Document:

Exhibit 4.17

 

TELESAT CORPORATION

 

INDEMNITY AGREEMENT

 

This Indemnity Agreement (this
“Agreement”) is made and entered into as of April ___, 2021 by and among Telesat Corporation (the “Company”),
a company incorporated under the laws of the Province of British Columbia, and ___________ (the “Indemnitee”).

 

BACKGROUND:

 

A. The
British Columbia Business Corporations Act (the “Act”) permits the Company to indemnify individuals who are
or were directors and officers of the Company or who act or acted at the Company’s request as directors or officers or in an equivalent
capacity of an Associated Corporation (as defined below).

 

B. It
is in the best interests of the Company to attract and retain competent persons to serve as directors or officers or to act in equivalent
capacities, and the entering into of an agreement containing indemnification provisions of the kind contained in this Agreement is reasonable
and necessary to achieving those goals.

 

C. The
Indemnitee is willing to act or to continue to act as a director or officer (or both) or in an equivalent capacity of the Company or is
currently or may, in the future, be willing to act or to continue to act, at the request of the Company, as a director or officer or in
an equivalent capacity of an Associated Corporation if, among other things, the Company provides the Indemnitee with contractual assurance
that the protection against personal liability contemplated in this Agreement will be available to the Indemnitee to the fullest extent
permitted by applicable law.

 

D. In
order to attract and retain competent persons to serve as directors or officers and to act in equivalent capacities, the best interests
of the Company will be served by maintaining, on an ongoing basis, at the Company’s sole expense, directors’ and officers’
liability insurance to protect persons serving the Company and its Associated Corporations as directors and officers and in other capacities
from certain liabilities.

 

E. The
Company and the Indemnitee consider it desirable to enter into this Agreement, and in entering into such Agreement, affirm that they intend
that all the provisions of this Agreement be given legal effect to the fullest extent permitted by applicable law.

 

IN CONSIDERATION of the Indemnitee
agreeing to serve or continue to serve, as set forth above, and having regard to the premises, covenants and agreements contained herein,
the receipt and sufficiency of which are acknowledged by the Company, the parties agree as follows:

 

1. Defined
Terms.

 

In this Agreement, the following terms will have
the meanings given to them as set forth below, and any derivative of the following terms will have a corresponding meaning:

 

“Articles” means the articles
of the Company as in effect from time to time.

 

“Associated Corporation” means
(i) a corporation that is or was an affiliate of the Company; (ii) a corporation that the Indemnitee is or was a director or officer
of or acted in an equivalent capacity at the request of the Company, regardless of whether such corporation is or was an affiliate of
the Company; or (iii) a partnership, trust, joint venture, limited liability company or other unincorporated entity that the Indemnitee
is or was, or holds or held a position equivalent to that of, a director or officer at the request of the Company, regardless of whether
such other entity is or was an affiliate of the Company; provided that none of (w) Public Sector Pension Investment Board, (x)
MHR Fund Management LLC, (y) Red Isle Private Investments Inc. or (z) any portfolio companies, investment vehicles or holding companies
directly or indirectly managed or controlled by them other than the Company and its subsidiaries is an “Associated Corporation”.

 

     

     

    

 

“Eligible Party” means the
Indemnitee and includes (except in the definition of “Eligible Proceeding” and except in Sections 4(a) and 4(b) (Indemnification
Prohibited), or Section 12 (Director and Officer Liability Insurance) below) the heirs and personal or other legal representatives
of that individual.

 

“Eligible Penalty” means a
loss, cost, charge, damage, expense, award, settlement, liability, judgment, penalty or fine awarded or imposed in, or an amount paid
in settlement of, an Eligible Proceeding, including, without limitation, all interest, assessments and other charges paid or payable in
connection with or in respect of any of the foregoing.

 

“Eligible Proceeding” means
a Proceeding in which an Eligible Party or any of the heirs and personal or other legal representatives of the Eligible Party:

 

		(a)	is or may be joined as a party; or

 

		(b)	is or may be liable for or in respect of a loss, damage, award. settlement, liability, judgment, penalty
or fine in, or Expenses related to, the Proceeding

 

and, in each case, (i) which Proceeding arises
because of or in connection with the Eligible Party’s acting or having acted as an officer or director or in an equivalent capacity
of the Company or any Associated Corporation, or having acted at the Company’s request as a director or officer or in an equivalent
capacity of an Associated Company, or (ii) to which Proceeding the Eligible Party would not been joined as a party nor would have been
liable for or in respect of a loss, damage, award. settlement, liability, judgment, penalty or fine in, or Expenses related to, such Proceeding
had the Eligible Party not accepted the Company’s request to act as a director or officer of the Company or an Associated Company.

 

“Expenses” includes costs,
expenses, charges, including legal fees and costs on a solicitor and client or full indemnity basis and other reasonable professional
fees and other fees, but does not include losses, damages, awards, settlements, liabilities, judgments, penalties, fines or amounts paid
in settlement of a Proceeding.

 

“Proceeding” includes
any claim, demand, suit, action, arbitration, alternate dispute resolution mechanism, proceeding, investigation, inquiry or administrative
hearing, whether threatened, pending, commenced, continuing or completed, and any appeal or appeals therefrom, whether brought in the
right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature.

 

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2. Indemnification.

 

Subject to Section 4 (Indemnification
Prohibited):

 

		(a)	the Company shall indemnify an Eligible Party against all Eligible Penalties to which the Eligible Party
is or may be liable; and

 

		(b)	to the extent not previously indemnified pursuant to clause (a) above, the Company must, after the final
disposition of an Eligible Proceeding, pay all Expenses that have not been advanced or reimbursed and all Eligible Penalties actually
and reasonably incurred by the Eligible Party in respect of that Eligible Proceeding,

 

in each case, to the fullest
extent permitted by law, regardless of when the applicable Eligible Penalty or Expense arose and howsoever arising.

 

3. Expense
Advances.

 

The Company will, upon request
by the Eligible Party, make advances (“Expense Advances”) to the Eligible Party of all Expenses that are actually and
reasonably incurred by the Eligible Party in respect of an Eligible Proceeding for which the Eligible Party seeks indemnification under
this Agreement before the final disposition of such Eligible Proceeding. In connection with such requests, the Eligible Party will provide
the Company with a written affirmation of the Eligible Party’s good faith belief that the Eligible Party is legally entitled to
indemnification, along with sufficient particulars of the Expenses to be covered by the proposed Expense Advance to enable the Company
to make an assessment of its reasonableness. The Eligible Party’s entitlement to such Expense Advance will include those Expenses
incurred in connection with a Proceeding by the Eligible Party against the Company seeking an adjudication or award pursuant to this Agreement.
The Company will make payment to the Eligible Party, or if requested by the Eligible Party, directly to the payee of such Expenses, within
ten (10) days after the Company has received the foregoing information from the Eligible Party.

 

The Eligible Party will repay
to the Company all Expense Advances if and to the extent that it is finally determined by a court of competent jurisdiction that the Eligible
Party is not entitled to indemnification under this Agreement. The Eligible Party will provide a written undertaking to the Company that,
if it is finally determined by a court of competent jurisdiction that indemnification is prohibited by Section 4 (Indemnification Prohibited)
or Section 163 of the Act, the Eligible Party will repay in full the amounts advanced.

 

4. Indemnification
Prohibited.

 

The Company shall not indemnify
an Eligible Party under Section 2 (Indemnification) or pay the Expenses of an Eligible Party under Section 2(b) (Indemnification)
and shall demand repayment of Expense Advances under Section 3 (Expense Advances), if, as finally determined by a court of competent
jurisdiction, any of the following circumstances apply:

 

		(a)	if, in relation to the subject matter of the Eligible Proceeding, the Eligible Party did not act honestly
and in good faith with a view to the best interests of the Company or the Associated Corporation, as the case may be; or

 

		(b)	in the case of an Eligible Proceeding other than a civil Proceeding, if the Eligible Party did not have
reasonable grounds for believing that the Eligible Party’s conduct in respect of which the Proceeding was brought was lawful.

 

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If an Eligible Proceeding is
brought against an Eligible Party by or on behalf of the Company or by or on behalf of an Associated Corporation, to the extent prohibited
by the Act, the Company must not: (i) indemnify the Eligible Party under Section 2(a) (Indemnification) in respect of such Eligible
Proceeding; or (ii) pay the Expenses of the Eligible Party under Section 2(b) (Indemnification) or make Expense Advances to the
Eligible Party under Section 3 (Expense Advances) in respect of the Eligible Proceeding; provided that nothing in this Section
4 shall be deemed in any way to limit or prevent the Company or an Eligible Party from making an application to a court in the manner
contemplated under Section 164 of the Act (or any successor provision), or to limit or derogate from the rights and obligations set out
in Section 11 (Determination of Right to Indemnification); provided, further, that nothing in this Section 4 shall be deemed in
any way to limit or prevent any indemnification, payment, enforcement, or other action ordered by such a court.

 

5. Limitations
on Indemnity.

 

The Company will have the burden
of establishing the matters referred to in Section 4 (Indemnification Prohibited). Unless a judgment or order of a court of competent
jurisdiction finally determines that the Company is not liable to indemnify the Eligible Party by virtue of Section 4 (Indemnification
Prohibited), the determination of any Proceeding, or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere, or its equivalent, will not, of itself, create a presumption either that the Eligible Party did not
act honestly or in good faith with a view to the best interests of the Company or Associated Corporation (in the case of a civil Proceeding),
or that, in the case of a Proceeding other than a civil Proceeding, the Eligible Party did not have reasonable grounds for believing that
the Eligible Party’s conduct in respect of which the Proceeding was brought was lawful.

 

For purposes of any determination
by a court hereunder, the Eligible Party will be deemed, subject to compelling evidence to the contrary, to have acted in good faith and/or
in the best interests of the Company or Associated Company. The Company will have the burden of establishing the absence of good faith
and that the Eligible Party is not entitled to indemnity under this Agreement.

 

6. Right
of Indemnity Not Exclusive.

 

		(a)	The provisions for indemnification contained in this Agreement will not be deemed exclusive of, a substitute
for, or to diminish or abrogate in any manner any other rights to which any person seeking indemnification may be entitled under the Articles,
vote of shareholders or directors or otherwise, both as to action in his or her official capacity and as to action in another capacity,
and will continue as to a person who has ceased to be a director, officer, employee or agent and will inure to the benefit of that person’s
heirs and personal or other legal representatives.

 

		(b)	The parties hereby acknowledge that, in addition to the rights to indemnification for Eligible Penalties
and Expense Advances and/or insurance provided by or on behalf of the Company or Associated Corporation to the Eligible Party under this
Agreement, the Eligible Party may have concurrent rights to indemnification, advancement of expenses and/or insurance provided by or on
behalf of the person or its affiliates that employ, retain or are otherwise associated with, or designate or nominate (including pursuant
to the Articles or an investor rights agreement), such Eligible Party (collectively, the “Secondary Indemnitors”).
Notwithstanding anything to the contrary herein and, to the fullest extent permitted by law, with respect to its indemnification and advancement
obligations to the Eligible Party hereunder or otherwise:

 

(i) the
Company is the indemnitor of first resort, and the Company’s and its insurers’ obligations to indemnify or provide Expense
Advances to the Eligible Party, subject to prohibitions on or requirements in respect of indemnification or advancement under applicable
law, are primary to any obligation of the applicable Secondary Indemnitors or their respective insurers to provide indemnification or
advancement for Eligible Penalties incurred by the Eligible Party;

 

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(ii) subject
to Section 2, Section 3 and Section 4, the Company shall, to the fullest extent permitted by applicable law, advance the full amount of
Expenses incurred by each Eligible Party and shall be liable for the full amount of all Eligible Penalties of each Eligible Party or on
his, her or its behalf to the extent legally permitted and as required hereby or otherwise, without regard to any rights the Eligible
Party may have against the Secondary Indemnitors or their respective insurers; and

 

(iii) the
Company irrevocably waives and relinquishes, and releases the Secondary Indemnitors and their respective insurers from, any and all claims
by the Company or any Associated Corporation against the Secondary Indemnitors or such insurers for contribution, subrogation or any other
recovery of any kind in respect to the expenses or liabilities incurred by the Eligible Party for which the Company is obligated to provide
indemnification or advancement hereunder. For the avoidance of doubt, this Section 6(b)(iii) does not apply to any insurers of the Company
or any Associated Corporation, including pursuant to Section 12 hereof.

 

		(c)	In furtherance and not in limitation of the foregoing, in the event that any Secondary Indemnitor or its
insurer advances any expenses or makes any payment to any Eligible Party for matters subject to advancement or indemnification by the
Company pursuant this Agreement or otherwise, the Company shall promptly, subject to any prohibitions set out in the Act, Sections 4 and
5 hereof and its obligations to bring any applications or proceedings that may be required in accordance with Section 11 below, upon request
by such Secondary Indemnitor, reimburse such Secondary Indemnitor or its insurer, as applicable, for such advance or payment, and such
Secondary Indemnitor or insurer shall be subrogated to all of the claims or rights of the Eligible Party hereunder or otherwise, including
to the payment of Expenses in an action to collect.

 

7. Notice
of Proceedings.

 

		(a)	To the extent permissible by law and subject to the order of any court or tribunal prohibiting such notice,
the Eligible Party will give written notice to the Company upon such Eligible Party being served with any statement of claim, writ, notice
of motion, indictment, subpoena, investigation order or other document commencing, threatening or advancing any Proceeding involving the
Company, an Associated Corporation or the Eligible Party which may result in a claim for indemnification under this Agreement.

 

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		(b)	The Company will, to the extent permissible by law and subject the order of any court or tribunal prohibiting
such notice, give written notice to the Eligible Party upon the Company or an Associated Corporation being served with any statement of
claim, writ, notice of motion, indictment, subpoena, investigation order or other document commencing, threatening or advancing any Proceeding
involving the Eligible Party or which might reasonably result in a claim for indemnification or advancement by the Eligible Party under
this Agreement.

 

		(c)	Failure by either party to notify the other of any Proceeding will not relieve the Company from liability
under this Agreement, except to the extent that such failure materially prejudices the Company.

 

8. Defence.

 

The Company shall be entitled
to participate, at its own expense, in the defence of the Eligible Party in any Eligible Proceeding. Promptly after receiving notice of
any Eligible Proceeding from an Eligible Party, the Company will upon the written request of the Eligible Party, promptly assume the defence
of the Eligible Proceeding and, on behalf of the Eligible Party, will retain counsel chosen by it who is satisfactory to the Eligible
Party, acting reasonably, to represent the Eligible Party in respect of the Eligible Proceeding.

 

9. Separate
Counsel.

 

If the Eligible Party is named as a party or a
witness to any Eligible Proceeding, or the Eligible Party is questioned or any of his or her actions, omissions or activities are in any
way investigated, reviewed or examined in connection with or in anticipation of any actual or potential Eligible Proceeding, the Eligible
Party will be entitled to retain independent legal counsel at the Company’s expense to act on the Eligible Party’s behalf
to provide an initial assessment to the Eligible Party of the appropriate course of action for the Eligible Party. The Eligible Party
will be entitled to continued representation by such independent counsel at the Company’s expense beyond the initial assessment.

 

10. Settlement
of Claim.

 

No admission of liability and
no settlement of any Eligible Proceeding in a manner adverse to the Indemnitee will be made without the prior written consent of the Eligible
Party, such consent not to be unreasonably withheld. No admission of liability will be made by the Eligible Party in connection with an
Eligible Proceeding without the consent of the Company and the Company will not be liable for any settlement of any Eligible Proceeding
made without its consent, such consent not to be unreasonably withheld.

 

11. Determination
of Right to Indemnification.

 

If any payment under this Agreement
requires the approval of a court under applicable law, the Company agrees to apply to the court for and use commercially reasonable efforts
to obtain such approval, which commercially reasonable efforts shall include seeking an appeal, where available, of a decision denying
indemnification or advancement. If the Company does not seek such approval or appeal, the Eligible Party may apply to the court for such
approval or appeal. The Company will bear all reasonable Expenses incurred by the Company or the Eligible Party in applying for (whether
or not approval is ultimately obtained) and obtaining such approval or appeal.

 

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12. Director
and Officer Liability Insurance.

 

The Company will obtain and
maintain directors’ and officers’ liability insurance coverage in respect of the Indemnitee with a reputable third party insurer
on such terms, with such policy conditions and in such amounts and with coverage and policy limits as are available to the Company on
commercially reasonable terms for so long as the Indemnitee is (a) a director or officer of the Company or holds an equivalent position
with the Company, (b) a director or officer of, or holds an equivalent position to that of a director or officer of an Associated Corporation,
or (c) at the request of the Company, holds a position equivalent to that of, a director or officer of a partnership, trust, joint venture
or other unincorporated entity, and for so long thereafter (having regard to all applicable statutory limitation periods) as is necessary
to ensure that any Eligible Proceeding which may be commenced or taken against the Indemnitee after the Indemnitee ceases to serve in
any of the capacities set forth in (a) through (c), above, is covered by such insurance to the same extent as would have been the case
had such Eligible Proceeding been commenced during the period during which the Indemnitee was such a director or officer or acted in such
an equivalent capacity. In all such insurance maintained by the Company, the insurances will provide coverage covering the Indemnitee
on terms no less favourable to the Indemnitee than the coverage the Company has in place for any (most favourably insured) director or
officer of the Company. Upon written request of the Indemnitee, the Company will provide to the Indemnitee copies of any policies of insurance
that have been obtained and any proposed replacement or renewal insurance.

 

13. Tax
Matters.

 

If an Eligible Party is required
to include in income, or in the income of the Indemnitee’s estate, any payment made under this Agreement for the purpose of determining
income tax payable by the Eligible Party, the Company will pay such amount as will fully indemnify the Eligible Party for the amount of
all liabilities and all income tax payable as a result of the receipt of the indemnity payment, such that the net after tax amount of
every payment made to the Eligible Party hereunder, after the provision for the payment of any taxes payable by the Company or the Eligible
Party, is equal to the amount that the Eligible Party would have received had there been no such taxes payable.

 

14. Scope
of Indemnity.

 

The intention of the parties
is to provide the Eligible Party with indemnification to the fullest extent permitted by applicable law and, without limiting the generality
of the foregoing and notwithstanding anything contained herein:

 

		(a)	nothing in this Agreement will be interpreted, by implication or otherwise, to limit the scope of the
indemnification provided in Section 2 (Indemnification), except as specifically provided herein; and

 

		(b)	Section 2 (Indemnification) and Section 3 (Expense Advances) are intended to provide indemnification
to the Eligible Party to the fullest extent permitted by the Act and, in the event that such statute is amended or replaced, or the Company
continues under another statute, and a broader scope of indemnification (including, without limitation, the deletion or limitation of
one or more of the conditions to the applicability of indemnification) is permitted or allowed, Section 2 (Indemnification), Section
3 (Expense Advances) and any other provision hereof required to be amended to accomplish such intention will be deemed to be amended
concurrently with the amendment to, or replacement of, the statute, or continuance under another statute, so as to provide such broader
indemnification; and

 

		(c)	the knowledge and/or actions, or failure to act, of any other director or officer or person acting
in an equivalent capacity of the Company or any person who acted at the Company’s request as directors or officers or in an equivalent
capacity of an Associated Corporation shall not be imputed to the Eligible Party for purposes of determining the right to indemnification
under this Agreement.

 

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15. Information
and Documents.

 

The Company and the Eligible
Party will, subject to any duties of confidentiality, provide each other, both while the Indemnitee is a director or officer of, or holds
a position equivalent to that of, a director or officer of, the Company or any Associated Corporation and after the Indemnitee ceases
to be a director or officer of, or held a position equivalent to that of, a director or officer of, the Company or any Associated Corporation,
with all information and documents in the possession of, or reasonably available to, such party reasonably requested by the other party
or of which such party is aware which will assist or allow the other party to investigate, respond to, defend, participate in or assume
the defense of, settle or appeal any Eligible Proceeding.

 

16. Notices.

 

All notices and other communications
given or made pursuant to this Agreement will be in writing and will be deemed effectively given upon the earlier of actual receipt or:
(a) personal delivery to the party to be notified, (b) when sent, if sent by email during normal business hours of the recipient, and
if not sent during normal business hours, then on the recipient’s next business day, (c) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized
overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications will
be sent to the respective parties at their address as set forth below, or to such address or email address as subsequently modified by
written notice given in accordance with this Section 16.

	
     

    Notices to the Company:
	Notices to the Indemnitee:
	
     

    General Counsel

    160 Elgin Street, Suite 2100

    Ottawa, Ontario K2P 2P7

    Email: contract-notice@telesat.com

     

    and a copy (which will not constitute

    notice) should be sent to:

     

    Director, Risk Management

    160 Elgin Street, Suite 2100

    Ottawa, Ontario K2P 2P7

    Email: mbolitho@telesat.com
	
     

     

 

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17. Commencement
of Term and Survival. 

 

Notwithstanding the actual date
of execution and delivery of this Agreement, this Agreement and the obligations of the Company provided herein will be deemed to commence
on the day upon which the Indemnitee first became a director or officer of, or first held a position equivalent to that of, a director
or officer of, the Company or any Associated Corporation. This Agreement and the obligations of the Company provided herein will survive
the re-election or re-appointment from time to time of the Indemnitee as a director or officer of, or the holder of a position equivalent
to that of, a director or officer of, the Company or any Associated Corporation or the Indemnitee ceasing to be a director or officer
of, or ceasing to hold a position equivalent to that of, a director or officer of, the Company or any Associated Corporation and will
continue in full force and effect thereafter.

 

18. Resignation
or Removal. 

 

Nothing in this Agreement will
prevent an Indemnitee from resigning as a director or officer of, or resigning from a position equivalent to that of, a director or officer
of, the Company or any Associated Corporation. The obligations of the Company hereunder will continue after and are not affected in any
way by the Indemnitee ceasing to be a director or officer of, or ceasing to hold a position equivalent to that of, a director or officer
of, the Company or an Associated Corporation, whether by resignation, removal, death, incapacity, disqualification under applicable law
or otherwise.

 

19. Time.

 

Time will be of the essence
of this Agreement. The Company will pay all amounts due to any Eligible Party under this Agreement forthwith upon demand by such Eligible
Party.

 

20. Further
Acts. 

 

Each party agrees to do all
such things and take all such actions as may be necessary or desirable to give full force and effect to the matters contemplated by this
Agreement. No amendment to this Agreement will be valid or binding unless set forth in writing and executed by both the Company and the
Indemnitee.

 

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21. Severability.

 

In case any one or more of the
provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality, or unenforceability will not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision
will be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.

 

22. Inurement.

 

This Agreement inures to the
benefit of the Indemnitee and is binding upon the parties and their respective heirs, executors, administrators, legal representatives,
successors and assigns. This Agreement may not be assigned by the Company without the prior written consent of the Indemnitee. For greater
certainty, this Agreement will be binding upon any direct or indirect successor to the Company resulting from any merger, consolidation,
amalgamation, plan of arrangement or purchase or assigning of all or substantially all of the assets of the Company, or by operation of
law.

 

23. Governing
Law.

 

This Agreement will be governed
by, and construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein, regardless
of the laws that might otherwise govern under applicable principles of conflicts of laws.

 

24. Counterparts.

 

This Agreement may be executed
in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
Counterparts may be delivered via facsimile, electronic mail (including pdf), or other transmission method and any counterpart so delivered
will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

[Signature Page Follows]

 

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

 

	TELESAT CORPORATION	 
	 	 	 
	By:	 	 
	Name: 	 Chris DiFrancesco	 
	Title: 	VP, General Counsel & Secretary	 
	 	 	 
	[name] 	 
	 	 	 
	Signature: 		 

 

Signature Page –
Director Indemnity AgreementExhibit 4.6

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 

OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2021, Global Partner Acquisition
Corp II (“we,” “our,” “us” or the “Company”) had the following three classes of securities
registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its units, consisting
of one Class A ordinary share, one-sixth of one redeemable warrant and the contingent right to receive, in certain circumstances,
following the initial business combination redemption time, another one-sixth of one redeemable warrant, with each whole warrant
entitling the holder thereof to purchase one Class A ordinary share (the “units”), (ii) its Class A ordinary shares, $0.0001
par value per share, and (iii) its warrants, with each whole warrant exercisable for one Class A ordinary share for $11.50.

 

We are a Cayman Islands exempted company and our affairs are governed
by our amended and restated memorandum and articles of association, the Companies Law and the common law of the Cayman Islands. Pursuant
to our amended and restated memorandum and articles of association, we are authorized to issue 500,000,000 Class A ordinary shares
and 50,000,000 Class B ordinary shares, as well as 5,000,000 preference shares, $0.0001 par value each. The following description
summarizes the material terms of our securities as set out more particularly in our amended and restated memorandum and articles of association.
Because it is only a summary, it may not contain all the information that is important to you.

 

Defined terms used herein but not otherwise defined
shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each unit consists of one Class A ordinary share, one-sixth of
one redeemable warrant (the “detachable redeemable warrants”) and the contingent right to receive, in certain circumstances,
following the initial business combination redemption time, another one-sixth of one redeemable warrant (collectively, the “distributable
redeemable warrants” and, together with the detachable redeemable warrants, the “redeemable warrants”). 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
below. Pursuant to the warrant agreement, a warrant holder may exercise warrants only for a whole number of the Company’s Class A
ordinary shares.

 

The contingent right to receive distributable redeemable warrants will
remain attached to our Class A ordinary shares, will not be separately transferable, assignable or salable and will not be evidenced
by any certificate or instrument. Once our distributable redeemable warrants are issued, such warrants will be fungible with our detachable
redeemable warrants. The distributable redeemable warrants are expected to be eligible for trading on the day that they are distributed,
and will trade under the same stock symbol as our detachable redeemable warrants.

 

Ordinary Shares

 

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. 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. Prior to our initial business combination,
only holders of our founder shares will have the right to vote on the appointment of directors. Holders of our public shares will not
be entitled to vote on the appointment of directors during such time.

 

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.

 

     

    

    

 

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 24 months
from the closing of our initial public offering or during any extended time that we have to consummate a business combination beyond 24 months
as a result of a shareholder vote to amend our amended and restated memorandum and articles of association  (“Extension Period”)
or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business
combination activity.

 

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, being the affirmative vote of a majority
of the ordinary shares represented in person or by proxy and entitled to vote thereon and who vote at a 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 a number of shares exceeding 15% of the shares issued in our
initial public offering (“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, being the affirmative vote of a majority
of the ordinary shares represented in person or by proxy and entitled to vote thereon and who vote at a general meeting.

 

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 in the Report.

 

Warrants

 

Each whole redeemable 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 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. The redeemable
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.

 

    2

    

    

 

We will not be obligated to deliver any Class A ordinary shares
pursuant to the exercise of a redeemable warrant and will have no obligation to settle such warrant exercise unless a registration statement
under the Securities Act with respect to the Class A 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 redeemable 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 redeemable 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 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 reasonably 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 our initial business combination, warrant holders may, until such time
as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement,
exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption,
but we will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an
exemption is not available. 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 lesser of (A) 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 and (B) 0.361 per warrant. 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.

 

Our redeemable warrants include our detachable redeemable warrants
and our distributable redeemable warrants. Each unit includes one-sixth of one detachable redeemable warrant and the contingent right
to receive one-sixth of one redeemable warrant following the initial business combination redemption time under certain circumstances
and subject to adjustment as further described below.

 

At the distribution time, we will effect a distribution of a number
of warrants up to the number of units issued in our initial public offering multiplied by one-sixth, or 5,000,000 warrants (the “Aggregate
Warrant Amount”) as follows: (i) to the extent that no public shareholders redeem their public shares in connection with our
initial business combination, each public shareholder will receive one-sixth of one distributable redeemable warrant per public share
held and (ii) to the extent that any public shareholders redeem any of their public shares in connection with our initial business
combination, then (A) one-sixth of one distributable redeemable warrant will be distributed to the holder of each remaining
public share and (B) no distributable redeemable warrants will be distributed in respect of any public shares that were redeemed.
Public shareholders who exercise their redemption rights are not entitled to receive any distribution of distributable redeemable warrants
in respect of such redeemed public shares. If any such redemptions occur, the distributable redeemable warrants attached to the redeemed
public shares will not be redistributed, and the total number of distributable redeemable warrants issued will be fewer than 5,000,000.
The distribution time will be immediately after the initial business combination redemption time and immediately prior to the closing
of our initial business combination.

 

    3

    

    

 

Redemption of warrants when the price per Class A ordinary
share equals or exceeds $18.00. Once the warrants become exercisable, we may redeem the outstanding redeemable
warrants (except with respect to the private placement 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;

 

		➤	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) on the trading day prior to the date on which we send the notice of redemption to the warrant holders.

 

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 redeemable
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.

 

Redemption of warrants when the price per Class A ordinary
share equals or exceeds $10.00. Once the warrants become exercisable, we may redeem the outstanding warrants
(except with respect to the private placement warrants):

 

		➤	in whole and not in part;

 

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

 

		➤	if, and only if, the closing price of our Class A ordinary
shares equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant) on the trading day prior to the date on which we send the notice of redemption to the warrant holders; and

 

		➤	if the closing price of our Class A ordinary shares is less
than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant)
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, the private placement warrants must also concurrently be called for redemption on the same terms as the outstanding
public warrants, as described above.

 

Beginning on the date the notice of redemption is given until the warrants
are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent
the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection with a redemption
by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding
redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined
for these purposes based on the volume-weighted average price of our Class A ordinary shares as reported during the ten trading
days immediately following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that
the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide
our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above
ends.

 

Pursuant to the warrant agreement, references above to Class A
ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been
converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the table
below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants if we
are not the surviving entity following our initial business combination.

 

    4

    

    

 

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

 

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

 

    5

    

    

 

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

 

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.

 

Maximum Percentage 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 split-up of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend,
split-up 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 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 24 months from the closing of our initial public offering or (B) with respect to any other provision relating to the
rights of holders of our Class A ordinary shares or pre-initial business combination activity, or (e) in connection with
the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will
be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any
securities or other assets paid on each Class A ordinary share in respect of such event.

 

    6

    

    

 

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.

 

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 will be adjusted (to the nearest
cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price
will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

 

In case of any reclassification or reorganization of the outstanding
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. However, if such holders were entitled to exercise a right of election
as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of
securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind
and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender,
exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by
the company in connection with redemption rights held by shareholders of the company as provided for in the company’s amended and restated
memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company if a proposed initial
business combination is presented to the shareholders of the company for approval) under circumstances in which, upon completion of such
tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the
Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under
the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning
of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of
a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have
been entitled as a shareholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer,
accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange
offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the
adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable by the holders of Class A ordinary
shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading
on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted
immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following
public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value
(as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders
of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the
warrants otherwise do not receive the full potential value of the warrants. The purpose of such exercise price reduction is to provide
additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant
to which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

    7

    

    

 

The warrants are 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 correcting 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 the prospectus for our initial public offering, or defective provision (ii) amending the provisions relating to cash
dividends on ordinary shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions
with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or
desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval
by the holders of at least 50% of the then-outstanding public warrants is required to make any change that adversely affects the
interests of the registered holders. You should review a copy of the warrant agreement, which has been filed as an exhibit to our Current
Report on Form 8-K filed January 15, 2021, 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 redeemable 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.

 

Contingent Rights

 

A contingent right to receive distributable redeemable warrants will
be attached to each Class A ordinary share. In accordance with the terms of the contingent rights agreement, each holder of a contingent
right will receive, at the distribution time, one-sixth of one distributable redeemable warrant, as follows: (i) to the extent that
no public shareholders redeem their Class A ordinary shares issued in our initial public offering (whether acquired in the offering or
afterwards) in connection with our initial business combination, each public shareholder will receive one-sixth of one distributable
redeemable warrant per public share held and (ii) to the extent that any public shareholders redeem any of their public shares in connection
with our initial business combination, then (A) one-sixth of one distributable redeemable warrant will be distributed to the holder
of each public share that was not redeemed and (B) no distributable redeemable warrants will be distributed in respect of any public shares
that were redeemed. Public shareholders who exercise their redemption rights are not entitled to receive any distributable redeemable
warrants in respect of such redeemed public shares or any contingent rights, and the contingent rights attached to those ordinary shares
will be worthless after such redemption. No fractional distributable redeemable warrants shall be distributed; fractional warrants will
be rounded down to the nearest whole number of warrants. As a result, you must hold contingent rights in multiples of six in order to
receive distributable redeemable warrants for all of your rights upon closing of a business combination. The contingent right to receive
distributable redeemable warrants will remain attached to our Class A ordinary shares, will not be separately transferable, assignable
or salable and will not be evidenced by any certificate or instrument. As a result, you may not buy or sell a contingent right separately
from the Class A ordinary share to which it is attached.

 

No additional consideration will be required to be paid by a holder
of contingent rights in order to receive distributable redeemable warrants at the distribution time. Contingent rights holders do not
have the rights or privileges of holders of ordinary shares or any voting rights. The terms of the contingent rights agreement may be
amended by the Company and the rights agent without the consent of any holder of any contingent right for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained therein or adding or changing any other provisions with respect
to matters or questions arising under the contingent rights agreement as the parties may deem necessary or desirable; provided, however,
that any amendment that will adversely affect the interests of holders of contingent rights will require the consent or vote of the holders
of not less than two-thirds of the then-outstanding contingent rights, as evidenced by their ownership of the ordinary shares.
You should review a copy of the contingent rights agreement, which will be filed as an exhibit to the Current Report on Form 8-K filed
with the SEC on January 15, 2021, for a complete description of the terms and conditions applicable to the contingent rights.

 

If we are unable to complete an initial business combination within
the required time period and we liquidate the funds held in the trust account, holders of contingent rights will not receive any such
funds with respect to their contingent rights, nor will they receive any distribution from our assets held outside of the trust account
with respect to such contingent rights, and the contingent rights will expire worthless.

 

 

8

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