Document:

prld-ex1012_710.htm

Exhibit 10.12

FIRST AMENDMENT TO SINGLE-TENANT TRIPLE NET LEASE

This FIRST AMENDMENT TO SINGLE-TENANT TRIPLE NET LEASE (the “First Amendment”) is made as of _11/15/2021_, by and between CRISP PARTNERS LLC, a Delaware limited liability company (“Landlord”) and PRELUDE THERAPEUTICS INCORPORATED, a Delaware corporation (“Tenant”).

WHEREAS, Landlord and Tenant entered into that certain Single-Tenant Triple Net Lease dated September 13, 2021 (the “Lease”), pursuant to which Tenant is currently in possession of certain premises known as Building 709, consisting of approximately 80,874 rentable square feet of space being further described or depicted in the Lease (the “Premises”), located at Chestnut Run Plaza, 984 Centre Road, Wilmington, Delaware (the “Building”);

WHEREAS, Landlord and Tenant both agree to amend the Lease; and

NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, agree as follows:

	
 
	
1.
	
Contingency Date.  The Contingency Date as defined in Section 26.21 (“Contingency”) of the Lease is hereby deleted in its entirety and amended to be on or before November 30, 2021 (the “Contingency Date”).  All other terms and conditions outlined in Section 26.21 of the Lease shall remain in full force and effect.

	
 
	
2.
	
Brownfields Development Agreement.

	
 
	
a.
	
Pursuant to the Delaware Hazardous Substance Cleanup Act (“HSCA”), the Building and certain other real property at 984 Centre Road, Wilmington, Delaware, is subject to a Brownfields Development Agreement (“BDA”) as defined in 7 Del.  C.  § 9123 (2), and is a certified brownfield, as defined in 7 Del.  C.  § 9123 (3) (“Certified Brownfield”).  Landlord has entered into a BDA with DNREC, a copy of which is attached as Exhibit A.  The BDA requires Landlord to take certain measures to conduct a Brownfield Investigation and to implement any Remedial Action Work Plan and Final Plan of Remedial Action, as defined in the BDA, and as issued, approved, modified, or amended by DNREC.

	
 
	
b.
	
In accordance with the BDA part VIII, sections 49–51, on the Effective Date, Landlord, and any assignee, successor-in-interest, lessee or sub-lessee of the Certified Brownfield, or any portion thereof, including Tenant, grants DNREC an irrevocable right of access to the Certified Brownfield at all reasonable times to any area to which access is required for investigation of contamination, and or the implementation of remedies at the Certified Brownfield.  Any lease, sublease, assignment or transfer of the Certified Brownfield or any interest in the Certified Brownfield, shall be in compliance with the provisions of the BDA and grant DNREC with an irrevocable right of access to the Certified Brownfield.

	
 
	
3.
	
Effect of Amendment.  Except as modified by this First Amendment, the Lease and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed.  The term “Lease” and all references thereto as used in the Lease and this First Amendment shall mean and refer to the Lease as amended by this First Amendment.  The covenants, agreements, terms, provisions and 

  

 

	
 
		
conditions contained in this First Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and, except as otherwise provided in the Lease, their respective assigns.  In the event of any conflict between the terms contained in this First Amendment and the Lease, the terms herein contained shall supersede and control the obligations and liabilities of the parties.

	
 
	
4.
	
Miscellaneous.  The submission of this First Amendment for examination does not constitute an offer, and this First Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant.  The foregoing Background paragraphs are incorporated into this First Amendment by this reference thereto with the same force and effect as if stated in full herein.  The captions of the paragraphs and subparagraphs in this First Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof.  This First Amendment may be executed by the parties in any number of counterparts, each of which shall be deemed to constitute an original and all of which, when taken together, shall constitute one and the same instrument.  For purposes of this First Amendment, facsimile and electronic signatures shall be deemed to constitute originals.

IN WITNESS WHEREOF, Landlord and Tenant have executed and delivered this First Amendment as of the date and year first above written.

AS TO LANDLORD:AS TO TENANT:

CRISP PARTNERS LLCPRELUDE THERAPEUTICS INCORPORATED

BY: /s/ Lawrence J. StuardiBY: /s/ Krishna Vaddi

Lawrence J. Stuardi, MemberKrishna Vaddi, Chief Executive Officer

 

2Exhibit 4.5

 

FTAC ATHENA ACQUISITION CORP.

 

 DESCRIPTION OF SECURITIES

 

The following summary of the material terms
of the securities of FTAC Athena Acquisition Corp., a Cayman Islands exempted company (“we,” “us,” “our”
or the “Company”), is not intended to be a complete summary of the rights and preferences of such securities and is subject
to and qualified by reference to our amended and restated memorandum and articles of association and the warrant agreement, dated February
22, 2021, between the Company and Continental Stock Transfer & Trust Company (the “Warrant Agreement”), in each case incorporated
by reference as exhibits to the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”),
and applicable Cayman Islands law. We urge you to read our amended and restated memorandum and articles of association and the Warrant
Agreement in their entirety for a complete description of the rights and preferences of our securities.

 

We are a Cayman Islands exempted company (company
number 367754) and our affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and
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, $0.0001 par value each, 50,000,000 Class B ordinary shares, $0.0001 par value and 5,000,000
undesignated preference shares, $0.0001 par value each.

 

Units

 

Each unit consists of one Class A ordinary
share and one-fourth of one 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. Warrants must be exercised for one whole Class A ordinary share. The ordinary
shares and warrants comprising the units began separate trading on April 16, 2021.

 

Placement Units

 

The placement units (including the placement shares,
the placement warrants and Class A ordinary shares issuable upon exercise of such warrants) will not be transferable or salable until
30 days after the completion of our initial business combination (subject to limited exceptions) and the placement warrants included
therein will not be redeemable by us (subject to limited exceptions) so long as they are held by our sponsor, Cantor Fitzgerald or their
permitted transferees. Holders of our placement units are entitled to certain registration rights. If we do not consummate an initial
business combination by February 25, 2023, the proceeds from the sale of the private placement held in the trust account will be used
to fund the redemption of our public shares (subject to the requirements of applicable law) and the placement units (and the underlying
securities) will expire worthless. Further, if we seek shareholder approval, we will complete our initial business combination only if
we receive 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, placement shares and any public shares purchased during or after the initial public offering in favor of our initial
business combination. Otherwise, the placement units are identical to the units sold in the initial public offering.

 

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 units at a price of $10.00 per unit at the option of the lender at the time of the business combination. The units would be identical
to the placement units sold in the private placement.

 

Ordinary Shares

 

There are currently 34,213,333 ordinary shares issued
and outstanding, including:

 

		●	25,000,000 Class A ordinary shares underlying the units
sold in the initial public offering;

 

		●	660,000 Class A ordinary shares underlying the placement
units sold in the private placement; and

 

		●	8,553,333 Class B ordinary shares held by our initial
holders.

 

     

     

    

 

Class A ordinary shareholders and Class B
ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together
as a single class, except as required by law; provided, that holders of our Class B ordinary shares have the right to appoint all
of our directors prior to our initial business combination and holders of our Class A ordinary shares will not be entitled to vote
on the appointment of directors during such time. These provisions of our amended and restated memorandum and articles of association
may only be amended by a special resolution passed by at least 90% of our ordinary shares voting in a general meeting. Unless specified
in the Companies Act, our amended and restated memorandum and articles of association 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 (other than
the appointment of directors), and the affirmative vote of a majority of our founder shares is required to approve the appointment of
directors. Approval of certain actions requires a special resolution under Cayman Islands law 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. Directors are appointed for a term of two years. There is no cumulative
voting with respect to the appointment of directors, with the result that the holders of more than 50% of the founder 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.

 

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 ordinary shares which
we are 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.

 

In accordance with NASDAQ corporate governance requirements,
we are not required to hold an annual general meeting until no later than 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 or appoint directors. We may not
hold an annual general meeting prior to the consummation of our initial business combination.

 

We will provide our Class A 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 as of two business days prior to the consummation
of our initial business combination, including interest (which interest shall be net of taxes payable) divided by the number of then outstanding
public shares, subject to the limitations described herein. The amount in the trust account is approximately $10.00 per public share.
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. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant
to which they have agreed to waive their redemption rights with respect to their founder shares and public shares in connection with the
completion of our initial business combination.

 

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 law and we do not decide to hold a shareholder vote for business or other legal 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 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, shareholder approval of the transaction
is required by law, or we decide to obtain shareholder approval for business or other legal reasons, we will, like many blank check companies,
offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.
If we seek shareholder approval, we will complete our initial business combination only if we receive 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 or their affiliates in privately-negotiated transactions, 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 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. We intend to
give approximately 10 days prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial
business combination.

 

    2

     

    

 

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 more than an aggregate of 15% of the ordinary shares
sold in the initial public offering, which we refer to as the “Excess Shares.” 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 the 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 in connection with
our initial business combination, our sponsor, officers and directors have agreed (and their permitted transferees will agree), pursuant
to the terms of the letter agreement entered into with us, to vote any founder shares and placement shares held by them and any public
shares purchased during or after the initial public offering in favor of our initial business combination. Additionally, each public shareholder
may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. Cantor Fitzgerald has
not committed to vote any shares held by them in favor of our initial business combination.

 

Pursuant to our amended and restated memorandum
and articles of association, if we are unable to complete our initial business combination by February 25, 2023, we will (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter,
subject to lawfully available funds therefor, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable and less up to $100,000
of interest to pay dissolution expenses) divided by the number of then outstanding public shares, which redemption will completely extinguish
public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject
to applicable law, 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 each case to our obligations under Cayman Islands law to provide
for claims of creditors and the requirements of other applicable law. Our sponsor, officers and directors have entered into the letter
agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect
to their founder shares if we fail to complete our initial business combination by February 25, 2023. However, if our sponsor, officers
or directors acquire public shares after the initial public offering, they will be entitled to liquidating distributions from the trust
account with respect to such public shares if we fail to complete our initial business combination within the prescribed time period.

 

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 shareholders with the opportunity to redeem their public shares for cash equal to their pro rata
share of the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable)
upon the completion of our initial business combination, subject to the limitations described herein.

 

    3

     

    

 

Founder Shares

 

The founder shares are identical to the ordinary
shares included in the units sold in the initial public offering, and holders of founder shares have the same shareholder rights as public
shareholders, except that (i) holders of the founder shares have the right to vote on the appointment of directors prior to our initial
business combination, (ii) the founder shares are subject to certain transfer restrictions, as described in more detail below, and
(iii) our sponsor, officers and directors have entered into the letter agreement with us, pursuant to which they have agreed (A) to
waive their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial
business combination and (B) to waive their rights to liquidating distributions from the trust account with respect to their founder
shares if we fail to complete our initial business combination by February 25, 2023, 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 such
time period and (iv) the founder shares will automatically convert into Class A ordinary shares at the time of our initial business
combination, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein and
in our amended and restated memorandum and articles of association. If we submit our initial business combination to our public shareholders
for a vote, our sponsor, officers and directors have agreed (and their permitted transferees will agree), pursuant to the terms of the
letter agreement entered into with us, to vote any founder shares held by them and any public shares purchased during or after the initial
public offering in favor of our initial business combination.

 

The Class B ordinary shares will automatically
convert into Class A ordinary shares at the time of our initial business combination on a one-for-one basis, subject to adjustment
for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as
provided herein and in our amended and restated memorandum and articles of association. In the case that additional Class A ordinary
shares, or equity-linked securities, are issued or deemed issued in excess of the amounts sold in the initial public offering and
related to the closing of the business combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary
shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such
anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares
issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 25% of the sum of all ordinary shares outstanding
upon completion of the initial public offering and the private placement plus all Class A ordinary shares and equity-linked securities
issued or deemed issued in connection with the business combination (excluding any shares or equity-linked securities issued, or
to be issued, to any seller in the initial business combination, and any private placement-equivalent shares and warrants underlying
units issued to our sponsor or its affiliates upon conversion of loans made to us). The term “equity-linked securities”
refers to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued
in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity
or debt. Securities could be “deemed issued” for purposes of the conversion adjustment if such shares are issuable upon the
conversion or exercise of convertible securities, warrants or similar securities.

 

With certain limited exceptions, the founder shares
are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor,
each of whom will be subject to the same transfer restrictions) until (a) with respect to 25% of such shares, until consummation
of our initial business combination, (b) with respect to 25% of such shares, when the closing price of our Class A ordinary
shares (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) exceeds $12.00 for
any 20 trading days within a 30-trading day period following the consummation of our initial business combination, (c) with
respect to 25% of such shares, when the closing price of our Class A ordinary shares (as adjusted for share sub-divisions, share
capitalizations, reorganizations, recapitalizations and the like) exceeds $13.50 for any 20 trading days within a 30-trading day
period following the consummation of our initial business combination, and (d) with respect to 25% of such shares, when the closing
price of our Class A ordinary shares (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations
and the like) exceeds $17.00 for any 20 trading days within a 30-trading day period following the consummation of our initial business
combination or earlier, in any case, if, following a business combination, we complete a liquidation, merger, share exchange, reorganization
or other similar transaction that results in all of our shareholders having the right to exchange their ordinary shares for cash, securities
or other property.

 

    4

     

    

 

Register of Members

 

Under Cayman Islands law, we must keep a register
of members and there shall 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 the shares of each member;

 

		●	whether voting rights are attached to the share in issue;

 

		●	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 shall 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. 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 provide that preference shares may be issued from time to time in one or more series. Our Board of Directors will be authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and
any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our Board of Directors will be able
to, without 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 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.

 

Redeemable 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 12 months from the closing of the initial public offering or 30 days after the completion of our initial business
combination. 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 will not be obligated to deliver any Class A
ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration
statement under the Securities Act with respect to the 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. No warrant will be
exercisable for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption is available. 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 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.

 

    5

     

    

 

We have agreed that as soon as practicable, but
in no event later than 20 business days after the closing of our initial business combination, we will use our best efforts to file, and
within 60 business days following our initial business combination to have declared effective, a registration statement covering the Class A
ordinary shares issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain
the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance
with the provisions of the warrant agreement. No warrants will be exercisable for cash unless we have an effective and current registration
statement covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A
ordinary shares. Notwithstanding the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise
of the warrants is not effective within a specified period following the consummation of our initial business combination, warrant holders
may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain an effective
registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities
Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to
exercise their warrants on a cashless basis.

 

Redemption of warrants for cash when the price
per Class A ordinary share equals or exceeds $18.00.    Once the warrants become exercisable, we may call
the warrants for redemption (except as described herein with respect to the placement warrants):

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

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

 

		●	if, and only if, the closing price of the Class A ordinary
shares equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations
and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which
notice of the redemption is sent to the warrant holders.

 

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 share sub-divisions, share capitalizations, reorganizations, recapitalizations
and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of warrants for Class A ordinary
shares when the price per Class A ordinary share equals or exceeds $10.00. Commencing ninety days after
the warrants become exercisable, we may redeem the outstanding 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 share sub-divisions, share dividends, reorganizations, reclassifications,
recapitalizations and the like) on the trading day before we send the notice of redemption to the warrant holders;

 

		●	if, and only if, the placement warrants are also concurrently
called for redemption on the same terms as the outstanding public warrants, as described above; and

 

		●	if, and only if, there is an effective registration statement
covering the issuance of Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating thereto
available throughout the 30-day period after written notice of redemption is sent.

 

    6

     

    

 

The numbers in the table below represent the number
of Class A ordinary shares that a warrant holder will receive upon exercise in connection with a redemption by us pursuant to this
redemption feature, based on the “fair market value” of our Class A 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 based on volume
weighted average price of our Class A ordinary shares as reported during 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 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.

 

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 number of shares deliverable upon exercise of a warrant
immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so
adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable
upon exercise of a warrant. If the exercise price 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	 

 

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 during the 10 trading days immediately following the date on which the notice
of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months until the expiration
of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 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 during the 10 trading days immediately following the date
on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months
until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298
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.

 

    7

     

    

 

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

 

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

 

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 and cashless exercise.    If
we call the warrants for redemption as described under “— Redemption of warrants for cash when the price per Class A
ordinary share equals or exceeds $18.00,” our management will have the option to require any holder that wishes to exercise his,
her or its warrant to do so on a “cashless basis” beginning on the third trading day prior to the date on which notice of
the redemption is sent to the holders of warrants. In determining whether to require all holders to exercise their warrants on a “cashless
basis,” our management will consider, among other factors, our cash position, the number of 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 warrants.
If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their 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) over the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value”
will mean the average 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 redemption is sent to the holders of warrants. If our management takes 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 our management team does not take advantage of this option, our sponsor and its permitted transferees
would still be entitled to exercise their placement warrants for cash or on a cashless basis using the same formula described above that
other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis,
as described in more detail below.

 

    8

     

    

 

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

 

Anti-dilution Adjustments.    If
the number of issued and outstanding Class A ordinary shares is increased by a capitalization payable in Class A ordinary shares,
or by a sub-division of Class A ordinary shares or other similar event, then, on the effective date of such capitalization,
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 issued and outstanding Class A ordinary shares. A rights offering to holders of Class A
ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the fair market value will be deemed a
capitalization 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) multiplied by (ii) one (1) minus the quotient of (x) the price per
Class A ordinary share paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the
rights offering is for securities convertible into or exercisable for 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) fair market value means the volume weighted average price of Class A ordinary shares
as reported during the ten (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 the holders of Class A
ordinary shares on account of such Class A ordinary shares (or other ordinary shares into which the warrants are convertible), other
than (a) as described above, (b) certain ordinary cash dividends/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
to modify the substance or timing of our obligation to redeem 100% of our Class A ordinary shares if we do not complete our initial
business combination by February 25, 2023, 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 issued and outstanding Class A
ordinary shares is decreased by a consolidation, combination or reclassification of Class A ordinary shares or other similar event,
then, on the effective date of such consolidation, combination, 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 issued and 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.

 

    9

     

    

 

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. 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 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 to cure any ambiguity or correct any defective provision
or correct any mistake, but requires the approval by the holders of at least 65% of the then outstanding public warrants to make any change
that adversely affects the interests of the registered holders. You should review a copy of the warrant agreement for a complete description
of the terms and conditions applicable to the warrants.

 

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 us and in the case of any such issuance to our sponsors or their affiliates, without taking into account any
founder shares held by our initial shareholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of our initial business combination on the date of the completion of our initial business combination (net of
redemptions), and (z) the volume-weighted average trading price of our Class A ordinary shares during the 20 trading day
period starting on the trading day prior to the day on which we complete our initial business combination (such price, the “Market
Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115%
of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger prices described
adjacent to “— Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “—
Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest
cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

 

    10

     

    

 

The warrants may be exercised upon surrender of
the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse
side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders
do not have the rights or privileges of holders of Class A 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.

 

Warrants may be exercised only for a whole number
of Class A ordinary shares. No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants,
a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number
the number of Class A ordinary shares to be issued to the warrant holder.

 

Placement Warrants

 

Except as described below, the placement warrants
have terms and provisions that are identical to those of the warrants sold as part of the units in the initial public offering. The placement
warrants (including the Class A ordinary shares issuable upon exercise of the placement warrants) will not be transferable, assignable
or salable until 30 days after the completion of our initial business combination (subject to certain limited exceptions) and they
will not be redeemable by us (subject to certain limited exceptions) so long as they are held by our sponsor, Cantor Fitzgerald or their
permitted transferees. Our sponsor, Cantor Fitzgerald or their permitted transferees, have the option to exercise the placement warrants
on a cashless basis. If the placement warrants are held by holders other than our sponsor, Cantor Fitzgerald or their permitted transferees,
the 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 the initial public offering. In addition, for as long as placement warrants are held by Cantor Fitzgerald
and/or its designees or affiliates, such placement warrants will be subject to a lock-up in compliance with FINRA Rule 5110(e) and
may not be exercised after five years from the commencement of sales of the initial public offering in accordance with FINRA Rule 5110(g)(8)(A).

 

Except as described above under “— Public
Shareholders’ Warrants — Redemption procedures and cashless exercise,” if holders of the 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 “historical fair market value” (defined below) over the exercise price of the
warrants by (y) the historical fair market value. The “historical fair market value” will 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 holders of warrants.

 

Certain Differences in Corporate Law

 

Cayman Islands companies are governed by the Companies
Act. The Companies Act is modeled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable
to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions
of the Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

 

Mergers and Similar Arrangements.    In
certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman
Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).

 

Where the merger or consolidation is between two
Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed
information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority
of 662/3% in value who attend and vote at a general meeting) of the shareholders of each company; or (b) such
other authorization, if any, as may be specified in such constituent company’s articles of association. No shareholder resolution
is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary
company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must
be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements
of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register the
plan of merger or consolidation.

 

    11

     

    

 

Where the merger or consolidation involves a foreign
company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company
are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out
below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign
company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of
those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed
and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that
no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign
company, its affairs or its property or any part thereof; (iv) that no scheme, order, compromise or other similar arrangement has
been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended
or restricted.

 

Where the surviving company is the Cayman Islands
exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that,
having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company
is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors
of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving
or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted
by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction
of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon
the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction;
and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation.

 

Where the above procedures are adopted, the Companies
Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the
merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows (a) the shareholder must
give his written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including
a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within
20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give
written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of
such notice from the constituent company, give the constituent company a written notice of his intention to dissent including, among other
details, a demand for payment of the fair value of his shares; (d) within seven days following the date of the expiration of the
period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever
is later, the constituent company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder
to purchase his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price
within 30 days following the date on which the offer was made, the company must pay the shareholder such amount; (e) if the
company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such
30 day period expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine
the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements
as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to
determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined
to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings
until the determination of fair value is reached. These rights of a dissenting shareholder are not available in certain circumstances,
for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized
interdealer quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company
listed on a national securities exchange or shares of the surviving or consolidated company.

 

    12

     

    

 

Moreover, Cayman Islands law also has separate statutory
provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally
be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as
a “scheme of arrangement” which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme
of arrangement (the procedure of which are more rigorous and take longer to complete than the procedures typically required to consummate
a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders
and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class
of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at an annual general meeting,
or extraordinary general meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement
must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court
the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:

 

		●	we are not proposing to act illegally or beyond the scope
of our corporate authority and the statutory provisions as to majority vote have been complied with;

 

		●	the shareholders have been fairly represented at the meeting
in question;

 

		●	the arrangement is such as a businessman would reasonably
approve; and

 

		●	the arrangement is not one that would more properly be sanctioned
under some other provision of the Companies Act or that would amount to a “fraud on the minority.”

 

If a scheme of arrangement or takeover offer (as
described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily
be available to dissenting shareholders of United States corporations, providing rights to receive payment in cash for the judicially
determined value of the shares.

 

Squeeze-out Provisions.    When
a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates is made within four months, the offeror
may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An
objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed unless there is evidence of fraud, bad
faith, collusion or inequitable treatment of the shareholders.

 

Further, transactions similar to a merger, reconstruction
and/or an amalgamation may in some circumstances be achieved through other means to these statutory provisions, such as a share capital
exchange, asset acquisition or control, through contractual arrangements, of an operating business.

 

Shareholders’ Suits.    Maples
and Calder (Cayman) LLP, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman
Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability
for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against
(for example) our officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities
and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands,
exceptions to the foregoing principle apply in circumstances in which:

 

		●	a company is acting, or proposing to act, illegally or beyond
the scope of its authority;

 

		●	the act complained of, although not beyond the scope of the
authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or

 

		●	those who control the company are perpetrating a “fraud
on the minority.”

 

    13

     

    

 

A shareholder may have a direct right of action
against us where the individual rights of that shareholder have been infringed or are about to be infringed.

 

Enforcement of Civil Liabilities.    The
Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors.
Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States.

 

We have been advised by Maples and Calder (Cayman)
LLP, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us
judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States
or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil
liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those
provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments
obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign
court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes
upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign
judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in
respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds
of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of
the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may
stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

 

Special Considerations for Exempted Companies.    We
are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies
and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands
may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary
company except for the exemptions and privileges listed below:

 

		●	an exempted company does not have to file an annual return
of its shareholders with the Registrar of Companies;

 

		●	an exempted company’s register of members is not open
to inspection;

 

		●	an exempted company does not have to hold an annual general
meeting;

 

		●	an exempted company may issue shares with no par value;

 

		●	an exempted company may obtain an undertaking against the
imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

 

		●	an exempted company may register by way of continuation in
another jurisdiction and be deregistered in the Cayman Islands;

 

		●	an exempted company may register as a limited duration company;
and

 

		●	an exempted company may register as a segregated portfolio
company.

 

“Limited liability” means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances,
such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which
a court may be prepared to pierce or lift the corporate veil).

 

    14

     

    

 

Our Amended and Restated Memorandum and Articles of Association

 

Our amended and restated memorandum and articles
of association contain certain requirements and restrictions relating to the initial public offering that will apply to us until the completion
of our initial business combination. These provisions cannot be amended without a special resolution. As a matter of Cayman Islands law,
a resolution is deemed to be a special resolution where it has been approved by either (i) at least two-thirds (or any higher
threshold specified in a company’s articles of association) of a company’s shareholders who attend and vote at a general meeting
for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized
by a company’s articles of association, by a unanimous written resolution of all of the company’s shareholders. Our amended
and restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of
our shareholders who attend and vote at a general meeting for which notice specifying the intention to propose the resolution as a special
resolution has been given (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all
of our shareholders.

 

Our sponsor will participate in any vote to amend
our amended and restated memorandum and articles of association and will have the discretion to vote in any manner it chooses. Specifically,
our amended and restated memorandum and articles of association provide, among other things, that:

 

		●	if we are unable to complete our initial business combination
by February 25, 2023, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (which
interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then
outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the
right to receive further liquidation distributions, if any), subject to applicable law, 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;

 

		●	prior to our initial business combination, we may not issue
additional ordinary shares that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote
on any initial business combination;

 

		●	although we do not intend to enter into a business combination
with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the
event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment
banking firm or another independent firm that commonly renders valuation opinions for the type of company we are seeking to acquire or
an independent accounting firm, that such a business combination is fair to our company from a financial point of view;

 

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

 

		●	so long as we obtain and maintain a listing for our securities
on NASDAQ, our initial business combination must occur with one or more target businesses that together have an aggregate fair market
value of at least 80% of our assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the
income earned on the trust account) at the time of the agreement to enter into the initial business combination;

 

		●	If our shareholders approve an amendment to our amended and
restated memorandum and articles of association that would (i) modify the substance or timing of our obligation to redeem 100% of
our public shares if we do not complete our initial business combination by February 25, 2023 or (ii) with respect to the other
provisions relating to shareholders’ rights or pre-business combination activity, we will provide our public shareholders
with the opportunity to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable)
divided by the number of then outstanding public shares; and

 

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

 

    15

     

    

 

In addition, our amended and restated memorandum
and articles of association provide that we will only redeem our public shares so long as (after such redemption) our net tangible assets
will be at least $5,000,001 either prior to or upon consummation of our initial business combination, after payment of the deferred underwriting
commission.

 

The Companies Act permits a company incorporated
in the Cayman Islands to amend its memorandum and articles of association with the approval of the holders of at least two-thirds of
such company’s issued and outstanding ordinary shares who attend and vote in a general meeting. A company’s articles of association
may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman
Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association
provides otherwise. Accordingly, although we could amend any of the provisions relating to our initial public offering, structure and
business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions
as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of
these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

 

Anti-Money Laundering — Cayman Islands

 

If any person in the Cayman Islands knows or suspects
or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved
with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the
course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report
such knowledge or suspicion to (i) the Financial Reporting Authority (“FRA”) of the Cayman Islands, pursuant to the Proceeds
of Crime Act (2020 Revision) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police
officer of the rank of constable or higher, or the FRA, pursuant to the Terrorism Act (2018 Revision) of the Cayman Islands, if the disclosure
relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence
or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

 

Cayman Islands Data Protection

 

We have certain duties under the Data Protection
Act, 2017 of the Cayman Islands (the “DPA”) based on internationally accepted principles of data privacy.

 

Privacy Notice

 

Introduction

 

This privacy notice puts our shareholders on notice
that through your investment in the company you will provide us with certain personal information which constitutes personal data within
the meaning of the DPA (“personal data”).

 

In the following discussion, the “company”
refers to us and our affiliates and/or delegates, except where the context requires otherwise.

 

Investor Data

 

We will collect, use, disclose, retain and secure
personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course
of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities
of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data
in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures
designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage
to the personal data.

 

    16

     

    

 

In our use of this personal data, we will be characterized
as a “data controller” for the purposes of the DPA, while our affiliates and service providers who may receive this personal
data from us in the conduct of our activities may either act as our “data processors” for the purposes of the DPA or may process
personal information for their own lawful purposes in connection with services provided to us.

 

We may also obtain personal data from other public
sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected
with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature,
nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account
details, source of funds details and details relating to the shareholder’s investment activity.

 

Who this Affects

 

If you are a natural person, this will affect you
directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships)
that provides us with personal data on individuals connected to you for any reason in relation your investment in the Company, this will
be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them
of its content.

 

How the Company May Use Your Personal Data

 

The company, as the data controller, may collect,
store and use personal data for lawful purposes, including, in particular:

 

		(i)	where this is necessary for the performance of our rights
and obligations under any purchase agreements;

 

		(ii)	where this is necessary for compliance with a legal and regulatory
obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

 

		(iii)	where this is necessary for the purposes of our legitimate
interests and such interests are not overridden by your interests, fundamental rights or freedoms.

 

Should we wish to use personal data for other specific
purposes (including, if applicable, any purpose that requires your consent), we will contact you.

 

Why We May Transfer Your Personal Data

 

In certain circumstances, we may be legally obliged
to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman
Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including
tax authorities.

 

We anticipate disclosing personal data to persons
who provide services to us and their respective affiliates (which may include certain entities located outside the US, the Cayman Islands
or the European Economic Area), who will process your personal data on our behalf.

 

The Data Protection Measures We Take

 

Any transfer of personal data by us or our duly
authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPA.

 

We and our duly authorized affiliates and/or delegates
shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful
processing of personal data, and against accidental loss or destruction of, or damage to, personal data.

 

We shall notify you of any personal data breach
that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant
personal data relates.

 

Certain Anti-Takeover Provisions of our Amended and Restated Memorandum
and Articles of Association

 

Our authorized but unissued ordinary shares and
preference shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes,
including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued
and unreserved ordinary shares and preference shares could render more difficult or discourage an attempt to obtain control of us by means
of a proxy contest, tender offer, merger or otherwise.

 

 

17

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