Document:

Document

Exhibit 10.16

ROOT, INC.
COMMON STOCK PURCHASE AGREEMENT
October 19, 2020

TABLE OF CONTENTS
Page
												
	1.	Purchase and Sale of Stock
		1
		1.1	Sale and Issuance of Common Stock
	1
		1.2	Closing
	1
				
	2.	Registration Rights
		1
				
	3.	Representations, Warranties and Covenants of the Company
		1
		3.1	Organization, Good Standing and Qualification
	1
		3.2	Authorization	2
		3.3	Valid Issuance of Common Stock
	2
		3.4	Compliance with Other Instruments
	2
		3.5	Description of Capital Stock	2
		3.6	Registration Statement
	3
		3.7	Brokers or Finders
	3
		3.8	Private Placement
	3
		3.9	Most Favored Nation
	3
				
	4.	Representations, Warranties and Covenants of the Investor		4
		4.1	Organization, Good Standing and Qualification
	4
		4.2	Authorization
	4
		4.3	Purchase Entirely for Own Account
	4
		4.4	Disclosure of Information
	4
		4.5	Investment Experience
	4
		4.6	Accredited Investor
	4
		4.7	Brokers or Finders
	4
		4.8	Restricted Securities
	4
		4.9	Legends
	5
		4.1	Market Stand-Off Agreement; Lock-Up Agreement
	5
		4.11	Removal of Restrictive Legends
	5
				
	5.	Conditions of the Investor’s Obligations at Closing		6
		5.1	Representations and Warranties
	6
		5.2	Public Offering Shares
	6
		5.3	Rights Agreement Amendment
	6
		5.4	Absence of Injunctions, Decrees, Etc
	6
				
	6.	Conditions of the Company’s Obligations at Closing		6
		6.1	Representations, Warranties and Covenants
	6
		6.2	Public Offering Shares
	6
		6.3	Absence of Injunctions, Decrees, Etc
	6
				
	7.	Termination
		7
				
	8.	Miscellaneous
		7
		8.1	Publicity
	7
		8.2	Survival of Warranties
	7
		8.3	Successors and Assigns
	7

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		8.4	Governing Law
	7
		8.5	Counterparts
	7
		8.6	Notices	7
		8.7	Brokers or Finders
	8
		8.8	Amendments and Waivers
	8
		8.9	Severability
	8
		8.10	Corporate Securities Law
	8
		8.11	Entire Agreement
	9
		8.12	Specific Performance
	9

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ROOT, INC.
COMMON STOCK PURCHASE AGREEMENT
THIS COMMON STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of October 19, 2020, by and between Root, Inc., a Delaware corporation (the “Company”), and Silver Lake Partners VI, L.P., a Delaware limited partnership (the “Investor”).
THE PARTIES HEREBY AGREE AS FOLLOWS:
1.Purchase and Sale of Stock.
1.1Sale and Issuance of Common Stock. Subject to the terms and conditions of this Agreement, the Investor agrees to purchase from the Company, and the Company agrees to sell and issue to the Investor, $250,000,000 of shares (the “Shares”) of Class A Common Stock of the Company (the “Common Stock”) at a price per share equal to the per share initial public offering price (before underwriting discounts and expenses) in the Qualified IPO (as defined below) (the “IPO Price”), such number of shares rounded down to the nearest whole share (with the total purchase price correspondingly reduced for such fractional share amount). “Qualified IPO” shall mean the issuance and sale of shares of the Common Stock by the Company, pursuant to an Underwriting Agreement to be entered into by and among the Company and certain underwriters (the “Underwriters”), in connection with the Company’s initial public offering pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-249332) (the “Registration Statement”) and/or any related registration statements (the “Underwriting Agreement”).
1.2Closing. The purchase and sale of the Shares shall take place at the location and at the time immediately subsequent to the closing of the Qualified IPO (which time and place are designated as the “Closing”).  At the Closing, the Investor shall make payment of the purchase price of the Shares by wire transfer in immediately available funds to the account specified by the Company against delivery to the Investor of the Shares registered in the name of the Investor, which Shares shall be uncertificated shares.
2.Registration Rights. At the Closing, in connection with the purchase of the Shares, the Company’s Fifth Amended and Restated Investors’ Rights Agreement, dated November 25, 2019, by and among the Company (f/k/a Root Stockholdings, Inc.) and the stockholders of the Company listed thereto (the “Existing Rights Agreement”), shall, pursuant to Section 6.6 of the Existing Rights Agreement, be amended, in substantially the form attached hereto as Exhibit A (the “Rights Agreement Amendment” and, together with the Existing Rights Agreement, the “Rights Agreement”), solely for the purpose of providing the Investor with piggyback registration rights under Section 2.2 of the Rights Agreement.
3.Representations, Warranties and Covenants of the Company. The Company hereby represents and warrants to the Investor that as of the date hereof and as of the date of the Closing:
3.1Organization, Good Standing and Qualification.
(a)The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted.
(b)The Company is duly qualified to transact business and is in good standing in each jurisdiction in which it is required to be so qualified or in good standing, except where the failure to so qualify or be in good standing would not be material and adverse to the Company.  

3.2Authorization. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement and, subject to obtaining the requisite stockholder approval for the Rights Agreement Amendment, the Rights Agreement Amendment, the performance of all obligations of the Company under this Agreement and the Rights Agreement Amendment, and the authorization, issuance, sale and delivery of the Shares being sold hereunder has been taken, and this Agreement constitutes, and as of the Closing the Rights Agreement Amendment shall constitute, valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) to the extent the indemnification provisions contained in the Rights Agreement may be limited by applicable federal or state securities laws.
3.3Valid Issuance of Common Stock. The Shares being purchased by the Investor hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and will be free of liens, encumbrances and restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws.  No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority on the part of the Company is required in connection with the consummation of the transactions contemplated by this Agreement, except the filings required by applicable state “blue sky” securities laws, rules and regulations.
3.4Compliance with Other Instruments.
(a)The Company is not in violation or default of any provision of its Amended and Restated Certificate of Incorporation, as amended, or Amended and Restated Bylaws.
(b)Except as would not be material to the Company, the Company is not in violation or default in any material respect of any instrument, judgment, order, writ, decree or contract to which it is a party or by which it is bound, or, to its knowledge, of any provision of any federal or state statute, rule or regulation applicable to the Company.  The execution, delivery and performance of this Agreement and the Rights Agreement Amendment, and the consummation of the transactions contemplated by this Agreement and the Rights Agreement Amendment will not result in any material violation or default or be in conflict with or constitute, with or without the passage of time and giving of notice, either a material default under any such provision, instrument, judgment, order, writ, decree or contract or an event that results in the creation of any material lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization, or approval applicable to the Company, its business or operations or any of its assets or properties. 
(c)The Company hereby represents, warrants and covenants to the Investor that the Shares will not represent more than 10% of the outstanding voting securities of the Company immediately following the consummation of the transaction contemplated under Section 1 of this Agreement.
3.5Description of Capital Stock. As of the date of the Closing, the statements set forth in the Pricing Prospectus (as defined in the Underwriting Agreement) and Prospectus (as defined in the Underwriting Agreement) under the caption “Description of Capital Stock,” insofar as they purport to constitute a summary of the terms of the Company’s capital stock, are accurate, complete and fair in all material respects.  Exhibit B to this Agreement sets forth the capitalization of the Company as of the date 
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of this Agreement, including the number of shares of the following: (i) issued and outstanding Common Stock; (ii) outstanding stock options; (iii) shares of Common Stock reserved for future award grants under the Company’s equity plan; (iv) each series of preferred stock of the Company; and (v) warrants or stock purchase rights, if any. The Company has obtained valid waivers of any rights by other parties to purchase any of the Shares covered by this Agreement.
3.6Registration Statement. The Registration Statement, and any amendment thereto, including any information deemed to be included therein pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), complied (or, in the case of amendments filed after the date of this Agreement, will comply) as of its filing date in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and did not (or, in the case of amendments filed after the date hereof, will not) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.  As of the date it is declared effective by the SEC, the Registration Statement, as so amended, and any related registration statements, will comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.  Any preliminary prospectus included in the Registration Statement or any amendment thereto, any free writing prospectus related to the Registration Statement and any final prospectus related to the Registration Statement filed pursuant to Rule 424 promulgated under the Securities Act, in each case as of its date, will comply in all material respects with the requirements of the Securities Act and the rules and regulations promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.
3.7Brokers or Finders. The Company has not engaged any brokers, finders or agents such that the Investor will incur, directly or indirectly, as a result of any action taken by the Company, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the sale of the Shares contemplated by this Agreement.
3.8Private Placement. Assuming the accuracy of the representations, warranties and covenants of the Investor set forth in Section 4 of this Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Investor under this Agreement, and neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would require such a registration.
3.9Most Favored Nation. During the period from the date of this Agreement through the Closing, if the Company shall have entered into any additional, or modified any existing, agreements or arrangements with any existing or future investors in the Company that have the effect of issuing and/or selling Common Stock or securities convertible into Common Stock on terms and conditions that are more favorable to such investor in any respect than the terms and conditions of this Agreement in respect of the Investor, then the Company shall promptly advise the Investor of such fact (and the relevant terms and conditions) and (unless otherwise agreed by the Company and the Investor) this Agreement, without any further action of the Company or the Investor, shall be deemed automatically amended and modified to include such more favorable terms and conditions such that the Investor shall receive the benefit of such more favorable terms and conditions.
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4.Representations, Warranties and Covenants of the Investor. The Investor hereby represents and warrants that as of the date hereof and as of the date of the Closing:
4.1Organization, Good Standing and Qualification. The Investor is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware.
4.2Authorization. The Investor has full power and authority to enter into this Agreement and the Rights Agreement, and each such agreement constitutes a valid and legally binding obligation of the Investor, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) to the extent the indemnification provisions contained in the Rights Agreement may be limited by applicable federal or state securities laws.
4.3Purchase Entirely for Own Account. By the Investor’s execution of this Agreement, the Investor hereby confirms, that the Shares to be received by the Investor will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the distribution of any part thereof, and that the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same, except as permitted by applicable federal or state securities laws.  By executing this Agreement, the Investor further represents that the Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Shares.
4.4Disclosure of Information. The Investor believes it has received all the information it considers necessary or appropriate for deciding whether to purchase the Shares.  The Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business, properties, prospects and financial condition of the Company.  The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 3 of this Agreement or the right of the Investor to rely thereon.
4.5Investment Experience. The Investor is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. Investor also represents it has not been organized for the purpose of acquiring the Shares.
4.6Accredited Investor. The Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the SEC under the Securities Act, as presently in effect.
4.7Brokers or Finders. The Investor has not engaged any brokers, finders or agents such that the Company will incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the sale of the Shares contemplated by this Agreement.
4.8Restricted Securities. The Investor understands that the Shares will be characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act, only in certain limited circumstances.  In this connection, the Investor represents that it is familiar with Rule 144 
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promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.
4.9Legends. The Investor understands that the Shares may bear one or all of the following legends:
(a)“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTIONS.  THESE SECURITIES MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT, APPLICABLE STATE SECURITIES LAWS (PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM).  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.  THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.”
(b)“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO A MARKET STANDOFF RESTRICTION AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. AS A RESULT OF SUCH AGREEMENT, THESE SECURITIES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE INITIAL PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES.”
(c)Any legend required by applicable state “blue sky” securities laws, rules and regulations.
4.10Market Stand-Off Agreement; Lock-Up Agreement. The Investor hereby agrees that it shall not sell or otherwise transfer or dispose of the Shares, other than to donees, partners or Affiliates (as defined below) of the Investor who agree to be similarly bound, for up to 180 days following the effective date of the Qualified IPO (the “Lock-Up Period”). In order to enforce this covenant, the Company shall have the right to place restrictive legends on the book-entry accounts representing the Shares and to impose stop transfer instructions with respect to the Shares until the end of such period. The provisions of this Section 4.10 shall not apply to shares acquired in market purchases following the Qualified IPO. In addition, the Investor hereby confirms that it will, on or prior to the pricing of the Qualified IPO, execute and deliver to the Underwriters a lock-up agreement in the form reasonably agreed to by the Investor and the Underwriters (the “Lock-Up Agreement”); provided that no such Lock-Up Agreement shall be required to be delivered by Investor if any other investor purchasing Common Stock of the Company in a private placement closing substantially concurrently with the Qualified IPO does not execute and deliver a substantially similar lock-up agreement. Upon execution and delivery by the Investor, the Lock-Up Agreement will be in full force and effect.  For purposes of this Agreement, the term “Affiliates” means any individual or entity that directly or indirectly controls, is controlled by, or is under common control with the individual or entity in question.
4.11Removal of Restrictive Legends. Following the expiration of the Lock-Up Period, in the event that the Shares become registered under the Securities Act or are eligible to be transferred without restriction in accordance with Rule 144 under the Securities Act, the Company shall (x) instruct the Company’s transfer agent to issue new uncertificated (book-entry) instruments 
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representing the Shares, which shall not contain such portion of the above legend that is no longer applicable, (y) take all actions with the Company’s transfer agent reasonably requested by the Investor to permit such un-legended Shares to be deposited into the account specified by the Investor to the Company in writing, and (z) instruct the Company’s transfer agent to cause such Shares to be assigned the same CUSIP as the shares of Class A Common Stock that are then traded on the principal stock exchange on which the shares of Class A Common Stock are then listed; provided that, (1) the Investor surrenders to the Company the previously issued uncertificated (book-entry) instruments representing the Shares and (2) the Investor delivers a customary representation letter to the extent requested by the Company’s transfer agent.
5.Conditions of the Investor’s Obligations at Closing. The obligations of the Investor under subsection 1.1 of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions.
5.1Representations and Warranties. The representations and warranties of the Company contained in Section 3 of this Agreement shall be true on and as of the Closing, except for representations that are provided as of a particular date, which shall be true and correct as of such dates.
5.2Public Offering Shares. The Underwriters shall have purchased, immediately prior to the purchase of the Shares by the Investor hereunder, the Firm Shares (as defined in the Underwriting Agreement) pursuant to the Registration Statement and Underwriting Agreement.
5.3Rights Agreement Amendment. The Rights Agreement Amendment shall have been executed and delivered by the Company and the other parties to the Existing Rights Agreement sufficient to amend the Existing Rights Agreement pursuant to Section 6.6 thereof.
5.4Absence of Injunctions, Decrees, Etc. During this period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing.
6.Conditions of the Company’s Obligations at Closing. The obligations of the Company under subsection 1.1 of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions.
6.1Representations, Warranties and Covenants. The representations, warranties and covenants of the Investor contained in Section 4 shall be true on and as of the Closing.
6.2Public Offering Shares. The Underwriters shall have purchased, immediately prior to the purchase of the Shares by the Investor hereunder, shares of Common Stock from the Company and selling stockholders (if any) pursuant to the Registration Statement and Underwriting Agreement, with an aggregate initial offering price to the public (before underwriting discount and commissions) of at least $200,000,000.
6.3Absence of Injunctions, Decrees, Etc. During this period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing.
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7.Termination. This Agreement shall terminate (i) at any time upon the written consent of the Company and the Investor, (ii) upon the withdrawal by the Company of the Registration Statement, or (iii) on December 1, 2020 if the Closing has not occurred.
8.Miscellaneous.
8.1Publicity. No party shall issue any press release or make any other public announcement, including any website posting or social media post, that includes the name or any logo or brand name of any party, or discloses the terms of this Agreement or the fact that the Investor has made or proposes to make an investment in the Company, except as may be required by law or with the prior written consent of the other party.  Each party will provide reasonable advance notice to the other parties prior to making any disclosure of this Agreement or the terms hereof in any filings made with the SEC, and will provide the other party with reasonable opportunity to review and comment on such proposed disclosures.  Notwithstanding the foregoing, the Investor may use the Company’s current logo or logos in connection with describing their portfolio or this investment on its webpages and in its promotional materials.
8.2Survival of Warranties. The warranties, representations and covenants of the Company and the Investor contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investor or the Company. 
8.3Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by the Investor without the prior written consent of the Company; provided, however, the Shares and the rights, duties and obligations of the Investor hereunder may be assigned to an Affiliate of the Investor without the prior written consent of the Company but any such assignment shall not relieve the Investor of its duties and obligations hereunder. Any attempt by the Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement in a manner that is not permitted by the foregoing sentence to be made without such permission shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. 
8.4Governing Law. This Agreement shall be governed in all respects by the internal laws of the State of California as applied to agreements entered into among California residents to be performed entirely within California, without regard to principles of conflicts of law.
8.5Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.
8.6Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or 
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electronic mail (if to the Investor or any other holder of Company securities) or otherwise delivered by hand, messenger or courier service addressed:
(a)if to the Investor, to the Investor’s address or electronic mail address as shown on the Investor’s signature page to this Agreement, with a copy (which shall not constitute notice) to Kenneth Wallach and Hui Lin, Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York 10017.
(b)if to the Company, to the attention of the General Counsel of the Company at 80 E. Rich Street, Suite 500, Columbus, OH 43215, or at such other current address or electronic mail address as the Company shall have furnished to the Investor, with a copy (which shall not constitute notice) to Nicole Brookshire and David Peinsipp, Cooley LLP, 101 California Street, Floor 5, San Francisco, California 94111.
Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii)  if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. In the event of any conflict between the Company’s books and records and this Agreement or any notice delivered hereunder, the Company’s books and records will control absent fraud or error.
8.7Brokers or Finders. The Company shall indemnify and hold harmless the Investor from any liability for any commission or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and expenses of defending against such liability or asserted liability) for which the Investor or any of its constituent partners, members, officers, directors, employees or representatives is responsible to the extent such liability is attributable to any inaccuracy or breach of the representations and warranties contained in Section 3.7, and the Investor agrees to indemnify and hold harmless the Company from any liability for any commission or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its constituent partners, members, officers, directors, employees or representatives is responsible to the extent such liability is attributable to any inaccuracy or breach of the representations and warranties contained in Section 4.7. 
8.8Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investor.  
8.9Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its terms.
8.10Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF 
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CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.
8.11Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties. No party shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein or therein.
8.12Specific Performance. The parties to this Agreement hereby acknowledge and agree that the Company would be irreparably injured by a breach of this Agreement by the Investor, and the Investor would be irreparably injured by a breach of this Agreement by the Company, and that money damages are an inadequate remedy for an actual or threatened breach of this Agreement because of the difficulty of ascertaining the amount of damage that will be suffered by the aggrieved party in the event that this agreement is breached.  Therefore, each of the parties to this Agreement agree to the granting of specific performance of this Agreement and injunctive or other equitable relief in favor of the aggrieved party as a remedy for any such breach, without proof of actual damages, and the parties to this Agreement further waive any requirement for the securing or posting of any bond in connection with any such remedy.  Such remedy shall not be deemed to be the exclusive remedy for breach of this Agreement, but shall be in addition to all other remedies available at law or in equity to the aggrieved party.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.
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IN WITNESS WHEREOF, the parties have executed this Common Stock Purchase Agreement as of the date first above written.
									
	ROOT, INC.
		
			
	By:	/s/ Alexander Timm
	
	Name:	Alexander Timm
	
	Title:	Chief Executive Officer
	
			
			
	Address:		80 E. Rich Street, Suite 500
Columbus, OH 43215

Signature Page to Common Stock Purchase Agreement

IN WITNESS WHEREOF, the parties have executed this Common Stock Purchase Agreement as of the date first above written.
									
	INVESTOR:
		
			
			
	SILVER LAKE PARTNERS VI, L.P.		
	BY: SILVER LAKE TECHNOLOGY ASSOCIATES VI, L.P.		
	BY: SLTA VI (GP), L.L.C.		
	BY: SILVER LAKE GROUP, L.L.C.		
			
			
	By:	/s/ Greg Mondre	
	Name:	Greg Mondre
	
	Title:	Co-CEO
	
			
			
	Address:		55 Hudson Yards
550 West 34th Street
40th Floor
New York, NY 10001

			
	Email:		Andy.Schader@SilverLake.com,
Jennifer.Gautier@silverlake.com

Signature Page to Common Stock Purchase Agreement

Exhibit A
Amendment to the Existing Rights Agreement

ROOT, INC.
AMENDMENT TO THE
FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT
This Amendment to the Fifth Amended and Restated Investors’ Rights Agreement, as amended (this “Amendment”), is made as of October 19, 2020 by and between Root, Inc., a Delaware corporation (the “Company”), and the Investors set forth on the signature pages hereto. Capitalized terms not herein defined shall have the meanings ascribed to them in the Fifth Amended and Restated Investors’ Rights Agreement by and among the Company and the Investors dated as of November 25, 2019 (the “Existing Rights Agreement”).
RECITALS
WHEREAS, the Company has entered into that certain Common Stock Purchase Agreement, dated October 19, 2020, with Silver Lake Partners VI, L.P., a Delaware limited partnership (“Silver Lake”, and such agreement, the “Purchase Agreement”), pursuant to which Silver Lake will purchase shares of the Company’s Class A Common Stock (the “Shares”), immediately subsequent to the closing of the Qualified IPO (as defined in the Purchase Agreement).
WHEREAS, the Company and the undersigned parties desire to amend the terms of the Existing Rights Agreement for the limited purpose of providing Silver Lake with certain registration rights under Section 2 of the Existing Rights Agreement with respect to the Shares.
WHEREAS, pursuant to Section 6.6 of the Existing Rights Agreement, the Existing Rights Agreement may be amended only with the written consent of the Company and holders of at least a majority of the Registrable Securities then outstanding (collectively, the “Requisite Holders”).
WHEREAS, the undersigned parties constitute the Requisite Holders and consent to this Amendment.
AGREEMENT
NOW, THEREFORE, the undersigned parties hereby agree as follows:
1.Grant of Registration Rights and Assumption of Obligations Related Thereto. Upon the consummation of the transaction contemplated by the Purchase Agreement, Silver Lake (i) shall become a party to the Existing Rights Agreement only with respect to the registration rights set forth in Section 2 of the Existing Rights Agreement (“Registration Rights”). 
2.Registrable Securities. Solely for purposes of Section 2 of the Existing Rights Agreement, the Shares purchased by Silver Lake in connection with the Purchase Agreement shall be deemed “Registrable Securities” as such term is defined in Section 1.28 of the Existing Rights Agreement.
3.Consent. The undersigned parties hereby consent to the addition of Silver Lake as an “Investor” party to the Existing Rights Agreement, as amended, solely for the purposes set forth in this Amendment. Silver Lake shall become a party to the Existing Rights Agreement, as amended, solely for 

the purposes set forth in this Amendment by executing and delivering a counterpart signature to this Amendment.
4.Full Force and Effect. Except as expressly modified by this Amendment, the terms of the Existing Rights Agreement shall remain in full force and effect.
5.Governing Law. This Amendment shall be governed by the internal laws of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware.
6.Integration. This Amendment and the Existing Rights Agreement, and the documents referred to herein and therein and the exhibits and schedules thereto, constitute the entire agreement among the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the parties hereto are expressly canceled.
7.Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties have executed this Amendment to the Existing Rights Agreement as of the date first above written.
									
	ROOT, INC.
		
			
	By:		
	Name:	Alexander Timm
	
	Title:	Chief Executive Officer
	
			
			
	Address:		80 E. Rich Street, Suite 500
Columbus, OH 43215

IN WITNESS WHEREOF, the parties have executed this Amendment to the Existing Rights Agreement as of the date first above written.
									
	INVESTOR:
		
			
			
	SILVER LAKE PARTNERS VI, L.P.		
	BY: SILVER LAKE TECHNOLOGY ASSOCIATES VI, L.P.		
	BY: SLTA VI (GP), L.L.C.		
	BY: SILVER LAKE GROUP, L.L.C.		
			
			
	By:		
	Name:	Greg Mondre
	
	Title:	Co-CEO
	
			
			
	Address:		55 Hudson Yards
550 West 34th Street
40th Floor
New York, NY 10001

			
	Email:		Andy.Schader@SilverLake.com,
Jennifer.Gautier@silverlake.com

Exhibit B
CapitalizationExhibit

4.4

 

WARRANT

AGREEMENT

 

TEKKORP

DIGITAL ACQUISITION CORP.

and

CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 

Dated

[●], 2020

 

THIS

WARRANT AGREEMENT (this “Agreement”), dated [●], 2020, is by and between Tekkorp Digital 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,

it is proposed that the Company enter into that certain Private Placement Warrants Purchase Agreement, with Tekkorp JEMB LLC,

a Cayman Islands limited liability company (the “Sponsor”), Irwin Apartment Trust and Robin Chhabra

(collectively, with Irwin Apartment Trust and the Sponsor, the “PPW Purchasers”), pursuant to which

the PPW Purchasers will purchase an aggregate of 7,000,000 warrants (or up to 7,750,000 warrants if the underwriters in the Offering

(defined below) exercise their Over-allotment Option (as defined below) in full) simultaneously with the closing of the Offering

(and the closing of the Over-allotment Option, if applicable), bearing the legend set forth in Exhibit B hereto (the “Private

Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant. Each Private Placement Warrant

entitles the holder thereof to purchase one Ordinary Share (as defined below) at a price of $11.50 per share, subject to adjustment

as described herein; and

 

WHEREAS,

in order to finance the Company’s transaction costs in connection with an intended initial merger, share exchange, asset

acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses

(a “Business Combination”), the Sponsor or an affiliate of the Sponsor or certain of the Company’s

officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000

of such loans may be convertible into up to an additional 1,500,000 Private Placement Warrants at a price of $1.00 per Private

Placement Warrant; and

 

WHEREAS,

the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s

equity securities, each such unit comprised of one Ordinary Share and one-half of one 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) to public investors in the Offering (the “Public Warrants”

and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitles the

holder thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”),

for $11.50 per share, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants

will not be able to exercise any fraction of a Warrant; and

 

     

     

    

 

WHEREAS,

the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration

statement on Form S-1, No. 333-249064 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; and

 

WHEREAS,

the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection

with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS,

the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,

and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants;

and

 

WHEREAS,

all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company

and countersigned by or on behalf of the Warrant Agent (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”).

 

    2 

     

    

 

If

the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may

instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants

are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent

shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant,

and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing

such Warrants (“Definitive Warrant Certificates”) which shall be in the form annexed hereto as Exhibit

A.

 

Physical

certificates, if issued, shall be signed by, or bear the facsimile signature of, the 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 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal

holiday, on which banks in New York City are generally open for normal business (a “Business Day”),

then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”)

with the consent of Jefferies LLC, but in no event shall the Ordinary Shares and the Public Warrants comprising the Units be separately

traded until (A) the Company has filed a Current Report on Form 8-K with the Commission containing an audited balance sheet reflecting

the receipt by the Company of the gross proceeds of the Offering, including the proceeds then received by the Company from the

exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment Option”),

if the Over-allotment Option is exercised prior to the filing of the 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-third 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.

 

    3 

     

    

 

2.6 

Private Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that so long

as they are held by the PPW Purchasers or a Permitted Transferee (as defined below) the Private Placement Warrants: (i) may be

exercised for cash or on a “cashless basis,” pursuant to subsection 3.3.1(c) hereof, (ii) including the Ordinary

Shares issuable upon exercise of the Private Placement Warrants, may not be transferred, assigned or sold until thirty (30) days

after the completion by the Company of an initial Business Combination, (iii) shall not be redeemable by the Company pursuant

to Section 6.1 hereof and (iv) shall only be redeemable by the Company pursuant to Section 6.2 if the Reference

Value (as defined below) is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof); provided,

however, that in the case of (ii), the Private Placement Warrants and any Ordinary Shares issued upon exercise of the Private

Placement Warrants may be transferred by the holders thereof:

 

(a) 

to the Company’s directors or officers, any affiliates or family members of the Company’s directors or officers, any

members of the Sponsor or any affiliates of the Sponsor;

 

(b) 

in the case of an individual, by gift to a member of the individual’s immediate family, or to a trust, the beneficiary of

which is a member of the individual’s immediate family or 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) 

in the case of a trust, by distribution to one or more of the permissible beneficiaries of such trust;

 

(f) 

by private sales or transfers made in connection with the consummation of the Company’s Business Combination at prices no

greater than the price at which the securities were originally purchased;

 

(g) 

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

 

(h) 

by virtue of the laws of the Cayman Islands or the Sponsor’s limited liability company agreement, upon termination of the

Sponsor; and

 

(i)  

in the event of the Company’s completion of a liquidation, merger, share exchange, reorganization or other similar transaction

which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities

or other property subsequent to the completion of the Company’s initial Business Combination; provided, however,

that, in the case of clauses (a) through (f), 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.

 

    4 

     

    

 

3. Terms

and Exercise of Warrants.

 

3.1 

Warrant Price. Each whole Warrant shall entitle the Registered Holder thereof, subject to the provisions of such Warrant

and of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share,

subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant

Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants pursuant

to a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which Ordinary Shares

may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time

prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days (unless otherwise required

by the Commission, any national securities exchange on which the Warrants are listed or applicable law); provided that

the Company shall provide at least twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants

and, provided further that any such reduction shall be identical among all of the Warrants.

 

3.2 

Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)

(A) commencing 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 from time to time, if the Company fails to complete a

Business Combination, and (z) other than with respect to the Private Placement Warrants then held by the PPW Purchasers or a Permitted

Transferee with respect to a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00

per share (subject to adjustment in compliance with Section 4 hereof), Section 6.2 hereof, 5:00 p.m., New York City

time on the Redemption Date (as defined below) as provided in Section 6.4 hereof (the “Expiration Date”);

provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions,

as set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom

being available. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect

to a Private Placement Warrant then held by the PPW Purchasers or a Permitted Transferee in connection with a redemption pursuant

to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance

with Section 4 hereof), Section 6.2 hereof) in the event of a redemption (as set forth in Section 6 hereof),

each Warrant (other than a Private Placement Warrant then held by the PPW Purchasers or a Permitted Transferee in the event of

a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment

in compliance with Section 4 hereof), Section 6.2 hereof) not exercised on or before the Expiration Date shall become

void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City

time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration

Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered

Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.

 

    5 

     

    

 

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) 

with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the PPW Purchasers or a Permitted

Transferee, by surrendering the Warrants for that number of Ordinary Shares equal to (i) if in connection with a redemption

of Private Placement Warrants pursuant to Section 6.2 hereof, as provided in Section 6.2 hereof with respect to

a Make-Whole Exercise (as defined below) and (ii) in all other scenarios the quotient obtained by dividing (x) the product

of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Sponsor Exercise Fair Market

Value” (as defined in this subsection 3.3.1(c)) less the Warrant Price by (y) the Sponsor Exercise Fair Market Value.

Solely for purposes of this subsection 3.3.1(c), the “Sponsor Fair Market Value” shall mean the average last

reported sale 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 is sent to the Warrant Agent;

 

(c) 

as provided in Section 6.2 hereof with respect to a Make-Whole Exercise; or

 

(d) 

as provided in Section 7.4 hereof.

 

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 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 of this Agreement,

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.

 

    6 

     

    

 

3.3.3 

Valid Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement and

the Amended and Restated Memorandum and Articles of Association of the Company shall be validly issued, 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.

 

    7 

     

    

 

3.3.5 

Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the

provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection

3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the

exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that

after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s

actual knowledge, would beneficially own in excess of 4.9% or 9.8%, as specified by such holder (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 

Share Capitalizations.

 

4.1.1 

Sub-Divisions. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of issued

and outstanding 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.

 

    8 

     

    

 

4.1.2 

Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, pays to all or substantially

all of the holders of the Ordinary Shares a dividend or make a distribution in cash, securities or other assets on account of

such Ordinary Shares (or other shares 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 Company’s amended and restated memorandum and articles

of association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with

the Company’s initial Business Combination or to redeem 100% of the Company’s public shares if it does not complete

its initial Business Combination within the time period required by the Company’s amended and restated memorandum and articles

of association, as amended from time to time, or (ii) with respect to any other provision relating to shareholders’ rights

or pre-initial Business Combination activity or (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 hereof, the number

of issued and outstanding Ordinary Shares is decreased by a consolidation, combination, reverse share split or reclassification

of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split,

reclassification or similar event, the number of 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.

 

    9 

     

    

 

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 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 completion 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 prior to 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 and Section 6.2 shall be adjusted (to the nearest cent) to be equal to 180% of the higher

of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described in Section 6.2

shall be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

 

    10 

     

    

 

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 hereof 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 merger or consolidation 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 shares, stock or other

equity 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 merger or consolidation, 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 merger

or consolidation 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 Company’s amended and restated

memorandum and articles of association or as a result of the redemption 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 the consideration receivable by the holders of the Ordinary Shares in the applicable event

is payable in the form of shares in the successor entity that is listed for trading on a national securities exchange or is quoted

in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if

the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation

of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price

shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in effect prior to such reduction

minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant

Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately

prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg

Financial Markets (assuming zero dividends) (“Bloomberg”). For purposes of calculating such amount,

(i) Section 6 of this Agreement shall be taken into account, (ii) the price of each 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 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.

 

    11 

     

    

 

4.6 

Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise

of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting

from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise

of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.

Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4, 4.5 or 4.9,

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 registered public accountants, investment banking or other appraisal

firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented

by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment

is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be

adjusted pursuant to this Section 4.9 as a result of any issuance of securities in connection with a Business Combination.

The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

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.

 

    12 

     

    

 

5.2 

Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request

for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested

by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided,

however, that except as otherwise provided herein or with respect to any Book-Entry Warrant, each Book-Entry Warrant may

be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to

a nominee of a successor depository; provided further, however that in the event that a Warrant surrendered for

transfer bears a restrictive legend (as in the case of the Private Placement Warrants), the Warrant Agent shall not cancel such

Warrant and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company

stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3 

Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall

result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, 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 6.6 hereof, not less than all of the outstanding Warrants may

be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice

to the Registered Holders of the Warrants, as described in Section 6.4 below, at a Redemption Price of $0.01 per Warrant,

provided that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section

4 hereof) and (b) there is an effective registration statement covering the issuance of the Ordinary Shares issuable

upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as

defined in Section 6.4 below).

 

    13 

     

    

 

6.2 

Redemption of Warrants for Ordinary Shares. Subject to Section 6.6 hereof, not less than all of the outstanding

Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period but not prior to ninety days after

the commencement of the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants,

as described in Section 6.4 below, at a Redemption Price of $0.10 per Warrant, provided that (i) the last reported

sale price of the Ordinary Shares equals or exceeds $10.00 per share (subject to adjustment in compliance with Section 4

hereof) on the trading day prior to the date on which notice of the redemption is given and (ii) if the Reference Value is less

than $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the Private Placement Warrants are also

concurrently called for redemption on the same terms as the outstanding Public Warrants. During the 30-day Redemption Period in

connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their

Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of Ordinary Shares determined

by reference to the table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration

of the Warrants) and the “Redemption Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole

Exercise”). Solely for purposes of this Section 6.2, the “Redemption Fair Market Value”

shall mean the volume weighted average price of the Ordinary Shares during the ten (10) trading days immediately following the

date on which notice of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any

redemption pursuant to this Section 6.2, the Company shall provide the Registered Holders with the Redemption Fair Market

Value no later than one (1) Business Day after the ten (10) trading day period described above ends.

 

	Redemption Date	 	Redemption Fair Market Value of Ordinary Shares
	 
	(period to expiration of warrants)
	 	≤10.00
	 	 	11.00
	 	 	12.00
	 	 	13.00
	 	 	14.00
	 	 	15.00
	 	 	16.00
	 	 	17.00
	 	 	≥18.00
	 
	60 months	 	 	0.261	 	 	 	0.281	 	 	 	0.297	 	 	 	0.311	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.361	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.361	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.361	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.361	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.361	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.361	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.361	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.361	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.361	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.361	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.361	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.361	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.361	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.361	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.361	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.361	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.361	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.361	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

    14 

     

    

 

The

exact Redemption Fair Market Value and Redemption Date may not be set forth in the table above, in which case, if the Redemption

Fair Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the

number of Ordinary Shares to be issued for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line

interpolation between the number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and

later redemption dates, as applicable, based on a 365- or 366-day year, as applicable.

 

6.3 

The share prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares

issuable upon exercise of a Warrant or the Exercise Price is adjusted pursuant to Section 4 hereof. If the number of shares

issuable upon exercise of a Warrant is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings

shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number

of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number

of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in

the same manner and at the same time as the number of shares issuable upon exercise of a Warrant. If the Exercise Price is adjusted,

(a) in the case of an adjustment pursuant to Section 4.4 hereof, the adjusted share prices in the column headings shall

equal the share prices immediately prior to such adjustment multiplied by a fraction, the numerator of which is the higher of

the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant

to Section 4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior

to such adjustment less the decrease in the Exercise Price pursuant to such Exercise Price adjustment. In no event shall the Warrants

be exercisable in connection with a Make-Whole Exercise for more than 0.361 Ordinary Shares per Warrant (subject to adjustment).

 

6.4 

Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem

the Warrants pursuant to Sections 6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption

Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than

thirty (30) days prior to the Redemption Date (the period lasting from such time until the Redemption Date, the “30-day

Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall

appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been

duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) ”Redemption

Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 or 6.2

and (b) ”Reference Value” shall mean the last reported sale price of the Ordinary Shares for

any twenty (20) trading days within the thirty (30) trading-day period ending on the third (3rd) trading day prior

to the date on which notice of the redemption is given.

 

6.5 

Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance

with Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant

to Section 6.4 hereof 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.

 

    15 

     

    

 

6.6 

Exclusion of Private Placement Warrants. The Company agrees that (a) the redemption rights provided in Section

6.1 hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants

continue to be held by the PPW Purchasers or a Permitted Transferee and (b) if the Reference Value equals or exceeds $18.00 per

share (subject to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section 6.2

hereof shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue

to be held by the PPW Purchaser or a Permitted Transferee. However, once such Private Placement Warrants are transferred (other

than to Permitted Transferees in accordance with Section 2.6 hereof), the Company may redeem the Private Placement Warrants

pursuant to Section 6.1 or 6.2 hereof, provided that the criteria for redemption are met, including the opportunity

of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section

6.5 hereof. Private Placement Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer

cease to be Private Placement Warrants and shall become Public Warrants under this Agreement, including for purposes of Section

9.8 hereof.

 

7.

Other Provisions Relating to Rights of Holders

of Warrants.

 

7.1 

No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder

of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive

rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of

directors of the Company or any other matter.

 

7.2 

Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and

the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case

of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant

so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company,

whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3 

Reservation of 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.

 

    16 

     

    

 

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 fifteen

(15) 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 lesser of (A) 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 and (B) 0.361. 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.

 

    17 

     

    

 

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 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.

 

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.

 

    18 

     

    

 

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 hereof or responsible for the manner,

method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment;

nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any

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.

 

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.

 

    19 

     

    

 

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:

 

Tekkorp

Digital Acquisition Corp.

1980 Festival Plaza Drive, Ste #300 

Las

Vegas, Nevada 89135

Attention: Chief Financial Officer

 

Any

notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to

or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified

mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address

is filed in writing by the Warrant Agent with the Company), as follows:

 

Continental

Stock Transfer & Trust Company

One State Street, 30th Floor

New York, NY 10004

Attention: Compliance Department

 

9.3 

Applicable Law 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.

 

    20 

     

    

 

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 9.3. 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 for the purpose

of curing any ambiguity or correcting any mistake, including conforming the provisions hereof to the description of the terms

of the Warrants and this Agreement set forth in the Prospectus, or defective provision contained herein or 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 interest of the Registered Holders under this Agreement. 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 65%

of the then outstanding Public Warrants and, solely with respect to any amendment to the terms of the Private Placement Warrants

or any provision of this agreement with respect to the Private Placement Warrants, at least 65% of the then outstanding Private

Placement Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise

Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders.

 

    21 

     

    

 

9.9 

Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision

hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore,

in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part

of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and

enforceable.

 

Exhibit

A Form of Warrant Certificate

Exhibit

B Legend — Private Placement Warrants

 

    22 

     

    

 

IN

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

	 	 	 
	 	TEKKORP DIGITAL ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:Matthew Davey
	 	 	Title:Chief Executive Officer
	 	 	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &

    TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

[Signature Page to Warrant Agreement]

 

     

     

    

  

EXHIBIT

A

 

[FACE]

 

Number

 

Warrants

 

THIS

WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

Tekkorp

Digital Acquisition Corp.

Incorporated

Under the Laws of the Cayman Islands

 

			CUSIP

                                         G25846 125

 

Warrant

Certificate

 

This

Warrant Certificate certifies that                                 ,

or registered assigns                                , is the registered holder of  warrant(s)

(the “Warrants” and each, a “Warrant”) to purchase Class A ordinary shares,

$0.0001 par value (“Ordinary Shares”), of Tekkorp Digital Acquisition Corp., a Cayman Islands exempted

company (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth

in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and nonassessable Ordinary Shares

as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the Warrant

Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement)

of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or

agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined

terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each

whole Warrant is initially exercisable for one fully paid and non-assessable Ordinary Share. Fractional shares shall not be issued

upon exercise of any Warrant. If, upon the exercise of 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 Warrant holder. 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 such Exercise Period, such Warrants shall become void. The Warrants may be redeemed, subject

to certain conditions, as set forth in the Warrant Agreement.

 

     

     

    

 

Reference

is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions

shall for all purposes have the same effect as though fully set forth at this place.

 

This

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

 

This

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

	 	 	 
	 	TEKKORP DIGITAL ACQUISITION CORP.
	 	 	 
	 	By:	                               
	 	 	Name:
	 	 	Title:Authorized Signatory
	 	 	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER &

    TRUST COMPANY, AS WARRANT AGENT
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

[Form

of Warrant Certificate]

 

[Reverse]

 

The

Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise

to receive                          

Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of                                , 2020 (the “Warrant Agreement”),

duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant

agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made

a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties

and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or

“holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy

of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this

Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants

may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by

this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of Election to Purchase set

forth hereon properly completed and executed, together with payment of the Exercise Price as specified in the Warrant Agreement

(or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate

trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby, the number of Warrants exercised

shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its

assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding

anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise

(i) a registration statement covering the issuance of the 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.

 

Warrant

Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in

person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations

provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates

of like tenor evidencing in the aggregate a like number of Warrants.

 

     

     

    

 

Upon

due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate

or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s)

in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except

for any tax or other governmental charge imposed in connection therewith.

 

The

Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate

(notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of

any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected

by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a

shareholder of the Company.

 

     

     

    

 

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 Tekkorp Digital 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 has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement

and a holder thereof elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this

Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) or Section 6.2 of the Warrant

Agreement, as applicable.

 

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 would be determined in accordance with the relevant section of

the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned

hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions

of the Warrant Agreement, to receive Ordinary Shares. If said number of 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]

 

     

     

    

 

	Date:                                   ,

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

 

THE

SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND

CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE

SECURITIES EXCHANGE ACT OF 1934, AS AMENDED).

 

     

     

    

 

EXHIBIT

B

 

LEGEND

 

THE

SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE

SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT

OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT

TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG TEKKORP DIGITAL ACQUISITION CORP. (THE

“COMPANY”), TEKKORP JEMB 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 THE RECITALS OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE

(AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES

EVIDENCED BY THIS CERTIFICATE AND CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED

TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

 

	NO.	 	WARRANT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]