Document:

Exhibit 4.2

 

Execution
Version

 

 

 

FOSSIL GROUP, INC.

 

$150,000,000

 

7.00% SENIOR NOTES DUE 2026

 

 

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of November 8, 2021

 

To

 

INDENTURE

 

Dated as of November 8, 2021

 

 

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

 

as Trustee

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I	 
	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.01.
    Certain Definitions	1
	Section 1.02.
    Other Definitions	3
	Section 1.03.
    Incorporation by Reference of Trust Indenture Act	3
	ARTICLE II	 
	APPLICATION OF SUPPLEMENTAL INDENTURE AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES	3
	Section 2.01.
    Application of this Supplemental Indenture	3
	Section 2.02.
    Creation of the Notes	4
	Section 2.03.
    Form of the Notes	5
	Section 2.04.
    Terms and Conditions of the Notes	5
	ARTICLE III	 
	REDEMPTION	7
	Section 3.01.
    Optional Redemption	7
	Section 3.02.
    Selection by Trustee of Notes to be Redeemed	8
	Section 3.03.
    Open Market Repurchases	8
	ARTICLE IV	 
	COVENANTS	9
	Section 4.01.
    Reporting	9
	Section 4.02.
    Consolidation, Merger or Sale of Assets	9
	Section 4.03.
    Exchange Listing	10
	ARTICLE V	 
	EVENTS OF DEFAULT	10
	Section 5.01.
    Events of Default; Remedies	10
	Section 5.02.
    Events of Default	11
	Section 5.03.
    Acceleration	12
	Section 5.04.
    Other Specified Remedies	13
	Section 5.05.
    Limitation on Suits	13
	Section 5.06.
    Collection Suit by Trustee	14
	ARTICLE VI	 
	MISCELLANEOUS	14
	Section 6.01.
    Ratification of Indenture	14

 

     

     

    

 

	Section 6.02.
    Trust Indenture Act Controls	14
	Section 6.03.
    Notices	14
	Section 6.04.
    Governing Law	14
	Section 6.05.
    Successors	14
	Section 6.06.
    Multiple Originals	15
	Section 6.07.
    Headings	16
	Section 6.08.
    Trustee Not Responsible for Recitals	16
	Section 6.09.
    Paying Agent and Registrar	16
	Section 6.10.
    Benefits of Supplemental Indenture	16
	Section 6.11.
    No Personal Liability	16
	Section 6.12.
    No Adverse Interpretation of Other Agreements	16
	Section 6.13.
    Severability	17
	Section 6.14.
    Language of Notices, Etc	17
	Section 6.15.
    Scope of this Supplemental Indenture	17
	Section 6.16.
    Covenants not Applicable	17

 

     

     

    

 

This FIRST SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), by and between FOSSIL GROUP, INC., a Delaware corporation (the “Company”), and THE BANK
OF NEW YORK MELLON, N.A., as trustee (the “Trustee”), is made and entered into as of this 8th day of November, 2021.

 

RECITALS

 

WHEREAS, the Company and the Trustee have heretofore
executed and delivered an indenture, dated as of November 8, 2021 (the “Base Indenture”), providing for the issuance
by the Company from time to time of its debt securities to be issued in one or more series;

 

WHEREAS, Sections 2.01 and 9.01 of the Base Indenture
provide, among other things, that the Company and the Trustee may, without the consent of Holders, enter into indentures supplemental
to the Base Indenture to provide for the issuance of and establish the form or terms of Securities of any series;

 

WHEREAS, the Company intends by this Supplemental
Indenture to provide for the issuance of a new series of Securities to be designated as the “7.00% Senior Notes due 2026”
(the “Notes”) and to establish the form and terms thereof;

 

WHEREAS, the Company has requested and hereby requests
that the Trustee join with it in the execution of this Supplemental Indenture;

 

WHEREAS, pursuant to Section 9.01(j) of
the Base Indenture, the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture to provide for the issuance
of and establish the form and terms of the Notes, without notice to or the consent of any Holder of Securities; and

 

WHEREAS, all acts and things necessary to make
the Notes, when executed by the Company and authenticated and delivered by the Trustee, issued upon the terms and subject to the conditions
in this Supplemental Indenture and in the Base Indenture and delivered as provided in the Indenture against payment therefor, valid, binding
and legal obligations of the Company according to their terms, and all actions required to be taken by the Company to make this Supplemental
Indenture a valid, binding and legal agreement of the Company, have been done and performed.

 

NOW, THEREFORE, in consideration of the premises
and for other good and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, the parties hereto hereby
agree as follows:

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01.
Certain Definitions.

 

Section 1.01 of the Base Indenture is hereby
amended by adding the following definitions in their proper alphabetical order which, in the event of a conflict with the definition of
terms in the Base Indenture, shall supersede and replace the corresponding definitions in the Base Indenture. Capitalized terms used but
not defined herein have the meanings ascribed to such terms in the Base Indenture. The rules of construction set forth in Section 1.04
of the Base Indenture shall be applied hereto as if set forth in full herein, except that unless the context indicates otherwise, references
in this Supplemental Indenture to an Article or Section refer to an Article or Section of this Supplemental Indenture,
as the case may be.

 

     

     

    

 

“Applicable Premium” means,
with respect to any Note on any Redemption Date prior to November 30, 2023, the greater of:

 

(1) 1.0% of the principal amount of the Note;
and

 

(2) the excess of:

 

(a) the present value at such Redemption
Date of (i) the Redemption Price of the Note at November 30, 2023 (such Redemption Price being set forth in the table appearing
in Section 3.01(a)) plus (ii) all required interest payments due on the Note through November 30, 2023 (excluding
accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date
plus 50 basis points discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months),
over

 

(b) the principal amount of the
Note.

 

“Indenture” means the Base Indenture,
as supplemented by this Supplemental Indenture and by any subsequent supplemental indentures applicable to this Supplemental Indenture
or to the Notes, together with those terms made part of the Indenture by, or by reference to, the TIA.

 

“Treasury Rate” means, as of
any Redemption Date, the yield to maturity as of the time of computation of United States Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least
two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source
of similar market data)) most nearly equal to the period from the Redemption Date to November 30, 2023; provided, however, that if
the period from the Redemption Date to November 30, 2023 is less than one year, the weekly average yield on actually traded United
States Treasury securities adjusted to a constant maturity of one year will be used.

 

    	 	2	 

     

    

 

Section 1.02.
Other Definitions.

 

In addition to the terms defined elsewhere in this
Supplemental Indenture, the following terms are defined in this Supplemental Indenture where indicated below:

 

	Term	 	Defined in Supplemental Indenture Section
	“Additional Notes”	 	2.04(f)
	 	 	 
	“Initial Notes”	 	2.02
	 	 	 
	“Interest Payment Date”	 	2.04(c)
	 	 	 
	“Maturity Date”	 	2.04(b)
	 	 	 
	“Regular Record Date”	 	2.04(c)
	 	 	 
	“Surviving Entity”	 	4.02(a)

 

Section 1.03.
Incorporation by Reference of Trust Indenture Act.

 

The Indenture is subject to the provisions of the
TIA, which are incorporated by reference in and made a part of the Indenture. The following TIA terms have the following meanings:

 

“Commission” means the Securities
and Exchange Commission.

 

“indenture securities” means
the Notes.

 

“indenture security holder”
means a Holder.

 

“indenture to be qualified”
means the Indenture.

 

“indenture trustee” or “institutional
trustee” means the Trustee.

 

“obligor” on the indenture securities
means the Company and any other obligor on the indenture securities.

 

All other TIA terms used in the Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rules promulgated under the TIA have the meanings
assigned to them by such definitions.

 

ARTICLE II

APPLICATION OF SUPPLEMENTAL INDENTURE

AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES

 

Section 2.01.
Application of this Supplemental Indenture.

 

This Supplemental Indenture supplements, and to
the extent inconsistent therewith, replaces, the provisions of the Base Indenture, to which provisions reference is hereby made.

 

    	 	3	 

     

    

 

Notwithstanding any other provision of this Supplemental
Indenture, the provisions of this Supplemental Indenture, including the covenants in this Supplemental Indenture, are expressly and solely
for the benefit of the Holders of the Notes. The Notes constitute a separate series of Securities as provided in Section 2.01 of
the Base Indenture. All Initial Notes and Additional Notes, if any, shall be treated as a single class for all purposes of the Indenture,
including waivers, amendments, and redemptions.

 

The changes, modifications and supplements to the
Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, and shall be
deemed expressly included in this Supplemental Indenture solely for the benefit of, the Notes (which shall be initially in the aggregate
principal amount of $150,000,000) and shall not apply to any other series of Securities that has been or may be issued under the Base
Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications
and supplements.

 

Section 2.02.
Creation of the Notes.

 

(a)           In
accordance with Section 2.01 of the Base Indenture, the Company hereby creates the Notes as a separate series of its Securities
issued pursuant to the Base Indenture. The aggregate principal amount of Notes that may be authenticated and delivered under this Supplemental
Indenture is not limited. The Notes shall be issued initially in an aggregate principal amount of $150,000,000 (the “Initial
Notes”).

 

(b)           With
respect to any Additional Notes, there shall be (i) set forth or determined in the manner provided in an Officers’ Certificate
or (ii) established in one or more indentures supplemental to the Indenture, prior to the issuance of such Additional Notes:

 

(i)            the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture; and

 

(ii)          
the issue date (and the corresponding date from which interest shall accrue thereon and the first interest payment date therefor) and
the CUSIP or ISIN number of such Additional Notes.

 

    	 	4	 

     

    

 

Section 2.03.
Form of the Notes.

 

The Depositary for the Notes shall initially be DTC. The Notes shall
each be initially issued in the form of a Global Security, duly executed by the Company and authenticated by the Trustee, which shall
be deposited with the Trustee as custodian for DTC and registered in the name of “Cede & Co.,” as the nominee of
DTC. The Notes shall be substantially in the form of Exhibit A attached hereto. So long as DTC, or its nominee, is the registered
owner of a Global Security, DTC or its nominee, as the case may be, shall be considered the sole owner or Holder of the Notes represented
by such Global Security for all purposes under the Indenture and under such Notes. Ownership of beneficial interests in such Global Security
shall be shown on, and transfers thereof will be effective only through, records maintained by DTC or its nominee (with respect to beneficial
interests of participants) or by participants or Persons that hold interests through participants (with respect to beneficial interests
of beneficial owners). Notwithstanding the third sentence of the third paragraph of Section 2.16 of the Base Indenture, Notes shall
be issued and delivered in physical, certificated form to all beneficial owners of the any Global Security representing Notes if, and
only if:

 

(a)           DTC
notifies the Company at any time that DTC is unwilling or unable to continue as depositary for such Global Security;

 

(b)           DTC
ceases to be registered as a clearing agency under the Exchange Act; or

 

(c)           an
Event of Default has occurred and is continuing.

 

Section 2.04.
Terms and Conditions of the Notes.

 

The Notes shall be governed by all the terms and
conditions of the Indenture, including this Supplemental Indenture. Except as expressly specified herein, each of the provisions of the
Base Indenture shall apply to the Notes. In particular, the following provisions shall be terms of the Notes:

 

(a)           Title
and Conditions of the Notes. The title of the Notes shall be as specified in the recitals; and the aggregate principal amount of
the Initial Notes shall be $150,000,000.

 

(b)           Stated
Maturity. The Notes shall mature, and the principal of the Notes shall be due and payable to the Holders thereof, together with all
accrued and unpaid interest thereon, on November 30, 2026 (the “Maturity Date”).

 

(c)           Payment
of Principal and Interest. All principal of and interest on the Notes shall be payable in U.S. Dollars. The Notes shall bear
interest at 7.00% per annum, from and including November 8, 2021, or from the most recent Interest Payment Date (as defined
hereafter) on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any overdue
principal. If an Interest Payment Date falls on a day that is not a Business Day, the applicable interest payment will be made on
the next following Business Day with the same force and effect as if made on such Interest Payment Date, and no additional interest
will accrue solely as a result of such delayed payment. Interest shall be calculated on the basis of a 360-day year comprised of
twelve 30-day months. Interest on the Notes shall be payable quarterly in arrears in U.S. Dollars on February 28, May 31,
August 31 and November 30 of each year, commencing on February 28, 2022 (each such date, an “Interest
Payment Date” for purposes of the Notes). Payments of interest shall be made to the Person in whose name a Note (or
predecessor Note) is registered in the records of the Registrar (which shall initially be the Depositary or its nominee) at the close of business
on the February 15, May 15, August 15 or November 15, as applicable (whether or not a Business Day), immediately
preceding such Interest Payment Date (each such date, a “Regular Record Date” for the purposes of the Notes). The
Company shall make payments on the Notes so long as represented by a Global Security in accordance with the applicable procedures of
the DTC in effect from time to time. If the Notes are no longer represented by a Global Security, the Company will make payments on
any Notes (i) in the case of interest due on an Interest Payment Date, by check mailed on such Interest Payment Date to the
Holder of such Note at his or her address shown on the Register on the related Regular Record Date or (ii) in the case of
principal, by check upon surrender of such Note at the office of the Trustee in the contiguous United States or other offices that
may be specified in the Indenture or a notice to Holder.

 

    	 	5	 

     

    

 

(d)           Registration
and Form. The Notes shall be issuable as registered securities as provided in Section 2.03. The form of the Notes shall
be as set forth in Exhibit A attached hereto. The Notes shall be issued, and the transfer thereof may be registered, only
in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof. All payments of principal, Redemption Price and
accrued unpaid interest in respect of the Notes shall be made by the Company as set forth in the Notes. The registration, registration
of transfers and exchanges of Notes shall be effected in accordance with Section 2.08 of the Base Indenture. A transfer or exchange
shall be made only if the Registrar is satisfied with a Holder’s proof of legal ownership.

 

(e)           Legal
Defeasance and Covenant Defeasance. The provisions for legal defeasance in Section 8.02 of the Base Indenture, and the provisions
for covenant defeasance in Section 8.03 of the Base Indenture, shall be applicable to the Notes. If the Company shall effect a defeasance
of the Notes pursuant to Section 8.02 or Section 8.03 of the Base Indenture, subject to the satisfaction of the conditions
set forth in Section 8.04 of the Base Indenture (i) the Company shall be discharged and released from, and shall be deemed
to have satisfied, its obligations as specified in Section 8.02 or Section 8.03 of the Base Indenture, as applicable, to the
extent specified therein, (ii) the Company shall cease to have any obligation to comply with Article IV of this Supplemental
Indenture, and (iii) payment of the Notes may not be accelerated because of an Event of Default.

 

(f)            Further
Issuance. The Company may, from time to time, without the consent of or notice to the Holders, create and issue (i) additional
debt securities, including additional series of Securities under the Base Indenture having the same terms as to interest rate, maturity
and other terms (except for the issue date, the public offering price, the date on which interest first accrues on such Securities and
the first interest payment date) as, and ranking equally and ratably with, the Initial Notes (such Securities having the same terms as
the Notes (except as aforesaid), “Additional Notes”). Any such Additional Notes may constitute a single fungible series
with the Initial Notes for federal income tax purposes. If any such Additional Notes are not fungible with the Initial Notes for U.S.
federal income tax purposes, such Additional Notes will have one or more separate CUSIP numbers. All references herein to the Notes shall
include the Initial Notes and any such fungible Additional Notes. The Initial Notes and any Additional Notes subsequently issued upon
original issue under the Indenture shall be considered collectively as a single class for all purposes of the Indenture, including directions,
waivers, amendments, consents and redemptions. Holders of the Initial Notes and any Additional Notes therefore will vote and consent
together on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes
or any Additional Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled
to vote or consent.

 

    	 	6	 

     

    

 

(g)           Redemption.
The Notes are subject to redemption by the Company in whole or in part in the manner described in Article III of this Supplemental
Indenture.

 

(h)           Sinking
Fund. The Notes are not entitled to any sinking fund.

 

(i)            Other
Terms and Conditions. The Notes shall have such other terms and conditions as provided elsewhere in the Indenture and in the form
thereof attached as Exhibit A hereto.

 

ARTICLE III

REDEMPTION

 

The provisions of Article V of the Base Indenture
shall apply to the Notes, except as otherwise stated in, or to the extent inconsistent with, this Article III. Section 5.03
of the Base Indenture shall not apply to the Notes and shall be deemed replaced by Section 3.02, and any references to Section 5.03
of the Base Indenture shall be deemed to refer to Section 3.02 of this Supplemental Indenture.

 

Section 3.01.
Optional Redemption.

 

(a)           On
or after November 30, 2023, the Notes are subject to redemption, in whole at any time or in part from time to time, at the Company’s
option at a Redemption Price equal to the price set forth below per $25.00 principal amount of Notes, plus accrued and unpaid interest
on such Notes to, but excluding, the Redemption Date:

 

	Redemption Date	 	Redemption Price	 
	On or after November 30, 2023, but prior to November 30, 2024	 	$	25.50	 
	On or after November 30, 2024, but prior to November 30, 2025	 	$	25.25	 
	On or after November 30, 2025	 	$	25.00	 

 

(b)           At
any time prior to November 30, 2023, the Notes are subject to redemption, in whole at any time or in part from time to time, at the
Company’s option at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus the Applicable Premium
as of, and accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

    	 	7	 

     

    

 

The Company will, in the case of a Redemption Date prior
to November 30, 2023, (i) calculate the Treasury Rate on the second Business Day preceding the applicable Redemption Date and
(ii) prior to such Redemption Date file with the Trustee an Officers’ Certificate setting forth the Applicable Premium and
the Treasury Rate and showing the calculation of each in reasonable detail.

 

(c)           In
each case of the foregoing Sections 3.01(a) or (b), the Redemption Price shall be subject to the rights of Holders
on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date.

 

(d)           The
Trustee shall have no obligation to calculate any Redemption Price, or any component thereof, and the Trustee shall be entitled to receive
and conclusively rely upon an Officers’ Certificate delivered by the Company that specifies any Redemption Price.

 

Section 3.02.
Selection by Trustee of Notes to be Redeemed.

 

If less than all of the Notes are to be redeemed
at any time, the Trustee will, subject to applicable law, select Notes for redemption not more than 45 days prior to the Redemption Date
on a pro-rate basis or by-lot any other method the Trustee deems fair and appropriate, provided, that the unredeemed portion of
the principal amount of any Notes will be in an authorized denomination (which will not be less than the minimum authorized denomination)
for the Notes.

 

The Trustee shall promptly notify the Company in
writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof
to be redeemed.

 

Beneficial interests in any Notes called for redemption
that are represented by Global Securities will be selected by DTC or any successor Depositary in accordance with DTC’s or such successor
Depositary’s applicable procedures.

 

If the Notes are listed on any national securities
exchange, Notes will be selected in compliance with the requirements of the principal national securities exchange on which the Notes
are listed.

 

Section 3.03.
Open Market Repurchases.

 

The Company may at any time, and from time to
time, purchase Notes at any price or prices in the open market or otherwise, including in the open market at prevailing prices or in
private transactions at negotiated prices. Notes that the Company purchases may, at the Company’s discretion, be held, resold
or canceled. The Company will inform the Trustee of any such listing and of the requirements of such exchange as to the selection of the Notes for
redemption.

 

    	 	8	 

     

    

 

ARTICLE IV

COVENANTS

 

The provisions of Sections 3.01, 3.03, 3.04, 3.05
and 3.06 of the Base Indenture shall apply to the Notes, except as otherwise stated in, or to the extent inconsistent with, this Article IV.
Sections 3.02 and 4.01 of the Base Indenture shall not apply to the Notes and shall be deemed replaced by Sections 4.01 and 4.02,
respectively, of this Supplemental Indenture.

 

Section 4.01.
Reporting.

 

The Company will furnish or file with the Trustee,
within 15 days after it files the same with the SEC, copies of the annual reports and the information, documents and other reports (or
copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Company is required to
file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. If the Company is not subject to the requirements of
Section 13 or 15(d) of the Exchange Act, the Company will nevertheless continue filing the reports specified in the preceding
sentence with the SEC within the time periods specified above unless the SEC will not accept such a filing, but in such event the reports
specified in the preceding sentence shall not be required to contain certain disclosures relating to the Company’s controls and
procedures, corporate governance, code of ethics, director independence, market for the Company’s equity securities and executive
compensation. The Company will not take any action for the purpose of causing the SEC not to accept any such filings. For purposes of
this covenant, the Company will be deemed to have furnished such reports and information to, or filed such reports and information with,
the Trustee and the Holders of the Notes as required by this covenant if it has filed such reports or information with the SEC via the
EDGAR filing system or otherwise made such reports or information publicly available on a freely accessible page on the Company’s
website. The Trustee shall have no obligation whatsoever to determine whether or not such reports and information have been filed or have
been posted on such website. Delivery of such reports, information and documents to the trustee is for informational purposes only and
the trustee’s receipt of such shall not constitute actual or constructive knowledge or notice of any information contained therein
or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to
which the trustee is entitled to rely exclusively on Officers’ Certificates).

 

Section 4.02.
Consolidation, Merger or Sale of Assets.

 

The Company shall not, in a single transaction
or through a series of related transactions, consolidate with or merge with or into any other Person or sell, assign (excluding any assignment
solely as collateral for security purposes), transfer, lease or otherwise dispose of all or substantially all of the consolidated assets
of the Company and its Subsidiaries, taken as a whole, to any Person, unless:

 

(a)           the
Company shall be the successor or continuing Person or, if the Company is not the successor or continuing Person, the resulting, surviving
or transferee Person (the “Surviving Entity”) is a corporation organized and existing under the laws of the United
States, any State thereof or the District of Columbia that expressly assumes all of the Company’s obligations under the Notes and
the Indenture pursuant to a supplement hereto executed and delivered to the Trustee;

 

    	 	9	 

     

    

 

(b)           immediately
after giving effect to such transaction or series of related transactions, no Event of Default or Default has occurred and is continuing;
and

 

(c)           the
Company or any such Surviving Entity shall have delivered to the Trustee an Officers’ Certificate and Opinion of Counsel each stating
that such transaction or series of related transactions and any supplement hereto complies with the terms of the Indenture and that all
conditions precedent provided for in the Indenture relating to such transaction or series of related transactions have been complied with.

 

If any consolidation or merger or any sale, assignment,
lease, transfer or other disposition of all or substantially all of its assets occurs in accordance with the terms hereof, the Surviving
Entity shall succeed to, and be substituted for, and may exercise every right and power of the Company under the Indenture with the same
effect as if such Surviving Entity had been named as the Company. The Company shall (except in the case of a lease) be discharged from
all obligations and covenants under the Indenture and any Note issued hereunder, and may be liquidated and dissolved.

 

Section 4.03.
Exchange Listing.

 

After the Notes are initially listed on the
Nasdaq Global Select Market or another national securities exchange, the Company will use commercially reasonable efforts to cause
the Notes to continue be listed on the Nasdaq Global Select Market or another national securities exchange in the United States. For
the avoidance of doubt, it shall not be a default in the performance, or a breach, of this covenant if the Company uses commercially
reasonable efforts to cause the Notes to continue to be listed on the Nasdaq Global Select Market or another national securities
exchange and the Notes fail or cease to be listed on one of the foregoing exchanges notwithstanding such commercially reasonable
efforts of the Company.

 

ARTICLE V

EVENTS OF DEFAULT

 

Section 5.01.
Events of Default; Remedies.

 

The provisions of Article VI of the Base Indenture
shall apply to the Notes, except as otherwise stated in, or to the extent inconsistent with, this Article V. Sections 6.01,
6.02, 6.06 and 6.08 of the Base Indenture shall not apply to the Notes, and shall be deemed replaced by Sections 5.02, 5.03,
5.05 and 5.06, respectively, of this Supplemental Indenture. Any references to Section 6.01(e) of the Base Indenture
shall be deemed to refer to Section 5.02(d) of this Supplemental Indenture.

 

    	 	10	 

     

    

 

Section 5.02.
Events of Default.

 

Each of the following, and solely the following,
shall constitute an “Event of Default” with respect to the Notes:

 

(a)           the
Company defaults in the payment of any interest due and payable on any Note, continued for 30 days;

 

(b)           the
Company defaults in the payment when due (at the Maturity Date, upon acceleration, redemption, required repurchase or otherwise) of the
principal of, or premium, if any, on the Notes;

 

(c)           the
default in the performance, or breach, of any covenant of the Company in the Indenture or the Notes, and continuance of such default
or breach for a period of 60 days after there has been given to the Company by the Trustee or to the Company and the Trustee by the Holders
of at least 25% in principal amount of the outstanding Notes a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” under the Indenture; or

 

(d)           (i)            the
Company:

 

(1)            commences
a voluntary case or proceeding under any Bankruptcy Law;

 

(2)            consents
to the entry of a judgment, decree or order for relief against it in an involuntary case or proceeding under any Bankruptcy Law;

 

(3)            consents
to the appointment of a Custodian of it or for any substantial part of its property;

 

(4)            makes
a general assignment for the benefit of its creditors; or

 

(5)            consents
to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it; or

 

(6)            takes
any comparable action under any foreign laws relating to insolvency; or

 

(ii)  (A)  a court of competent
jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(1)            is
for relief against the Company;

 

(2)            appoints
a Custodian of the Company; or

 

    	 	11	 

     

    

 

(3)            orders
the winding up or liquidation of the Company; or

 

(B)  any similar relief is granted
under any foreign laws;

 

and, in the case of the foregoing (A) or (B), the order,
decree or relief remains unstayed and in effect for 90 days.

 

Section 5.03.
Acceleration.

 

If any Event of Default with respect to any Notes
at the time outstanding (other than those of the type described in Section 5.02(d)) occurs and is continuing, the Trustee
may, and at the direction of the Holders of at least 25% in aggregate principal amount of outstanding Notes shall, declare the principal
of all Notes, together with all accrued and unpaid interest, to be due and payable immediately by notice in writing to the Company specifying
the respective Event of Default and that such notice is a notice of acceleration, and the same shall become immediately due and payable.

 

In the case of an Event of Default specified in
Section 5.02(d) occurs, the principal of all Notes, together with all accrued and unpaid interest, shall become due and
payable immediately without further action or notice by the Trustee or the Holders.

 

At any time after a declaration of acceleration
with respect to the Notes, the Holders of a majority in principal amount of the Notes then outstanding (by written notice to the Trustee)
may, on behalf of the Holders of all the Notes, rescind and cancel such declaration and its consequences if:

 

(a)            the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction;

 

(b)            all
existing Events of Default have been cured or waived, other than nonpayment of principal of the Notes which has become due solely by reason
of such declaration of acceleration;

 

(c)            to
the extent the payment of such interest is lawful, interest (at the same rate specified in the Notes) on overdue installments of interest
and overdue payments of principal which has become due otherwise than by such declaration of acceleration has been paid;

 

(d)            the
Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances;
and

 

(e)            in
the event of the cure or waiver of an Event of Default, the Trustee has received an Officers’ Certificate that such Event of Default
has been cured or waived.

 

    	 	12	 

     

    

 

Section 5.04.
Other Specified Remedies.

 

Notwithstanding anything to the contrary in Section 5.03
of this Supplemental Indenture, Section 6.03 of the Base Indenture, or any other provision of the Indenture or the Notes, the sole
remedy with respect to an Event of Default due to the Company’s failure to comply with the reporting requirements under Section 314
of the TIA or under Section 4.01 of this Supplemental Indenture, for the first 180 calendar days after the occurrence of such
Event of Default, consists exclusively of the right to receive additional interest on the Notes at an annual rate equal to (1) 0.25%
for the first 90 calendar days after such Event of Default and (2) 0.50% for calendar days 91 through 180 after such Event of Default.
On the 181st day after such Event of Default, if such violation is not cured or waived, the Trustee or the Holders of not less than 25%
of the outstanding principal amount of the Notes may declare the principal, together with accrued and unpaid interest, if any, on the
Notes to be due and payable immediately. If the Company elects to pay such additional interest, it shall notify the Trustee and the Holders
of the Notes by certificate of the Company’s election at any time on or before the close of business on the first Business Day following
the Event of Default. No additional interest shall be due or payable other than with respect to such failure to comply with reporting
requirements.

 

Section 5.05.
Limitation on Suits.

 

Subject to Section 6.07 of the Base Indenture,
a Holder of a Notes may not pursue any remedy with respect to the Indenture or the Notes unless:

 

(a)            such
Holder has previously given to the Trustee written notice stating that an Event of Default is continuing with respect to such series;

 

(b)            Holders
of at least 25% in aggregate principal amount of the outstanding Notes have requested in writing that the Trustee pursue the remedy;

 

(c)            such
Holders have offered to the Trustee security or indemnity satisfactory to it against any loss, liability or expense;

 

(d)            the
Trustee has not complied with such request within 60 days after receipt of the request and the offer of security or indemnity; and

 

(e)            the
Holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction that is inconsistent with such
request within such 60-day period.

 

A Holder may not pursue a remedy with respect
to the Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being
understood that the Trustee does not have an affirmative duty to monitor any such pursuit or ascertain whether or not any such
pursuit or use by a Holder prejudices the rights of any other Holders or obtains preference or priority over such other
Holders).

 

    	 	13	 

     

    

 

Section 5.06.
Collection Suit by Trustee.

 

If an Event of Default specified in Section 5.02(a) or
Section 5.02(b) occurs and is continuing with respect to the Notes, the Trustee may recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest
to the extent lawful) with respect to the Notes and the amounts provided for in Section 7.07 of the Base Indenture.

 

ARTICLE VI

MISCELLANEOUS

 

Section 6.01.
Ratification of Indenture.

 

This Supplemental Indenture is executed and shall
be constructed as an indenture supplemental to the Base Indenture, and as supplemented and modified hereby, the Base Indenture is in all
respects ratified and confirmed, and the Base Indenture and this Supplemental Indenture shall be read, taken and constructed as one and
the same instrument. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes shall
be bound hereby.

 

Section 6.02.
Trust Indenture Act Controls.

 

If any provision of this Supplemental Indenture
limits, qualifies or conflicts with another provision that is required or deemed to be included in this Supplemental Indenture by the
TIA, the required or deemed provision shall control.

 

Section 6.03.
Notices.

 

All notices and other communications shall be given
as provided in the Base Indenture.

 

Section 6.04.
Governing Law.

 

THIS SUPPLEMENTAL INDENTURE, THE INDENTURE AND
THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES THERETO (OTHER THAN N.Y. GENERAL OBLIGATIONS LAW § 5-1401). EACH OF THE COMPANY AND THE TRUSTEE, AND EACH HOLDER OF A
NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES OR THE TRANSACTION
CONTEMPLATED HEREBY OR THEREBY.

 

Section 6.05.
Successors.

 

All agreements of the Company in this Supplemental
Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

 

    	 	14	 

     

    

 

Section 6.06.
Multiple Originals.

 

The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy
is enough to prove this Supplemental Indenture. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile
or PDF or other electronically imaged (such as DocuSign or Adobe Sign) signature transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all
purposes. Signatures of the parties hereto transmitted by facsimile or PDF or other electronically imaged (such as DocuSign or Adobe Sign)
signature transmission shall be deemed to be their original signatures for all purposes.

 

The
exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF or other electronically imaged
(such as DocuSign or Adobe Sign) signature transmission shall constitute effective execution and delivery of this Supplemental Indenture
as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. The exchange of copies of this
Supplemental Indenture and of signature pages that are executed by manual signatures that are scanned, photocopied or faxed or by
other electronic signing created on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case
that is approved by the Trustee, shall constitute effective execution and delivery of this Supplemental Indenture for all purposes. Signatures
of the parties hereto that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic signing created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved by the Trustee,
shall be deemed to be their original signatures for all purposes of this Supplemental Indenture as to the parties hereto and may be used
in lieu of the original.

 

Anything
in this Supplemental Indenture, the Indenture or the Notes to the contrary notwithstanding, for the purposes of the transactions
contemplated by the Indenture, this Supplemental Indenture, any Note and any document to be signed in connection with the Indenture, this
Supplemental Indenture or any Note (including any Global Security and amendments, supplements, waivers, consents and other modifications,
Officers’ Certificates, Company Orders and Opinions of Counsel and other issuance, authentication and delivery documents) or the
transactions contemplated hereby may be signed by manual signatures that are scanned, photocopied or faxed or other electronic signatures
created on an electronic platform (such as DocuSign) or by digital signature (such as Adobe Sign), in each case that is approved by the
Trustee, and contract formations on electronic platforms approved by the Trustee, and the keeping of records in electronic form, are hereby
authorized, and each shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use
of a paper-based recordkeeping system, as the case may be.

 

    	 	15	 

     

    

 

Section 6.07.
Headings.

 

The headings of the Articles and Sections of this
Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall
not modify or restrict any of the terms or provisions hereof.

 

Section 6.08.
Trustee Not Responsible for Recitals.

 

The statements and recitals contained in this Supplemental
Indenture shall be taken as statements and recitals of the Company, and the Trustee does not assume any responsibility for their correctness.
The Trustee makes no representations as to the validity, adequacy or sufficiency of this Supplemental Indenture, except that the Trustee
represents that it is duly authorized to execute and deliver this Supplemental Indenture and perform its obligations hereunder.

 

Section 6.09.
Paying Agent and Registrar.

 

The Company initially appoints the Trustee as Paying
Agent and Registrar with respect to the Notes.

 

Section 6.10.
Benefits of Supplemental Indenture.

 

Nothing
in this Supplemental Indenture or the Notes, express or implied, shall give to any Person, other than the parties to this Supplemental
Indenture and their successors hereunder and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under
this Supplemental Indenture or the Notes.

 

Section 6.11.
No Personal Liability.

 

No
incorporator, stockholder, employee, agent, officer, director or subsidiary of the Company will have any liability for any obligations
of the Company, or because of the creation of any indebtedness under the Notes, the Indenture or the Supplemental Indenture. All such
liability is expressly waived and released as a condition of, and as a consideration for, the execution of the Supplemental Indenture
and the issuance of the Notes. This Section 6.11 supersedes Section 11.11 of the Base Indenture to the extent inconsistent
therewith.

 

Section 6.12.
No Adverse Interpretation of Other Agreements.

 

The Indenture (including this Supplemental Indenture)
insofar as relating to the Notes may not be used to interpret any other indenture, loan or debt agreement (including the Indenture (including
any other supplemental indenture thereto) insofar as relating to any series of Securities other than the Notes) of the Company or any
of its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement (including the Indenture (including any other supplemental
indenture thereto) insofar as relating to any series of Securities other than the Notes) may not be used to interpret the Indenture (including
this Supplemental Indenture) insofar as relating to the Notes.

 

    	 	16	 

     

    

 

Section 6.13.
Severability.

 

In case any provision in this Supplemental Indenture
or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.

 

Section 6.14.
Language of Notices, Etc.

 

Any request, demand, authorization, direction,
notice, consent, waiver or act required or permitted under this Supplemental Indenture shall be in the English language, except that any
published notice may be in an official language of the country of publication.

 

Section 6.15.
Scope of this Supplemental Indenture.

 

The changes, modifications and supplements to the
Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, and
shall be deemed expressly included in this Supplemental Indenture solely for the benefit of, the Notes which may be issued from time to
time, and shall not apply to any other Securities that may be issued under the Base Indenture unless a supplemental indenture with respect
to such other Securities specifically incorporates such changes, modifications and supplements.

 

Section 6.16.
Covenants not Applicable.

 

In accordance with
Section 2.01(p) of the Base Indenture, (i) except as, and to the extent, described herein, the covenants and
agreements on the part of the Company in Sections 3.02 and 3.07 of the Base Indenture are hereby eliminated from the Base
Indenture in respect of, and shall not apply to, and shall be deemed covenants included in the Base Indenture solely for the benefit
of a different series of Securities than, the Notes; and (ii) no Default or Event of Default with respect to the Notes shall
arise, or be deemed to exist as the result of any failure on the part of the Company duly to observe or perform any of the covenants
or agreements specified in clause (i) of this Section 6.16.

 

    	 	17	 

     

    

 

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

 

	 	COMPANY:
	 	 
	 	FOSSIL GROUP, INC.
	 	 
	 	By:	/s/ Sunil M. Doshi
	 	 	Name: 	Sunil M. Doshi
	 	 	Title:	Senior Vice President, Chief Financial Officer and Treasurer

 

Signature
Page to First Supplemental Indenture

 

     

     

    

 

	 	TRUSTEE:
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	 
	 	By: 	/s/ Lawrence M. Kusch
	 	 	Name:	Lawrence M. Kusch
	 	 	Title:	Vice President 

 

Signature
Page to First Supplemental Indenture

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

[THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE
OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME
OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND
ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY THE DEPOSITORY TRUST COMPANY), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]1

 

CUSIP NO. [•]

ISIN NO. [•]

 

FOSSIL GROUP, INC.

 

7.00% SENIOR NOTE DUE 2026

 

	$[•] (or such other principal amount as

 shall be set forth on Schedule I hereto)	No.: R-[•]

 

FOSSIL GROUP, INC., a Delaware corporation
(herein called the “Company”), for value received, hereby promises to pay to [●], or registered assigns, the
principal sum of $[●] [or such other principal amount as shall be set forth on Schedule I hereto]2 on November 30,
2026 and to pay interest thereon at the rate of 7.00% per annum, subject to adjustment from time to time pursuant to the terms hereof,
from and including November 8, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, on February 28, May 31, August 31 and November 30 of each year, commencing on February 28, 2022 (each, an
 “Interest Payment Date”), until the principal hereof is paid or made available for payment.

 

 

1
Include if Global Security.

 

2
Include if Global Security.

    	 	Exhibit A - Page 1
	 

     

    

 

The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, except as provided in the Indenture hereinafter referred to, be paid to the Person
in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the regular record date for such
interest, which will be the February 15, May 15, August 15 and November 15 (whether or not that date is a Business
Day), as the case may be (each, a “Regular Record Date”), immediately preceding each Interest Payment Date. Any such
interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and
either may be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on
a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the Holders
not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided
in the Indenture. Payment of the principal of and interest on this Note (including, without limitation, any Redemption Price) will be
made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts (i) if this Note is a Global Security, in accordance with the applicable policies of DTC in effect from time to time; or (ii) otherwise
at the office or agency of the Company maintained for that purpose pursuant to the Indenture (initially the principal corporate trust
office of the Trustee in Dallas, TX (the “Corporate Trust Office”)); provided, however, that payment of interest
that is due on an Interest Payment Date shall be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Register on the Regular Record Date and (ii) payments of principal will be made by check against presentation of this
Note at the Corporate Trust Office (or such other office as may be specified in the Indenture or in a notice to Holders).

 

Reference is hereby made to the further provisions
of this Note set forth on the reverse side hereof, which further provisions shall for all purposes have the same effect as though fully
set forth at this place.

 

Unless the Certificate of Authentication
hereon has been executed by the Trustee or an authenticating agent under the Indenture referred to on the reverse hereof by the
manual or PDF or other electronically imaged (such as DocuSign or Adobe Sign) signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that this Note has been authenticated under the Indenture, this Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Signature Pages Follow]

 

    	 	Exhibit A - Page 2
	 

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Note to be to be duly executed as of the date set forth below.

 

	Date: [●]	 
	 	 
	 	
    FOSSIL GROUP, INC.

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Exhibit A - Page 3
	 

     

    

 

Trustee’s Certificate of Authentication

 

This is one of the Notes designated therein referred
to in the within-mentioned Supplemental Indenture.

 

	Dated: [●]	 
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	 	as Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	Exhibit A - Page 4
	 

     

    

 

(Reverse of Note)

 

FOSSIL GROUP, INC.

 

7.00% SENIOR NOTE DUE 2026

 

1.            This
Note is one of a duly authorized issue of Securities of the Company designated as its 7.00% Senior Notes due 2026 (the “Notes”)
unlimited in aggregate principal amount issued and to be issued under an Indenture, dated as of November 8, 2021 (the “Base
Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,”
which term includes any successor Trustee under the Indenture), and the First Supplemental Indenture, dated as of November 8, 2021
(the “Supplemental Indenture”) (the Base Indenture, as supplemented by the Supplemental Indenture and as the Supplemental
Indenture may be further supplemented or amended from time to time, together with those terms made part of the Indenture by, or by reference
to, the TIA, is herein referred to as the “Indenture”), between the Company and the Trustee. Reference is hereby made
to the Indenture for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Notes, and the
terms upon which the Notes are, and are to be, authenticated and delivered.

 

2.            On
or after November 30, 2023, the Notes are subject to redemption, in whole at any time or in part from time to time, at the Company’s
option at a Redemption Price equal to the price set forth below per $25.00 principal amount of Notes, plus accrued and unpaid interest
on such Notes to, but excluding, the Redemption Date:

 

	Redemption Date	 	Redemption Price	 
	On or after November 30, 2023, but prior to November 30, 2024	 	$	25.50	 
	On or after November 30, 2024, but prior to November 30, 2025	 	$	25.25	 
	On or after November 30, 2025	 	$	25.00	 

 

At any time prior to November 30, 2023, the
Notes are subject to redemption, in whole at any time or in part from time to time, at the Company’s option at a Redemption Price
equal to 100% of the principal amount of the Notes to be redeemed, plus the Applicable Premium as of, and accrued and unpaid interest,
if any, to, but excluding, the Redemption Date.

 

The Company will, in the case of a Redemption Date prior to November 30,
2023, (i) calculate the Treasury Rate on the second Business Day preceding the applicable Redemption Date and (ii) prior to
such Redemption Date file with the Trustee an Officers’ Certificate setting forth the Applicable Premium and the Treasury Rate and
showing the calculation of each in reasonable detail.

 

    	 	Exhibit A - Page 5
	 

     

    

 

In each case of the foregoing, the Redemption Price
shall be subject to the rights of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment
Date.

 

3.          
   Subject to certain conditions and exceptions set forth in the Indenture, if an Event of
Default as set forth in the Indenture shall occur and be continuing, among other remedies exercisable by the Trustee, the principal
of the Notes may be declared (or in certain circumstances, may become) due and payable in the manner and with the effect provided in
the Indenture.

 

4.             The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and of the Notes and the modification of the rights
and obligations of the Company and the rights of the Holders of Notes under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of Notes at the time outstanding. The Indenture also contains provisions
permitting the Holders of a majority in aggregate principal amount of Notes at the time outstanding, on behalf of the Holders of all Notes,
to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

 

5.             No
reference herein to the Indenture and no provisions of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and rate, and in the coin
or currency, herein prescribed.

 

6.             As
provided in the Indenture and subject to certain limitations therein set forth and herein, unless this Note is a Global Security, the
transfer of this Note may be registered on the Register of the Company, upon surrender of this Note for registration of transfer at the
Corporate Trust Office, duly endorsed by, or accompanied by a written instruction of transfer in form satisfactory to the Company, and
duly executed by the Holder hereof or such Holder’s attorney, duly authorized in writing, on which instruction the Company can
rely, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

 

7.             The
Notes are issuable only in fully registered form, without coupons, in minimum denominations of $25.00 or any amount in excess thereof
which is an integral multiple of $25.00. As provided in the Indenture, and subject to certain limitations therein set forth, the Notes
(other than those represented by a Global Security) are exchangeable for a like aggregate principal amount of Notes in authorized denominations,
as requested by the Holder surrendering the same.

 

    	 	Exhibit A - Page 6
	 

     

    

 

8.             No
service charge shall be made to the Holder for any such registration of transfer or exchange, but the Company may require payment of
a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith.

 

9.             Prior
to the due presentment of this Note for registration of transfer or exchange, the Company, the Trustee and any agent of the Company or
the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary.

 

10.           Interest
on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

11.           Subject
to certain limitations set forth in the Indenture, the Trustee, in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were
not the Trustee.

 

12.           This
Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

13.           Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),
JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act).

 

14.           Each
Holder of this Note covenants and agrees by such Holder’s acceptance hereof to comply with and be bound by the foregoing provisions.

 

15.           THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES
THERETO (OTHER THAN N.Y. GENERAL OBLIGATIONS LAW § 5-1401). EACH OF THE COMPANY AND THE TRUSTEE, AND EACH HOLDER OF A NOTE BY ITS
ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

16.           All
capitalized terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

17.           Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be
placed only on the other identification numbers placed thereon.

 

    	 	Exhibit A - Page 7
	 

     

    

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

	 	 
	 	 
	 	 

 

the within Note and all rights thereunder, hereby irrevocably constituting
and appointing attorney to transfer said Note on the books of the Company, with full power of substitution in the premises.

 

	Dated:	 	 
	 	 	 
	Signature:	 	 

 

		NOTICE:	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the
Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined
by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	Exhibit A - Page 8
	 

     

    

 

Schedule
I

 

[SCHEDULE OF TRANSFERS AND EXCHANGES

 

The following increases or decreases in principal
amount of this Global Security have been made:

 

	Date of Exchange	 	Amount of 

Decrease in

 Principal 

Amount of this

 Global Security	 	Amount of

 Increase in

 Principal Amount

 of this Global

 Security	 	Principal Amount

 of this Global

 Security following

 such Decrease or

 Increase	 	Signature of

 Authorized

 Signatory of 

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    	 	Exhibit A – Schedule IExhibit 4.4

   

  FORM OF WARRANT AGREEMENT

   

  THIS WARRANT AGREEMENT, dated as of [●], 2021 (as amended, supplemented or otherwise modified from time to time, this
    “Agreement”), is by and between HCM Acquisition Corp, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such
    capacity, the “Warrant Agent”).

   

  WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such unit
    comprised of one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”), and one-half of one redeemable Public Warrant (as defined below) (the “Units”) and, in connection
    therewith, has determined to issue and deliver up to 14,375,000 redeemable warrants (including up to 1,875,000 redeemable warrants subject to the Over-Allotment Option (as defined below)) to public investors in the Offering (the “Public
          Warrants”);

   

  WHEREAS, it is proposed that the Company enter into that certain Private Placement Warrants Purchase Agreement with HCM Investor Holdings, LLC, a Delaware limited
    liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 9,750,000 (or up to 10,500,000 private placement warrants if the overallotment option is exercised in full) warrants simultaneously with
    the closing of the Offering, bearing the legend set forth in Exhibit B hereto (the “Sponsor Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant;

   

  WHEREAS, concurrently it is proposed that the Company enter into that certain Private Placement Warrants Purchase Agreement with Cantor Fitzgerald & Co., the
    underwriter (the “Underwriter”), pursuant to which the Underwriter will purchase an aggregate of 2,500,000 warrants simultaneously with the closing of the Offering, bearing the legend set forth in Exhibit C hereto (the “Underwriter

          Private Placement Warrants” and, together with the Sponsor Private Placement Warrants, the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant;

   

  WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial merger, share exchange, asset acquisition, share purchase,
    reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are
    not obligated to, loan to the Company funds as the Company may require, of which up to $1,500,000 of such loans may be convertible into up to an additional 1,500,000 Private Placement Warrants at a price of $1.00 per warrant (the “Working
          Capital Warrants” and, together with the Public Warrants and the Private Placement Warrants, the “Warrants”);

   

  WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No.
    333-253673 and a prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public Warrants and the Ordinary Shares included in
    the Units;

   

  WHEREAS, each whole Warrant entitles the holder thereof to purchase one Ordinary Share for $11.50 per whole share, subject to adjustment as described herein. Only
    whole Warrants are exercisable, and a holder of the Public Warrants will not be able to exercise any fraction of a Warrant;

   

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

   

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

   

  
     

    
      
 

  

  
   

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

   

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

   

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

   

  2.             Warrants.

   

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

   

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

   

  2.3          Registration.

   

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

   

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

          Warrant Certificates”) which shall be in the form attached hereto as Exhibit A.

   

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

   

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

   

  2.4           Detachability of Warrants. The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the fifty-second (52nd)
    day following the date of the Prospectus or, if such fifty-second (52nd) day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a “Business Day”),

    then on the immediately succeeding Business

   

  
     

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  Day following such date, or earlier (the “Detachment Date”) with the consent of Cantor Fitzgerald & Co., but in no event shall the Ordinary
    Shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed (i) a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross
    proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-Allotment Option”), if the Over-Allotment
    Option is exercised prior to the filing of the Current Report on Form 8-K and (ii) a second or amended Current Report on Form 8-K to provide updated financial information to reflect the exercise of the underwriters’ Over-Allotment Option, if the
    Over-Allotment Option is exercised following the initial filing of such Current Report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading shall begin.

   

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

   

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

   

  (a)           to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any direct or
    indirect members or partners of the Sponsor or their respective affiliates, any affiliates of the Sponsor, any funds and accounts managed or advised by Hondius Capital Management and its affiliates, and to direct or indirect members or partners of such
    funds and accounts or any affiliates thereof, any employees of such affiliates or any funds or accounts advised by the Sponsor or its affiliates;

   

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

   

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

   

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

   

  (e)           by private transfers or by other transfers made in connection with the consummation of the Business Combination at prices no greater than
    the price at which the Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased;

   

  (f)            by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor;

   

  (g)           to the Company for no value for cancellation in connection with the consummation of the Business Combination;

   

  
     

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

   

  (i)            in the event of the Company’s completion of a liquidation, merger, share exchange or other similar transaction which results in all of
    the public shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of the Business Combination;

   

  provided, however, that, in the case of clauses (1) through (6), these permitted transferees (the “Permitted Transferees”) must enter into a written
    agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

   

  3.             Terms and Exercise of Warrants.

   

  3.1          Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant and this Agreement, to
    purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 and in the last sentence of this Section 3.1. The term “Warrant Price”
    as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which Ordinary Shares may be purchased at the
    time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than fifteen (15) Business Days (unless otherwise required by the
    Commission, any national securities exchange on which the Warrants are listed or applicable law); provided, however, that the Company shall provide at least three (3) Business Days’ prior written notice of such reduction to Registered Holders of the
    Warrants; provided, further, that any such reduction shall be identical among all of the Warrants.

   

  3.2          Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on the later
    of (i) the date that is thirty (30) days after the first date on which the Company completes a Business Combination and (ii) the date that is twelve (12) months from the date of the closing of the Offering, and (B) terminating at the earliest to occur
    of (x) 5:00 p.m., New York City time, on the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in accordance with the Company’s amended and restated memorandum
    and articles of association (as amended, supplemented or otherwise modified from time to time, the “Amended and Restated Memorandum and Articles of Association”), if the Company fails to complete a Business Combination, and (z)
    other than with respect to the Private Placement Warrants and the Working Capital Warrants then held by the Sponsor or its Permitted Transferees, 5:00 p.m., New York city time, on the Redemption Date (as defined below) as provided in Section 6.3
    (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2, with respect to an effective
    registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant or a Working Capital Warrant then held by
    the Sponsor or its Permitted Transferees) in the event of a redemption (as set forth in Section 6), each Warrant (other than a Private Placement Warrant or a Working Capital Warrant then held by the Sponsor or its Permitted Transferees in the
    event of a redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City, time on the Expiration Date. The Company
    in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the
    Warrants; provided, further, that any such extension shall be identical in duration among all the Warrants.

   

  
     

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  3.3          Exercise of Warrants.

   

  3.3.1.      Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering to the
    Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised or, in the case of a Warrant represented by a book-entry, the Warrants to be exercised (the “Book-Entry Warrants”)

    on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”)

    any Ordinary Shares pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant, properly delivered by the Participant in
    accordance with the Depositary’s procedures, and (iii) the payment in full of the Warrant Price for each Ordinary Share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the
    exchange of the Warrant for the Ordinary Shares and the issuance of such Ordinary Shares, as follows:

   

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

   

  (b)           [Reserved];

   

  (c)           with respect to any Private Placement Warrant or Working Capital Warrant, so long as such Private Placement Warrant or Working Capital
    Warrant is held by the Sponsor or a Permitted Transferee, by surrendering the Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by
    the excess of the “Sponsor Fair Market Value” (as defined in this subsection 3.3.1(c)) less the Warrant Price by (y) the Sponsor Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Sponsor

          Fair Market Value” shall mean the average reported closing price of the Ordinary Shares for the ten (10) trading days ending on the third (3rd) trading day prior to the date on which notice of exercise of the Private Placement Warrant
    or Working Capital Warrant is sent to the Warrant Agent;

   

  (d)           [Reserved]; or

   

  (e)           as provided in Section 7.4.

   

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

   

  3.3.3.      Valid Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully
    paid and nonassessable.

   

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

   

  
     

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

   

  4.             Adjustments.

   

  4.1          Capitalizations.

   

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

   

  
     

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  4.1.2.      Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays a dividend or makes a distribution in
    cash, securities or other assets to all or substantially all of the holders of the Ordinary Shares on account of such Ordinary Shares (or other securities into which the Warrants are convertible), other than (a) as described in subsection 4.1.1
    above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of the
    Ordinary Shares in connection with a shareholder vote to amend the Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to provide holders of Ordinary Shares the right to have
    their shares redeemed in connection with the Company’s initial Business Combination or to redeem 100% of the Company’s public shares if it does not complete its initial Business Combination within the time period required by the Amended and Restated
    Memorandum and Articles of Association, or (ii) with respect to any other provision relating to the rights of holders of Ordinary Shares or (e) in connection with the redemption of public shares upon the failure of the Company to complete its initial
    Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective
    immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s board of directors (the “Board”) in good faith) of any securities or other
    assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share
    basis, with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution to the extent it does not exceed $0.50 (which
    amount shall be adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary
    Shares issuable on exercise of each Warrant).

   

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

   

  4.3          Adjustments in Exercise Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection

      4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares
    purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter.

   

  4.4          Raising of the Capital in Connection with the Initial Business Combination. If (x) the Company issues additional Ordinary Shares or equity-linked
    securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or effective issue price of less than $9.20 per Ordinary Share (with such issue price or effective issue price to be determined
    in good faith by the Board and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Class B ordinary shares, par value $0.0001 per share, of the Company (the “Class B Ordinary Shares”)
    held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest
    thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of the Company’s initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of Ordinary Shares
    during the twenty (20) trading day period starting on the trading day after the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price
    shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 shall be adjusted (to the nearest cent) to be equal
    to 180% of the higher of the Market Value and the Newly Issued Price.

   

  
     

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

   

  
     

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  4.6          Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company
    shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant,
    setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based; provided, however, that no adjustment to the number of Ordinary Shares issuable upon exercise of a Warrant shall be
    required until cumulative adjustments amount to 1% or more of the number of Ordinary Shares issuable upon exercise of a Warrant as last adjusted; provided, further, that any such adjustments that are not made are carried forward and
    taken into account in any subsequent adjustment. Notwithstanding the foregoing, all such carried forward adjustments shall be made (i) in connection with any subsequent adjustment that (taken together with such carried forward adjustments) would result
    in a change of at least 1% in the number of Ordinary Shares issuable upon exercise of a Warrant and (ii) on the exercise date of any Warrant. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5
    in connection with which any adjustment is made to the Warrant Price or the number of Ordinary Shares issuable upon exercise of a Warrant, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last
    address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

   

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

   

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

   

  4.9          Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding subsections of this Section

      4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case,
    the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants
    is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to
    this Section 4.9 (i) as a result of any issuance of securities in connection with a Business Combination or (ii) solely as a result of an adjustment to the conversion ratio of the Company’s Class B Ordinary Shares into Ordinary Shares. The
    Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

   

  4.10        No Adjustment. For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the
    conversion ratio of the Class B Ordinary Shares into Ordinary Shares or the conversion of the shares of Class B Ordinary Shares into Ordinary Shares, in each case, pursuant to the Amended and Restated Memorandum and Articles of Association.

   

  
     

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  5.             Transfer and Exchange of Warrants.

   

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

   

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

   

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

   

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

   

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

   

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

   

  6.             Redemption.

   

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

   

  6.2          [Reserved];

   

  
     

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

   

  6.4          Exercise After Notice of Redemption. The Warrants may be exercised, for cash at any time after notice of redemption shall have been given by the
    Company pursuant to Section 6.3 and prior to the Redemption Date. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

   

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

   

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

   

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

   

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

   

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

   

  
     

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

   

  7.4.1.      Registration of the Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than twenty (20) Business Days after
    the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the
    Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective within sixty (60) Business Days following the closing of its initial Business Combination and to maintain the effectiveness of such registration
    statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th)
    Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such
    registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the
    Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with Section 3(a)(9) of the Securities Act or another exemption) for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the
    product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) less the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair

          Market Value” shall mean the volume weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent
    from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of
    a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless
    basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who
    is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless
    and until all of the Warrants have been exercised or have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

   

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

   

  8.             Concerning the Warrant Agent and Other Matters.

   

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

   

  8.2          Resignation, Consolidation, or Merger of Warrant Agent.

   

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

   

  
     

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

   

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

   

  8.3          Fees and Expenses of Warrant Agent.

   

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

   

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

   

  8.4          Liability of Warrant Agent.

   

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

   

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

   

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

   

  
     

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

   

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

   

  9.             Miscellaneous Provisions.

   

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

   

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

   

  HCM Acquisition Corp

  100 First Stamford Place

  Suite 330

  Stamford, CT 06902

  Attention: Shawn Matthews, Chairman and Chief Executive Officer

   

  with a copy to:

   

  King & Spalding LLP

  1185 Avenue of the Americas

  New York, New York 10036

  Attention: Keith Townsend and Kevin Manz

   

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

   

  Continental Stock Transfer & Trust Company

  One State Street, 30th Floor

  New York, New York 10004

  Attention: Compliance Department

   

  in each case, with a copy to:

   

  [J.P. Morgan Securities LLC

  383 Madison Avenue

  New York, New York 10179

  Attn: Equity Syndicate Desk]

   

  
     

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  9.3          Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all
    respects by the laws of the State of New York. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of
    the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The Company hereby
    waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the
    Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

   

  Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to the forum provisions in this Section 9. If
    any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for the Southern District of New York (a “foreign

          action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District
    Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any
    such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

   

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

   

  9.5          Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in
    the United States of America, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

   

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

   

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

   

  9.8          Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder (i) for the purpose of (x) curing any
    ambiguity or to correct any mistake or defective provision contained herein, including to conform the provisions hereof to the description of the terms of the Warrants and this Agreement set forth in the Prospectus, (y) amending the definition of “Ordinary

          Cash Dividend” as contemplated by and in accordance with the second sentence of subsection 4.1.2 or (z) adding or changing any provisions with respect to matters or questions arising under this Agreement as the parties may
    deem necessary or desirable and that the parties deem shall not adversely affect the rights of the Registered Holders under this Agreement and (ii) to provide for the delivery of Alternative Issuance pursuant to Section 4.5. All other
    modifications or amendments, including any modification or amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants, shall require the vote or written consent of the
    Registered Holders of 50% of the then-outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants or Working Capital Warrants or any provision of this Agreement with respect to the Private
    Placement Warrants or Working Capital Warrants, 50% of the then-outstanding Private Placement Warrants and Working Capital Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period
    pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

   

  
     

    15

    
      
 

  

   

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

   

  [Signature Page Follows]

   

  
     

    16

    
      
 

  

   

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

   

  
    	
             

          	
            CONTINENTAL STOCK TRANSFER &

          
	
             

          	
            TRUST COMPANY,

          
	
             

          	
            as Warrant Agent

          
	
             

          	
             

          	
             

          
	
             

          	
            By:

          	
             

          
	
             

          	
             

          	
            Name:

          
	
             

          	
             

          	
            Title:

          
	
             

          	
             

          
	
             

          	
            HCM ACQUISITION CORP

          
	
             

          	
             

          	
             

          
	
             

          	
            By:

          	
             

          
	
             

          	
             

          	
            Name: Shawn Matthews

          
	
             

          	
             

          	
            Title: Chairman and Chief Executive

          
	
             

          	
             

          	
            Officer

          

     

    [Signature Page to Warrant Agreement—HCM Acquisition Corp]

     

  

  
     

    
      
 

  

  
   

  EXHIBIT A 

  SPECIMEN WARRANT CERTIFICATE

  [FACE]

   

  	
          NUMBER W–[ ]

        	
          CUSIP: G4365A 127

              

        

   

  Warrants

   

  THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

  THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

  IN THE WARRANT AGREEMENT DESCRIBED BELOW

   

  HCM ACQUISITION CORP

  Incorporated Under the Laws of the Cayman Islands

   

  Warrant Certificate

   

  THIS WARRANT CERTIFICATE CERTIFIES THAT [ ], or registered assigns, is the registered holder of [ ] warrant(s) evidenced hereby (the “Warrants” and, each, a “Warrant”)

    to purchase Class A ordinary shares, $0.0001 par value per share (“Ordinary Shares”), of HCM Acquisition Corp, a Cayman Islands exempted company (the “Company”). Each whole Warrant entitles the holder, upon
    exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the “Exercise Price”)

    as determined pursuant to the Warrant Agreement, payable in lawful money of the United States of America (or through “cashless exercise” as provided for in the Warrant Agreement) upon surrender of this Warrant Certificate and payment of the Exercise
    Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Capitalized terms used but not defined in this Warrant Certificate shall have the respective meanings given
    to them in the Warrant Agreement.

   

  Each whole Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. Fractional shares shall not be issued upon exercise of any Warrant. If, upon the exercise
    of the Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the holder of the Warrants. The
    number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.

   

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

   

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

   

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

   

  This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent.

   

  This Warrant Certificate shall be governed by, and construed in accordance with, the internal laws of the State of New York.

   

  * * * * *

   

  
     

    A-1

    
      
 

  

   

  	
           

        	
           

        	
           

        
	
           

        	
          HCM ACQUISITION CORP

        
	
           

        	
           

        	
           

        
	
           

        	
          By:

        	
           

        
	
           

        	
           

        	
          Name: Shawn Matthews

        
	
           

        	
           

        	
          Title: Chairman and Chief Executive

        
	
           

        	
           

        	
          Officer

        
	
           

        	
           

        	
           

        
	
           

        	
          CONTINENTAL STOCK TRANSFER & 

        
	
           

        	
          TRUST COMPANY, as Warrant Agent

        
	
           

        	
           

        	
           

        
	
           

        	
          By:

        	
           

        
	
           

        	
           

        	
          Name:

        
	
           

        	
           

        	
          Title:

        

  
     

    A-2

    
      
 

  

   

  [REVERSE]

   

  The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive [ ] Ordinary Shares and are issued or to be
    issued pursuant to the Warrant Agreement, dated as of [●], 2021 (as amended, supplemented or otherwise modified from time to time, the “Warrant Agreement”), duly executed and
    delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this
    instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
    meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Capitalized terms used but not defined in this Warrant
    Certificate shall have the respective meanings given to them in the Warrant Agreement.

   

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

   

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

   

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

   

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

   

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

   

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

   

  
     

    A-3

    
      
 

  

   

  ELECTION TO PURCHASE

  (To Be Executed Upon Exercise of Warrant)

   

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

   

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

   

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

   

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

   

  [Signature Page Follows]

   

  
     

    A-4

    
      
 

  

   

  Date: [●], 2021

   

  (Signature)

   

  (Address)

   

  (Tax Identification Number)

   

  Signature(s) Guaranteed: 

  THE SIGNATURE(S) MUST BE GUARANTEED BY AN

  ELIGIBLE GUARANTOR INSTITUTION (BANKS,

  STOCKBROKERS, SAVINGS AND LOAN

  ASSOCIATIONS AND CREDIT UNIONS WITH

  MEMBERSHIP IN AN APPROVED SIGNATURE

  GUARANTEE MEDALLION PROGRAM, PURSUANT TO

  S.E.C. RULE 17Ad-15 UNDER THE SECURITIES

  EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE).

   

  
     

    A-5

    
      
 

  

  
   

  EXHIBIT B

   

  PRIVATE PLACEMENT WARRANTS LEGEND

   

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

   

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

   

  NO. [ ] WARRANT

   

  B-1

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