Document:

EX-4.5

 Exhibit 4.5 

DESCRIPTION OF THE REGISTRANT’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE 

SECURITIES EXCHANGE ACT OF 1934 

As of February 14, 2022, Zanite Acquisition Corp. has three classes of securities registered under Section 12 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”): (1) our units; (2) our Class A common stock; and (3) our warrants. 

The following description of our units, Class A common stock, and warrants is a summary and does not purport to be complete. It is
subject to and qualified in its entirety by reference to our Amended and Restated Memorandum and Articles of Association, each of which are incorporated by reference as an exhibit to the Annual Report on Form
10-K of which this Exhibit 4.5 is a part. 
 Terms not otherwise defined herein shall have
the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit 4.5 is a part. 

Description of Units 
 Units 

Each unit has an offering price of $10.00 and consists of one share of Class A common stock and
one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as described in our
initial public offering (“Initial Public Offering”) prospectus (“Prospectus”). Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the shares of Company’s Class A
common stock. This means only a whole warrant may be exercised at any given time by a warrant holder. For example, if a warrant holder holds one-half or two-thirds of
one warrant to purchase a share of Class A common stock, such warrant will not be exercisable. If a warrant holder holds two-halves of one warrant, such whole warrant will be exercisable for one share of
Class A common stock at a price of $11.50 per share. 
 Description of Class A Common Stock 

Stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A
common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law. Unless specified in our amended and restated certificate of incorporation,
or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders. Our board of
directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the
result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds
legally available therefor. 
 Because our amended and restated certificate of incorporation authorizes the issuance of up to 100,000,000
shares of Class A common stock, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of shares of Class A common stock which we are authorized to
issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder approval in connection with our initial business combination. Our board of directors is divided into three classes with only one class of
directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. 

 In accordance with Nasdaq corporate governance requirements, we are not required to hold an
annual meeting until no later than one year after our first full fiscal year end following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes of electing
directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business
combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination,
they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL. 

We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of
our initial business combination, including interest earned on the funds held in the trust account (net of permitted withdrawals), divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in
the trust account is initially anticipated to be $10.10 per public share. Such amount will be increased by an anticipated $0.10 per public share pursuant to our Sponsor’s purchase of additional private placement warrants for each 6 month
extension of our time to consummate an initial business combination our Sponsor elects to effectuate. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions
we will pay to the underwriters. Our initial stockholders, Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and
public shares they hold in connection with the completion of our initial business combination. Unlike many special purpose acquisition companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business
combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and we do not decide to hold a
stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC
prior to completing our initial business combination. Our amended and restated certificate of incorporation requires these tender offer documents to contain substantially the same financial and other information about our initial business
combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we
will, like many special purpose acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our
initial business combination only if a majority of the shares of common stock voted are voted in favor of our initial business combination. However, the participation of our Sponsor, officers, directors, advisors or their affiliates in
privately-negotiated transactions (as described in the Prospectus), if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against such
initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained. 

 If we seek stockholder approval of our initial business combination and we do not conduct
redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any
other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent.
However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their
influence over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive
redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be
required to sell their shares in open market transactions, potentially at a loss. 
 If we seek stockholder approval in connection with our
initial business combination, our initial stockholders, Sponsor, officers and directors have agreed to vote any founder shares they hold and any public shares purchased during or after the Public Offering in favor of our initial business
combination. As a result, in addition to our initial stockholders’ founder shares, we would need 7,500,001, or 37.5%, of the 20,000,000 public shares sold in the Initial Public Offering to be voted in favor of an initial business combination in
order to have our initial business combination approved (assuming all outstanding shares are voted and the over-allotment option is not exercised). Additionally, each public stockholder may elect to redeem their public shares irrespective of whether
they vote for or against the proposed transaction. 
 Pursuant to our amended and restated certificate of incorporation, if we do not
complete our initial business combination within the completion window, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem
the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account (net of
permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the
right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve,
subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our initial stockholders have entered into agreements with us, pursuant to which they have agreed to waive
their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination within the completion window. However, if our initial stockholders or management team
acquire public shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed
time period. 
 In the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are
entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the common stock. Our stockholders have no
preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders with the opportunity to redeem their public shares for cash at a per share price equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account (net of permitted withdrawals), divided by the number of then outstanding public shares, upon the completion of our
initial business combination, subject to the limitations described herein. 

 Description of Warrants 

 

	1.	 Public Shareholders’ Warrants 

Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing on the later of 12 months from the closing of the Initial Public Offering and 30 days after the completion of our initial business combination, provided in each case that we have an effective
registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a
cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon
separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial
business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. 
 We will not be obligated to deliver
any Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying the
warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue a share of
Class A common stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the
registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no warrants issued to our Sponsor, officers or directors upon conversion of working capital loans, provided that such conversion of founder shares will never occur on a less
than one-for-one basis. 
 With certain limited
exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our Sponsor, each of whom will be subject to value and expire worthless. In no event will
we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the
share of Class A common stock underlying such unit. 
 We have agreed that as soon as practicable, but in no event later than fifteen
(15) business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable upon
exercise of the warrants. We will use our 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 the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing of
our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a
“cashless basis” in accordance with 

 
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A common stock are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use
our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. 
 Redemption of warrants
for cash 
 Once the warrants become exercisable, we may call the warrants for redemption for cash: 

 

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon not less than 30 days’ prior written notice of redemption
(the “30-day redemption period”) to each warrant holder; and 

  

	 	•	 	 if, and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock
splits, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send to the notice of
redemption to the warrant holders. 

 If and when the warrants become redeemable by us for cash, we may exercise our
redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. 

We have established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call
a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled
redemption date. However, the price of the Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50
warrant exercise price after the redemption notice is issued. 
 Redemption procedures and cashless exercise 

If we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise his, her or its
warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants
that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of
warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of Class A common stock underlying the
warrants, multiplied by the excess of the “fair market value” of our Class A common stock (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” will mean the
average closing price of the Class A common stock for the 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 warrants. 

 
If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received
upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We
believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take advantage of this option,
the holders of the private placement warrants and their permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders
would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below. 

A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will 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% (as
specified by the holder) of the Class A common stock outstanding immediately after giving effect to such exercise. 
 If the number of
outstanding shares of Class A common stock is increased by a share capitalization payable in shares of Class A common stock, or by a split-up of common stock or other similar event, then,
on the effective date of such share capitalization, split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion
to such increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling holders to purchase Class A common stock at a price less than the fair market value will be deemed a share capitalization of a
number of shares of Class A common stock equal to the product of (i) the number of shares of Class A 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 Class A common stock) and (ii) one minus the quotient of (x) the price per share of Class A common stock paid in such rights offering and (y) the fair market value. For these purposes
(i) if the rights offering is for securities convertible into or exercisable for shares of Class A common stock, in determining the price payable for Class A common stock, there will 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 shares of Class A common stock as reported during the ten (10) trading day
period ending on the trading day prior to the first date on which the Class A common stock trades on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or
other assets to the holders of Class A common stock on account of such Class A common stock (or other securities into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends,
(c) to satisfy the redemption rights of the holders of Class A common stock in connection with a proposed initial business combination or extension of the time period in which we must complete an initial business combination, or
(d) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the
amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A common stock in respect of such event. 

If the number of outstanding shares of Class A common stock is decreased by a consolidation, combination, reverse share split or
reclassification of Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of shares of Class A common stock issuable
on exercise of each warrant will be decreased in proportion to such decrease in outstanding share of Class A common stock. 

 Whenever the number of shares of Class A common stock purchasable upon the exercise of
the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of
Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately thereafter. 

In addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in
connection with the closing of our initial business combination, at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by
our board of directors and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates, as applicable, prior to such issuance)
(the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the
consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A common stock during the 20 trading day period starting on the trading day prior to the day on which we
consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the
Newly Issued Price, and the $18.00 per share redemption trigger price described below under “Redemption of warrants for cash” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued
Price. 
 In case of any reclassification or reorganization of the outstanding Class A common stock (other than those described above
or that solely affects the par value of such Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that
does not result in any reclassification or reorganization of our outstanding Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially
as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A
common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of Class A common 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 their warrants immediately prior to such event. If
less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of Class A 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 of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes Warrant Value (as
defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to
which the holders of the warrants otherwise do not receive the full potential value of the warrants. 
 The warrants will be issued in
registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the
purpose of (i) curing any ambiguity or to correct any defective provision or mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in the
Prospectus, 

 
(ii) adjusting the provisions relating to cash dividends on shares of common stock as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any
provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the
warrants, provided that the approval by the holders of at least 50% of the then-outstanding public warrants is required to make any change that adversely affects the interests of the registered holders of public warrants, and, solely with respect to
any amendment to the terms of the private placement warrants, 50% of the then outstanding private placement warrants. You should review a copy of the warrant agreement, which will be filed as an exhibit to the registration statement of which the
Prospectus is a part, for a complete description of the terms and conditions applicable to the warrants. 
 The warrants may be exercised
upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any
voting rights until they exercise their warrants and receive Class A common stock. After the issuance of Class A common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all
matters to be voted on by stockholders. 
 No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the
warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares of Class A common stock to be issued to the warrant holder. 

We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to our
warrant agreement will 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 we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the
sole and exclusive forum. 
  

	2.	 Private Placement Warrants 

The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not be
transferable, assignable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions as described under our officers and directors and other persons or entities affiliated with the
initial purchasers of the private placement warrants) and they will not be redeemable by us for cash so long as they are held by the initial stockholders or their permitted transferees. The initial purchasers, or their permitted transferees, have
the option to exercise the private placement warrants on a cashless basis. Except as described in this section, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in
the Initial Public Offering, including that they may be redeemed for shares of Class A common stock. If the private placement warrants are held by holders other than the initial purchasers or their permitted transferees, the private placement
warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in Initial Public Offering. 

If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
his, her or its warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of
the “fair market value” of our Class A common 

 
stock (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” will mean the average closing price of the Class A common
stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long
as they are held by the initial purchasers or their permitted transferees is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our
securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be
permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders who could
exercise their warrants and sell the shares of Class A common stock received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities.
As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate. 
 In order to finance
transaction costs in connection with an intended initial business combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of
such loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants. 

Our initial stockholders have agreed not to transfer, assign or sell any of the private placement warrants (including the Class A common
stock issuable upon exercise of any of these warrants) until the date that is 30 days after the date we complete our initial business combination, except that, among other limited exceptions as described in our Prospectus transfers can be made to
our officers and directors and other persons or entities affiliated with the Sponsor.Exhibit 4.1

 

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF
EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS.

 

CLASS A COMMON STOCK PURCHASE WARRANT

BLUE APRON HOLDINGS, INC.

 

	Warrant No.: 	 	 
	 	 	 
	Warrant Shares: 	 	 
	 	 	 
	Issue Date: 	 	, 2022

 

THIS CLASS A COMMON STOCK
PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the Issue Date (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on ________, 20291
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Blue Apron Holdings, Inc., a Delaware
corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”)
of Class A Common Stock. The purchase price of one share of Class A Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).

 

Section 1.      Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Common Stock
is then listed or quoted on a Trading Market, the bid price of the Class A Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Class A Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a
Trading Market, the volume weighted average price of the Class A Common Stock for such date (or the nearest preceding date) on OTCQB
or OTCQX as applicable, (c) if the Class A Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices
for the Class A Common Stock are then reported in The Pink Open Market (or a similar organization or agency succeeding to its functions
of reporting prices), the most recent bid price per share of the Class A Common Stock so reported, or (d) in all other cases,
the Fair Market Value of a share of Class A Common Stock.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United
States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action
to close.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Class A
Common Stock” means the Class A Common Stock of the Company, par value $0.0001 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

 

1 Insert the date that is the seven (7) year anniversary
of the Closing Date.

 

     

     

    

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Class A Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Class A
Common Stock.

 

“Equity
Interests” means any and all (a) shares, interests, participations or other equivalents (however designated) of capital
stock or other voting securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a
Person (other than a corporation), (b) securities convertible into or exchangeable for shares, interests, participations or other
equivalents (however designated) of capital stock or voting securities of (or other ownership or profit or voting interests in) such Person,
and (c) any and all warrants, rights or options to purchase any of the foregoing, whether voting or nonvoting, and, in each case,
whether or not such shares, interests, participations, equivalents, securities, warrants, options, rights or other interests are authorized
or otherwise existing on any date of determination.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Fair Market
Value” means, with respect to any security or other property, the fair market value of such security or other property as determined
by the Board of Directors, acting in good faith. Such fair market value shall be evidenced by a written notice delivered promptly to the
Holder. For the avoidance of doubt, the Fair Market Value of cash shall be the amount of such cash.

 

“Financing
Agreement” means that certain Financing Agreement, dated as of October 16, 2020, by and among Blue Apron, LLC, the Company,
certain other subsidiaries of the Company party thereto as subsidiary guarantors, the lenders party thereto from time to time, and Blue
Torch Finance, LLC, as administrative agent and collateral agent for such lenders, as amended by that certain Amendment No. 1 to
Financing Agreement, dated as of November 19, 2020, by and among the parties thereto, and that certain Amendment No. 2 to Financing
Agreement, dated as of May 5, 2021, by and among the parties thereto, as the same may be amended and/or restated from time to time.

 

“Permitted
Transaction” shall include (a) issuances of shares of Class A Common Stock (including upon exercise of options) to
directors, advisors, employees or consultants of the Company pursuant to a stock option plan, employee stock purchase plan, restricted
stock plan, other employee benefit plan or other similar compensatory agreement or arrangement approved by the Board of Directors, (b) issuances
of shares of Class A Common Stock in accordance with or pursuant to any existing Common Stock Equivalents, (c) issuances of
warrants, and shares of Class A Common Stock issuable upon exercise of such warrants, pursuant to the Financing Agreement; provided,
that such securities are not amended after the date hereof to increase the number of shares issuable thereunder or to lower the exercise
price thereof, (d) issuances of any shares of Class A Common Stock in accordance with or pursuant to the exercise of this Warrant,
(e) issuances of shares of Class A Common Stock in a bona fide registered public offering financing transaction as approved
by the Board of Directors and (f) issuances of shares of Class A Common Stock as consideration in connection with the acquisition
of all or a controlling interest in another business (whether by merger, purchase of stock or assets or otherwise) if such issuance is
approved by the Board of Directors.

 

“Permitted
Transfer” means a transfer of Warrants (a) upon death of a Holder by will or intestacy, (b) by instrument to an inter
vivos or testamentary trust in which the Warrants are to be passed to beneficiaries upon the death of the trustee, (c) pursuant
to a court order, (d) by operation of law (including by consolidation or merger) or without consideration in connection with the
dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity, (e) to an Affiliate
controlled by, or under common control with, the Holder or (f) pursuant to a pledge in connection with a bona fide financing transaction
with a third party.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

     

     

    

 

“Purchase
Agreement” means that certain Purchase Agreement dated as of February [●], 2022, by and between the Company and RJB
Partners LLC.

 

“Repurchases”
means any transaction or series of related transactions to purchase Equity Interests of the Company or any of its Subsidiaries for a purchase
price greater than the VWAP pursuant to any tender offer or exchange offer (whether or not subject to Section 13(e) or 14(e) of
the Exchange Act or Regulation 14E promulgated thereunder), whether for cash, Equity Interests of the Company, other securities of the
Company, evidences of indebtedness of the Company or any other Person or any other property (including Equity Interests, other securities
or evidences of indebtedness of a Subsidiary), or any combination thereof.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.

 

“Trading
Day” means a day on which the Class A Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Class A Common Stock is listed or quoted for trading
on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the
New York Stock Exchange (or any successors to any of the foregoing).

 

“Transfer
Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company, with a mailing address of 118 Fernwood
Ave, Edison, NJ 08837, and any successor transfer agent of the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Common Stock,
or any other applicable security, is then listed or quoted on a Trading Market, the daily volume weighted average price of the Class A
Common Stock or such other security, as applicable, for such date (or the nearest preceding date) on the Trading Market on which the Class A
Common Stock or such other security, as applicable, is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Class A Common Stock or such other security, as applicable, for such date (or the nearest preceding
date) on OTCQB or OTCQX as applicable, (c) if the Class A Common Stock or such other security, as applicable, is not then listed
or quoted for trading on OTCQB or OTCQX and if prices for the Class A Common Stock or such other security, as applicable, are then
reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent
bid price per share of the Class A Common Stock or such other security, as applicable, so reported, or (d) in all other cases,
the Fair Market Value of a share of Class A Common Stock or such other security, as applicable.

 

“Warrants”
means this Warrant and other Class A Common Stock purchase warrants issued by the Company as of the Issue Date and pursuant to the
Purchase Agreement.

 

     

     

    

 

	 	Section 2.	Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or from time
to time after 5:00 p.m. New York City time on the Issue Date, but in no event later than 5:00 p.m. New York City time on the
Termination Date, by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise
in the form attached hereto as Annex A, and delivered in accordance with the notice requirements set forth in Section 5(h) (the
 “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank payable to the Company (to an account as designated by the Company by notice in
writing to the Holders pursuant to Section 5(h)) unless the Cashless Exercise procedure specified in Section 2(c) below
is applicable and specified in the applicable Notice of Exercise. With respect to book-entry Warrants, no ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within
one (1) Trading Day of receipt of such notice. The Holder and any permitted assignee, by acceptance of this Warrant, acknowledge
and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the
number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

b) Exercise
Price. The exercise price per share of Class A Common Stock under this Warrant shall be $[•],2
subject to adjustment hereunder (the “Exercise Price”).

 

c) Cashless
Exercise. Solely in connection with a Takeout Transaction as further described in Section 3(e) hereof, this Warrant will
be automatically exercised, in full, at such time, by means of a “cashless exercise” (a “Cashless Exercise”)
in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

 

	 	(A) =	as applicable: (i) the VWAP of the Class A Common Stock on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP of the Class A Common Stock on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Class A Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP of the Class A Common Stock on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B) =	the Exercise Price of this Warrant, as adjusted hereunder; and

 

	 	(X) =	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a Cashless Exercise;

 

provided, however, that if, upon the
closing of the Takeout Transaction, the Exercise Price is equal to or greater than the Fair Market Value of a share of Class A Common
Stock, then the Warrant shall be cancelled and the Holder shall have no further rights hereunder.

 

 

2 To insert applicable exercise price (i.e., $15.00, $18.00
or $20.00).

 

     

     

    

 

If Warrant Shares
are issued in such a Cashless Exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities
Act, the Warrant Shares shall take on the registered characteristics of the Warrant being exercised. The Company agrees not to take any
position contrary to this Section 2(c), except to the extent required by applicable law, rule or regulation.

 

d) Mechanics
of Exercise.

 

i. Delivery of
Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent
to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system
and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant
Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is
the later of (i) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the number
of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the
 “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise and payment of the aggregate Exercise Price
(other than in the case of a Cashless Exercise), the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares.
The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding
and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a
number of Trading Days, on the Company’s primary Trading Market with respect to the Class A Common Stock as in effect on the
date of delivery of the Notice of Exercise.

 

ii. Delivery of
New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon
surrender of this Warrant, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of
the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical
with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by
the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv. No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. This
Warrant may only be exercised for whole numbers of shares.

 

v. Charges, Taxes
and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in
the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Assignment Form attached hereto as Annex B properly completed and duly executed by the Holder and the
Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.
The Company shall, to the extent applicable, pay all Transfer Agent fees required for processing of any Notice of Exercise and all fees
to the Depository Trust Company (or another established clearing corporation performing similar functions) required for electronic delivery
of the Warrant Shares.

 

     

     

    

 

vi. Closing of
Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

e) Holder’s
Exercise Limitations. The Holder acknowledges and agrees that it may not exercise this Warrant, and this Warrant shall be deemed to
not be exercisable, to the extent that if such Warrant were exercisable, then the Financing Agreement Threshold (defined below) would
be met or exceeded; provided that, if the Holder and/or its affiliates hold multiple warrants subject to a substantially similar
restriction based on the Financing Agreement Threshold, this restriction shall apply first to any warrants held by the Holder and/or its
Affiliates, originally issued on or about the date hereof or on November 4, 2021 and on substantially similar terms, with an Exercise
Price equal to $20.00 per share, and then, solely to the extent necessary, to any warrants held by the Holder and/or its Affiliates, originally
issued on or about the date hereof or on November 4, 2021 and on substantially similar terms, with an Exercise Price equal to $18.00
per share, and then to any warrants held by the Holder and/or its Affiliates, originally issued on or about the date hereof or on November 4,
2021 and on substantially similar terms, with an Exercise Price equal to $15.00 per share. The limitation on exercisability set forth
in this Section 2(e) shall apply until the date that is 61 days after the Financing Agreement is terminated and all amounts
thereunder are fully paid and discharged or such earlier date as any required consent or waiver under the Financing Agreement is obtained.
The Company may instruct its transfer agent or warrant agent, as applicable, to apply restrictive legends or similar restrictions to enforce
this Section 2(e). For the purposes of this Warrant, “Financing Agreement Threshold” shall mean the acquisition
of any securities of the Company by the Holder which would result in the Holder or any “group” (within the meaning of Section 13(d)(3) of
the Exchange Act) of which the Holder is a member owning more than thirty-three percent (33%) of the aggregate outstanding voting power
of the Equity Interests (as defined in the Financing Agreement) of the Company.

 

	 	Section 3.	Certain Adjustments.

 

a) Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Class A Common Stock or any other equity or equity equivalent securities payable in shares of Class A
Common Stock (which, for avoidance of doubt, shall not include any shares of Class A Common Stock issued by the Company upon exercise
of the Company’s outstanding and unexercised warrants), (ii) splits or subdivides outstanding shares of Class A Common
Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Class A
Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Class A Common Stock any shares
of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be
the number of shares of Class A Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of
which the denominator shall be the number of shares of Class A Common Stock outstanding immediately after such event, and the number
of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after
the effective date in the case of a subdivision, combination or re-classification.

 

b) Certain Issuances
of Class A Common Stock or Common Stock Equivalents. If the Company, at any time while this Warrant is outstanding, issues shares
of Class A Common Stock or Common Stock Equivalents (other than in Permitted Transactions or a transaction to which the adjustments
set forth in Section 3(a) are applicable), without consideration or at a purchase price per share (or having a conversion or
exercise price per share) that is less than 100% of the VWAP of the Class A Common Stock immediately prior to the date of the written,
binding agreement on the pricing of such shares or of such Common Stock Equivalents (such date of agreement, the “Pricing Date”)
then, in such event:

 

i. the number of
Warrant Shares issuable upon the exercise of this Warrant immediately prior to the Pricing Date (the “Initial Number”)
shall be increased to the number obtained by multiplying the Initial Number by a fraction (A) the numerator of which shall be the
sum of (x) the number of shares of Class A Common Stock immediately outstanding prior to the Pricing Date and (y) the number
of additional shares of Class A Common Stock issued (or into which Common Stock Equivalents may be converted) and (B) the denominator
of which shall be the sum of (x) the number of Class A Common Stock outstanding immediately prior to the Pricing Date and (y) the
number of shares of Common Stock (rounded to the nearest whole share) which the Aggregate Consideration in respect of such issuance of
shares of Class A Common Stock (or Common Stock Equivalents) would purchase at the VWAP of Class A Common Stock immediately
prior to the Pricing Date; and

 

     

     

    

 

ii. the Exercise
Price payable upon exercise of this Warrant shall be adjusted by multiplying such Exercise Price in effect immediately prior to the Pricing
Date by a fraction (A) the numerator of which shall be the number of shares of Class A Common Stock issuable upon exercise of
this Warrant in full immediately prior to the adjustment in subsection (i) above and (B) the denominator of which shall be the
number of shares of Class A Common Stock issuable upon exercise of this Warrant in full immediately after adjustment pursuant to
subsection (i) above.

 

For purposes of
the foregoing, (1) the “Aggregate Consideration” in respect of such issuance of shares of Class A Common
Stock (or Common Stock Equivalents) shall be deemed to be equal to the sum of the net offering price (after deduction of any related expenses
payable to third parties, including discounts and commissions) of all such shares of Class A Common Stock and Common Stock Equivalents,
plus the aggregate amount, if any, payable upon conversion of any such Common Stock Equivalents (assuming conversion in accordance with
their terms immediately following their issuance and further assuming for this purpose, that such Common Stock Equivalents are convertible
at such time); (2) in the case of the issuance of such shares of Class A Common Stock or Common Stock Equivalents for, in whole
or in part, any non-cash property (or in the case of any non-cash property payable upon conversion of any such Common Stock Equivalents),
the consideration represented by such non-cash property shall be deemed to be the applicable VWAP (in the case of applicable listed securities)
and/or the Fair Market Value (in all other cases), as applicable, of such non-cash property as of immediately prior to the Pricing Date
(before deduction of any related expenses payable to third parties, including discounts and commissions); and (3) if the Exercise
Price and the number of Warrant Shares issuable upon exercise of this Warrant shall have been adjusted upon the issuance of any Common
Stock Equivalents in accordance with this Section 3, no further adjustment of the Exercise Price and the number of Warrant Shares
issuable upon exercise of this Warrant shall be made for the actual issuance of shares of Class A Common Stock upon the actual conversion
of such Common Stock Equivalents in accordance with their terms. Any adjustments made pursuant to this Section 3(b) shall become
effective immediately upon the date of such issuance; provided that the Company will not take any action that would result in an
adjustment under this Section 3(b) and would require prior approval by its stockholders under any then applicable listing rules of
the New York Stock Exchange without first obtaining such approval (a “NYSE Stockholder Required Approval Event”). Upon
the occurrence of a NYSE Stockholder Required Approval Event, the Company shall as soon as reasonably practicable use reasonable efforts
to allow it to make any adjustment required under this Section 3(b). Without limiting the generality of the foregoing, upon the occurrence
of a NYSE Stockholder Required Approval Event, the Company shall, as soon as reasonably practicable after the date of the occurrence thereof,
hold a meeting of its stockholders for the approval of the issuance of additional Warrant Shares in excess of any then current NYSE restrictions
on any such issuance (“Excess Warrant Shares”). In connection with such meeting, the Company shall use commercially
reasonable efforts to solicit its stockholders’ approval of such issuance and the Board shall recommend to the stockholders that
they approve such proposal. In the event that (i) the Company has not obtained stockholder approval for the issuance of Excess Warrant
Shares or there is an insufficient number of shares authorized and available for issuance and (ii) the Holder has exercised this
Warrant and is entitled to receive Warrant Shares that would constitute Excess Warrant Shares or be in excess of the Company’s authorized
shares of Class A Common Stock, then, in lieu of the Company issuing such Excess Warrant Shares or other shares in excess of the
Company’s authorized shares of Common Stock (“Unauthorized Excess Warrant Shares”), the Company shall pay the
Holder an amount in cash equal to (Y) the Fair Market Value per share (with the date of determination being the date of exercise)
multiplied by (Z) each Excess Warrant Share or Unauthorized Excess Warrant Shares. For the avoidance of doubt, no increase to the
Exercise Price or decrease in the number of Warrant Shares issuable upon exercise of this Warrant shall be made pursuant to this Section 3(b).

 

     

     

    

 

c) Distributions.
If, at any time this Warrant is outstanding, the Company fixes a record date for the making of a dividend or other distribution (by spin-off
or otherwise) on shares of Class A Common Stock, whether in cash, Equity Interests of the Company, other securities of the Corporation,
evidences of indebtedness of the Company or any other Person or any other property (including Equity Interests, other securities or evidences
of indebtedness of a Subsidiary), or any combination thereof, excluding (i) dividends or distributions subject to adjustment pursuant
to Section 3(a) or (ii) dividends or distributions of rights in connection with the adoption of a stockholder rights plan
in customary form (including with respect to the receipt of such rights in respect of shares of Class A Common Stock (including Warrant
Shares) issued subsequent to the initial dividend or distribution of such rights), then in each such case, the number of Warrant Shares
issuable upon exercise of this Warrant in full shall be increased by multiplying such number of Warrant Shares by a fraction, the numerator
of which is the VWAP per share of Class A Common Stock on such record date and the denominator of which is the VWAP per share of
Class A Common Stock on such record date less the Fair Market Value of the cash and/or any other property, as applicable, to be so
paid or distributed in such dividend or distribution in respect of one share of Class A Common Stock (in each case as of the record
date of such dividend or distribution); such adjustment shall take effect on the record date for such dividend or distribution. In the
event of such adjustment, the Exercise Price shall immediately be decreased or at such later date as the Board of Directors may determine
for purposes of the determination of Fair Market Value (but in any event not later than 10 Business Days after the first date on which
the Class A Common Stock trades regular way on the principal national securities exchange on which the Class A Common Stock
is listed or admitted to trading without the right to receive such distribution) by multiplying such Exercise Price by a fraction, the
numerator of which is the number of Warrant Shares issuable upon the exercise of this Warrant in full immediately prior to such adjustment,
and the denominator of which is the new number of Warrant Shares issuable upon exercise of this Warrant determined in accordance with
the immediately preceding sentence. Notwithstanding the foregoing, in the event that the Fair Market Value of the cash and/or any other
property, as applicable, to be so paid or distributed in such dividend or distribution in respect of one share of Class A Common
Stock (in each case as of the record date of such dividend or distribution) is equal to or greater than the VWAP per share of Class A
Common Stock on such record date, then proper provision shall be made such that upon exercise of this Warrant, the Holder shall receive,
in addition to the applicable Warrant Shares, the amount and kind of such cash and/or any other property such Holder would have received
had such Holder exercised this Warrant immediately prior to such record date (disregarding whether or not this Warrant had been exercisable
by its terms at such time). For purposes of the foregoing, in the event that such dividend or distribution in question is ultimately not
so made, the Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant then in effect shall be readjusted,
effective as of the date when the Board of Directors determines not to make such dividend or distribution, to the Exercise Price that
would then be in effect and the number of Warrant Shares that would then be issuable upon exercise of this Warrant if such record date
had not been fixed. For the avoidance of doubt, no increase to the Exercise Price or decrease in the number of Warrant Shares issuable
upon exercise of this Warrant shall be made pursuant to this Section 3(c).

 

d) Repurchases.
If, at any time while this Warrant is outstanding, the Company or any Subsidiary effects Repurchases, then, following the completion of
the Repurchase, the Exercise Price shall be reduced to the price determined by multiplying the Exercise Price in effect immediately prior
to the date of first purchase of Equity Interests comprising such Repurchases by a fraction of which the numerator shall be (a) the
product of (1) the number of shares of Class A Common Stock outstanding immediately prior to the first purchase of Equity Interests
comprising such Repurchases and (2) the VWAP of the Class A Common Stock on the Trading Day immediately preceding the Company’s
first public disclosure of the Company’s (or such Subsidiary’s) intent to effect such Repurchases, minus (b) the Assumed
Payment Amount, and of which the denominator shall be the product of (X) the number of shares of Class A Common Stock outstanding
immediately prior to the first purchase of Equity Interests comprising such Repurchases minus the number of shares of Class A Common
Stock so repurchased and (Y) the VWAP of the Class A Common Stock on the Trading Day immediately preceding the Company’s
first public disclosure of the Company’s (or such Subsidiary’s) intent to effect such Repurchases. In such event, the number
of Warrant Shares issuable upon the exercise of this Warrant shall be increased to the number obtained by multiplying such number of Warrant
Shares by the quotient of (A) the Exercise Price in effect immediately prior to the first purchase of Equity Interests comprising
such Repurchases divided by (B) the new Exercise Price determined in accordance with the immediately preceding sentence. For the
avoidance of doubt, no increase to the Exercise Price or decrease in the number of Warrant Shares issuable upon exercise of this Warrant
shall be made pursuant to this Section 3(d). For purposes of the foregoing, the “Assumed Payment Amount” with
respect to any Repurchases shall mean the aggregate VWAP (in the case of applicable listed securities) and/or Fair Market Value (in the
case of cash and/or any other property), as applicable, as of such Repurchases, of the aggregate consideration paid to effect such Repurchases.
Notwithstanding the foregoing, this Section 3(d)) shall only apply in the event that the Company effects Repurchases exceeding an
annual average in excess of 1% of its outstanding shares as averaged in any immediately preceding rolling three full calendar year period,
measured from January 1-December 31. In the event a Repurchase also constitutes a Fundamental Transaction under Section 3(e)(iii) hereof,
then the Company shall apply the treatment set forth in Section 3(e).

 

     

     

    

 

e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the
Company or another Person) is completed pursuant to which holders of Class A Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of more than 50% of the outstanding Class A
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Class A Common Stock or any compulsory share exchange pursuant to which the Class A Common Stock
is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Class A Common Stock (not including any shares of Class A
Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or
party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Class A Common Stock
or other equity securities of the successor or acquiring corporation (or ultimate parent thereof) or of the Company, if it is the surviving
corporation, as applicable, and any additional consideration (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of the number of shares of Class A Common Stock for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Class A Common Stock in
such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner
reflecting the relative value of any different components of the Alternate Consideration. If holders of Class A Common Stock are
given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the
same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of
this Section 3(e) and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the
Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for
the Alternate Consideration, and with an exercise price which applies the exercise price hereunder to such Alternate Consideration (but
taking into account the relative value of the shares of Class A Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the
economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such
Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental
Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may
exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same
effect as if such Successor Entity had been named as the Company herein. Notwithstanding anything else herein, in the event of a Fundamental
Transaction in which the consideration payable to each holder of Class A Common Stock of the Company consists of more than 50% cash
and/or equity securities of the acquiring entity or Successor Entity (a “Takeout Transaction”), then this Warrant shall
be automatically deemed, without any further action by any party, Cashless Exercised pursuant to Section 2(c) above as of immediately
prior to and contingent upon the consummation of the Takeout Transaction (provided that, for clarity, the Holder may exercise this Warrant
prior to such Cashless Exercise in accordance with the terms of this Warrant). In the event a Repurchase under Section 3(d) also
constitutes a Fundamental Transaction under Section 3(e)(iii) hereof, then the Company shall apply the treatment set forth in
Section 3(e).

 

     

     

    

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
purposes of this Section 3, the number of shares of Class A Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Class A Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g) Notice to
Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number
of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice to
Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Class A
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption or repurchase of the Class A
Common Stock, (C) the Company shall authorize the granting to all holders of the Class A Common Stock rights or warrants to
subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the
Company shall be required in connection with any reclassification of the Class A Common Stock, any consolidation or merger to which
the Company (and all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets
of the Company, or any compulsory share exchange whereby the Class A Common Stock is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the
Warrant Register of the Company, at least 10 calendar days prior to the applicable record, closing or effective date hereinafter specified,
a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, repurchase,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Class A Common Stock of record to
be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Class A Common Stock of record shall be entitled to exchange their shares of the Class A Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate
action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material,
non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing
on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

     

     

    

 

	 	Section 4.	Transfer of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) may not be sold, assigned, transferred,
pledged, encumbered or in any other manner transferred or disposed of, in whole or in part, other than (a) through a Permitted Transfer,
and, in the case of a Permitted Transfer, which Permitted Transfer must be in accordance with Section 4(b) hereof and effected
in compliance with applicable United States federal and state securities laws and the terms and conditions thereof and hereto or (b) to
the extent permitted by Section 8(a) of the Purchase Agreement, including any pledge under Section 8(a)(2) thereunder.
Any such sale, assignment, transfer, pledge, encumbrance or disposal of this Warrant, in whole or in part, in violation of this Section 4(a) shall
be null and void and of no effect.

 

b) Notice of
Transfer. Subject to the restrictions set forth in Section 4(a), every request made to transfer this Warrant must be in writing
and accompanied by an instrument of assignment substantially in the form attached hereto as Annex B, duly executed by the Holder thereof,
the Holder’s attorney duly authorized in writing, the Holder’s personal representative or the Holder’s survivor, as
applicable, and setting forth in reasonable detail the circumstances relating to the transfer accompanied by a signature guarantee from
an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association and funds
sufficient to pay any transfer taxes payable upon the making of such transfer. Upon receipt of such written notice and, if required, such
payment, the Company shall, subject to Company’s reasonable determination that the transfer instrument is in proper form and the
transfer otherwise complies with the other terms and conditions of this Warrant (including the provisions of Section 4(a)), register
the transfer of the Warrant in the Warrant Register and the Company shall execute and deliver a new Warrant or Warrants in the name of
the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall
issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company or its designated
agent within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company or its designated
agent assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant Shares without having a new Warrant issued. All duly transferred Warrants registered in the Warrant Register shall
be the valid obligations of the Company and shall entitle the transferee to the same benefits and rights under this Warrant as those held
immediately prior to the transfer by the transferor. No transfer of a Warrant shall be valid unless and until registered in the Warrant
Register.

 

c) New Warrants.
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent
or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the
Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be
identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

d) Warrant Register.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the
absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual
notice to the contrary.

 

	 	Section 5.	Miscellaneous.

 

a) No Rights
as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or
other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set
forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a Cashless Exercise pursuant to Section 2(c),
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

     

     

    

 

b) Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to
it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender and cancellation of such Warrant
or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of
such cancellation, in lieu of such Warrant or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business
Day.

 

d) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Class A Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing
the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Class A Common Stock may be listed. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes
in respect of any transfer occurring contemporaneously with such issue).

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may
be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

     

     

    

 

e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of
law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan
for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in
such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize Cashless Exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies (notwithstanding the fact that the right to
exercise this Warrant terminates on the Termination Date). Without limiting any other provision of this Warrant, if the Company willfully
and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall
pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h) Notices.
Any and all notices or other communications or deliveries to the Company hereunder including, without limitation, any Notice of Exercise,
shall be in writing and delivered personally, by e-mail (upon confirmation of receipt by the Company), or sent by a nationally recognized
overnight courier service, addressed to the Company, at Blue Apron Holdings, Inc., 28 Liberty Street, New York, NY 10005, Attention:
General Counsel, email address: legalnotices@blueapron.com, or such other email address or address as the Company may specify for such
purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall
be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder
at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the next Trading Day after the time of transmission, if such
notice or communication is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day
or later than 5:30 p.m. (New York City time) on any Trading Day, (ii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iii) upon actual receipt by the party to whom such notice is
required to be given.

 

i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Class A Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by any
other Person.

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.

 

     

     

    

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
the Holder, on the other hand.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature Page Follows)

 

     

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	
    

    BLUE APRON HOLDINGS, INC.

	 
	 	By:	 
	 	Name:
	 	Title: 

 

     

     

    

 

ANNEX A

 

NOTICE OF EXERCISE

 

	To:	BLUE APRON HOLDINGS, INC.

 

(1) The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price of $____ per share in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take
the form of (check applicable box):

 

[ ] in lawful money of the United States;
or

 

[ ] if permitted the cancellation of
such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with
respect to the maximum number of Warrant Shares purchasable pursuant to the Cashless Exercise procedure set forth in subsection 2(c).

 

(3) Please issue said
Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity: 	 

 

	Signature of Authorized Signatory of Investing Entity :	 

 

	Name of Authorized Signatory: 	 

 

	Title of Authorized Signatory: 	 

 

	Date: 	 

 

     

     

    

 

ANNEX B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this
form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and
all rights evidenced thereby are hereby assigned to

	
     

    Name:
	 
	 	(Please Print)
	
     

    Address:
	 
	
     

     

    Phone Number:

     

    Email Address:
	
    (Please Print)

     

    ______________________________________

     

    ______________________________________

	
     

    Dated: _______________ __, ______
	 
	 	 
	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:

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