to seek relief, including but not limited to any damages, for any breach of the Severance Agreement or to recover any amounts allowed to be recovered pursuant to the terms of the Severance Agreement.

Exhibit 10.2

               5.     Employee acknowledges that he has read this Release, including, without limitation, the release set forth in Paragraph 1 above; that he has had a right to consult an attorney, and has been encouraged by the Company to review this Release with an attorney; that he has been given a period of not less than twenty-one (21) days in which to consider this Release; that he understands it; and that he accepts and agrees to all the provisions contained herein.  Employee understands that this Release sets forth the entire understanding of the parties, and he acknowledges that he has not relied upon any other representations or promises in entering into this Release except as set forth in the Severance Agreement.  Employee further acknowledges that he may revoke this Release at any time during the seven (7) days immediately following his execution of this Release, after which time this Release shall be irrevocable and enforceable in any court of competent jurisdiction.  Employee agrees this Release will not be effective or enforceable nor the amounts set forth in the Severance Agreement paid until after the seven (7) day revocation period ends without revocation by Employee.  Revocation can be made by delivery of a written notice of revocation to the General Counsel at 909 Rose Avenue, North Bethesda, Maryland 20852, by midnight on or before the seventh (7th) calendar day after Employee signs this Release.

6.    This Release shall be binding on Company and Employee and upon their respective heirs, representatives, successors and assigns, and shall run to the benefit of the Company Releasees and each of them and to their respective heirs, representatives, successors and assigns.

7.    This Release in all respects shall be interpreted and entered under the laws of the State of Maryland.  The language of all parts of this Release in all cases shall be construed as a whole, according to its fair meaning, and not strictly for or against any of the parties.

8.     Company and Employee agree that in the event any provision of this Release is deemed to be invalid or unenforceable by any court or administrative agency of competent jurisdiction, or in the event that any provision cannot be modified so as to be valid and enforceable, then that provision shall be deemed severed from this Release and the remainder of this release shall remain in full force and effect.

9.    WAIVER: The parties expressly waive all rights under Section 1542 of the Civil Code of California which provides: 

“A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her would have materially affected his or her settlement with the debtor or released party.”

The parties agree that the possibility that such unknown claims exist was taken into account in determining the amount of consideration to be paid for the giving of this Release.

IN WITNESS WHEREOF, the parties have executed this Release as of the date first above written.                                                                                                  									
		COMPANY:
			
		FEDERAL REALTY INVESTMENT TRUST
			
		By:	
			Name:                                                                     

			Title:                                                                       

			
		EMPLOYEE
			
		JEFFREY S. BERKES
			
		DATE:Exhibit 4.1

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT
(this “Agreement”), dated as of February 8, 2021, is by and between Evo Acquisition Corp., a Delaware
corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation,
as warrant agent (the “Warrant Agent”, also referred to herein as the “Transfer Agent”).

 

WHEREAS, the Company
is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities,
each such unit comprised of one share of Class A common stock of the Company, par value $0.0001 per share (“Common
Stock”) and one-half of one redeemable Public Warrant (as defined below) (the “Units”)
and, in connection therewith, has determined to issue and deliver up to 6,250,250 warrants (or up to 6,250,250 warrants if the
Over-allotment Option is exercised in full) to public investors in the Offering (the “Public Warrants”);
and

 

WHEREAS, on February
8, 2021, the Company entered into that certain Private Placement Warrants Purchase Agreement with Evo Sponsor LLC, a Delaware limited
liability company (the “Sponsor”), pursuant to which the Sponsor agreed to purchase an aggregate of 3,924,000
warrants (or 4,250,100 in the event that the Over-allotment Option (as defined below) in connection with the Company’s Offering 
is exercised in full) simultaneously with the closing of the Offering bearing the legend set forth in Exhibit B hereto
(the “Private Placement Warrants”) at a purchase price of $1.00
per Private Placement Warrant; and

 

WHEREAS, in order to
finance the Company’s transaction costs in connection with an intended initial Business Combination (as defined below), the
Sponsor or an affiliate of the Sponsor or certain of the Company’s executive officers and directors may, but are not obligated
to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to
an additional 1,500,000 warrants at a price of $1.00 per warrant (the “Working Capital Warrants”); and

 

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

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “Commission”) registration statements on Form
S-1, File Nos. 333-252248 and 333-252869 (collectively, the “Registration Statement”)
and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended
(the “Securities Act”), of the Units, the Public Warrants and the Common Stock included in the Units;
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

     

    

 

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

 

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

 

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

 

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

 

(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, an affiliate of such individual or to a charitable organization;

 

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

 

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

 

(e) by private sales
or transfers made in connection with 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 Working
Capital Warrants. The Working Capital Warrants shall be identical to the Private Placement Warrants.

 

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

 

3. Terms and
Exercise of Warrants.

 

3.1 Warrant
Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this
Agreement, to purchase from the Company the number of 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 five (5) 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”), or (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 and the Working Capital Warrants to
the extent then held by the original purchasers thereof or their Permitted Transferees, 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 or a Working Capital Warrant) to the extent then
held by the original purchasers thereof or their Permitted Transferees in the event of a redemption (as set forth in Section
6 hereof), each outstanding Warrant (other than a Private Placement Warrant or a Working Capital Warrant to the extent
then held by the original purchasers thereof or their Permitted Transferees 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 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;

 

    4

     

    

 

(c) with respect to any
Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working Capital Warrant is held
by the Sponsor 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 reported last 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.

 

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, except pursuant to Section 7.4. 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 subsection 3.3.1(b) and Section
7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled,
upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to
the nearest whole number, the number of shares of Common Stock to be issued to such holder.

 

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

 

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

 

    5

     

    

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection
3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect
the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that
after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)(the “Maximum Percentage”)
of the 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.

 

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 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) as a result of the repurchase of shares of Common
Stock by the Company if a proposed Business Combination is presented to the stockholders of the Company for approval, (e) 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 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 (f) 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, then 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 Trigger Price (as defined below) shall be adjusted (to the nearest
cent) to be 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
average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective
date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg
determined as of the trading day immediately prior to the day of the announcement of the applicable event, and (4) the assumed
risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration”
means (i) if the consideration paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share
of Common Stock, and (ii) in all other cases, the amount of cash per share of Common Stock, if any, plus the volume weighted average
price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date
of the applicable event. If any reclassification or reorganization also results in a change in shares of Common Stock covered by subsection
4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and
this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant Price be reduced to less than
the par value per share issuable upon exercise of the Warrant.

 

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

 

    8

     

    

 

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, provided, however, that under no circumstances shall the Warrants be
adjusted pursuant to this Section 4.8 as a result of any issuance of securities in connection with the Business Combination. The
Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

4.9 No Adjustment.
For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the
conversion ratio of the Company’s Class B common stock (the “Class B Common Stock”) into shares
of Common Stock or the conversion of the shares of Class B Common Stock into shares of Common Stock, in each case, pursuant to
the Company’s Charter, as amended from time to time.

 

5. Transfer
and Exchange of Warrants.

 

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

 

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

 

    9

     

    

 

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.

 

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 (the “Redemption Trigger Price”; 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 Private Placement Warrants and Working Capital Warrants. The Company agrees that the redemption rights provided in this Section
6 shall not apply to the Private Placement Warrants or the Working Capital Warrants if at the time of the redemption such
Private Placement Warrants or the Working Capital Warrants continue to be held by the Sponsor or any Permitted Transferees, as
applicable. However, once such Private Placement Warrants or Working Capital Warrants are transferred (other than to Permitted
Transferees under Section 2.6), the Company may redeem the Private Placement Warrants and the Working Capital Warrants,
provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants or
the Working Capital Warrants to exercise the Private Placement Warrant and the Working Capital Warrants prior to redemption pursuant
to Section 6.3. Private Placement Warrants and Working Capital Warrants that are transferred to persons other than
Permitted Transferees shall upon such transfer cease to be Private Placement Warrants or Working Capital Warrants and shall become
Public Warrants under this Agreement.

 

    10

     

    

 

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

 

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

 

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

 

7.3 Reservation
of 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 best efforts to file with the Commission a registration
statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the Warrants.
The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the Warrants in accordance with the provisions of
this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing
of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 61st Business Day
after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission,
and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares
of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number
of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying
the Warrants, multiplied by the 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 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 statute)) 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.

 

    11

     

    

 

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 statute), 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 statute) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company
shall not be required to file or maintain in effect a registration statement for the registration, under the Securities Act, of
the Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company
does not elect at the time of exercise to require a holder of Public Warrants who exercises Public Warrants to exercise such Public
Warrants on a “cashless basis,” it agrees to use its best efforts to register or qualify for sale the Common Stock
issuable upon exercise of the Public 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.

 

8.2 Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

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

 

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

 

    12

     

    

 

8.3 Fees and
Expenses of Warrant Agent.

 

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

 

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

 

8.4 Liability
of Warrant Agent.

 

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

 

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

 

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

 

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

 

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

 

    13

     

    

 

9. Miscellaneous
Provisions.

 

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

 

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

 

Evo Acquisition Corp.

10 Stateline Road

Crystal Bay, Nevada 89402

Richard Chisholm

 

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

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

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

 

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

 

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

 

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

 

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

 

    14

     

    

 

9.8 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 correcting any mistake, including to conform the provisions of this Agreement to the description of the terms
of the Warrants and this Agreement in the Registration Statement 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 or the Working Capital Warrants shall require the vote or written consent of a majority of the holders of the then outstanding
Private Placement Warrants or the Working Capital Warrants, as applicable. Notwithstanding the foregoing, the Company may lower
the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2,
respectively, without the consent of the Registered Holders.

 

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

 

[Signature Page Follows]

 

    15

     

    

 

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

 

	 	EVO ACQUISITION CORP.
	 	 
	 	By:	/s/ Richard Chisholm
	 	Name: 	Richard Chisholm
	 	Title:	Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 
	 	By:	/s/ Erika Young
	 	Name:	Erika Young
	 	Title:	Vice President

 

[Signature Page to Warrant Agreement]

 

    16

     

    

 

EXHIBIT A

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD
PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

EVO ACQUISITION CORP.

Incorporated Under the Laws of the State of Delaware

 

CUSIP 30052G116

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 Evo Acquisition Corp., a Delaware
corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth
in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of
Common Stock as set forth below, at the exercise price (the “Exercise Price”) as determined
pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise”
as provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment
of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein
and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given
to them in the Warrant Agreement.

 

Each whole Warrant
is initially exercisable for one fully paid and non-assessable share of Common Stock. No fractional shares will be issued upon
exercise of any Warrant. If, upon the exercise of 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 whole share. The Exercise Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.

 

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

 

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

 

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

 

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

 

	 	EVO ACQUISITION CORP.

 

	 	By:	 
	 	Name: 	 
	 	Title:	 

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant
Agent

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    17

     

    

 

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

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the 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.

 

    18

     

    

 

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

 

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

 

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

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

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

 

In the event that the
Warrant has been called for redemption by the Company pursuant to Section 6 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 or a Working Capital Warrant that is to be exercised on a “cashless” basis pursuant
to subsection 3.3.1(c) of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable
for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement.

 

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

 

In the event that the
Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of
Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement
which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant
Agreement, to receive shares of Common Stock. If said number of shares of Common Stock 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]

 

    19

     

    

 

	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)).

 

    20

     

    

 

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 EVO ACQUISITION CORP. (THE “COMPANY”), EVO SPONSOR 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.”

 

 

 

21

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