Document:

Exhibit 4.6
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GENERAL CANNABIS CORP
DESCRIPTION OF SECURITIES
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General Cannabis Corp, a Colorado corporation (referred to as we, us and our), has two classes of securities that are outstanding: common stock, par value $0.001 per share (common stock) and series A convertible preferred stock, no par value (series A preferred stock).
 
The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Amended and Restated Articles of Incorporation, as amended (Charter), and our Amended and Restated Bylaws (Bylaws), which are filed as exhibits to our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and are incorporated by reference herein. We encourage you to read our Charter, our Bylaws and the applicable provisions of the Colorado Business Corporations Act for additional information.
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Authorized Shares
Our authorized capital consists of 200 million shares of common stock, par value $0.001 per share, and 5 million shares of preferred stock, no par value. As of March 21, 2022, we had 96,192,184 outstanding shares of common stock and 1,180 outstanding shares of series A preferred stock.
Common Stock
Holders of shares of common stock have the right to cast one vote for each share of common stock in their name on the books of our company, whether represented in person or by proxy, on all matters submitted to a vote of holders of common stock, including election of directors. There is no right to cumulative voting in election of directors. Except where a greater requirement is provided by statute, by our Charter, or by our Bylaws, the presence, in person or by proxy duly authorized, of one or more holders of a majority of the outstanding shares of our common stock constitutes a quorum for the transaction of business. The vote by the holders of a majority of outstanding shares is required to effect certain fundamental corporate changes such as liquidation, merger, or amendment of our articles of incorporation.  Directors are elected by a plurality of votes in accordance with the Colorado Business Corporations Act.
There are no restrictions in our articles of incorporation or bylaws that prevent us from declaring dividends. The Colorado Business Corporations Act does, however, prohibit us from declaring dividends where, after giving effect to the distribution of the dividend (1) we would not be able to pay our debts as they become due in the usual course of business or (2) our total assets would be less than the sum of our total liabilities plus the amount that would be needed to satisfy the rights of shareholders who have preferential rights superior to those receiving the distribution.
We have not declared any dividends, and we do not plan to declare any dividends in the foreseeable future.
Holders of shares of our common stock are not entitled to preemptive or subscription or conversion rights, and no redemption or sinking fund provisions are applicable to our common stock. All outstanding shares of common stock are, or when issued pursuant to the terms of any convertible securities or warrants will be, fully paid and non-assessable.
The transfer agent and registrar for our common stock is Equiniti.
Preferred Stock
Under the terms of the Charter, our board of directors is authorized to direct us to issue shares of preferred stock in one or more series without stockholder approval.  Our board of directors has the discretion to determine the rights, preferences, privileges, and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.
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The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with stockholder vote on specific issuances.  The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for third-party to acquire, or could discourage a third-party from seeking to acquire, a majority of our outstanding voting stock.Exhibit 4.5

 

DESCRIPTION OF SECURITIES

 

The following sets forth a summary
of the material terms of the securities of LF Capital Acquisition Corp. II (“we,” “us,” “our” or the
“Company”), including certain provisions of Delaware law and the material provisions of our Amended and Restated Certificate
of Incorporation (as from time to time amended, restated or modified, the “amended and restated certificate of incorporation”)
and our Bylaws (as from time to time amended, restated or modified, the “bylaws”).
This summary is not intended to be a complete summary of the rights and preferences of such securities and is qualified entirely by reference
to the amended and restated certificate of incorporation, the bylaws and the Warrant Agreement, dated as of November
16, 2021, by and between the Company and Continental Stock Transfer & Trust Company pursuant to which our public warrants and private
placement warrants were issued (as from time to time amended, restated or modified, the “Warrant Agreement”). You should refer
to our amended and restated certificate of incorporation, our bylaws and the Warrant Agreement, which are included
as exhibits to the report to which this exhibit is attached, for a complete description of the rights and preferences of our securities.
The summary below is also qualified by reference to the provisions of the General Corporation Law of the State of Delaware (the “DGCL”),
as applicable.

 

Authorized and Outstanding Stock

 

Pursuant to our amended and restated certificate of
incorporation, our authorized capital stock will consist of 100,000,000 shares of our Class A common stock, $0.0001 par value, 10,000,000
shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following
description summarizes certain terms of our capital stock as set out more particularly in our amended and restated certificate of incorporation.
Because it is only a summary, it may not contain all the information that is important to you.

 

Units

 

At the time of the Company’s initial public offering
(the “IPO”), the Company sold units, each of which had an offering price of $10.00, consisting of one share of our Class A
common stock and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A common stock
at a price of $11.50 per share, subject to adjustment as described in the Warrant Agreement and in the Company’s filings with the
U.S. Securities and Exchange Commission (the “SEC”). Pursuant to the Warrant Agreement, a warrant holder may exercise its
warrants only for a whole number of the shares of the company’s Class A common stock. This means only a whole warrant may be exercised
at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will
trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.

 

Common Stock

 

As of March 10, 2022, there were 25,875,000 shares
of our Class A common stock, par value $0.0001 per share (“Class A common stock”) and 6,468,750 shares of our Class B common
stock, par value $0.0001 per share (“Class B common stock”) issued and outstanding.

 

Stockholders of record are entitled to one vote for
each share held on all matters to be voted on by stockholders. Prior to our initial business combination, only holders of our founder
shares will have the right to vote on the appointment of directors, only holders of a majority of our founder shares may remove a member
of the board of directors for any reason and any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority
of our founder shares. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In
addition, prior to the completion of an initial business combination, only holders of a majority of our founder shares may remove a member
of the board of directors for any reason. These provisions of our amended and restated certificate of incorporation may only be amended
by approval of holders of the majority of our Class B common stock then outstanding. With respect to any other matter submitted to a vote
of our stockholders, including any vote in connection with our initial business combination, except as required by law, holders of our
founder shares and holders of our public shares will vote together as a single class, with each share entitling the holder to one vote.
Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable provisions of the DGCL
or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve
any such matter voted on by our stockholders. Our board of directors will be divided into three classes, each of which will generally
serve for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect
to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can
elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.

 

     

     

    

 

Because our amended and restated certificate of incorporation
will authorize the issuance of up to 100,000,000 shares of our Class A common stock, if we were to enter into a business combination,
we may (depending on the terms of such a business combination) be required to increase the number of shares of our Class A common stock
which we are authorized to issue at the same time as our stockholders vote on an initial business combination to the extent we seek stockholder
approval in connection with our initial business combination.

 

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

 

We will provide our public stockholders with the opportunity
to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the completion
of our initial business combination including interest earned on the funds held in the trust account and not previously released to us
to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public
shares, subject to the limitations described herein. The per-share amount we will distribute to investors who properly redeem their shares
will not be reduced by the deferred underwriting commissions we will pay to the underwriter. The redemption rights will include the requirement
that a beneficial owner must identify itself in order to validly redeem its shares. Our sponsor and each of our executive officers and
directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect
to any founder shares and any public shares held by them in connection with (i) the completion of our initial business combination and
(ii) a stockholder vote to approve an amendment to our amended and restated certificate of incorporation that would affect the substance
or timing of our obligation to allow redemption in connection with our initial business combination or to allow redemption in connection
with our initial business combination or to redeem 100% of our public shares if we do not complete an initial business combination within
the prescribed time frame.

 

Unlike many blank check companies that hold stockholder
votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public
shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is
not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended
and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer
documents with the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation will
require these tender offer documents to contain substantially the same financial and other information about our initial business combination
and the redemption rights as is required under the SEC’s proxy rules. If, however, stockholder approval of the transaction is required
by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer
to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we
seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of our common
stock voted are voted in favor of our initial business combination. A quorum for such meeting will consist of the holders present in person
or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares
of capital stock of the company entitled to vote at such meeting. However, the participation of our sponsor, officers, directors, advisors
or their affiliates in privately negotiated transactions (as described in the Company’s filings with the SEC), if any, could result
in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate their intention to
vote, against such initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common
stock, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. We intend to give
approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which
a vote will be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements of our
initial stockholders, may make it more likely that we will complete our initial business combination.

 

     

     

    

 

If we seek stockholder approval of our initial business
combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules,
our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange
Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in the Company’s
IPO without the Company’s prior consent, which we refer to as the “Excess Shares.” However, we would not be restricting
our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination.
Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business
combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market.
Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial
business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose
such shares would be required to sell their shares in open market transactions, potentially at a loss.

 

If we seek stockholder approval in connection with
our initial business combination, our initial stockholders have agreed to vote their founder shares and any public shares they own in
favor of our initial business combination. The other members of our management team have entered into a letter agreement similar to the
one entered into by our initial stockholders with respect to any public shares they own. Additionally, each public stockholder may elect
to redeem its public shares irrespective of whether they vote for or against the proposed transaction (subject to the limitations described
in the preceding paragraph).

  

Pursuant to our amended and restated certificate of
incorporation, if we do not complete our initial business combination within the prescribed time frame, we will (i) cease all operations
except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to
lawfully available funds therefor, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to
pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public
shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive
further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our
obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our sponsor and each of
our officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating
distributions from the trust account with respect to any founder shares held by them if we do not complete our initial business combination
within the prescribed time frame. However, our initial stockholders will be entitled to liquidating distributions from the trust account
with respect to any public shares acquired by our initial stockholders in or after our IPO if we do not complete our initial business
combination within the prescribed time frame.

 

In the event of a liquidation, dissolution or winding
up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution
to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock.
Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock,
except that we will provide our public stockholders with the opportunity to redeem their public shares for cash at a per share price equal
to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number
of the then outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein.

 

     

     

    

 

Founder Shares

 

The founder shares are designated as shares of our
Class B common stock and, except as described below, are identical to the shares of our Class A common stock included in the units sold
in our IPO, and holders of founder shares have the same stockholder rights as public stockholders, except that (i) the founder shares
are subject to certain transfer restrictions, as described in more detail below; (ii) our sponsor and each of our officers and directors
have entered into a letter agreement with us, pursuant to which they have agreed (a) to waive their redemption rights with respect to
any founder shares and any public shares held by them in connection with the completion of our initial business combination; (b) to waive
their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment
to our amended and restated certificate of incorporation that would affect the substance or timing of our obligation to allow redemption
in connection with our initial business combination or to allow redemption in connection with our initial business combination or to redeem
100% of our public shares if we do not complete an initial business combination within the prescribed time frame or with respect to any
other material provisions relating to stockholders’ rights or pre-initial business combination activity and (c) to waive their rights
to liquidating distributions from the trust account with respect to any founder shares held by them if we do not complete our initial
business combination within the prescribed time frame, although they will be entitled to liquidating distributions from the trust account
with respect to any public shares they hold if we do not complete our initial business combination within such time period; (iii) the
founder shares are shares of our Class B common stock that will automatically convert into shares of our Class A common stock at the time
of our initial business combination, or earlier at the option of the holders thereof, on a one-for-one basis, subject to adjustment pursuant
to certain anti-dilution rights, as described herein and in our amended and restated certificate of incorporation; (iv) prior to the completion
of our initial business combination, only our founder shares will have the right to vote on the election of our directors; and (v) are
entitled to registration rights. If we submit our initial business combination to our public stockholders for a vote, our initial stockholders
have agreed to vote any founder shares held by them and any public shares they own in favor of our initial business combination.

 

The founder shares will automatically convert into
shares of our Class A common stock upon the completion of our initial business combination, or earlier at the option of the holders thereof,
at a ratio such that the number of shares of our Class A common stock issuable upon conversion of all founder shares will equal, in the
aggregate, on an as-converted basis, 20% of the sum of (i) the total number of shares of our common stock issued and outstanding upon
completion of our IPO, plus (ii) the sum of (a) all shares of our common stock issued or deemed issued or issuable upon conversion or
exercise of any equity-linked securities or deemed issued by the Company in connection with or in relation to the completion of our initial
business combination, excluding (1) any shares of our Class A common stock or equity-linked securities exercisable for or convertible
into shares of our Class A common stock issued, or to be issued, to any seller in our initial business combination and any (2) private
placement warrants issued to our sponsor or any of its affiliates upon conversion of working capital loans. In no event will the shares
of our Class B common stock convert into shares of our Class A common stock at a rate of less than one-to-one.

 

Except as described herein, our sponsor and each of
our directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until (a) one year after
the completion of our initial business combination, or (b) the date on which we complete a liquidation, merger, capital stock exchange
or other similar transaction after our initial business combination that results in all of our stockholders having the right to exchange
their shares of our Class A common stock for cash, securities or other property. Any permitted transferees will be subject to the same
restrictions and other agreements of our initial stockholders with respect to any founder shares. We refer to such transfer restrictions
as the “lock-up.” Notwithstanding the foregoing, if the last reported sale price of the shares of our Class A common stock
equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like)
for any 20 trading days within any 30-trading day period commencing at least 180 days after our initial business combination, the converted
Class A common stock will be released from the lock-up.

 

     

     

    

 

Prior to our initial business combination, only holders
of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not be entitled to
vote on the appointment of directors during such time. In addition, prior to the completion of an initial business combination, only holders
of a majority of our founder shares may remove a member of the board of directors for any reason. These provisions of our amended and
restated certificate of incorporation may only be amended by approval of holders of at least the majority of our Class B common stock
then outstanding. With respect to any other matter submitted to a vote of our stockholders, including any vote in connection with our
initial business combination, except as required by law, holders of our founder shares and holders of our public shares will vote together
as a single class, with each share entitling the holder to one vote.

 

Preferred Stock

 

Our amended and restated certificate of incorporation
provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and
any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able
to, without stockholder approval, issue shares of preferred stock with voting and other rights that could adversely affect the voting
power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors
to issue shares of preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of
control of us or the removal of existing management. We have no shares of preferred stock issued and outstanding at the date hereof. Although
we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

Warrants

  

Each whole warrant entitles the registered holder to
purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as described in the Warrant Agreement
and in the Company’s filings with the SEC, at any time commencing 30 days after the completion of our initial business combination,
provided that we have an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”)
covering the shares of our Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available
(or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the Warrant Agreement) and such
shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the
holder. Pursuant to the Warrant Agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A
common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade. The warrants will expire five years after the completion of our initial
business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation; provided, however, that the private
placement warrants held by the underwriter will not be exercisable more than five years from the commencement of sales in our IPO in accordance
with FINRA Rule 5110(g)(8).

 

We will not be obligated to deliver any shares of our
Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the shares of our Class A common stock underlying the warrants is then effective and
a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a
valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a share of our Class
A common stock upon exercise of a warrant unless the share of our Class A common stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the
event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant
will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required
to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser
of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of our Class A common stock
underlying such unit.

 

     

     

    

 

We have agreed that as soon as practicable, but in
no event later than twenty business days, after the closing of our initial business combination, we will use our commercially reasonable
efforts to file with the SEC a post-effective amendment to an existing registration statement of the Company or a new registration statement
for the registration, under the Securities Act, of the shares of our Class A common stock issuable upon exercise of the warrants. We will
use our commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement,
and a current prospectus relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the
Warrant Agreement. If a registration statement covering the issuance of the shares of our Class A common stock issuable upon exercise
of the warrants is not effective by the 60th business day after the closing of our initial business combination, warrant holders
may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective
registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or
another exemption, and we will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available. If that exemption, or another exemption, is not available and we are unable to register or
qualify the shares under applicable blue sky laws, holders will not be able to exercise their warrants on a cashless basis. In addition,
if our Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies
the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders
of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required
to use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
In such event, each holder would pay the exercise price by surrendering each such warrant for that number of shares of our Class A common
stock equal to the quotient obtained by dividing (x) the product of the number of shares of our Class A common stock underlying the warrants,
multiplied the excess of the “fair market value” less the exercise price of the warrants by (y) the fair market value. The
“fair market value” means the volume-weighted average trading price of the shares of our Class A common stock for the 10 trading
days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.

 

Redemption of Warrants When the Price per Share
of Our Class A Common Stock Equals or Exceeds $18.00

 

After the warrants become exercisable, we may redeem
the outstanding warrants:

 

	 	●	in whole and not in part;

 

	 	●	at a price of $0.01 per warrant;

 

	 	●	upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

 

	 	●	if, and only if, the last reported sale price of the shares of our Class A common stock for any 20 trading days within a 30-trading day period ending three business days before we send to the notice of redemption to the warrant holders (which we refer to as the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities).

 

If and when the warrants become redeemable by us, we
may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
state securities laws. However, we will not redeem the warrants unless an effective registration statement under the Securities Act covering
the shares of our Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those
shares of our Class A common stock is available throughout the 30-day redemption period.

 

     

     

    

 

We have established the last of the redemption criterion
discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to
exercise their warrant prior to the scheduled redemption date. Any such exercise would not be done on a “cashless” basis and
would require the exercising warrant holder to pay the exercise price for each warrant being exercised. However, the price of the shares
of our Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities) as well as the $11.50 (for
whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of Warrants When the Price per Share
of Our Class A Common Stock Equals or Exceeds $10.00

 

After the warrants become exercisable, we may redeem
the outstanding warrants:

 

	 	●	in whole and not in part;

 

	 	●	at a price of $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of our Class A common stock (as defined below); and

 

	 	●	if, and only if, the Reference Value (as defined above under “Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like and certain issuances of Class A common stock and equity-linked securities)

 

The numbers in the table below represent the number
of shares of our Class A common stock that a warrant holder will receive upon exercise in connection with a redemption by us pursuant
to this redemption feature, based on the “fair market value” of our Class A common stock on the corresponding redemption date
(assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined based on the
volume-weighted average trading price of our Class A common stock as reported during the 10 trading days immediately following the date
on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date
precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final
fair market value no later than one business day after the 10-trading day period described above ends. Pursuant to the Warrant Agreement,
references above to shares of our Class A common stock include a security other than shares of our Class A common stock into which the
shares of our Class A common stock have been converted or exchanged for in the event we are not the surviving company in our initial business
combination. The numbers in the table below will not be adjusted when determining the number of shares of our Class A common stock to
be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination.

 

     

     

    

 

The stock prices set forth in the column headings of
the table below will be adjusted as of any date on which the number of shares issuable upon exercise of a warrant or the exercise price
of the warrant is adjusted as set forth under the heading “— Anti-dilution Adjustments” below. If the number of shares
issuable upon exercise of a warrant is adjusted, the adjusted stock prices in the column headings will equal the stock prices immediately
prior to such adjustment, multiplied by a fraction, the numerator of which is the exercise price of the warrant after such adjustment
and the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares
in the table below will be adjusted by multiplying such share amounts 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. If the exercise price of the warrant is adjusted, (a) in the case of an adjustment pursuant to the
fifth paragraph under the heading “—Anti-dilution Adjustments” below, the adjusted share prices in the column headings
will equal the unadjusted share price multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly
Issued Price as set forth under the heading “— Anti-dilution Adjustments” and the denominator of which is $10.00 and
(b) in the case of an adjustment pursuant to the second paragraph under the heading “— Anti-dilution Adjustments” below,
the adjusted share prices in the column headings will equal the unadjusted share price less the decrease in the exercise price of a warrant
pursuant to such exercise price adjustment.

 

	Redemption Date 

(period to expiration of warrants)	 	Fair Market Value of Our Class A Common stock
	≤$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

  

The exact fair market value and redemption date may
not be set forth in the table above, in which case, if the 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 shares of our Class A common stock to be issued for each warrant exercised
will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower fair market values
and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For example, if the volume-weighted
average trading price of our Class A common stock as reported during the 10 trading days immediately following the date on which the notice
of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration of
the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 shares of our Class
A common stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth in the
table above, if the volume-weighted average trading price of our Class A common stock as reported during the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there
are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their
warrants for 0.298 shares of our Class A common stock for each whole warrant. In no event will the warrants be exercisable in connection
with this redemption feature on a cashless basis for more than 0.361 shares of our Class A common stock per warrant (subject to adjustment).

 

     

     

    

 

This redemption feature differs from the typical warrant
redemption features used in many other blank check offerings, which typically only provide for a redemption of warrants for cash (other
than the private placement warrants) when the trading price for the shares of our Class A common stock exceeds $18.00 per share for a
specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the shares
of our Class A common stock are trading at or above $10.00 per share, which may be at a time when the trading price of the shares of Class
A common stock is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility
to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “— Redemption
of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $18.00.” Holders choosing to exercise their warrants
in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option
pricing model with a fixed volatility input as described in our filings with the SEC. This redemption right provides us with an additional
mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants
would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to
warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants
if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our
best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

 

As stated above, we can redeem the warrants when the
shares of our Class A common stock are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it
will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to
exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the shares of
our Class A common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving
fewer Class A common stock than they would have received if they had chosen to wait to exercise their warrants for Class A common stock
if and when such Class A common stock were trading at a price higher than the exercise price of $11.50.

 

No fractional shares of our Class A common stock will
be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down
to the nearest whole number the number of shares of our Class A common stock to be issued to the holder. If, at the time of redemption,
the warrants are exercisable for a security other than the shares of our Class A common stock pursuant to the Warrant Agreement (for instance,
if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time
as the warrants become exercisable for a security other than the shares of our Class A common stock, the company (or surviving company)
will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

 

Redemption Procedures.A holder of a warrant
may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such
warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant
agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the shares of our Class
A common stock issued and outstanding immediately after giving effect to such exercise.

 

Anti-dilution Adjustments.If the number
of outstanding shares of our Class A common stock is increased by a stock capitalization or stock dividend payable in shares of our Class
A common stock, or by a split-up of shares of our Class A common stock or other similar event, then, on the effective date of such stock
capitalization, stock dividend, split-up or similar event, the number of shares of our Class A common stock issuable on exercise of each
warrant will be increased in proportion to such increase in the outstanding shares of our Class A common stock. A rights offering to holders
of our Class A common stock entitling holders to purchase shares of our Class A common stock at a price less than the “fair market
value” (as defined below) will be deemed a stock dividend of a number of shares of our Class A common stock equal to the product
of (i) the number of shares of our Class A common stock actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for our Class A common stock) multiplied by (ii) one minus the quotient
of (x) the price per share of our Class A common stock paid in such rights offering divided by (y) the fair market value. For these purposes
(i) if the rights offering is for securities convertible into or exercisable for shares of our Class A common stock, in determining the
price payable for our Class A common stock, there will be taken into account any consideration received for such rights, as well as any
additional amount payable upon exercise or conversion and (ii) ”fair market value” means the volume-weighted average
trading price of shares of our Class A common stock as reported during the 10 trading day period ending on the trading day prior to the
first date on which the shares of our Class A common stock trade on the applicable exchange or in the applicable market, regular way,
without the right to receive such rights.

 

     

     

    

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of shares of our
Class A common stock on account of such shares of our Class A common stock (or other shares of our capital stock into which the warrants
are convertible), other than (a) as described above, (b) certain cash dividends, (c) to satisfy the redemption rights of the holders of
our Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders
of our Class A common stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation (A) to
modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within the prescribed time frame or (B) with respect
to any other material provision relating to stockholders’ rights or pre-initial business combination activity, or (e) in connection
with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price
will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of
any securities or other assets paid on each share of our Class A common stock in respect of such event.

 

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

 

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

 

In addition, if (x) we issue additional shares of our
Class A common stock or equity-linked securities for capital raising purposes in connection with the completion of our initial business
combination at an issue price or effective issue price of less than $9.20 per share of our Class A common stock, with such issue price
or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor
or its affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates, as applicable,
prior to such issuance (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than
60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the
completion of our initial business combination (net of redemptions), and (z) the volume-weighted average trading price of our Class A
common stock during the 10 trading day period starting on the trading day prior to the day on which we complete our initial business combination
(such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price
described adjacent to “Redemption of Warrants When the Price per Share of Our Class A Common Stock Equals or Exceeds $10.00”
will 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 adjacent to “Redemption of Warrants When the Price per Share of Our Class A Common
Stock Equals or Exceeds $18.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly
Issued Price.

 

In case of any reclassification or reorganization of
the outstanding shares of our Class A common stock (other than those described above or that solely affects the par value of such shares
of our Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
shares of our Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other
property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu
of the shares of our Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would
have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of our Class A common stock in such a transaction is payable in the form of our Class A common stock in the successor entity
that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed
for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within
thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement
based on the Black-Scholes value (as defined in the Warrant Agreement) of the warrant. The purpose of such exercise price reduction is
to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants
pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

     

     

    

 

The warrants were issued in registered form under the
Warrant Agreement. You should review a copy of the Warrant Agreement, which is included as an exhibit to the report to which this exhibit
is attached, for a complete description of the terms and conditions applicable to the warrants. The Warrant Agreement provides that the
terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires
the approval by the holders of at least a majority of the then outstanding warrants to effect any other amendment thereto.

 

The warrants may be exercised upon surrender of the
warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side
of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis,
if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do
not have the rights or privileges of holders of Class A common stock or any voting rights until they exercise their warrants and receive
shares of Class A common stock. After the issuance of shares of our Class A common stock upon exercise of the warrants, each holder will
be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

No fractional shares will be issued upon exercise of
the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon
exercise, round down to the nearest whole number of shares of our Class A common stock to be issued to the warrant holder.

 

Private Placement Warrants

 

Additional warrants, referred to as “private
placement warrants,” were issued to our sponsor, the anchor investor, and the underwriter in a private placement simultaneously
with the closing of our IPO and upon conversion of working capital loans, if any. The private placement warrants are identical to the
public warrants, except for (i) the transfer restrictions with respect to the former that are described elsewhere in this exhibit
and (ii) the registration rights with respect to the former, as described below under “— Registration Rights.”
In addition, the private placement warrants held by the underwriter will not be exercisable more than five years from the commencement
of sales in our IPO in accordance with FINRA Rule 5110(g)(8).

 

In order to fund working capital deficiencies or finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of
our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible
into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would
be identical to the private placement warrants, including as to exercise price, exercisability and exercise period.

 

Dividends

 

We have not paid any cash dividends on our common stock
to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends in the
future will be dependent upon our revenues and earnings, if any, capital requirements and general financial conditions subsequent to completion
of a business combination. The payment of any cash dividends subsequent to a business combination will be within the discretion of our
board of directors at such time. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive
covenants we may agree to in connection therewith.

 

     

     

    

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our common stock and warrant
agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer &
Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees
against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any liability
due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

 

Our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains provisions designed to provide certain requirements and restrictions relating to our IPO that will apply to us until the completion
of our initial business combination. These provisions cannot be amended without the approval of the holders of at least 65% of our common
stock. Our initial stockholders and their permitted transferees, if any, will participate in any vote to amend our amended and restated
certificate of incorporation and will have the discretion to vote in any manner they choose. Specifically, our amended and restated certificate
of incorporation provides, among other things, that:

 

	 	●	If we do not complete our initial business combination within the prescribed time frame, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law;

 

	 	●	Prior to or in connection with our initial business combination, we may not issue additional shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on our initial business combination or on any other proposal presented to stockholders prior to or in connection with the completion of an initial business combination;

 

	 	●	Although we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or our executive officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm that such a business combination is fair to our company from a financial point of view;

 

	 	●	If a stockholder vote on our initial business combination is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act;

 

	 	●	Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the trust account (excluding the deferred underwriting commissions held in trust and taxes payable on the income earned on the trust account) at the time of the agreement to enter into an initial business combination;

 

     

     

    

 

	 	●	If our stockholders approve an amendment to our amended and restated certificate of incorporation that would affect the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete an initial business combination within the prescribed time frame, or with respect to any other material provisions relating to stockholders’ rights or pre-initial business combination activity, we will provide dissenting public stockholders with the opportunity to redeem all or a portion of their shares of our Class A common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of then outstanding public shares, subject to the limitations described herein; and

 

	 	●	We will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.

 

In addition, our amended and restated certificate of
incorporation provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets
to be less than $5,000,001.

 

Certain Anti-Takeover Provisions of Delaware Law and our Amended and
Restated Certificate of Incorporation and Bylaws

 

We are subject to the provisions of Section 203 of
the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances, from engaging
in a “business combination” with:

  

	 	●	a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an “interested stockholder”);

 

	 	●	an affiliate of an interested stockholder; or

 

	 	●	an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.

 

A “business combination” includes a merger
or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

	 	●	our board of directors approves the transaction that made the stockholder an “interested stockholder,” prior to the date of the transaction;

 

	 	●	after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

	 	●	on or subsequent to the date of the transaction, our initial business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

 

We will take all necessary corporate action to ensure
that our sponsor, its affiliates and their permitted transferees will not be deemed to be “interested stockholders” regardless
of the percentage of our voting stock owned by them, and accordingly will not be subject to this provision.

 

     

     

    

 

Our amended and restated certificate of incorporation
provides that our board of directors will be classified into three classes of directors. As a result, in most circumstances, a person
can gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

Our authorized but unissued common stock and preferred
stock will be available for future issuances without stockholder approval (including a specified future issuance) and could be utilized
for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans.
The existence of authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an
attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

In addition, our amended and restated certificate of
incorporation contains a provision requiring that, if a person other than the company (a “Third-Party Offeror”) makes a tender
or exchange offer to the holders of our common stock that would result in (x) such Third-Party Offeror and certain of its affiliates or
associates owning more than 50% of the voting power of the issued and outstanding shares of our common stock and (y) such tender or exchange
offer would result in a change-in-control, such Third-Party Offeror must also make a tender or exchange offer for the same proportion
of our warrants then outstanding. Until any such Third-Party Offeror complies with this provision, (i) any shares of our common stock
acquired by the Third-Party Offeror upon completion of such a tender or exchange offer shall have no voting power on any matter submitted
to a stockholder vote and (ii) we shall not declare or pay any dividend or make any other distribution with respect to any shares of our
common stock, other than a dividend or distribution in the form of rights to receive cash, other property or shares of capital stock of
the company that is exercisable solely upon receipt, if we request, of a written certification that the holder of such rights has complied
with the provision described above.

 

Exclusive Forum for Certain Lawsuits

 

Our amended and restated certificate of incorporation
provides that, unless we consent in writing to the selection of an alternative forum, (i) any derivative action or proceeding brought
on our behalf; (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee to us or
our stockholders; (iii) any action asserting a claim against us, our directors, officers or employees arising pursuant to any provision
of the DGCL or our amended and restated certificate of incorporation or bylaws; or (iv) any action asserting a claim
against us, our directors, officers or employees governed by the internal affairs doctrine may be brought only in the Court of Chancery
in the State of Delaware, except any claim (A) as to which the Court of Chancery of the State of Delaware determines that there is an
indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal
jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction
of a court or forum other than the Court of Chancery, or (C) for which the Court of Chancery does not have subject matter jurisdiction.
If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process
on such stockholder’s counsel. Although we believe this provision benefits us by providing increased consistency in the application
of Delaware law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent
it is enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders
will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

 

Notwithstanding the foregoing, our amended and restated
certificate of incorporation provides that (a) the exclusive forum provision will not apply to suits brought to enforce a duty or liability
created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction; Section 27 of the Exchange Act
creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules
and regulations thereunder, and (b) unless we agree otherwise in writing, any action arising under the Securities Act will be brought
only in the United States District Court for the District of Delaware. We note, however, that there is uncertainty as to whether a court
would enforce this provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations
thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder.

 

     

     

    

 

Special Meeting of Stockholders

 

Our bylaws provide that special meetings of our stockholders
may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by our Chairman.

 

Advance Notice Requirements for Stockholder Proposals and Director
Nominations

 

Our bylaws provide that stockholders seeking to bring
business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of stockholders,
must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be received by the company
secretary at our principal executive offices not later than the close of business on the 90th day nor earlier than the close
of business on the 120th day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant
to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply with the notice periods
contained therein. Our bylaws also specify certain requirements as to the form and content of a stockholders’ meeting. These provisions
may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors
at our annual meeting of stockholders.

 

Action by Written Consent

 

Any action required or permitted to be taken by our
common stockholders must be effected by a duly called annual or special meeting of such stockholders and may not be effected by written
consent of the stockholders other than with respect to our Class B common stock.

 

Classified Board of Directors

 

Our board of directors is divided into three classes,
Class I, Class II and Class III, with members of each class serving staggered three-year terms. Our amended and restated certificate of
incorporation provides that the authorized number of directors may be changed only by resolution of the board of directors. Subject to
the terms of any preferred stock, any or all of the directors may be removed from office at any time, but only for cause and only by the
affirmative vote of holders of a majority of the voting power of all then outstanding shares of our capital stock entitled to vote generally
in the election of directors, voting together as a single class. Any vacancy on our board of directors, including a vacancy resulting
from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.

 

Class B Common Stock Consent Right

 

For so long as any shares of our Class B common stock
remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares of our Class B common
stock then outstanding, voting separately as a single class, amend, alter or repeal any provision of our amended and restated certificate
of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers,
preferences or relative, participating, optional or other or special rights of the Class B common stock. Any action required or permitted
to be taken at any meeting of the holders of our Class B common stock may be taken without a meeting, without prior notice and without
a vote, if a consent or consents in writing, setting forth the action so taken, will be signed by the holders of the outstanding Class
B common stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting
at which all shares of our Class B common stock were present and voted.

 

Rule 144

 

Pursuant to Rule 144, a person who has beneficially
owned restricted shares of our common stock or warrants for at least six months would be entitled to sell their securities provided that
(i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale
and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all
required reports under Section 13 or 15(d) of the Exchange Act during the twelve months (or such shorter period as we were required to
file reports) preceding the sale.

 

     

     

    

 

Persons who have beneficially owned restricted shares
of our common stock or warrants for at least six months but who are our affiliates at the time of, or at any time during the three months
preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month
period only a number of securities that does not exceed the greater of:

 

	 	●	1% of the total number of shares of our Class A common stock then outstanding; or

 

	 	●	the average weekly reported trading volume of the shares of our Class A common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

 

Sales by our affiliates under Rule 144 are also
limited by manner of sale provisions and notice requirements and to the availability of current public information about us.

 

Our founder shares and private placement warrants are
restricted securities under Rule 144 under the Securities Act, in that they were issued in private transactions not involving a public
offering, and such founder shares and private placement warrants are also subject to transfer restrictions as set forth elsewhere in this
exhibit. These restricted securities will be subject to registration rights as more fully described below under “— Registration
Rights.”

 

Restrictions on the Use of Rule 144 by Shell Companies or Former
Shell Companies

 

Rule 144 is not available for the resale of securities
initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously
a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

 

	 	●	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

	 	●	the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

	 	●	the issuer of the securities has filed all Exchange Act reports and materials required to be filed, as applicable, during the preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and

 

	 	●	at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

 

As a result, our initial stockholders will be able
to sell their founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after
we have completed our initial business combination.

 

Registration Rights

 

The holders of the founder shares, private placement
warrants and warrants that may be issued upon conversion of working capital loans (and any shares of our Class A common stock issuable
upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans and upon
conversion of the founder shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior
to or on the effective date of our IPO, requiring us to register such securities for resale (in the case of the founder shares, only after
conversion to our Class A common stock). The holders of the majority of these securities are entitled to make up to three demands, excluding
short form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights
with respect to registration statements filed subsequent to the completion of our initial business combination and rights to require us
to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement
provides that we will not permit any registration statement filed under the Securities Act to become effective until termination of the
applicable lockup period, which occurs (i) in the case of the founder shares, as described in the following paragraph, and (ii) in the
case of the private placement warrants and the respective shares of our Class A common stock underlying such warrants, 30 days after the
completion of our initial business combination. We will bear the expenses incurred in connection with the filing of any such registration
statements. Notwithstanding the foregoing, the registration rights relating to the private placement warrants held by the underwriter
shall comply with the requirements of FINRA Rule 5110 (g)(8)(B)-(D), namely that the underwriter may not exercise its demand and “piggy-back”
registration rights after five and seven years, respectively, from the commencement of sales in our IPO and may not exercise its demand
rights on more than one occasion. The founder shares and private placement warrants are also subject to transfer restrictions as set forth
elsewhere in this exhibit.

 

Listing of Securities

 

Our units are listed on Nasdaq under the symbol “LFACU.”
Our common stock and public warrants are listed on Nasdaq under the symbols “LFAC” and “LFACW,” respectively.

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