Document:

Exhibit 10.1

 

Execution Draft

 

GLOBAL

LICENSE AGREEMENT

 

THIS GLOBAL LICENSE AGREEMENT
(this “Agreement”) is made as of this 8th day of April 2022, which is also the date of the last signature
hereto (the “Effective Date”), between NATIONAL FOOTBALL MUSEUM, INC., an Ohio non-profit corporation, doing
business as Pro Football Hall of Fame (hereinafter “PFHOF”) and HOF Village Newco, LLC, a Delaware limited liability
company (hereinafter “HOFV”), each a “Party” and collectively, the “Parties”.

 

RECITALS

 

		A.	PFHOF and HOF Village, LLC are parties to a License Agreement dated as of March 10, 2016 (the “Original
License Agreement”), and a First Amended and Restated License Agreement dated as of September 16, 2019 (the “First
Amended and Restated License Agreement”), both relating to PFHOF’s license to HOF Village, LLC of certain intellectual
property of PFHOF.

 

		B.	PFHOF, HOF VILLAGE MEDIA GROUP, LLC, a then subsidiary of HOF Village, LLC and now current subsidiary
of HOFV (“Village Media Company”), and HOF Village, LLC are parties to a Media License Agreement dated as of
November 11, 2019, and an Amended and Restated Media License Agreement dated as of July 1, 2020 (the “Amended and Restated
Media License Agreement”), both relating to PFHOF’s license to Village Media Company of certain intellectual property
of PFHOF.

 

		C.	HOF Village, LLC and HOFV entered into a Contribution Agreement with an effective date of June 30, 2020,
whereby HOF Village, LLC assigned and HOFV assumed all of HOF Village, LLC’s rights and obligations under the Original License Agreement,
First Amended and Restated License Agreement, and the Amended and Restated Media License Agreement.

 

		D.	The Parties have determined that it is appropriate and in the Parties’ best interests to amend,
restate, and replace the First Amended and Restated License Agreement and the Amended and Restated Media License Agreement in their entirety
with this Agreement.

 

AGREEMENT

 

NOW THEREFORE, based upon the foregoing and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby,
the Parties agree as follows:

 

		1.	DEFINITIONS

 

		1.1	“Affiliate” with respect to a Party shall mean any entity that is directly or
indirectly controlled by, or is under common control with that Party. For purposes of this definition of Affiliate, “control”
means an equity or income interest of fifty percent (50%) or more, or the possession of the power, directly or indirectly, to direct or
cause the direction of the management and policies of the Affiliate, whether through the ownership of voting securities, by contract,
or otherwise.

 

     

     

    

 

		1.2	“Contract Year” means each successive calendar year during the Term; provided,
however for calendar year 2022, Contract Year shall be the period commencing on the Effective Date and ending on December 31,
2022.

 

		1.3	“Excluded Categories” means those activities set forth in Exhibit B hereto.

 

		1.4	“Exploit” or “Exploitation” means, except as set forth
in this Agreement, to reproduce, distribute, digitally transmit, publish, publicly perform or otherwise display via any and all means
of video or audio-visual media, or other means of distribution, as to manner, frequency or duration of use including, but not limited
to: film, television, streaming, short-form streaming, social media, SVOD, IVOD, pay per view, OTT, physical media, theatrical professional/non-professional
productions, location based entertainment, music, publishing (both physical and digital), holographic mediums, projection mapping, haptic
mediums, non-fungible tokens, as well as any marketing, advertising, and promotional activities thereof in any medium currently existing
or hereinafter created.

 

		1.5	“HOFV Work” is defined in Section 3.1.

 

		1.6	“Information” means any and all ideas, concepts, data, know-how, discoveries,
improvements, methods, techniques, technologies, systems, specifications, analyses, products, practices, processes, procedures, protocols,
research, tests, trials, assays, controls, prototypes, formulas, descriptions, formulations, submissions, communications, skills, experience,
knowledge, plans, objectives, algorithms, reports, results, conclusions and other information and materials, irrespective of whether or
not copyrightable or patentable and in any form or medium (tangible, intangible, oral, written, electronic, observational or other) in
which such Information may be communicated or subsist. Without limiting the foregoing sentence, Information includes any technological,
engineering, manufacturing, scientific, business, legal, patent, organizational, commercial, operational or financial materials or information.

 

		1.7	“Intellectual Property” means all patentable and un-patentable inventions, mask
works, works of authorship or expression, including computer programs, data collections and databases, and trade secrets, and other Information,
as well as any trademarks, trade dress, and any goodwill relating thereto.

 

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		1.8	“Jointly Developed Intellectual Property” means all Intellectual Property made,
invented, developed, created, conceived or reduced to practice jointly by the parties after the Effective Date as a result of joint-development
sessions in which each Party materially contributes, and which incorporates aspects of both Intellectual Property of HOFV and Intellectual
Property of PFHOF. For the avoidance of doubt, Jointly Developed Intellectual Property does not include any enhancement, modification,
adaptation or other improvement to Intellectual Property of HOFV and Intellectual Property of PFHOF, regardless of the source of such
enhancement, modification, adaptation or other improvement.

 

		1.9	“License Fee” is defined in Section 8.1.

 

		1.10	“License Royalty” is defined in Section 8.2.

 

		1.11	“Media” shall mean written, audio, visual, audiovisual, or choreographic works
incorporating PFHOF Marks and/or PFHOF Works.

 

		1.12	“Net Profit” means, with respect to a given period of time, the gross revenue
for such period less the following actual and verifiable costs and expenses, in each case to the extent related to the generation
of such gross revenue, calculated in accordance with generally accepted accounting principles, (i) costs of goods sold, (ii) operating
expenses, and (iii) general and administrative expenses, but in all cases there shall be no reduction for income taxes associated with
gross revenues.

 

		1.13	“Person” means any natural person, corporation, partnership, association, limited
liability company, joint venture, trust, estate, joint stock company or other similar organization, government or political subdivision
thereof, or any other entity.

 

		1.14	“PFHOF Marks” shall mean those trademarks, service marks, logos, and trade dress,
owned by PFHOF, along with any registrations of the foregoing, and any amendments/modifications thereto, and any goodwill associated therewith
as set forth in Exhibit A, as attached hereto and incorporated herein.

 

		1.15	“PFHOF Works” or “PFHOF Work” shall mean the written,
audio, visual, audiovisual, or choreographic works currently or hereafter owned by or freely sub-licensable by PFHOF.

 

		1.16	“President” shall mean James Arthur Porter or his successor(s), in his capacity
as President of the National Football Museum, Inc.

 

		1.17	“Vice President of Gold Jacket Relations” shall mean Micelle Norris or her successor(s).

 

		1.18	“Village” shall mean Hall of Fame Village powered by Johnson Controls located
in Canton, Ohio, including but not limited to (i) Tom Benson Hall of Fame Stadium; (ii) Hall of Fame Village Sports Complex; (iii) Play
Action Plaza; (iv) The Eleven, Hilton Tapestry Hotel; (v) Constellation Center for Excellence; (vi) Center for Performance; (vii) Hall
of Fame Experience; (viii) Hall of Fame Water Park; (ix) Hall of Fame Retail Promenade (excluding tenants of the Hall of Fame Promenade);
(x) any and all parking facilities (both underground and surface); and (xi) any and all additional components added therein, provided
such components or additions are located in Canton, Ohio.

 

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		2.	GRANT OF RIGHTS - PFHOF MARKS

 

		2.1	Exclusivity. During the Term, and in consideration of the fees to be paid to PFHOF in Section 8,
PFHOF hereby grants to HOFV and its Affiliates a worldwide, non-transferable, exclusive right and license to use the PFHOF Marks in conjunction
with (i) the Village, which for purposes of clarity shall include any hotel, restaurant, sports bar, or other similar general or specific
location based entertainment within the City of Canton, Ohio (“Themed Entertainment Opportunities”), (ii) youth
sports programs (excluding NFL-sponsored youth sports programs similar to those currently conducted in the City of Canton, Ohio using
PFHOF Marks), (iii) e-gaming and/or video games, and (iv) sports betting. (Categories (i) through (iv) shall be collectively referred
to as “Exclusive Fields of Use” or individually as an “Exclusive Field of Use”).

 

		2.2	Non-Exclusivity; Right of First Refusal (Third-Party Offers). During the Term, PFHOF hereby grants
to HOFV and its Affiliates a worldwide, non-exclusive license to use the PFHOF Marks in such other fields of use that are not Exclusive
Fields of Use (“Non-Exclusive Fields of Use” or individually as an “Non-Exclusive Field of Use”).
If, during the Term, PFHOF is approached by a third-party to participate in or consider any bona fide use of the PFHOF Marks related to
the Non-Exclusive Fields of Use (each of the foregoing uses, a “Third-Party Offer”), PFHOF will, with respect
to such Third-Party Offer, grant to HOFV a right of first refusal as follows. Upon receipt of the Third-party Offer, and prior to accepting
or entering into any such Third-Party Offer, PFHOF will promptly communicate such Third-Party Offer to representatives of HOFV, and provide
to HOFV the specific terms, business plan, and any other relevant information relating to such Third-Party Offer. Following the receipt
of such notice and information related to the Third-Party Offer, HOFV shall have a period of fourteen (14) days (or such greater length
of time which the Parties mutually agree is reasonably necessary under the circumstances) to review, consider, and accept such Third-
Party Offer; provided, however, it is the intent of the Parties that during such fourteen (14) day period each of PFHOF
and HOFV shall work together and consult, in good faith, with respect to the viability of such Third Party Offer, and to mutually agree
to any modifications to the Third Party Offer that are in the best interest of both PFHOF and HOFV. If HOFV exercises its right of first
refusal with respect to such Third-Party Offer in connection with this Section 2.2, HOFV must act on and undertake such use in connection
with the Third-Party Offer within a period of twelve (12) months of its exercise of its right of first refusal with respect to such Third-Party
Offer; provided that, such twelve (12) month period may be extended for such greater length of time (such extension not
to exceed a period of time as is reasonably necessary under the circumstances) if a period greater than twelve (12) months is reasonably
necessary to provide HOFV the opportunity to act on and undertake such use in connection with a particular Third-Party Offer so long as
HOFV is diligently pursuing the use of the PFHOF Marks and is employing commercially reasonable efforts to act on and undertake such use.
The license grant from PFHOF to HOFV in connection with any Third-Party Offer undertaken by HOFV shall be subject to the terms and conditions
of this Agreement, provided that HOFV and PFHOF shall mutually agree on the license fee and/or royalty to be paid to PFHOF
in connection with such accepted Third-Party Offer taking into consideration all relevant factors. For avoidance of doubt, if a conflict
exists between such Third-Party Offer and this Agreement, this Agreement shall control, except for the terms of the license fee and/or
royalty specifically agreed to between the Parties. Provided HOFV exercises its right of first refusal pursuant to the above terms related
to a Third-Party Offer, then PFHOF shall not enter into any arrangement with a third party to the extent that such arrangement would directly
compete with such Third-Party Offer. If HOFV (i) does not act on and undertake such Third Party Offer within twelve (12) months of its
acceptance (or such greater period of time as is allowed by this Section 2.2), or (ii) does not exercise its right of first refusal as
set forth herein, then PFHOF shall have the right, in its sole and absolute discretion, to enter into or grant a license with respect
to such Third-Party Offer without any restriction from HOFV, provided that PFHOF must act on and undertake such Third-Party Offer within
twelve (12) months thereafter, provided that, such twelve (12) month period may be extended for such greater length of time
(such extension not to exceed a period of time as is reasonably necessary under the circumstances) if a period greater than twelve (12)
months is reasonably necessary to provide PFHOF the opportunity to act on and undertake such use in connection with a particular Third-Party
Offer so long as PFHOF is diligently pursuing the use and is employing commercially reasonable efforts to act on and undertake such use.
If PFHOF (i) does not accept such Third-Party Offer, or (ii) does not act on and undertake such Third-Party Offer within twelve (12) months
of its acceptance (or such greater period of time as allowed under this Section 2.2), it shall provide HOFV a similar right of first refusal
as to any future Third-Party Offer on the terms set forth above. If PFHOF enters into or engages in a Third-Party Offer, neither HOFV
nor its Affiliates will enter into or directly compete with such Third-Party Offer.

 

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		2.3	HOFV Right to Propose Exclusivity.
                                            If, during the Term, HOFV and its Affiliates consider entering into an arrangement with a
                                            third-party for the use of the PFHOF Marks in connection with a Non-Exclusive Field of Use
                                            that would grant to such third-party certain rights of exclusivity for use of the PFHOF Marks
                                            (“Exclusivity Offer”), prior to accepting or entering into any
                                            such Exclusivity Offer, HOFV shall promptly communicate, in writing, such Exclusivity Offer
                                            to the President, and provide to PFHOF the specific terms, business plan, and any other relevant
                                            information relating to such Exclusivity Offer, together with the request that such particular
                                            Exclusivity Offer be deemed and treated as an Exclusive Field of Use hereunder. PFHOF shall
                                            have fourteen (14) days thereafter (or such greater length of time which the Parties mutually
                                            agree is reasonably necessary under the circumstances) to consent to such Exclusivity Offer
                                            being deemed and treated as an Exclusive Field of Use hereunder, such consent not to be unreasonably
                                            withheld; provided, however, it is the intent of the Parties that during such
                                            fourteen (14) day period each of PFHOF and HOFV shall work together and consult, in good
                                            faith, with respect to the viability of such Exclusivity Offer, and to mutually agree to
                                            any modifications to the Exclusivity Offer that are in the best interest of both PFHOF and
                                            HOFV. If PFHOF consents to such particular Exclusivity Offer being deemed and treated as
                                            an Exclusive Field of Use hereunder, HOFV must act on and undertake such use in connection
                                            with the Exclusivity Offer within twelve (12) months of PFHOF’s consent, provided
                                            that, such twelve (12) month period may be extended for such greater length of time
                                            (not to exceed eighteen (18) months)
                                            if a period greater than twelve (12) months is reasonably necessary to provide HOFV the opportunity
                                            to act on and undertake such use in connection with a particular Exclusivity Offer so long
                                            as HOFV is diligently pursuing the use and is employing commercially reasonable efforts to
                                            act on and undertake such use. The license grant from PFHOF to HOFV in connection with any
                                            Exclusivity Offer shall be subject to the terms and conditions of this Agreement, provided
                                            that HOFV and PFHOF shall mutually agree on the license fee and/or royalty to be
                                            paid to PFHOF in connection with the Exclusivity Offer taking into consideration all relevant
                                            factors. If HOFV (i) does not act on and undertake such Exclusivity Offer within twelve (12)
                                            months of PFHOF’s consent (or such greater period of time as allowed under this Section
                                            2.3), or (ii) if PFHOF does not consent to such Exclusivity Offer be deemed and treated as
                                            an Exclusive Field of Use hereunder, then such Exclusivity Offer shall be deemed a Non-Exclusive
                                            Field of Use, subject to the terms and conditions of this Agreement.

 

		2.4	Reserved.

 

		2.5	Further Uses. The license grants in Sections 2.1 through 2.3 include the right for HOFV and its
Affiliates to use (after prior written approval of PFHOF) the PFHOF Marks on websites, together with any packaging materials, marketing,
advertising, and promotional activities associated with the foregoing in any medium currently existing or hereinafter created, any HOFV
or Affiliate website, HOFV or Affiliate controlled social media, HOFV or Affiliate mobile apps, and in HOFV’s and its Affiliates’
online and offline marketing materials, packaging materials, and communications, as long as such use does not conflict with the Excluded
Categories.

 

		2.6	Sublicensing. The licenses granted in Sections 2.1 through 2.3 may only be sublicensed with respect
to a project that is being undertaken by HOFV and/or its Affiliates (each, a “Project”) provided that
such Project has been preapproved in writing by PFHOF (which shall include any material changes or modifications to any previously approved
Project), including but not limited to, any projects approved in accordance with Section 3.3. Further, as part of the approval of a particular
Project, PFHOF also has the right to approve each proposed sublicensee(s) involved in any such Project, in each case which approval shall
not be unreasonably withheld; provided that, as a condition to the approval of the particular Project and each sublicensee,
(i) HOFV shall provide to PFHOF such background, financial
and other information available to HOFV related to each sublicensee as PFHOF may reasonably request; (ii) HOFV and its Affiliates
shall cause each such sublicensee to comply with all terms and conditions of this Agreement; (iii) neither HOFV nor its Affiliates shall
be relieved of any of its obligations under this Agreement as a result of any such sublicense, and will be primarily responsible for any
acts or omissions of each such sublicensees in connection with any such project; and (iv) HOFV and its Affiliates shall provide PFHOF
with periodic progress reports on each Project, including a record of any elements of the Project that are materially different from or
in addition to those as previously approved by PFHOF so as to ensure continued compliance with this Agreement. Provided further,
it shall not be unreasonable for PFHOF to withhold its consent for a proposed sublicensee if (i) PFHOF reasonably and justifiably concludes
that the proposed sublicensee reflects negatively on the image and reputation of PFHOF or would otherwise tarnish the brand of PFHOF or
portray the PFHOF Marks in a negative light, or (ii) after exercising commercially reasonable efforts to mitigate any conflict, affiliation
with the proposed sublicensee would violate any Rights Restrictions.

 

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		2.7	Representations; Warranties. PFHOF represents and warrants that it is the exclusive owner of the
PFHOF Marks or has the right to grant the licenses and other rights granted to HOFV and/or its Affiliates hereunder, including the right
to use the PFHOF Marks as permitted herein and that PFHOF has secured any necessary releases for any rights of publicity or privacy and
can license such rights to HOFV and/or its Affiliates hereunder.

 

		2.8	Indemnity.

 

		(a)	PFHOF agrees to indemnify, defend, and hold harmless HOFV, its Affiliates, and their respective employees,
officers, directors, agents, representatives, and successors and assigns from and against any and all claims, demands, liabilities, losses,
suits, damages, costs (including, without limitation, costs of investigation), and expenses, including reasonable attorneys’ fees,
arising out of or relating to HOFV’s authorized use of the PFHOF Marks, as permitted hereunder, by HOFV or its employees, agents,
or approved sublicensees.

 

		(b)	HOFV agrees to indemnify, defend, and hold harmless PFHOF, its Affiliates, and their respective employees,
officers, directors, agents, representatives, and successors and assigns from and against any and all claims, demands, liabilities, losses,
suits, damages, costs (including, without limitation, costs of investigation), and expenses, including reasonable attorneys’ fees,
arising out of or related to HOFV’s, its Affiliates, or its sublicensees use of the PFHOF Marks in breach of this Agreement, or
any claim of infringement of any intellectual property right arising out of the misuse or misappropriation of the PFHOF Marks.

 

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		2.9	Limitations; Restrictions on Use; Non-Disparagement.

 

		(a)	Except for the rights granted under this Agreement, HOFV hereby acknowledges that it does not have any
right, title, interest, or ownership in and to the PFHOF Marks, and further agrees that it will not claim any right, title, interest,
or ownership, in or to any of the PFHOF Marks.

 

		(b)	HOFV and its Affiliates shall not disparage or in any way portray the PFHOF Marks in a negative light.
HOFV and its Affiliates shall use all reasonable endeavors to ensure that in exercising their rights and carrying out their obligations
under this Agreement they do nothing to injure, bring into disrepute, ridicule or lessen the public reputation, goodwill or favorable
image of PFHOF. HOFV and its Affiliates shall not modify, alter, or change the PFHOF Marks in any manner without the prior written approval
of PFHOF, which approval may be withheld in the sole discretion of PFHOF. Upon reasonable request from time to time, PFHOF may request
samples of goods and advertisements for services offered under the PFHOF Marks for PFHOF’s inspection, review, and approval.

 

		(c)	HOFV and its Affiliates shall not use the PFHOF Marks except as expressly agreed pursuant to this Agreement.
HOFV and its Affiliates further agree that they shall not assign or otherwise transfer the PFHOF Marks to any other party whatsoever.
HOFV and its Affiliates agree not to challenge the validity of the PFHOF Marks during the Term. Further, HOFV and its Affiliates acknowledge
that PFHOF is the sole and exclusive owner of the PFHOF Marks and of all associated federal registrations and pending registrations and
HOFV and its Affiliates shall do nothing inconsistent with such ownership. HOFV and its Affiliates further agree that they will not claim
ownership rights to the PFHOF Marks. All rights not expressly granted by PFHOF are hereby expressly reserved by PFHOF.

 

		(d)	Nothing in this Agreement shall be construed as limiting HOFV’s and its Affiliates’ right
and ability to use the phrase “Hall of Fame” or the “Summit Logo” as shown below (including, but not limited to,
in conjunction with any HOFV trademark or corporate names or trade names) so long as such use is apart from and is in no way used in conjunction
with the PFHOF Marks (other than pursuant to this Agreement) or in a manner to suggest affiliation with PFHOF or the PFHOF Marks (other
than pursuant to this Agreement).

 

 

 

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		3.	GRANT OF RIGHTS – PFHOF WORKS

 

		3.1	License to PFHOF Works. During the Term, and subject to the terms of this Agreement, in particular,
Section 3.3 hereof, PFHOF hereby grants to HOFV and its Affiliates a worldwide, non-exclusive, limited, and non-assignable (except to
the extent set forth in this Agreement) right and license to (a) Exploit the PFHOF Works and (b) edit, supplement or otherwise adapt,
all subject to the approval of PFHOF (such approval not to be unreasonably withheld), incorporate or otherwise utilize, the PFHOF Works
to create, produce and Exploit new, original work(s) (each such work in this clause (b), a “HOFV Work”). For
the avoidance of doubt, after the termination or expiration of this Agreement, HOFV, its Affiliates, and its permitted licensees shall
continue to have the right to fully exploit, use, and Exploit the HOFV Works for the length of the term of the license granted by PFHOF
in connection with such HOFV Work pursuant to Section 3.3 below; provided that the length of the term of such license shall be a minimum
of five (5) years from the date of first public Exploitation of the HOFV Work. Any HOFV Works created pursuant to this Agreement shall
exclusively be owned by HOFV or its Affiliates; provided, however, that, (i) PFHOF shall own all right, title, interest,
and copyright in and to the underlying PFHOF Works as further set forth in Section 3.5 below, and (ii) HOFV and its Affiliates ownership
is subject in all events to any Rights Restrictions and the terms of the license (including the term of such license) granted by PFHOF
in connection with such HOFV Work pursuant to Section 3.3. Notwithstanding the foregoing, to the extent any HOFV Work incorporates any
HOFV trademarks, service marks, or trade dress (“HOFV Trademarks”), use of such HOFV Trademarks shall inure
solely to HOFV’s benefit. PFHOF shall not, and shall cause its Affiliates, whether during the Term or thereafter, challenge (a)
the rights of HOFV in and to any HOFV Work, (b) the validity of any HOFV Work, (c) HOFV’s right to grant rights or licenses relating
to the HOFV Works, (d) the validity and HOFV’s right to any HOFV Trademark, and (e) the validity, legality, or enforceability of
this Agreement.

 

		3.2	License to HOFV Works. In addition to any rights set forth herein, PFHOF shall have the right and
license to Exploit HOFV Works, at no fee or charge to PFHOF or any of its Affiliates, for educational, not-for-profit purposes aligned
with the tax-exempt purpose of PFHOF, which usage shall not diminish the value of HOFV or its Affiliates’ Exploitation of such HOFV
Work in accordance with the terms of this Agreement. HOFV must preapprove any of PFHOF’s proposed plans to Exploit the HOFV Works,
such approval not to be unreasonably withheld, delayed, or conditioned.

 

		3.3	PFHOF Approval Rights. Notwithstanding anything to the contrary in this Agreement, PFHOF shall
have the right to approve, as provided in Section 3.3(d) hereof, (such approval not to be unreasonably withheld) any and all usage of,
and HOFV’s (and its Affiliates’ and permitted licensees’) plans to Exploit, the PFHOF Works (including any inclusion
of any PFHOF Work in any HOFV Work and the term of such usage) as follows:

 

		(a)	Prior to the Exploitation of a PFHOF Work and the creation of any HOFV Work that incorporates any PFHOF
Work, HOFV shall first provide the President with a list of PFHOF Works intended to be Exploited.

 

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		(b)	Within seven (7) days thereafter or such greater length of time which is reasonably necessary, the President
shall provide HOFV with all documentation that PFHOF possesses sufficient to establish PFHOF’s rights with respect to the PFHOF
Works and any releases it possesses with respect to the individuals depicted in such PFHOF Works. In addition, provided that PFHOF can
warrant that it has the necessary rights with respect to any PFHOF Works, PFHOF shall return to HOFV a signed copy of an Asset Clearance
Form in the form attached hereto as Exhibit C.

 

		(c)	Thereafter, HOFV will provide the President, at HOFV’s sole cost and expense, a written notice (“Notice”)
which Notice will set forth HOFV’s or its Affiliate’s proposal for Exploitation of a PFHOF Work (whether by itself or as incorporated
into a HOFV Work), which proposal shall at a minimum specify the applicable PFHOF Works to be Exploited by HOFV or its Affiliate, the
nature and location of the proposed Exploitation, specific additional licensing terms related to such Exploitation, and any such additional
information as reasonably requested by the PFHOF.

 

		(d)	The President or at the discretion of the President, the Executive Committee of the Board of Trustees
of PFHOF, shall, within fourteen (14) days of receipt of the Notice, either approve or object such proposal, in writing. In the event
that a proposal is objected to by the President, PFHOF shall, upon request from HOFV or its Affiliate, provide a written explanation (with
reasonable detail) outlining its reason for objecting to such proposal.

 

		(e)	Upon PFHOF’s approval with respect to any such proposal, HOFV (and its Affiliates and permitted
licensees) may Exploit the applicable PFHOF Works so long as such Exploitation is in conformance with the proposal as approved by PFHOF
(including any proposed sublicenses in accordance with Section 3.4).

 

		3.4	Sublicense. Subject to approval over any project pursuant to Section 3.3 (each, a “Media
Project”), HOFV and its Affiliates shall have the right to sublicense (a) the production and creation of the HOFV Works
and (b) Exploitation of the PFHOF Works hereunder, provided that as part of the approval of the particular Media Project (which approval
shall include any material changes or modifications to any previously approved Media Project), PFHOF has approved each sublicensee(s)
involved in any such Media Project, in each case which approval shall not be unreasonably withheld; provided that, as a
condition to the approval of the particular Media Project and each sublicensee, (i) HOFV shall provide
to PFHOF such background, financial and other information available to HOFV related to each sublicensee as PFHOF may reasonably request;
(ii) HOFV and its Affiliates shall cause each such sublicensee to comply with all terms and conditions of this Agreement; (iii)
neither HOFV nor its Affiliates shall be relieved of any of its obligations under this Agreement as a result of any such sublicense, and
will be primarily responsible for any acts or omissions of each such sublicensees in connection with any such project; and (iv) HOFV and
its Affiliates shall provide PFHOF with periodic progress reports on each Media Project, including a record of any elements of the Media
Project that are materially different from or in addition to those as previously approved by PFHOF so as to ensure continued compliance
with this Agreement. Provided further, it shall not be unreasonable for PFHOF to withhold its consent for a proposed sublicensee
if (i) PFHOF reasonably and justifiably concludes that the proposed sublicensee reflects negatively on the image and reputation of PFHOF
or would otherwise tarnish the brand of PFHOF or portray the PFHOF Marks in a negative light, or (ii) after exercising commercially reasonable
efforts to mitigate any conflict, affiliation with the proposed sublicensee would violate any Rights Restrictions.

 

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		3.5	Ownership. Notwithstanding anything to the contrary contained in this Agreement, as between PFHOF
(and its Affiliates), on the one hand, and HOFV (and its Affiliates), on the other hand, PFHOF shall own and control all right, title,
interest, and copyright in and to the PFHOF Works, including, without, limitation, any and all PFHOF Works utilized by, or incorporated
in, any HOFV Work and all of its constituent elements, which shall include, without limitation, all feeds recorded by or on behalf of
PFHOF in connection with the production of such PFHOF Work, all event footage contained therein and all information and data concerning
such PFHOF Work, and all derivatives of the foregoing (except for derivatives that constitute HOFV Works, which ownership shall be retained
by HOFV or its Affiliates). HOFV agrees, on behalf of itself and its Affiliates and their permitted sublicensees, that all uses by HOFV
or any of its Affiliates or their respective permitted sublicensees of the PFHOF Work shall inure to the benefit of PFHOF, and any right
that may accrue to HOFV, any of its Affiliates or any of their respective permitted sublicensees related thereto and any goodwill associated
therewith are hereby granted and assigned to PFHOF or its designee. HOFV shall not, and shall cause its Affiliates and their respective
permitted sublicensees not to, whether during the Term or thereafter, challenge (a) the rights of PFHOF in and to any PFHOF Work, (b)
the validity of any PFHOF Work, (c) PFHOF’s right to grant rights or licenses relating to the PFHOF Works or (d) the validity, legality,
or enforceability of this Agreement.

 

		3.6	Reserved.

 

		3.7	Right of First Refusal (Third-Party
                                            Offers). If, during the Term, PFHOF is approached by a third-party to participate in
                                            or consider any bona fide Exploitation or creation of any one of the PFHOF Works (each, a
                                            “Media Opportunity”), PFHOF will, with respect to such Media Opportunity,
                                            grant to HOFV a right of first refusal as follows. Upon receipt of the Media Opportunity,
                                            and prior to accepting or entering into any such Media Opportunity, PFHOF will promptly communicate
                                            such Media Opportunity to representatives of HOFV, and provide HOFV the specific terms, business
                                            plan, and any other relevant information relating to such Media Opportunity. Following the
                                            receipt of such notice and information related to the Media Opportunity, HOFV shall have
                                            a period of fourteen (14) days (or such greater length of time which the Parties mutually
                                            agree is reasonably necessary under the circumstances) to review, consider, and accept such
                                            Media Opportunity; provided, however, it is the intent of the Parties that
                                            during such fourteen (14) day period each of PFHOF and HOFV shall work together and consult,
                                            in good faith, with respect to the viability of such Media Opportunity, and to mutually agree
                                            to any modifications to the Media Opportunity that are in the best interest of both PFHOF
                                            and HOFV. If HOFV exercises its right of first refusal with respect to such Media Opportunity
                                            in connection with this Section 3.7, HOFV must act on and undertake such Exploitation or
                                            creation in connection with the Media Opportunity within a period of twelve (12) months of
                                            its exercise of its right of first refusal with respect to such Media Opportunity; provided
                                            that, such twelve (12) month period may be extended for such greater length of time
                                            (not to exceed eighteen (18) months)
                                            if a period greater than twelve (12) months is reasonably necessary to provide HOFV the opportunity
                                            to act on and undertake such Exploitation or creation in connection with a particular Media
                                            Opportunity so long as HOFV is diligently pursuing the Exploitation and creation and is employing
                                            commercially reasonable efforts to act on and undertake such Exploitation or creation. The
                                            license grant from PFHOF to HOFV in connection with any Media Opportunity undertaken by HOFV
                                            shall be strictly subject to the terms and conditions of this Agreement, provided that
                                            HOFV and PFHOF shall mutually agree on the license fee and/or royalty to be paid
                                            to PFHOF in connection with such accepted Media Opportunity taking into consideration all
                                            relevant factors. For avoidance of doubt, if a conflict exists between such Media Opportunity
                                            and this Agreement, this Agreement shall control, except for the terms of the license fee
                                            and/or royalty specifically agreed to between the Parties. Provided HOFV exercises its right
                                            of first refusal pursuant to the above terms with respect to a Media Opportunity, then such
                                            PFHOF shall not enter into any arrangement with a third party to the extent that such arrangement
                                            would directly compete with such Media Opportunity. If HOFV (i) does not act on and undertake
                                            such Media Opportunity within twelve (12) months of its acceptance (or such greater period
                                            of time as is allowed by this Section 3.7), or (ii) does not exercise its right of first
                                            refusal as set forth herein, then PFHOF shall have the right, in its sole and absolute discretion,
                                            to enter into or grant a license with respect to such Media Opportunity without any restriction
                                            from HOFV, provided that PFHOF must act on and undertake such Media Opportunity within twelve
                                            (12) months thereafter, provided that, such twelve (12) month period may be
                                            extended for such greater length of time (not to
                                            exceed eighteen (18) months) if a period greater than twelve (12) months
                                            is reasonably necessary to provide PFHOF the opportunity to act on and undertake such Exploitation
                                            or creation in connection with a particular Media Opportunity so long as PFHOF is diligently
                                            pursuing the Exploitation or creation and is employing commercially reasonable efforts to
                                            act on and undertake such Exploitation or creation. If PFHOF (i) does not accept such Media
                                            Opportunity, or (ii) does not act on and undertake such Media Opportunity within twelve (12)
                                            months of its acceptance (or such greater period of time as allowed under this Section 3.7),
                                            it shall provide HOFV a similar right of first refusal as to any future Media Opportunity
                                            on the terms set forth above. If PFHOF enters into or engages in a Media Opportunity, neither
                                            HOFV nor its Affiliates will enter into or directly compete with such Media Opportunity.

 

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		3.8	Reserved.

 

		3.9	Representations; Warranties.

 

		(a)	Except as otherwise disclosed by PFHOF to HOFV under a pre-clearance form, PFHOF represents and warrants
to HOFV that it is the exclusive owner of the PFHOF Works or has the right to grant the licenses and other rights granted to the HOFV
hereunder, including the right to use the PFHOF Works as permitted herein and that, subject to any Rights Restriction in effect on the
Effective Date, PFHOF has secured any necessary releases for any rights of publicity or privacy and can license such rights to HOFV and
its Affiliates hereunder.

 

		(b)	HOFV represents and warrants to PFHOF that it is (a) a limited liability company organized and in good
standing under the laws of the State of Delaware and (b) a wholly-owned subsidiary of the Hall of Fame Resort & Entertainment Company.

 

		3.10	Indemnity.

 

		(a)	PFHOF agrees to indemnify, defend, and hold harmless HOFV, its Affiliates, and their respective employees,
officers, directors, agents, representatives, and successors and assigns from and against any and all claims, demands, liabilities, losses,
suits, damages, costs (including, without limitation, costs of investigation), and expenses, including reasonable attorneys’ fees,
arising out of or relating to (a) HOFV’s or its Affiliates’ authorized use of the PFHOF Works, as permitted by, and in accordance
with, the terms of this Agreement, (b) any breach by PFHOF of any warranty, representation, obligation, or agreement made under this Agreement,
or (c) PFHOF’s use of the HOFV Works in breach of this Agreement, or any claim of infringement of any intellectual property right
arising out of the misuse or misappropriation of the HOFV Works by PFHOF.

 

		(b)	HOFV agrees to indemnify, defend, and hold harmless PFHOF, its Affiliates, and their respective employees,
officers, directors, agents, representatives, and successors and assigns from and against any and all claims, demands, liabilities, losses,
suits, damages, costs (including, without limitation, costs of investigation), and expenses, including reasonable attorneys’ fees,
arising out of or related to (a) HOFV’s, its Affiliates’, or its sublicensees’ use of the PFHOF Works in breach of this
Agreement, or any claim of infringement of any intellectual property right arising out of the misuse or misappropriation of the PFHOF
Works, (b) any breach by HOFV (or its Affiliates or sublicensees, if applicable) of any warranty, representation, obligation, or agreement
made under this Agreement, (c) the Exploitation of any of the rights granted pursuant to the terms of this Agreement by HOFV, its Affiliates,
licensees or sublicensees arising out of or relating to the Exploitation of any PFHOF Works or HOFV Works (unless such liability arises
solely from use of the PFHOF Works by HOFV or its Affiliates or sublicensees in accordance with this Agreement), (d) PFHOF’s authorized
use of any HOFV Works as permitted by, and in accordance with, the terms of this Agreement, (e) any advertising, promotion or other similar
materials that are inserted into any Exploitation of any PFHOF Work or any HOFV Work (but excluding advertising or promotional announcements
supplied by or on behalf of PFHOF and excluding any claims arising solely from use of the PFHOF Works by HOFV (or its Affiliates or sublicensees)
in accordance with this Agreement)) or (f) any failure of HOFV or its Affiliates to comply with applicable laws in connection with the
rights and performance of its obligations under this Agreement.

 

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		4.	JOINTLY DEVELOPED INTELLECTUAL PROPERTY

 

Jointly Developed Intellectual
Property, whether or not patentable, shall be jointly and equally owned by HOFV and PFHOF. The Parties shall only file applications to
register any Jointly Developed Intellectual Property upon mutual agreement of the Parties and only if such applications name both Parties
as joint owners. In such event, the Parties agree to share equally in the costs of obtaining and maintaining such applications (both U.S.
and foreign). The Parties agree to cooperate in determining whether to prepare and execute documents necessary to effect such patent filings,
including where and if to foreign file. In the event of such Jointly Developed Intellectual Property, the Parties agree to negotiate in
good faith regarding the commercialization of such Jointly Developed Intellectual Property, and agree further that neither Party shall
have the right to make, to have made, use, sell, have sold, export and import products using or incorporating such Jointly Developed Intellectual
Property without the other Party’s written consent. The Parties agree to negotiate such commercialization terms in good faith, taking
into account their relative contributions to the development of the Jointly Developed Intellectual Property and the standards of the industry.

 

		5.	PRIOR NOTICE WITH REGARD TO HALL OF FAMERS

 

To the extent HOFV or its
Affiliates wish to communicate with those individuals inducted into the Pro Football Hall of Fame, HOFV shall give the President and the
Vice President of Hall of Famer Relations advanced written notice of their intentions to communicate with such parties.

 

		6.	COLLABORATION 

 

		6.1	The Chief Executive Officer of HOFV (the “CEO”) or the CEO’s designee
and the President or the President’s designee shall meet regularly to facilitate each Party’s consideration of media-related
opportunities and to review proposed projects, budgets, schedules, and creative concepts under consideration by the HOFV.

 

		6.2	To the extent that HOFV and PFHOF work collaboratively on media projects, then any services provided by
a Party to the other Party shall be charged to the Party receiving such services at cost without markup.

 

		6.3	In consultation with the CEO and the President , HOFV and PFHOF shall determine those projects that are
collaboratively undertaken by both HOFV (or its Affiliates) and PFHOF (or its Affiliates). In addition, (a) PFHOF shall bear its proportionate
share of the cost of such HOFV staff (at cost without markup) that work on such collaborative projects and, to the extent such staff works
100% on a PFHOF project, PFHOF shall bear all of the cost of such staff for such project (at cost without markup) and (b) HOFV shall bear
its proportionate share of the cost of PFHOF staff (at cost without markup) that work on such collaborative projects and, to the extent
such staff work 100% on a HOFV project, HOFV bear all of the cost of such staff for such project (at cost without markup). The CEO and
President shall ensure that, to the extent that PFHOF and HOFV share staff, that such sharing will not impact the ability of PFHOF or
the HOFV to meet their respective budget, creative goals, or sales/marketing goals for any year.

 

		6.4	The Parties shall cooperate in good faith, where commercially reasonable, to promote each other’s
events and services, provided that with respect to PFHOF that it shall not be required to engage in any act or activity that is outside
of its Tax-Exempt purpose.

 

		7.	TERM AND TERMINATION

 

		7.1	Unless otherwise terminated as provided herein, the term of this Agreement shall commence on the Effective
Date and shall terminate on December 31, 2036 (“Term”). Thereafter, the Agreement shall automatically renew
for successive 5-year terms (each a “Term”), subject to further review of the economic terms of this Agreement,
unless either Party gives written notice to the other Party of intent not to renew at least twelve (12) months prior to the expiration
of the then current Term.

 

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		7.2	Notwithstanding the foregoing, any contracts entered into with third parties during the Term (or extensions
thereof) granting rights to exploit any PFHOF Marks and/or HOFV Works, shall permit exercise of such rights by the third parties during
the negotiated term of such contracts even if such contracts extend beyond the Term, subject to continued compliance with the terms hereof,
including but not limited to, any payment obligations of Section 8.3.

 

		7.3	Either Party shall have the right to terminate this Agreement at any time for an uncured material breach
by the other Party, provided that the non-breaching Party provides prior written notice to the breaching Party, specifying the alleged
material breach, and further provided that the breaching Party shall have thirty (30) days after receipt of such notice to cure the material
breach, to the reasonable satisfaction of the non-breaching Party; provided, further, that if such breach cannot be cured during such
30-day period, but the allegedly breaching Party has commenced and is continuing good faith efforts to cure such breach within such 30-day
period, then the cure period shall be extended until the allegedly breaching Party has stopped making good faith efforts to cure such
breach, such extension not to exceed ninety (90) days.

 

		7.4	Either Party may terminate this Agreement immediately upon giving notice if the other Party ceases to
conduct its operation in the normal course of business, including the inability to meet its obligations as they mature, or if any proceeding
under the bankruptcy or insolvency laws is brought by or against the other Party, or a receiver or custodian is appointed or applied for
by the other Party, or an assignment for the benefit of creditors or a sale or transfer of all or substantially all of its assets/property
is made by the other Party.

 

		7.5	Upon the expiration or termination of this Agreement as provided in this Section 7, the rights and obligations
of the Parties under this Agreement shall be terminated, except as provided herein. Upon termination, except as provided herein, HOFV
shall immediately cease any and all use of the PFHOF Marks and shall return all PFHOF Marks to PFHOF, and destroy any copies made. Except
as provided herein, HOFV shall have a phase out period of ninety (90) days from the termination date to sell existing inventory of products
using the PFHOF Marks and to remove or change all signage, marketing materials, and advertising that use the PFHOF Marks.

 

		8.	FEES

 

		8.1	HOFV shall pay to PFHOF an annual License Fee during the initial Term as follows:

 

		(a)	Contract Year 1: $900,000 for calendar year 2022 (PFHOF acknowledges that HOFV has already paid PFHOF
$50,000 of this amount) commencing on the Effective Date, and payable as follows: $106,250 due within ten (10) days of the Effective Date,
and $106,250 due on each of May 31, 2022, June 30, 2022, July 31, 2022, August 31, 2022, September 30, 2022, October 31, 2022, and November
30, 2022.

 

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		(b)	Contract Years 2 - 6: $600,000 per Contract Year for years 2 through 6 after the Effective Date commencing
January 1, 2023, and payable as follows: $300,000 due on each January 31st and July 31st.

 

		(c)	Contract Years 7 through the end of the initial Term: $750,000 per calendar year for year 7 through the
end of the initial Term, payable each year with half due on January 31st and the remaining half due on July 31st.

 

		8.2	In consideration of the licenses granted to HOFV and its Affiliates hereunder, HOFV shall pay to PFHOF
a License Royalty calculated at 10% of the aggregate Net Profit in excess of two million dollars ($2,000,000) generated by HOFV and/or
its Affiliates in each of the following business verticals ((i) through (iii) below) during any calendar year, commencing on the date
of the first public Exploitation or use, of any PFHOF Work and/or any PFHOF Mark in connection with any: (i) Themed Entertainment Opportunities
outside of the Village; (ii) Gaming (including sports betting, fantasy sports, e-gaming and/or video games), and (iii) Media. For avoidance
of doubt, this License Royalty applies on a per vertical ((i) through (iii) above), per calendar year basis, meaning it resets each calendar
year for each business vertical ((i) through (iii) above). By way of example for illustrative purposes, if the Media vertical generates
more than $2 million in Net Profit during any calendar year from projects using any PFHOF Work and/or any PFHOF Mark, the License Royalty
will be 10% of the excess of $2 million in Net Profit for the Media vertical in that calendar year from those projects using the PFHOF
Works and PFHOF Marks. HOFV shall make all License Royalty payments due under this Agreement on a quarterly basis within 30 days after
the end of the applicable calendar quarter. For further avoidance of doubt, this License Royalty does not apply to any Net Profit derived
from (a) the Village, (b) youth sports programs, (c) any sponsorships subject to a separate agreement between the Parties, (d) any other
revenue stream not addressed in this Section 8.2, unless otherwise agreed to in writing by the Parties, and (e) any separate license fees
or other financial arrangements as agreed upon between the Parties under this Agreement, including specifically Sections 2.2, 2.3, and
3.7.

 

		8.3	In addition to the aforementioned License Fee and License Royalty, during the Term HOFV agrees to bundle
sales of PFHOF museum entry tickets with certain sales of tickets for music concerts or youth field tournaments made by HOFV as follows:
HOFV agrees to bundle $10 PFHOF museum entry tickets with tickets for music concerts and/or youth field tournaments held by HOFV and/or
its Affiliates at the Village, subject to the following terms: (i) the $10 bundle shall apply only to youth field tournaments or music
concerts for which HOFV and/or its Affiliates is the operator (i.e. financially responsible or otherwise controlling the event and tickets
sales), (ii) with respect to music concerts only, the $10 bundle shall only apply to tickets to such music concerts in which the actual
sales price for such music concert ticket is equal to or exceeds $39 prior to inclusion of the $10 PFHOF museum entry ticket price, and
(iii) with respect to youth field tournaments only, the $10 bundle shall presumptively apply to all tickets for applicable youth field
tournaments irrespective of the actual sales price for any such ticket; provided, however, if the $10 bundle would prevent
HOFV from securing a specific youth tournament as a result of the inclusion of the $10 bundle, the $10 bundle for that specific youth
tournament will not be added, provided that HOFV confirms in writing to PFHOF that the inclusion of the $10 bundle would prevent HOFV
from securing that specific youth tournament. For each such sale, HOFV shall provide the customer with the PFHOF entry ticket and remit
the $10 per ticket to PFHOF. PFHOF shall be responsible for providing HOFV with the mechanism for bundling its entry tickets (e.g.,
providing QR codes for e-ticket sales or providing paper tickets for in person ticket sales). The parties acknowledge and agree that HOFV
makes no representations or commitments as to a minimum number of ticket sales.

 

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		8.4	For avoidance of doubt, the License Fee, License Royalty, the entry ticket sales of Section 8.3, and any
separate license fees or other financial arrangement as agreed upon between the Parties under Sections 2.2, 2.3, and 3.7,shall constitute
the sole compensation owed to PFHOF under this Agreement. If PFHOF Marks are used in the HOFV Work that has been approved by PFHOF, then
that shall not constitute a sponsorship requiring any separate compensation. To the extent there are any potential conflicts between this
Agreement and any sponsorship-related agreement between the Parties, this Agreement shall govern, unless otherwise agreed to in writing
between the Parties.

 

		9.	AUDIT RIGHTS

 

PFHOF shall have the right,
not more than twice in any calendar year, to have an independent certified public accountant, examine and/or audit HOFV’s and its
Affiliates’ financial books and records that specifically relate to the “Net Profits” as provided in Section 1.12, the
revenues and costs associated with Exploitation of the PFHOF Works and PFHOF Marks, to verify HOFV’s compliance with Section 8 of
this Agreement. Before conducting any audit, PFHOF must give HOFV and/or its Affiliates at least two (2) weeks prior written notice before
such access is permitted, and such access shall be subject to the confidentiality provisions of this Agreement. PFHOF shall bear the cost
of such examination; provided, however, that if the examination reveals an underpayment of Net Profits of more than five percent (5%)
for any calendar quarter, HOFV or its Affiliates will promptly remit to PFHOF any unpaid amount, if applicable, and reimburse PFHOF for
the cost of the audit.

 

		10.	FORCE MAJEURE

 

In the event either Party
is unable to comply fully with its obligations (other than payment obligations) under this Agreement because of laws, strikes, catastrophe,
drought, shortage of water or other action of the elements, temporary or permanent shutdown due to regulatory or other governmental actions,
or Acts of God or other matters beyond its control, such Party shall while so affected be relieved to the extent thus prevented from performing
its obligations hereunder but in such event shall take reasonable measures to remove the disability and resume full performance hereunder
at the earliest possible date.

 

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		11.	INSURANCE

 

PFHOF represents and warrants
that it carries and maintains a policy of: (a) Commercial General Liability insurance and (b) Errors and Omissions Insurance (including,
without limitation, Media Liability insurance). Each of the foregoing insurance policies shall have limits of no less than two million
dollars ($2,000,000) per occurrence and in the aggregate. Such policies shall name HOFV and its Affiliates as additional insureds on a
primary and non-contributory basis thereunder and require the insurance company to endeavor to give the additional insured of at least
thirty (30) days’ prior written notice of any cancellation thereof. PFHOF agrees to furnish HOFV with certificates of insurance
evidencing the foregoing insurance coverage upon written request. Such policy or policies shall be maintained with reputable insurers
licensed to write such insurance in the State of Ohio and which are rated not lower than A-, VII by A.M. Best. The required policy limits
can be provided by a combination of primary and excess liability satisfactory to HOFV.

 

HOFV represents and warrants
that it carries and maintains a policy of: (a) Commercial General Liability insurance and (b) Errors and Omissions Insurance (including,
without limitation, Media Liability insurance). Each of the foregoing insurance policies shall have limits of no less than two million
dollars ($2,000,000) per occurrence and in the aggregate. Such policies shall name PFHOF and its Affiliates as additional insureds on
a primary and non-contributory basis thereunder and require the insurance company to endeavor to give the additional insured of at least
thirty (30) days’ prior written notice of any cancellation thereof. HOVF agrees to furnish PFHOF with certificates of insurance
evidencing the foregoing insurance coverage, upon written request. Such policy or policies shall be maintained with reputable insurers
licensed to write such insurance in the State of Ohio and which are rated not lower than A-, VII by A.M. Best. The required policy limits
can be provided by a combination of primary and excess liability satisfactory to PFHOF

 

		12.	EXCLUDED USES; RESTRICTIONS OF USE

 

		12.1	For purposes of clarity and notwithstanding anything contained in this Agreement to the contrary, the
(i) license grants and right of first refusal in Section 2 of this Agreement, and (ii) license grants and right of first refusal in Section
3 of this Agreement, do not extend to and specifically exclude, and do not grant to HOFV any license rights or rights of first refusal
with respect to any business, opportunity, joint venture, project, or initiative in any Excluded Category.

 

		12.2	HOFV acknowledges the existence of agreements (as extended), previously provided to HOFV, in effect as
of the Effective Date between PFHOF and certain licensees and/or licensors of certain PFHOF Marks and certain PFHOF Works that may restrict
or, in some cases, prohibit PFHOF from making certain PFHOF Marks and certain PFHOF Works available for use or Exploitation under this
Agreement (any and all such restrictions and prohibitions, collectively, “Rights Restrictions”). HOFV further
acknowledges and agrees that HOFV’s rights under this Agreement shall be subject and subordinate to any such Rights Restrictions
for so long as such Rights Restrictions are in effect. To the extent not already provided, PFHOF will provide to HOFV redacted copies
of any agreements or other documentation with respect to any Rights Restrictions. The Parties agree to use best efforts to work together
under this Agreement to minimize the impact of the Rights Restrictions on this Agreement, and further PFHOF will work in good faith with
the parties to the Rights Restriction agreements to minimize the impact of the Rights Restrictions on this Agreement . To the extent any
Rights Restrictions materially interfere with HOFV’s rights under this Agreement, the Parties agree to negotiate in good faith any
adjustments to this Agreement to adjust for such Rights Restrictions while trying to effectuate the Parties’ intent as set forth
herein.

 

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		13.	GENERAL PROVISIONS

 

		13.1	Confidentiality.

 

		(a)	“Confidential Information” means all forms of confidential information, including
technical information and business information, disclosed by one Party or its Affiliates (the “Disclosing Party”)
to the other Party or its Affiliates (the “Receiving Party”) during the Term in connection with this Agreement,
that is identified or marked as confidential or is information that is of a nature that is customarily regarded as confidential, whether
disclosed in electronic, tangible, oral or visual form; provided that oral or visual disclosures shall be deemed confidential only if
they are confirmed as confidential in writing by the Disclosing Party prior to or at the time of disclosure or within thirty (30) days
thereafter, or if the Receiving Party should reasonably know that such visual or oral disclosures are intended to be confidential. Confidential
Information shall not include such information that: (i) as of the date of disclosure is known to the Receiving Party or its Affiliates,
as shown by written documentation; (ii) was independently developed by the Receiving Party or its Affiliates without access to the Disclosing
Party’s Confidential Information; (iii) as of the date of disclosure is in, or subsequently enters, the public domain, through no
fault of the Receiving Party; or (iv) as of the date of disclosure or thereafter is obtained from a third party free from any obligation
of confidentiality to the Disclosing Party.

 

		(b)	Each Receiving Party agrees: (i) not to disclose, make public, or authorize any disclosure or publication
of such Confidential Information of the Disclosing Party except as expressly permitted herein; (ii) to take reasonable measures to protect
the confidentiality of the Disclosing Party’s Confidential Information exercising the same degree of care to preserve and safeguard
the Disclosing Party’s Confidential Information as it uses to preserve and safeguard its own Confidential Information, but in no
event less than a reasonable degree of care; (iii) to restrict access to such Confidential Information to only those officers, directors,
or employees of the Receiving Party or its Affiliates or representatives who have a need to know such Confidential Information and who
are bound by confidentiality obligations at least as restrictive as those contained in this Agreement; and (iv) not to remove any confidential
or proprietary markings or designations placed by the Disclosing Party on such Confidential Information. The Receiving Party and its Affiliates
shall not use the Disclosing Party’s Confidential Information for any purpose except as permitted by this Agreement.

 

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		(c)	The confidentiality obligations contained herein shall not apply to the extent that the Receiving Party
is required to disclose the information by law, order, or regulation of a governmental agency or a court of competent jurisdiction; provided
that, in each such case, the Receiving Party shall give written notice thereof to the Disclosing Party and sufficient opportunity to prevent
or limit any such disclosure or to request confidential treatment thereof; and provided further, that the Receiving Party shall give reasonable
assistance to the Disclosing Party to preserve the information as confidential.

 

		(d)	Upon termination of this Agreement, each Receiving Party shall return to the Disclosing Party (or at the
Disclosing Party’s direction, destroy) all Confidential Information of the Disclosing Party that is in the possession, custody,
or control of the Receiving Party. HOFV shall be permitted to retain copies of PFHOF’s Confidential Information as necessary to
allow HOFV to exercise its post-termination rights with respect to such information.

 

		(e)	Each Party acknowledges that a breach or threatened breach of this Section 13.1(a) on its part shall result
in irreparable and incalculable damages to the other Party. Therefore, in addition to any action by either Party for collection of damages
resulting from the breach of this Agreement, such Party shall also be entitled to immediate injunctive relief, restraining the other Party
from continued or threatened breach of this Agreement. Each Party further agrees that, upon a finding of a breach of the terms of this
Agreement on its part, such Party shall pay to the other Party the costs and expenses, including reasonable attorneys’ fees, which
the other Party incurs in enforcing the terms of this Agreement.

 

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		13.2	Notices. Any notice required or permitted by this Agreement will be in writing and delivered as
follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written
verification of receipt; (iii) by telecopy or facsimile transmission upon acknowledgement of receipt of electronic transmission; or (iv)
by certified or registered mail, return receipt requested, upon verification of receipt. Notice will be sent to the appropriate address
set forth below or such other address as to which the Parties have been notified hereunder.

 

		13.3	Compliance with Laws and Regulations. Each of HOFV, PFHOF, and their respective Affiliates as applicable,
agrees to be in material compliance with all federal, state, and local laws, ordinances, and regulations applicable to its respective
operations and to obtain and maintain all licenses and permits required by law necessary for each of their respective operations.

 

		13.4	Governing Law and Arbitration.

 

		(a)	This Agreement will be governed in all respects by the laws of the State of Ohio (without regard to conflicts
of law provisions), as such laws are applied to agreements entered into and to be performed entirely within the State of Ohio between
Ohio residents.

 

		(b)	Any dispute between the Parties concerning the scope or interpretation of this Agreement shall be submitted
to binding arbitration in accordance with the Rules of Commercial Arbitration of the American Arbitration Association in effect on the
date that a dispute is submitted to arbitration (the “Rules”). The arbitration shall be held in Canton, Ohio,
and shall be before a panel of three arbitrators, one chosen by each of the Parties and a third chosen by the two arbitrators so chosen
by the Parties. Not less than fifteen (15) days prior to the arbitration, each Party shall submit to the other the documents and a list
of witnesses it intends to interview or call in the arbitration. The arbitrators shall apply the substantive law of the State of Ohio
with regard to any dispute that becomes the subject of arbitration, and the arbitrators will be so instructed. The arbitrators shall issue
a written opinion stating the findings of fact and the conclusions of law upon which the decision is based. The decision of the arbitrators
shall be final and binding.

 

		(c)	In any action, suit, proceeding, claim, or counterclaim brought to enforce this Agreement or any of its
provisions, the Party that prevails in any such action, suit, proceeding, claim, or counterclaim (the “Prevailing Party”)
shall recover its costs, fees, and expenses, including, but not limited to, the reasonable costs, fees, and expenses of attorneys and
outside experts (collectively, “Expenses”), from the other Party (the “Non-Prevailing Party”),
and the court or arbitration panel shall be so instructed to determine which Party is the Prevailing Party, to grant the recovery of the
Expenses incurred by the Prevailing Party, and to order the Non-Prevailing Party to pay the Expenses of the Prevailing Party.

 

    19

     

    

 

		13.5	Severability. Should any provision of this Agreement be held by a court of competent jurisdiction
to be illegal, invalid, or unenforceable, the legality, validity, and enforceability of the remaining provisions of this Agreement will
not be affected or impaired thereby.

 

		13.6	Waiver. The waiver by either Party of a breach of any provision of this Agreement by the other
Party will not operate or be construed as a waiver of any other or subsequent breach by such other Party.

 

		13.7	Authority. Each Party warrants and represents that such Party’s execution and delivery of
this Agreement has been duly authorized by proper corporate or limited liability company action and that this Agreement is a binding obligation
of such Party enforceable in accordance with its terms.

 

		13.8	Independent Contracting Parties. The Parties are independent contracting parties and nothing in
this Agreement shall make either Party the agent or legal representative of the other for any purpose whatsoever, nor does it grant either
Party the authority to assume or create any obligation on behalf of or in the name of the other. Furthermore, the Parties shall remain
separate and independent contracting parties and nothing in this Agreement shall make either Party subject to a joint venture agreement
or other mutual arrangement between the Parties.

 

		13.9	Assignment. Neither Party may assign this Agreement or any interest herein, by operation of law
or otherwise, without the prior written consent of the other Party.

 

		13.10	Frustration of Purpose. Neither Party shall avoid or seek
to avoid the observance or performance of any of the terms to be observed or performed by it under this Agreement, but shall at all times
in good faith cooperate in the carrying out of all the provisions of this Agreement. 

 

		13.11	Entire Agreement. This Agreement constitutes the entire agreement between the Parties relating
to this subject matter and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including
the Original License Agreement, First Amended and Restated License Agreement, and the Amended and Restated Media License Agreement. This
Agreement may be changed only by mutual agreement of the Parties in writing.

 

[signature page follows]

 

    20

     

    

 

IN WITNESS WHEREOF, PFHOF
and HOFV have caused this Agreement to be executed by their respective, duly authorized representatives, effective as of the Effective
Date.

 

	 	NATIONAL FOOTBALL MUSEUM, INC.
	 	 	 
	 	By:	/s/ James A. Porter
	 	 	James A. Porter
	 	 	President
	 	 	 
	 	Date: 	4/9/22
	 	 	 
	 	Address:	2121 George Halas Drive NW
	 	 	Canton, Ohio 44708
	 	 	 
	 	HOF VILLAGE NEWCO, LLC
	 	 	 
	 	By:	/s/ Michael Crawford
	 	 	Michael Crawford
	 	 	President and Chief Executive Officer
	 	 	 
	 	Date:	4/9/22
	 	 	 
	 	Address: 	2626 Fulton Drive NW
	 	 	Canton, Ohio 44718

  

    21

     

    

 

Exhibit A

 

PFHOF Marks

 

 

    22

     

    

 

Exhibit B

 

Excluded Categories and Properties

 

		1.	Any
                                            of the following categories:

 

		●	Any
                                            merchandise and/or goods with the PFHOF Marks located thereon

 

		●	PFHOF’s
                                            tax exempt purpose which is as follows:

 

		o	See
                                            Schedule 1B which attaches the Articles of Incorporation of PFHOF

 

		●	Health
                                            Care

 

		●	Museums

 

		●	Education

 

		●	The
                                            Enshrinement Ceremonies, the selection process for election into the Pro Football Hall of
                                            Fame, and any other Enshrinement Events to include, without limitation, the following:

 

		o	Enshrinement
                                            Events reserved for NFLN, ESPN, and other network or streaming providers

 

		o	Gold
                                            Jacket Show one hour (2019 - 2 hours co-copyright NFLN PFHOF)

 

		o	Five
                                            One Hour Gold Jacket Contender Shows from September to February around the Enshrinement Selection
                                            Process

 

2.
The following television properties that are subject to perpetual rights and existing and future media deals (including any extensions,
renewals or materially similar agreement in connection with any existing agreement):

 

		o	Properties
                                            and rights subject to agreements with NFL Enterprises LLC (“NFLN”)
                                            and ESPN, Inc. (“ESPN”) through September 1st 2021
                                            (and any extension, renewal or similar agreement relating thereto).

 

		o	For
                                            the avoidance of doubt, nothing in this Agreement shall grant HOFV or its Affiliates the
                                            right or license to (i) any live (or near live) rights to Exploit any events or other content
                                            owned or controlled by PFHOF (e.g., Enshrinement Ceremonies), or (ii) any programming or
                                            content in connection with or related to any Enshrinement Ceremony or the Enshrinement selection
                                            process (e.g., selection meetings, voting, debates or discussions prior to or during any
                                            selection meeting, presenter speeches, discussions, etc.). Notwithstanding the foregoing,
                                            HOFV may create content based upon events immediately before and after Enshrinement Ceremonies,
                                            such as runway events taking place before and after the Enshrinement.

 

    23

     

    

 

4.
Any content or properties utilizing the following trademarks:

 

		●	Knock
                                            on the Door (Trademarked sold to social media company)

 

		●	Hometown
                                            Hall of Famer (Trademarked sold to sponsors)

 

		●	Ford
                                            Hall of Fans

 

		●	Ford
                                            Hometown Hero

 

5.
The following movies:

 

		●	Jim
                                            and Jill Kelly Movie

 

6.
Any digital live streaming rights, including without limitation, of the following properties:

 

		●	State
                                            of the Hall

 

		●	Super
                                            Bowl Luncheon

 

		●	Salute
                                            to Greatness

 

		●	Inspiration
                                            Project

 

		●	The
                                            Mission

 

		●	Heart
                                            of the Hall of Famer

 

		●	Knock
                                            on the Door

 

9.
Any licenses or sponsorships of video games granted to EA Sports (or its successor) with respect to Madden NFL.

 

    24

     

    

 

Schedule 1B

 

PFHOF Articles of Incorporation 

 

See Attached

 

    25

     

    

 

 

 

    26

     

    

 

 

 

    27

     

    

 

 

 

    28

     

    

 

 

 

    29

     

    

 

 

 

    30

     

    

 

Exhibit C

 

Asset Clearance Form

 

	Asset Clearance Form
	 
	Project Information
	Name of Project:
	Date submitted:	Anticipated Launch:
	
    PFHOF Assets Utilized: See Schedule A

    Individuals Depicted in Assets: See Schedule
    A

	PFHOF Representations & Warranties
	
    Except as set forth on Schedule 1 to this
    form, PFHOF affirms that the representations and warranties set forth in Sections 2.7 and 3.9 of the Global License Agreement shall apply
    to the Assets as specifically contemplated to be used in the Project. Except as set forth on Schedule 1 to this form, PFHOF represents
    and warrants that there is nothing that would limit or prevent full exploitation of the Assets as set forth in the Project.

     

    Except as set forth on Schedule 1 to this
    form, PFHOF specifically represents it has the necessary releases for all individuals depicted in the Assets.

     

    PFHOF represents and warrants that it has provided
    to HOFV all documentation it possesses or control with respect to ownership or right to use the Assets as well as all documentation with
    respect to any releases or rights to use the name or likeness of any individuals depicted in the assets.

	 
	 
	NATIONAL FOOTBALL MUSEUM, INC.

                                                                                 
	 
	

                                                                                 

                                                                                Signature of authorized representative
	Date:
	Name:

                                                                                 
	 
	Title:

                                                                                 
	 

 

    31

     

    

 

Schedule A

 

Media Assets and Individuals Depicted Therein:

 

[Asset 1]

 

		●	[individual
                                            1]

 

		●	[individual
                                            2]

 

[Asset
2]

 

		●	[individual
                                            1]

 

		●	[individual
                                            2]

 

    32

     

    

 

Exhibit D

 

Project Approval Form

 

	Project Approval Form

                                                                                 

	Project Information
	Name of Project:
	Date submitted:	Anticipated Launch:
	Asset Clearance Form Date: 
	PROJECT TERMS
	Nature of Project: [e.g., documentary, NFT, fine art, movie, television program, book, etc.]
	Term of Proposed Exploitation: 
	Territory:	Proposed Method of Distribution:
	
    Proposed Additional License Terms:

     

     

	approvals
	Pursuant to Section 3.3 of the Global License Agreement, HOFV has provided Notice of a project (“Project”), as set forth herein, to exploit certain licensed media assets and trademarks as set forth in the above referenced previously approved Asset Clearance Form (“Assets”).  Upon due consideration, the Project is hereby:
	q Approved

                                                                                                                                                                                                                

                                                                                 
	q Objected to: [please explain basis]
	PFHOF Representations & Warranties
	Except as set forth on Schedule 1 to this form, PFHOF affirms that the representations and warranties set forth in Sections 2.7 and 3.9 of the Global License Agreement shall apply to the Assets as specifically contemplated to be used in the Project.
	 
	PFHOF hereby authorizes the Village Media Company to proceed with the Project subject to the terms and conditions of the Media License Agreement and the License Agreement and subject to the above representations and warranties.  
	NATIONAL FOOTBALL MUSEUM, INC.

                                                                                 
	 
	 

                                                                                                                                                                                                            Signature
of authorized representative 
	

                                                                                 

                                                                                Date:

	Name:

                                                                                 
	 
	Title:

                                                                                 
	 
	 	 	 

 

 

33EX-4.1

 Exhibit 4.1 

Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, As Amended 

The following description sets forth certain material terms and provisions of the securities of Forbion European Acquisition Corp.
(“we,” “us” or “our”) that are registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The following description of our securities is not complete and may not
contain all the information you should consider before investing in our securities. This description is summarized from, and qualified in its entirety by reference to, our amended and restated memorandum and articles of association, which are
incorporated herein by reference. The summary below is also qualified by reference to the Companies Law and common law of the Cayman Islands. 

As of December 31, 2021, we had three classes of securities registered under the Exchange Act: our Class A ordinary shares, $0.0001
par value per share; warrants to purchase shares of our Class A ordinary shares; and units consisting of one Class A ordinary share and one-third of one redeemable warrant to purchase one
Class A ordinary share. In addition, this Description of Securities also contains a description of our Class B ordinary shares, par value $0.0001 per share (“founder shares”), which are not registered pursuant to Section 12
of the Exchange Act but are convertible into shares of the Class A ordinary shares. The description of the founder shares is necessary to understand the material terms of the Class A ordinary shares. 

Units 
 Public Units 

Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-third
of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in our initial public offering (“IPO”) prospectus.
Pursuant to the warrant agreement, a warrant holder may exercise warrants only for a whole number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder. 

The Class A ordinary shares and warrants comprising the units began separate trading on February 1, 2022, as disclosed in our
Current Report on Form 8-K filed with the United States Securities and Exchange Commission (the “SEC”) on February 1, 2022. Since the Class A ordinary shares and warrants have commenced
separate trading, holders have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into
Class A ordinary shares and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three units, you will not be able to receive or trade a
whole warrant. 
 Ordinary Shares 

On August 12, 2021, Forbion European Sponsor LLP paid $25,000, or approximately $0.009 per share, in consideration for 2,875,000
Class B ordinary shares (the “founder shares”), par value $0.0001. On November 23, 2021, Forbion European Sponsor LLP transferred 2,875,000 Class B ordinary shares to the sponsor in exchange for $25,000, or approximately
$0.009 per share. On December 9, 2021, we issued an additional 287,500 Class B ordinary shares to the sponsor resulting from a 1.1 for 1 share dividend. As of the date hereof, 15,812,500 of our ordinary shares are outstanding including:

  

	 	•	 12,650,000 Class A ordinary shares underlying the units issued as part of our IPO; and

  

	 	•	 3,162,500 Class B ordinary shares held by our sponsor. 

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as
described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our
amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to
approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least two-thirds of our ordinary
shares that are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation
with another company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being appointed in each year. There is no cumulative voting with respect
to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if
declared by the board of directors out of funds legally available therefor. 

  
 1 

 Prior to our initial business combination, only holders of our founder shares have the right
to vote on the appointment of directors and to vote to continue our company in a jurisdiction outside the Cayman Islands. Holders of our public shares are not entitled to vote on the appointment of directors or to vote to continue our company in a
jurisdiction outside the Cayman Islands during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. The
provisions of our amended and restated memorandum and articles of association governing the appointment or removal of directors or the continuation of our company in a jurisdiction outside the Cayman Islands prior to our initial business combination
may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple majority of
our Class B ordinary shares. 
 Because our amended and restated memorandum and articles of association authorize the issuance of up to
500,000,000 Class A ordinary shares, 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 Class A ordinary shares which we will be authorized
to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination. 

Our board of directors is divided into three classes with only one class of directors being appointed in each year and each class (except for
those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with the Nasdaq corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year
end following our listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or general meetings to appoint directors. We may not hold an annual general meeting to appoint new directors prior to the consummation of our
initial business combination. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the completion of
an initial business combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. 

We will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our
initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be $10.25 per public share assuming the period of time to consummate an initial business combination is not extended as provided 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 underwriters. The redemption rights will include the requirement that a beneficial owner must identify itself in
order to valid redeem its shares. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares
held by them in connection with (i) the completion of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the
substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed 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 18 months from the closing of our initial public offering (or up to 24 months from the closing of our initial public offering if we extend the period of time to consummate a business combination, subject
to our sponsor depositing additional funds in the trust account) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder 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
shareholder vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or
other reasons, we will, pursuant to our amended and restated memorandum and articles of association, 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 memorandum and articles of association will require these tender offer documents to contain substantially the same financial and other information about the initial business combination and the
redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business
or other 

  
 2 

 
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 shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote
at a general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in our IPO prospectus), if any, could result in the approval of our
initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued and outstanding ordinary
shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association require that at least five
days’ notice will be given of any general meeting. 
 If we seek shareholder 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 memorandum and articles of association provide that a public shareholder, together with any affiliate of such
shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our
prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares
will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders
will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such shareholders 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 shareholder approval, we
will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the
company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders’ founder
shares, we would need 4,743,750 or 37.5% (assuming all issued and outstanding shares are voted and the over-allotment option is not exercised) of the 12,650,000 public shares sold in our initial public offering to be voted in favor of an initial
business combination in order to have our initial business combination approved. In the event that Forbion Growth Opportunities Fund I Cooperatief U.A. (“Forbion Cooperatief”) (who is affiliated with our sponsor) votes its units in favor
of our initial business combination, a smaller portion of affirmative votes from other public shareholders would be required to approve our initial business combination. Forbion Cooperatief may have different interests with respect to a vote on an
initial business combination than other public shareholders. Assuming Forbion Cooperatief votes all of its 2,000,000 public shares in favor of approval of our initial business combination, we would need 2,743,750, or 21.7% (assuming all outstanding
shares are voted), of the 12,650,000 public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business combination approved. Each public shareholder may elect to redeem
their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. 
 Pursuant to our amended and
restated memorandum and articles of association, if we have not consummated an initial business combination within 18 months from the closing of our initial public offering (or up to 24 months from the closing of our initial offering if we
extend the period of time to consummate a business combination, subject to our sponsor depositing additional funds in the trust account), 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, 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 income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then-outstanding public shares, which
redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims of creditors and the requirements
of other applicable law. Our sponsor and each member of our management team have entered into an 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 they hold if we fail to consummate an initial business combination within 18 months from the closing of our initial public offering (or up to 24 months from the closing of our initial public offering if we extend the period of
time to consummate a business combination, subject to our sponsor depositing additional funds in the trust account) although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we
fail to complete our initial business combination within the prescribed time frame. Our amended and restated memorandum and articles of association provide that, if we wind up for any other reason prior to the consummation of our initial business
combination, we will follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. 

  
 3 

 In the event of a liquidation, dissolution or winding up of the company after a business
combination, our shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary
shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders 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 income taxes, if any, 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 Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units sold in our initial public offering, and holders of founder shares have the same shareholder
rights as public shareholders, except that: (a) prior to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors and to continue our company in a jurisdiction outside the
Cayman Islands and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (b) the founder shares are subject to certain transfer restrictions, as described in more detail below; (c) our
sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares (ii) to waive their redemption rights with
respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation
to provide holders of our Class A ordinary shares the right to have their shares redeemed 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
18 months from the closing of our initial public offering (or up to 24 months from the closing of our initial public offering if we extend the period of time to consummate a business combination, subject to our sponsor depositing
additional funds in the trust account) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares; and (iii) waive their rights to liquidating distributions from the trust account with
respect to any founder shares they hold if we fail to consummate an initial business combination within 18 months from the closing of our initial public offering (or up to 24 months from the closing of our initial public offering if we
extend the period of time to consummate a business combination, subject to our sponsor depositing additional funds in the trust account) although they will be entitled to liquidating distributions from the trust account with respect to any public
shares they hold if we fail to complete our initial business combination within the prescribed time frame; (d) the founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination
or earlier at the option of the holders thereof as described herein; and (e) the founder shares are entitled to registration rights. If we seek shareholder approval, we will complete our initial business combination only if we obtain the
approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each member of our management
team have agreed to vote their founder shares and public shares in favor of our initial business combination. 
 In the event that Forbion
Cooperatief (who is affiliated with our sponsor) votes its units in favor of our initial business combination, a smaller portion of affirmative votes from other public shareholders would be required to approve our initial business combination.
Forbion Cooperatief may have different interests with respect to a vote on an initial business combination than other public shareholders. Assuming Forbion Cooperatief votes all of its 2,000,000 public shares in favor of approval of our initial
business combination, we would need 2,743,750, or 21.7% (assuming all outstanding shares are voted), of the 12,650,000 public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our
initial business combination approved. 
 The founder shares are designated as Class B ordinary shares and will automatically convert
into Class A ordinary shares (which such Class A ordinary shares delivered upon conversion will not have redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial business
combination) at the time of our initial business combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares 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 ordinary shares issued and outstanding upon completion of our initial public offering, plus (ii) the total number of Class A
ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business
combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued to any seller in the initial business combination and any
private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of working capital loans and extension loans. In no event will the Class B ordinary shares convert into Class A ordinary
shares at a rate of less than one-to-one. 
  

  
 4 

 Except as described herein, our sponsor and our directors and executive officers have agreed
not to transfer, assign or sell any of their founder shares until earliest of (A) one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of
our Class A ordinary shares equals or exceeds $12.50 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that
results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. We refer to such transfer restrictions as the lock-up. Any permitted
transferees would be subject to the same restrictions and other agreements of our sponsor and our directors, executive officers and initial shareholders with respect to any founder shares. 

Prior to our initial business combination, only holders of our founder shares have the right to vote on the appointment of directors and to
continue our company in a jurisdiction outside the Cayman Islands. Holders of our public shares are not be entitled to vote on the appointment of directors during such time or to continue our company in a jurisdiction outside the Cayman Islands.. In
addition, prior to the completion of an initial business combination, 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 memorandum and articles of
association may only be amended by a special resolution passed by not less than two-thirds of our ordinary shares who attend and vote at our general meeting which shall include the affirmative vote of a simple
majority of our Class B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, 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. 
 Register of
Members 
 Under Cayman Islands law, we must keep a register of members and there will be entered therein: 

 

	 	•	 the names and addresses of the members, a statement of the shares held by each member, and of the amount paid
or agreed to be considered as paid, on the shares of each member and the voting rights of shares of each member; 

  

	 	•	 the date on which the name of any person was entered on the register as a member; and 

 

	 	•	 the date on which any person ceased to be a member. 

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register of
members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name
in the register of members. Upon the closing of this public offering, the register of members will be immediately updated to reflect the issue of shares by us. 

Once our register of members has been updated, the shareholders recorded in the register of members will be deemed to have legal title to the
shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the
Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for
rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court. 

Preference Shares 
 Our
amended and restated memorandum and articles of association authorize 5,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series. Our board of directors is 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 is able
to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board
of directors to issue preference shares without shareholder 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 preference shares issued and outstanding at
the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares were issued or registered in our initial public offering. 

  
 5 

 Warrants 

Public Shareholders’ Warrants 
 Each
whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of one year from the closing of our initial public
offering and 30 days after the completion of our initial business combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of
Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you
purchase at least three units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon
redemption or liquidation. 
 We are not obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and
have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares 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 Class A ordinary share upon
exercise of a warrant unless the Class A ordinary share 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 Class A ordinary share 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 the registration statement for our initial public offering or a new
registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60
business days after the closing of our initial business combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed,
as specified in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the
Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the
extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the 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, but we will use our commercially reasonable 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 the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants,
multiplied by the excess of the “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market value. The “fair market value” as used in this paragraph shall mean the volume weighted
average price of the Class A ordinary shares 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 public warrants. Once the redeemable warrants become exercisable, we may redeem the outstanding warrants: 

 

	 	•	 in whole and not in part; 

 

	 	•	 at a price of $0.01 per warrant; 

 

	 	•	 upon a minimum of 30 days’ prior written notice of redemption to each warrant holder; and

  

	 	•	 if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as
adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “ — Redemption Procedures — Anti-dilution Adjustments” below) for any
20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders. 

 

  
 6 

 We will not redeem the warrants as described above unless a registration statement under the
Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. 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. 
 We have established the last of the redemption criterion discussed above to prevent a redemption call unless there
is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise his, her or its warrant
prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a
warrant as described under the heading “—Redemption Procedures — Anti-dilution Adjustments” below) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 

If we call the public warrants for redemption as described above, we will have the option to require any holder that wishes to exercise its
public warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their public warrants on a “cashless basis,” we will consider, among other factors, our cash position, the number of public
warrants that are outstanding and the dilutive effect on our shareholders of issuing the maximum number of Class A ordinary shares issuable upon the exercise of our public warrants. If we take advantage of this option, all holders of public
warrants would pay the exercise price by surrendering their public warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the
warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” means the
10-day average closing price as of the date on which the notice of redemption is sent to the holders of the warrants. If we take advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of Class A ordinary shares to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares
to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our
warrants for redemption and we do not take advantage of this option, our sponsor and its permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described
above that other warrantholders would have been required to use had all warrantholders been required to exercise their warrants on a cashless basis, as described in more detail below. 

No fractional Class A ordinary shares 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 of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the Class A
ordinary shares 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 Class A ordinary shares, 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 9.8% (or such other amount as a holder may specify) of the Class A ordinary shares issued and outstanding immediately after giving
effect to such exercise. 
 Anti-dilution Adjustments. If the number of outstanding Class A ordinary shares is increased by a
capitalization or share dividend payable in Class A ordinary shares, or by a sub-division of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend, sub-division or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding ordinary shares. A rights offering
made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical fair market value” (as defined below) will be deemed a share dividend of a number
of Class A ordinary shares equal to the product of (i) the number of Class A 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 Class A ordinary shares) and (ii) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if
the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the 

  
 7 

 
price payable for Class A ordinary shares, 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) “historical fair market value” means the volume weighted average price of Class A ordinary shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class A
ordinary shares 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 all or substantially all of the holders of the Class A ordinary shares on account of
such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash
dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to
appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with
respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial
business combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the
substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed 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 18 months from the closing of our initial public offering (or up to 24 months from the closing of our initial public offering if we extend the period of time to consummate a business combination, subject
to our sponsor depositing additional funds in the trust account) or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares, 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 Class A ordinary share in respect of such event. 
 If the number of outstanding Class A
ordinary shares is decreased by a consolidation, combination, reverse share sub-division or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such
consolidation, combination, reverse share sub-division, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to
such decrease in outstanding Class A ordinary shares. 
 Whenever the number of Class A ordinary shares 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
Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter. 

The warrant agreement provides that no adjustment to the number of Class A ordinary shares issuable upon exercise of a warrant will be
required until cumulative adjustments amount to 1% or more of the number of Class A ordinary shares issuable upon exercise of a warrant as last adjusted. Any such adjustments that are not made will be carried forward and taken into account in
any subsequent adjustment. All such carried forward adjustments will be made (i) in connection with any subsequent adjustment that (taken together with such carried forward adjustments) would result in a change of at least 1% in the number of
Class A ordinary shares issuable upon exercise of a warrant and (ii) on the exercise date of any warrant. 
 In addition, if
(x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per
ordinary share (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 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 our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A ordinary shares during
the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted
(to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under “— Redemption of public warrants” will be adjusted (to the
nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. 

  
 8 

 In case of any reclassification or reorganization of the outstanding Class A ordinary
shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which
we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other
property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares 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. 
 The warrants were issued in registered form under a warrant agreement between Continental
Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any
mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in our IPO prospectus, or defective provision (ii) amending the provisions relating to
cash dividends on ordinary shares as contemplated by and in accordance with the warrant agreement, (iii) providing for the delivery of certain alternative issuances in the case of certain reorganizations or other events or (iv) adding or
changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered
holders of the warrants, provided that the approval by the holders of at least 65% of the then-outstanding public warrants is required to make any change that adversely affects the interests of the registered holders. You should review a copy of the
warrant agreement, which we filed with the SEC on December 14, 2021, as an exhibit to our Current Report on Form 8-K, for a complete description of the terms and conditions applicable to the warrants.

 The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their
warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares 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
shareholders. 
 No fractional warrants will be issued upon separation of the units and only whole warrants will trade. If, upon
exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to the warrant holder. 

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

Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants sold as part
of the units in our initial public offering. The private placement warrants are not transferable, assignable or salable (and the Class A ordinary shares issuable upon exercise of the private placement warrants will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination), except pursuant to limited exceptions, to our officers and directors and other persons or entities affiliated with the initial purchasers of the
private placement warrants, and they will not be redeemable by us. Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. If the private placement warrants are held by holders other
than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in our initial public
offering. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement warrants will require a vote of holders of at least 65% of the number of the then outstanding
private placement warrants. 
 If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the
exercise price by surrendering his, her or its warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied
by the excess of the “Sponsor fair market value” (defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. For these purposes, the “Sponsor fair market value” shall mean the average
reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these
warrants are exercisable on a cashless basis is because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability to sell our securities in the open

  
 9 

 
market will be significantly limited. We expect to have policies in place that restrict insiders from selling our securities except during specific periods of time. Even during such periods of
time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public shareholders
who could exercise their warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such
securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate. 
 In order to
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 $1.50 per warrant at the option of the lender. Such warrants would be identical to the private placement
warrants. 

  
 10

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