Document:

EX-4.6

 Exhibit 4.6 

THE WALT DISNEY COMPANY 

OFFICER’S CERTIFICATE 

ESTABLISHING THE 4.700% NOTES DUE 2050 

Dated: March 23, 2020 
 Pursuant to
Sections 2.1 and 2.3(a) of the Indenture, dated as of March 20, 2019 (the “Indenture”), among The Walt Disney Company, a Delaware corporation (the “Company”), TWDC Enterprises 18 Corp., a Delaware corporation,
as guarantor (the “Guarantor”), and Citibank, N.A., as trustee (the “Trustee”), the undersigned, Jonathan S. Headley, the Senior Vice President, Treasurer and Corporate Real Estate of the Company, hereby certifies
on behalf of the Company as follows: 
 (1)    Authorization. The establishment of a series of
Securities of the Company has been approved and authorized in accordance with the provisions of the Indenture. The form of Note (as defined below) attached hereto as Exhibit A has been approved and authorized in accordance with the provisions
of the Indenture. 
 (2)    Compliance with Conditions Precedent. All conditions precedent
provided for in the Indenture relating to the establishment of the form and terms of the Notes have been complied with. 

(3)    Form of Notes. 

(a)    The Notes shall be substantially in the form of Exhibit A attached hereto, which is
incorporated by reference herein. 
 (b)    On the date hereof, the Company shall execute and the Trustee
shall authenticate and deliver initial notes in the form of Global Notes (as defined below) that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the
Depositary, pursuant to the Depositary’s instructions, or held by the Trustee as Global Note Custodian (the “Global Note Custodian”). 

(c)    The aggregate principal amount of each Global Note may from time to time be increased or decreased
by adjustments made on the records of the Trustee, as Global Note Custodian. 
 (4)    Terms. The
terms of the Notes shall be as follows and as set forth in the form of Note attached hereto as Exhibit A, and the terms and provisions set forth in the form of Note attached hereto as Exhibit A are hereby incorporated by reference in,
and made a part of, this Officer’s Certificate as if set forth in full herein; provided that, in the event of any conflict between the terms set forth in this Officer’s Certificate or the Indenture and the terms set forth in the
form of Note attached hereto as Exhibit A, the terms set forth in such form of Note shall govern: 

(a)    Title. The title of the series of Securities is the “4.700% Notes due 2050” (the
“Notes”). 

 (b)    Aggregate Principal Amount; Additional
Notes. The initial aggregate principal amount of the Notes which may be authenticated and delivered pursuant to the Indenture (except for Notes (i) authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu
of, other Notes pursuant to Sections 2.8, 2.9, 2.11, 3.6 and 9.5 of the Indenture, or (ii) which pursuant to Section 2.4 of the Indenture, are deemed never to have been authenticated and delivered) is $1,750,000,000. The Company may from
time to time, without notice to or the consent of Holders of the Notes, issue additional Notes (“Additional Notes”) ranking pari passu with, and with the same terms and provisions as, the Notes originally issued on the
Original Issue Date (as defined below) (except for the date of original issuance, and, if applicable, the date from which interest shall accrue, the first interest payment date, the offering and sale prices thereof and restrictions on transfer). Any
such Additional Notes, together with the Notes originally issued on the Original Issue Date, will constitute a single series of Securities under the Indenture and will vote together as a single class on all matters to be voted on by the Holders of
the Notes under the Indenture. 
 (c)    Registered Securities in Definitive or Book-Entry Form;
Global Notes; Depositary. The initial Depositary for the Global Notes shall be The Depository Trust Company. Notes will be issued in fully-registered, certificated form registered in the names of Persons other than the Depositary or its nominee
only if (i) the Depositary’s book-entry only system ceases to exist, (ii) the Company determines that the Depositary is no longer willing or able to discharge properly its responsibilities as depositary with respect to the Notes and
the Company is unable to locate a qualified successor, (iii) the Company, at its option, elects to terminate the record book-entry system through the Depositary with respect to all or a portion of the Notes, (iv) required by law or
(v) an Event of Default under the Indenture with respect to the Notes has occurred and is continuing, all as more fully provided in the Indenture. 

(d)    Maturity Date. The Notes will mature on March 23, 2050 (the “Maturity
Date”), unless the Notes are earlier redeemed or repaid in accordance with the Indenture and this Officer’s Certificate. 

(e)    Rate of Interest; Interest Payment Dates; Regular Record Dates; Accrual of Interest. 

(i)    Rate of Interest; Interest Payment Dates; Persons to Whom Interest Is Payable. The Notes
will bear interest at the rate of 4.700% per annum, accruing from March 23, 2020 (the “Original Issue Date”) or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for.
The Company will pay interest on the Notes semi-annually in arrears on March 23 and September 23 of each year (each, an “Interest Payment Date”), commencing on September 23, 2020, to the Persons in whose names the
Notes (or one or more Predecessor Securities) are registered at the close of business on March 9 or September 9, as the case may be, preceding the applicable Interest Payment Date (each, a “Regular Record Date”) (whether
or not any such Regular Record Date is a Business Day (as defined below)). Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve
30-day months. 

  
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 (ii)    Accrual of Interest. The Notes will bear
interest from the Original Issue Date at the rate per annum set forth above, until the principal thereof is paid or made available for payment. Each interest payment shall be the amount of interest accrued from and including the most recent Interest
Payment Date in respect of which interest has been paid or duly provided for (or from and including the Original Issue Date if no interest has been paid or duly provided for on the Notes) to but excluding the Interest Payment Date or Maturity Date,
as the case may be. 
 (f)    Place of Payment; Registration of Transfer and Exchange; Notices to
Company. 
 (i)    Place of Payment. New York, New York is a Place of Payment for the Notes.
The Company will maintain a Paying Agent, Registrar or co-Registrar, transfer agent and authenticating agent for the Notes in such Place of Payment, and Citibank, N.A. (the “Paying Agent”) has
been appointed by the Company as the initial Paying Agent, Registrar, transfer agent and authenticating agent for the Notes in such Place of Payment. Payment of the principal of and interest on the Notes will be made at the office or agency of the
Company maintained for that purpose in New York, New York, initially designated to be the Corporate Trust Office (as defined in the form of Note attached hereto as Exhibit A) and at such additional offices or agencies as the Company may
designate; provided, however, that at the option of the Company, payments of interest on the Notes (other than on the Maturity Date) may be made by check mailed to the address of the Person entitled thereto as such address shall appear
in the register of Notes or by wire transfer of immediately available funds to the account of the Holder of the Notes if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the
applicable Interest Payment Date; and provided, further, that if the Notes are represented by a global note (a “Global Note”) registered in the name of a Depositary or its nominee, payments of principal of and interest
on the Notes shall be made by wire transfer of immediately available funds to the Depositary or its nominee. Any wire transfer instructions received by a Paying Agent shall remain in effect until revoked by the applicable registered Holder. 

(ii)    Registration of Exchange and Transfer. As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of Notes is registrable in the register of Securities, upon surrender of a Note for registration of transfer at an office or agency of the Company maintained for that purpose in any Place of Payment for
the Notes, which shall initially be the Corporate Trust Office of the Paying Agent in such Place of Payment, and at such additional offices or agencies as the Company may designate. Ownership of beneficial interests in Global Notes will be shown on,
and the transfer of those beneficial interests will be effected only through, records maintained by the Depositary and its direct and indirect participants. Owners of beneficial interests in Global Notes will not be considered the Holders of such
Notes under the Indenture. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of any authorized denomination, as requested by the Holder
surrendering the same, upon surrender of the Note or Notes to be exchanged at any office or agency described in the form of Note attached hereto as Exhibit A where Notes may be presented for registration of transfer. 

  
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 (iii)    Notices to Company. Notices and demands
to or upon the Company in respect of the Notes and the Indenture may be served at each of The Walt Disney Company, 500 South Buena Vista Street, Burbank, California 91521, Attention: Legal Department and The Walt Disney Company, 500
South Buena Vista Street, Burbank, California 91521, Attention: Corporate Treasurer. 

(g)    Optional Redemption. The Notes may be redeemed, in whole or in part, at the option of the
Company, on the terms and subject to the conditions set forth in the form of Note attached hereto as Exhibit A. 

(h)    Sinking Fund. The Notes will not be subject to any sinking fund or analogous provision. 

(i)    Denominations. The Notes are issuable in denominations of $2,000 principal amount and
integral multiple of $1,000 in excess thereof. 
 (j)    Paying Agent, Transfer Agent, Authenticating
Agent, Securities Registrar; Register of Securities. The Company has appointed the Paying Agent as a transfer agent, an authenticating agent and a Registrar for the Notes in New York, New York; provided that the Company shall have the
right to appoint a replacement for such Person to serve in any such capacity as provided in the Indenture, and to appoint one or more additional Paying Agents, transfer agents, authenticating agents and Registrars as provided in the Indenture. The
register of the Securities for the Notes will be initially maintained at the Corporate Trust Office of the Paying Agent. 

(k)    Notices. The Trustee will provide or otherwise make any notice or communication available to
Holders of the Notes electronically or by first class mail, postage prepaid, or by overnight air courier promising next Business Day delivery (if next Business Day delivery is available) to each Holder’s address as it appears in the
registration books of the applicable Registrar, or, to the extent applicable, transmit such notices in accordance with the applicable procedures of the Depositary. 

  
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 (l)    Certain Definitions. Any reference herein
to the “principal” of any Note shall be deemed to include a reference to the premium, if any, payable on such Note; and any reference herein to a “Business Day,” means any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in New York, New York, United States of America. All capitalized terms used in this Officer’s
Certificate and not defined herein shall have the meanings set forth in the form of Note attached hereto as Exhibit A or, if not defined in such form of Note, in the Indenture. 

*    *    * 

The undersigned, for herself or himself, states that she or he has read and is familiar with the covenants and conditions of
Article II of the Indenture relating to the establishment of a series of Securities thereunder and the establishment of a form of Securities representing a series of Securities thereunder and, in each case, the definitions therein relating thereto;
that she or he is generally familiar with the other provisions of the Indenture and with the affairs of the Company and its acts and proceedings and that the statements and opinions made by her or him in this Certificate are based upon such
familiarity; and that, in her or his opinion, she or he has made such examination or investigation as is necessary to enable her or him to express an informed opinion as to whether or not the covenants and conditions referred to above have been
complied with; and in her or his opinion, such covenants and conditions have been complied with. 

  
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 IN WITNESS WHEREOF, the undersigned has hereunto signed this Certificate on behalf of the
Company as of the date first written above. 
  

			
	THE WALT DISNEY COMPANY
		
	By:	 	 /s/ Jonathan S. Headley

	Name:	 	Johnathan S. Headley
	Title:	 	Senior Vice President, Treasurer and Corporate Real Estate

  
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 Exhibit A 

FORM OF 4.700% NOTE DUE 2050 

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

 PRINCIPAL AMOUNT: 

$ 
 NO. R- 

CUSIP: 254687 FS0 
 ISIN:
US254687FS06 
 THE WALT DISNEY COMPANY 

4.700% NOTES DUE 2050 

The Walt Disney Company, a corporation duly organized and existing under the laws of the State of Delaware (herein referred to as the
“Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of                  dollars
($                ) on March 23, 2050 (the “Maturity Date”) and to pay interest thereon from March 23, 2020 (the “Original Issue Date”) or
from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semi-annually in arrears in equal installments on March 23 and September 23 of each year (each, an “Interest Payment
Date”), commencing on September 23, 2020, at the rate of 4.700% per annum, until the principal hereof is paid or made available for payment. Interest payments on this Note will include interest accrued to but excluding the Interest Payment
Date or Maturity Date, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (as defined on the other side of this Note), be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the close of business on the preceding March 9 or September 9 (each, a “Regular Record Date”), as the case may be (whether or not any such Regular Record
Date is a Business Day (as defined on the other side of this Note)), next preceding such Interest Payment Date. If any Interest Payment Date, any Redemption Date (as defined below), the Maturity Date or any other date on which a payment on the Notes
is due is not a Business Day, the payment due on such Interest Payment Date, Redemption Date, Maturity Date or other date, as applicable, will be made on the next succeeding Business Day with the same force and effect as if made on such Interest
Payment Date, Redemption Date, Maturity Date or other date, as applicable, and no additional interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Maturity Date or other date, as
the case may be, to such next succeeding Business Day. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

Except as otherwise provided in the Indenture, any interest not punctually paid or duly provided for on any Interest Payment Date (herein
called “Defaulted Interest”) will forthwith cease to be payable to the Holder on the Regular Record Date with respect to such Interest Payment Date and may either be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee (as defined on the other side of this Note), notice of which shall be given to Holders of Notes not
less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. 
 All payments of principal of, premium (if any), and interest on, the Notes
will be payable in the coin or currency of the United States of America. 
 New York, New York is a Place of Payment for the Notes. The
Company will maintain a Paying Agent, Registrar or co-Registrar, transfer agent and authenticating agent for the Notes in such Place of Payment, and Citibank, N.A. (the “Paying Agent”) has been
appointed by the Company as the initial Paying Agent, Registrar, transfer agent and authenticating agent for the Notes in such Place of Payment. Payment of the principal of and interest on this Note will be made at the office or agency of the
Company maintained for that purpose in New York, New York, initially designated to be the Corporate Trust Office (as defined on the other side of this Note) of the Paying Agent currently located at 388 Greenwich Street, New York, NY 10013, and
solely for the purpose of the transfer, surrender, exchange or presentation of Notes for final payment, located at 480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Attention: Securities Window – The Walt Disney Company, and
at such additional offices or agencies as the Company may designate; provided, however, that at the option of the Company, payments of interest on this Note (other than on the Maturity Date) may be made by check mailed to the address
of the Person entitled thereto as such address shall appear in the register of Notes or by wire transfer of immediately available funds to the account of the Holder of this Note if appropriate wire transfer instructions have been received in writing
by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date; and provided, further, that if this Note is a global note (a “Global Note”) registered in the name of a Depositary or its nominee,
payments of principal of and interest on this Note shall be made by wire transfer of immediately available funds to the Depositary or its nominee. Any wire transfer instructions received by a Paying Agent shall remain in effect until revoked by the
applicable registered Holder. 

 Reference is hereby made to the further provisions of this Note set forth on the other side
of this Note, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate
of authentication hereon has been executed by the Trustee or its duly appointed authenticating agent by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

Date: 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated herein referred to in the within-mentioned Indenture. 

CITIBANK, N.A., not in its individual capacity but solely in its capacity as Trustee. 

 

			
	By:	 	      

		 	Authorized Signatory

 4.700% Notes due 2050 

This Note is one of a duly authorized series of Securities of the Company (which term includes any successor corporation under the Indenture
hereinafter referred to) issued and to be issued pursuant to such Indenture and designated by the Company as its 4.700% Notes due 2050 (the “Notes”). The Indenture does not limit the aggregate principal amount of the Securities which may
be issued thereunder. 
 The Company issued this Note pursuant to an Indenture, dated as of March 20, 2019 (herein called the
“Indenture”), among the Company, TWDC Enterprises 18 Corp., a Delaware Corporation, as guarantor and Citibank, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, each Guarantor, the Trustee and Holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and delivered. 
 The Notes are in registered form, without coupons,
in denominations of $2,000 principal amount and integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes
of any authorized denomination, as requested by the Holder surrendering the same, upon surrender of the Note or Notes to be exchanged at any office or agency described below where Notes may be presented for registration of transfer. 

The Company may from time to time, without notice to or the consent of Holders of the Notes, issue additional Notes (“Additional
Notes”) ranking pari passu with, and with the same terms and provisions as, the Notes originally issued on the Original Issue Date (except for the date of original issuance, and, if applicable, the date from which interest shall accrue,
the first interest payment date, the offering and sale prices thereof and restrictions on transfer). Any such Additional Notes, together with the Notes originally issued on the Original Issue Date, will constitute a single series of Securities under
the Indenture and will vote together as a single class on all matters to be voted on by the Holders of the Notes under the Indenture. 
 The
Notes may be redeemed, in whole or in part, at the option of the Company, at any time or from time to time prior to the Maturity Date at a Redemption Price equal to the greater of the following amounts: 

(1) 100% of the principal amount of the Notes to be redeemed; or 

(2) as determined by the Independent Investment Banker (as defined below), the sum of the present values of the remaining scheduled payments
of principal of and interest on (assuming, for this purpose, that the Notes mature on the Par Call Date (as defined below)) the Notes (not including any portion of any payments of interest accrued to the date specified for redemption (any such date,
a “Redemption Date”)) discounted to the date of redemption, on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate (as defined below) plus 45 basis points. 
 plus, in the case of both clauses (1) and (2) above, any accrued and unpaid
interest on the principal amount of the Notes being redeemed to such Redemption Date; provided that if the Company redeems any of the Notes on or after the Par Call Date, the redemption price for such Notes to be redeemed will equal 100% of the
aggregate principal amount of such Notes redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

“Par Call Date” means September 23, 2049. 

“Treasury Rate” means, with respect to any Redemption Date for the Notes, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. 

The Treasury Rate will be calculated on the third business day preceding the Redemption Date. 

“Comparable Treasury Issue” means, with respect to any Redemption Date, the United States Treasury security selected by the
Independent Investment Banker as having an actual or interpolated maturity comparable to the period from the Redemption Date to the Maturity Date or, if applicable, the Par Call Date (the “remaining term”), of the Notes that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

 “Comparable Treasury Price” means, with respect to any Redemption Date,
(i) if the Independent Investment Banker (as defined below) obtains five Reference Treasury Dealer Quotations (as defined below) for that Redemption Date, the average of those Reference Treasury Dealer Quotations after excluding the highest and
lowest of those Reference Treasury Dealer Quotations, (ii) if the Independent Investment Banker obtains fewer than five but more than one such Reference Treasury Dealer Quotations, the average of all of those quotations, or (iii) if the
Independent Investment Banker obtains only one such Reference Treasury Dealer Quotation, such quotation. 
 “Independent Investment
Banker” means one of BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC and their respective successors appointed by the Company to act as the Independent Investment Banker from time to time, or if any such firm
is unwilling or unable to serve in that capacity, an independent investment banking institution of national standing appointed by the Company. 

“Reference Treasury Dealer” means, with respect to any Redemption Date, (i) BofA Securities, Inc., Citigroup Global Markets
Inc. and J.P. Morgan Securities LLC and their respective successors; provided that, if any such firm ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute
another Primary Treasury Dealer; and (ii) up to two additional Primary Treasury Dealers selected by the Company. 
 “Reference
Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding that Redemption Date. 

Notwithstanding the foregoing, installments of interest on Notes that are due and payable on an Interest Payment Date falling on or prior to a
Redemption Date for the Notes shall be payable to the Holders of such Notes (or one or more Predecessor Securities) of record at the close of business on the relevant Regular Record Dates referred to above, all as provided in the Indenture. Unless
the Company defaults in the payment of the Redemption Price, interest on the Notes called for redemption will cease to accrue on the Redemption Date. 

Notice of any redemption of the Notes will be mailed at least 15 but not more than 60 days before the Redemption Date to each Holder of the
Notes to be redeemed at its registered address. All notices of redemption shall state, among other things, the principal amount of Notes to be redeemed, the Redemption Date, the Redemption Price or the manner in which the Redemption Price shall be
determined and the place or places where such Notes maturing after the Redemption Date are to be surrendered for payment of the Redemption Price. Any redemption or notice may, at the Company’s discretion, be subject to one or more conditions
precedent and, at the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions precedent included at the Company’s discretion shall be satisfied (or waived by the Company) or the Redemption
Date may not occur and such notice may be rescinded if all such conditions precedent included at the Company’s discretion shall not have been satisfied (or waived by the Company). If less than all of the Notes are to be redeemed, the Notes to
be redeemed will be selected according to DTC procedures, in the case of Notes represented by a global note, or by the Trustee by such method as the Trustee considers fair and appropriate, in the case of Notes, if any, that are not represented by a
global note. However, payment of the Redemption Price, together with accrued interest (if any) to but excluding the Redemption Date, for a Note for which a redemption notice has been delivered is conditioned upon delivery of such Note (with, if the
Company or the Trustee or any Paying Agent so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee or such Paying Agent, as the case may be, duly executed by, the Holder thereof or his
attorney duly authorized in writing) to the office or agency of the Company maintained for that purpose in any Place of Payment for the Notes. Payment of the Redemption Price for a Note (or portion thereof to be redeemed), together with accrued
interest to the Redemption Date, will be made on the later of the Redemption Date or promptly following the time of delivery of such Note. 

If this Note is to be redeemed in part, this Note must be redeemed in a minimum principal amount of $2,000 or an integral multiple of $1,000
in principal amount in excess thereof; provided that the unredeemed portion of this Note must be an authorized denomination. 

 In the event of redemption of this Note in part only, this Note must be surrendered at an
office or agency maintained by the Company for that purpose and the Company will execute, and the Trustee or an authenticating agent will authenticate and deliver to the Holder of this Note, without service charge and upon cancellation hereof, a new
Note or Notes, of any authorized denominations as requested by the Holder, in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of this Note so surrendered. 

For all purposes of this Note and the Indenture, unless the context otherwise requires, all provisions relating to the redemption by the
Company of the Notes shall relate, in the case of any Notes redeemed or to be redeemed by the Company only in part, to the portion of the principal amount of such Notes which has been or is to be so redeemed. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared or, in certain
cases, automatically may become due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, in
certain circumstances therein specified, the amendment thereof without the consent of the Holders of the Securities. The Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations under the Indenture of the Company and any Guarantor and the rights of Holders of the Securities of each series to be affected under the Indenture at any time by the Company, any Guarantor and the Trustee with the written consent of
(i) the Holders of not less than a majority in principal amount of the Outstanding Securities voting as a single class, or (ii) in case less than all of the several series of Securities are affected by such addition, change, elimination or
modification, the Holders of not less than a majority in principal amount of the Outstanding Securities of all series so affected voting as a single class (including, for the avoidance of doubt, consents obtained in connection with a purchase of, or
tender offer or exchange for, the Securities). The Indenture also contains provisions permitting, with certain exceptions as therein provided, the Holders of at least a majority in aggregate principal amount of the Outstanding Securities of any
series to, by written consent, waive compliance by the Company or any Guarantor with any provision of the Indenture (but solely insofar as such provision relates to the Securities of such series) or any provision of the Securities of such series.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this
Note or, subject to the provisions for satisfaction and discharge in Article VIII of the Indenture and the guarantee release provisions in Article XII of the Indenture, of the Indenture, shall alter or impair the obligations of the Company or any
Guarantor, which are absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of Notes is registrable in the register of
Securities, upon surrender of a Note for registration of transfer at an office or agency of the Company maintained for that purpose in any Place of Payment for the Notes, which shall initially be the Corporate Trust Office of the Paying Agent in
such Place of Payment, and at such additional offices or agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the applicable Registrar duly executed by,
the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Citibank, N.A.,
acting through its Corporate Trust Office currently located at 388 Greenwich Street, New York, NY 10013, and solely for the purpose of the transfer, surrender, exchange or presentation of Notes for final payment, located at 480 Washington Boulevard,
30th Floor, Jersey City, New Jersey 07310, Attention: Securities Window – The Walt Disney Company, will initially act as the Company’s Paying Agent and Registrar for the Notes in The City of New York, New York, U.S.A. 

No service charge shall be made by the Company, the Trustee or any Registrar for any such registration of transfer or exchange, but the
Company may require, subject to certain exceptions specified in the Indenture, payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

 Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM
(=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=Custodian), and U/G/M/A (=Uniform Gifts to Minors Act). Additional abbreviations may also be used
though not in the above list. 
 THE INDENTURE (INCLUDING THE GUARANTEES) AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. THE COMPANY, EACH GUARANTOR, THE TRUSTEE, AND EACH HOLDER OF A SECURITY (BY ACCEPTANCE
THEREOF) THEREBY, (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING RELATED TO THE INDENTURE
(INCLUDING THE GUARANTEES) OR THIS NOTE, (II) IRREVOCABLY WAIVES ANY DEFENSE OF LACK OF PERSONAL JURISDICTION IN SUCH SUITS AND (III) IRREVOCABLY WAIVES TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING BROUGHT IN THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND THAT SUCH SUIT, ACTION OR PROCEEDING HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 Except as otherwise expressly provided herein, or the context otherwise requires, all undefined
terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture; references herein to the “principal” or Redemption Price of any Note shall be deemed to include a reference to the
premium, if any, payable on such Note; references herein to the “Corporate Trust Office” of any Person in any particular place mean the office of such Person in such place at which at any particular time its corporate trust business in
such place shall be principally administered; and the term “Business Day,” as used in this Note, means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or
required by law, regulation or executive order to close in New York, New York, United States of America. 
 The initial Depositary for the
Global Notes shall be The Depository Trust Company. Notes will be issued in fully-registered, certificated form registered in the names of Persons other than the Depositary or its nominee only if (i) the Depositary’s book-entry only system
ceases to exist, (ii) the Company determines that the Depositary is no longer willing or able to discharge properly its responsibilities as depositary with respect to the Notes and the Company is unable to locate a qualified successor,
(iii) the Company, at its option, elects to terminate the record book-entry system through the Depositary with respect to all or a portion of the Notes, (iv) required by law or (v) an Event of Default under the Indenture with respect
to the Notes has occurred and is continuing, all as more fully provided in the Indenture. 
 The Trustee will provide or otherwise make any
notice or communication available to Holders of the Notes electronically or by first class mail, postage prepaid, or by overnight air courier promising next Business Day delivery (if next Business Day delivery is available) to each Holder’s
address as it appears in the registration books of the applicable Registrar, or, to the extent applicable, transmit such notices in accordance with the applicable procedures of the Depositary. 

[signature page follows] 

 IN WITNESS WHEREOF, The Walt Disney Company has caused this Note to be signed by the
signature or facsimile signature of its Chairman of the Board, one of its Vice Chairmen, its President or one of its Vice Presidents, its General Counsel or one of its Deputy General Counsels, Associate General Counsels or Assistant General
Counsels, or its Treasurer or any Assistant Treasurer. 
  

			
	THE WALT DISNEY COMPANY
		
	By:	 	      

	Name:	 	
	Title:	 	

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

 
 (Print or type assignee’s name,
address and zip code) 
  
  

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                  agent to transfer this Note on the
books of the Company. The agent may substitute another to act for him. 
  

									
	Date:	 	                    	 		 	Your signature:	 	  

		 		 		 		 	Sign exactly as your name appears on the other side of this Note.

  

	
	Signature Guarantee:
	
	   

	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.Exhibit 4.5

 

description
of the Registrant’s securities

registered pursuant to section 12 of the

securities exchange act of 1934

 

The
following description of Tortoise Acquisition Corp.’s (the “Company,” “we,” “us” or “our”)
units, Class A common stock, $0.0001 par value per share (“Class A common stock”), Class B common stock, $0.0001 par
value per share (“Class B common stock” or “founder shares”),undesignated preferred stock, $0.0001 par
value per share, and warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
per share, is based upon the Company’s amended and restated certificate of incorporation, the Company’s amended and
restated bylaws (the “Bylaws”) and applicable provisions of law. We have summarized certain portions of our amended
and restated certificate of incorporation and Bylaws below. The summary is not complete and is subject to, and is qualified in
its entirety by express reference to, the provisions of our amended and restated certificate of incorporation and Bylaws, each
of which is filed as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part. Terms used but not defined herein
shall have the meaning ascribed to such terms in the Company’s Annual Report on Form 10-K of which this exhibit is a part.

 

DESCRIPTION
OF SECURITIES

 

Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 200,000,000 shares of Class A common stock, 20,000,000 shares
of Class B common stock and 1,000,000 shares of undesignated preferred stock.

 

Units

 

Each unit consists of one share of Class
A common stock and one-half of one warrant. Each whole warrant (a “public warrant”) entitles the holder thereof
to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as described below. Pursuant
to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares of Class A common stock.
This means that only a whole warrant may be exercised at any given time by a warrantholder. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade.

 

The Class A common stock and warrants comprising
the units commenced separate trading on April 22, 2019. Holders have the option to continue to hold units or separate their units
into the component securities. Holders need to have their brokers contact Continental Stock Transfer & Trust Company, our transfer
agent, in order to separate the units into shares of Class A common stock and warrants. Additionally, the units will automatically
separate into their component parts and will not be traded after completion of our initial business combination.

 

Class A Common Stock

 

Holders of record of our Class A common stock
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of our Class B common stock
have the right to elect all of our directors prior to our initial business combination. On any other matter submitted to a vote
of our stockholders, holders of the Class A common stock and holders of the Class B common stock vote together as a single class
except as required by law or stock exchange rule. Unless specified in our amended and restated certificate of incorporation or
Bylaws, or as required by applicable provisions of the Delaware General Corporation Law (the “DGCL”) or applicable
stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any
such matter voted on by our stockholders (other than the election of directors). Our board of directors is divided into three classes,
each of which will generally serve for a term of three years with only one class of directors being elected in each year. There
is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares
voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends
when, as and if declared by the board of directors out of funds legally available therefor. Pursuant to the terms of our amended
and restated certificate of incorporation, holders of our Class B common stock have the exclusive right to elect, remove and replace
any director prior to the consummation of our initial business combination. This provision may only be amended if approved by holders
of 90% of our common stock entitled to vote thereon.

 

Because our amended and restated certificate
of incorporation authorizes the issuance of up to 200,000,000 shares of Class A common stock, if we were to enter into a business
combination, we may (depending on the terms of such a business combination) be required to increase the number of shares of Class
A common stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent
we seek stockholder approval in connection with our business combination.

 

     

     

    

 

We will provide our public stockholders with
the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two
business days prior to the consummation of our initial business combination including interest earned on the funds held in the
trust account and not previously released to us to pay our franchise and income taxes, divided by the number of then-outstanding public
shares, subject to the limitations described herein. Tortoise Sponsor, LLC, a Delaware limited liability company (our “Sponsor”),
our officers and directors and Atlas Point Energy Infrastructure Fund, LLC, which is a fund managed by CIBC National Trust but
is not affiliated with us or our Sponsor (“Atlas Point Fund” and together with our Sponsor, officers and directors,
the “initial stockholders”), have entered into a letter agreement with us, pursuant to which they have agreed to waive
their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion
of our business combination. If a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business
or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant
to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents
with the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation requires
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, stockholder approval of the transaction
is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will offer to redeem shares
in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder
approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted
are voted in favor of the business combination. A quorum for such meeting will consist of the holders present in person or by proxy
of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of
capital stock of the company entitled to vote at such meeting. However, the participation of our Sponsor, officers, directors,
advisors or their affiliates in privately-negotiated transactions, if any, could result in the approval of our business combination
even if a majority of our public stockholders vote, or indicate their intention to vote, against such business combination. For
purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect
on the approval of our business combination once a quorum is obtained. We intend to give approximately 30 days (but not less than
10 days nor more than 60 days) prior written notice of any such meeting, if required, at which a vote shall be taken to approve
our business combination. These quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it
more likely that we will consummate our initial business combination.

 

If we seek stockholder approval of our initial
business combination and we do not conduct redemptions in connection with our business combination pursuant to the tender offer
rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of
such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming
its shares with respect to more than an aggregate of 20% of the shares of Class A common stock, which we refer to as the Excess
Shares. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares)
for or against our business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence
over our ability to complete our business combination, and such stockholders could suffer a material loss in their investment if
they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with
respect to the Excess Shares if we complete the business combination. As a result, such stockholders will continue to hold that
number of shares exceeding 20% and, in order to dispose such shares would be required to sell their stock in open market transactions,
potentially at a loss.

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our business combination within 24 months from the closing of our initial public
offering (the “IPO”), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but no more than 10 business days thereafter subject to lawfully available funds therefor, redeem the public shares, at
a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest
earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes (less up
to $100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding public shares, which redemption
will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating
distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations
under Delaware law to provide for claims of creditors and the requirements of other applicable law.

 

In the event of a liquidation, dissolution
or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having
preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions
applicable to the common stock, except that we will provide our public stockholders with the opportunity to redeem their public
shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion
of our initial business combination, subject to the limitations described herein.

 

    2

     

    

 

Class B Common Stock

 

The founder shares are identical to the shares
of Class A common stock, and holders of founder shares have the same stockholder rights as public stockholders, except that (i)
only holders of the founder shares have the right to vote on the election of directors prior to our initial business combination,
(ii) the founder shares are subject to certain transfer restrictions, as described in more detail below, (iii) our Sponsor, officers
and directors and Atlas Point Fund have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive
their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion
of our business combination, (B) to waive their redemption rights with respect to any founder shares and public shares held by
them in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation that
would affect the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial
business combination within 24 months from the closing of the IPO and (C) to waive their rights to liquidating distributions
from the trust account with respect to any founder shares held by them if we fail to complete our business combination within 24 months
from the closing of the IPO, 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 business combination within such time period, (iv) the founder shares are
shares of our Class B common stock that will automatically convert into shares of our Class A common stock at the time of our initial
business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described
herein and (v) the founder shares are subject to registration rights. If we submit our business combination to our public stockholders
for a vote, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted
are voted in favor of the initial business combination. Our initial stockholders have agreed to vote any founder shares and any
public shares held by them in favor of our initial business combination.

  

The shares of Class B common stock will automatically
convert into shares of Class A common stock at the time of our initial business combination on a one-for-one basis (subject
to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment
as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or
deemed issued in excess of the amounts sold in the IPO and related to the closing of the business combination (other than the Forward
Purchase Securities (as defined below)), the ratio at which shares of Class B common stock shall convert into shares of Class A
common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive
such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable
upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum
of the total number of all shares of common stock outstanding upon completion of the IPO plus all shares of Class A common stock
and equity-linked securities issued or deemed issued in connection with the business combination (excluding the Forward Purchase
Securities and any shares or equity-linked securities issued, or to be issued, to any seller in the business combination).

 

Our initial stockholders have agreed not
to transfer, assign or sell any founder shares held by them until one year after the date of the consummation of our initial business
combination or earlier if, subsequent to our business combination, (i) the last sale price of our common stock equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days
within any 30-trading day period commencing at least 150 days after our initial business combination or (ii) we consummate
a subsequent liquidation, merger, stock exchange or other similar transaction that results in all of our stockholders having the
right to exchange their shares of common stock for cash, securities or other property.

 

Preferred Stock

 

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

 

    3

     

    

 

Warrants

 

Public Warrants

 

Each whole warrant entitles the registered
holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below,
at any time commencing on the later of 12 months from the closing of the IPO or 30 days after the completion of our initial
business combination, provided in each case that we have an effective registration statement under the Securities Act of 1933,
as amended (the “Securities Act”), covering the shares of Class A common stock issuable upon exercise of the warrants
and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under
the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under
the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrantholder may
exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole warrant may be exercised
at any given time by a warrantholder. No fractional warrants will be issued upon separation of the units and only whole warrants
will trade.

 

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

  

We have agreed that as soon as practicable,
but in no event later than 15 business days, after the closing of our initial business combination, we will use our best efforts
to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock
issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective, but in no event later
than 60 business days after the closing of our initial business combination, and to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of
the warrant agreement. Notwithstanding the above, if our Class A common stock is at the time of any exercise of a warrant not listed
on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1)
of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a cashless
basis in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or
maintain in effect a registration statement, but we will be required to use our best efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.

 

Once the warrants become exercisable, we
may call the warrants for redemption for cash:

 

		●	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 warrantholder; and

 

		●	if, and only if, the reported last sale price of the
Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice
of redemption to the warrantholders.

 

    4

     

    

 

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 warrantholder
will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A
common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is
issued.

 

Commencing 90 days after the warrants become
exercisable, we may redeem the outstanding warrants (including both public warrants and private placement warrants) for shares
of Class A common stock:

 

		●	in whole and not in part;

 

		●	at a price equal to a number of shares of Class A common
stock to be determined by reference to the table below, based on the redemption date and the “fair market value” of
our Class A common stock (as defined below) except as otherwise described below;

 

		●	upon a minimum of 30 days’ prior written notice;
and

 

		●	if, and only if, the last sale price of our Class A common
stock equals or exceeds $10.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) on the trading day prior to the date on which we send the notice of redemption to the warrantholders.

 

The numbers in the table below represent
the “redemption prices,” or the number of shares of Class A common stock that a warrantholder will receive upon redemption
by us pursuant to this redemption feature, based on the “fair market value” of our Class A common stock on the corresponding
redemption date, 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.

 

	Redemption Date	 	Fair Market Value of Class A Common Stock	 
	(period to expiration of warrants)	 	$10.00	 	 	$11.00	 	 	$12.00	 	 	$13.00	 	 	$14.00	 	 	$15.00	 	 	$16.00	 	 	$17.00	 	 	$18.00	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.365	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.365	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.365	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.365	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.365	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.364	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.364	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.364	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.364	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.364	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.364	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.364	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.364	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.363	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.363	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.363	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.362	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.362	 
	3 months	 	 	0.034	 	 	 	0.065	 	 	 	0.104	 	 	 	0.150	 	 	 	0.197	 	 	 	0.243	 	 	 	0.286	 	 	 	0.326	 	 	 	0.361	 
	0 months	 	 	—	 	 	 	—	 	 	 	0.042	 	 	 	0.115	 	 	 	0.179	 	 	 	0.233	 	 	 	0.281	 	 	 	0.323	 	 	 	0.361	 

 

    5

     

    

 

The “fair market value” of our
Class A common stock shall mean the average reported last sale price of our Class A common stock 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.

 

The exact fair market value and redemption
date may not be set forth in the table above, in which case, if the fair market value is between two values in the table or the
redemption date is between two redemption dates in the table, the number of shares of Class A common stock to be issued for each
warrant redeemed 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-day year. For example,
if the average reported last sale price of our Class A common stock for the 10 trading days ending on the third trading date prior
to the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there
are 57 months until the expiration of the warrants, we may choose to, pursuant to this redemption feature, redeem the warrants
at a “redemption price” of 0.277 shares of Class A common stock for each whole warrant. For an example where the
exact fair market value and redemption date are not as set forth in the table above, if the average reported last sale price of
our Class A common stock for the 10 trading days ending on the third trading date prior to the date on which the notice of redemption
is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the
warrants, we may choose to, pursuant to this redemption feature, redeem the warrants at a “redemption price” of 0.298 shares
of Class A common stock for each whole warrant. Finally, as reflected in the table above, we can redeem the warrants for no consideration
in the event that the warrants are “out of the money” (i.e. the trading price of our Class A common stock is below
the exercise price of the warrants) and about to expire.

 

Any warrants held by our officers or directors
will be subject to this redemption for shares feature, except that such officers and directors shall only receive “fair market
value” for such warrants so redeemed (“fair market value” for such warrants held by our officers and directors
being defined as the last reported sale price of the public warrants on such redemption date).

 

As stated above, we can redeem the warrants
when the Class A common stock is 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 fair value
(in the form of shares of Class A common stock). If we choose to redeem the warrants when the Class A common stock is trading at
a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer shares of Class A common
stock than they would have received if they had chosen to wait to exercise their warrants for shares of Class A common stock if
and when such shares of Class A common stock were trading at a price higher than the exercise price of $11.50. No fractional shares
of Class A common stock will be issued upon redemption. If, upon redemption, 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 shares of Class A common stock to be issued
to the holder. Any redemption of the warrants for shares of Class A common stock will apply to both the public warrants and the
private placement warrants.

 

If we call the warrants for redemption for
cash as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so
on a “cashless basis.” 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 stockholders of issuing the maximum number of shares of Class A common stock 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 shares of Class A common stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of
the warrants and the “fair market value” by (y) the fair market value. If our management takes advantage of this option,
the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock 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. If
we call our warrants for redemption and our management does not take advantage of this option, Tortoise Investments, LLC (together
with its consolidated subsidiaries, “Tortoise”), and its permitted transferees would still be entitled to exercise
their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders
would have been required to use had all warrantholders been required to exercise their warrants on a cashless basis, as described
in more detail below.

 

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

 

The stock prices set forth in the column
headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a warrant
is adjusted pursuant to the following three paragraphs. The adjusted stock prices in the column headings shall equal the stock
prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable
upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable
upon exercise of a warrant as so adjusted. The number of shares in the table above shall be adjusted in the same manner and at
the same time as the number of shares issuable upon exercise of a warrant.

 

    6

     

    

 

If the number of outstanding shares of Class
A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class
A common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the
number of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion to such increase
in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase
shares of Class A common stock at a price less than the fair market value will be deemed a stock dividend of a number of shares
of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class
A common stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights
offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into
or exercisable for Class A common stock, in determining the price payable for Class A common stock, there will be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair
market value means the volume weighted average price of Class A common stock as reported during the ten (10) trading day period
ending on the trading day prior to the first date on which the shares of Class A common stock trade on the applicable exchange
or in the applicable market, regular way, without the right to receive such rights.

 

In addition, if we, at any time while the
warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders
of Class A common stock on account of such shares of Class A common stock (or other shares of our capital stock into which the
warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption
rights of the holders of Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption
rights of the holders of Class A common stock in connection with a stockholder vote to approve an amendment to our amended and
restated certificate of incorporation that would affect the substance or timing of our obligation to redeem 100% of our Class A
common stock if we have not consummated our initial business combination within 24 months from the closing of the IPO, or
(e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then
the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash
and/or the fair market value of any securities or other assets paid on each share of Class A common stock in respect of such event.

 

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

 

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

 

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

 

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, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change
that adversely affects the interests of the registered holders of public warrants.

 

In addition, if we issue additional shares
of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at a newly issued price of less than $9.20 per share of common stock (with such issue price or effective issue price
to be determined in good faith by our board of directors and, in the case of any such issuance to our Sponsor or its affiliates,
without taking into account any founder shares held by the Sponsor or such affiliates, as applicable, prior to such issuance),
the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.

 

    7

     

    

 

The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Class A common stock or any voting rights until they exercise
their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of
the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

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

 

Private Placement Warrants

 

The private placement warrants (including
the shares of Class A common stock issuable upon exercise of the private placement warrants) are not transferable, assignable or
salable until 30 days after the completion of our initial business combination (except, among other limited exceptions, to our
officers and directors and other persons or entities affiliated with Tortoise), and they will not be redeemable by us for cash
so long as they are held by Tortoise or its permitted transferees. Tortoise, or its permitted transferees, has the option to exercise
the private placement warrants on a cashless basis. Except as described below, the private placement warrants have terms and provisions
that are identical to those of the public warrants, including as to exercise price, exercisability and exercise period. If the
private placement warrants are held by holders other than Tortoise or its permitted transferees, the private placement warrants
will be redeemable by us and exercisable by the holders on the same basis as the public warrants.

 

If holders of the private placement warrants
elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that
number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of
Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair
market value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported
last sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which
the notice of warrant exercise is sent to the warrant agent.

 

In order to 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. If we complete our initial business combination,
we would repay such loaned amounts out of the proceeds of the trust account released to us. In the event that our initial business
combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts
but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible
into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement
warrants, including as to exercise price, exercisability and exercise period.

 

Tortoise has agreed not to transfer, assign
or sell any of the private placement warrants (including the Class A common stock issuable upon exercise of any of these warrants)
until the date that is 30 days after the date we complete our initial business combination, except, among other limited exceptions,
to our officers and directors and other persons or entities affiliated with Tortoise.

 

Forward Purchase Securities

 

In connection with the IPO, we entered into
a forward purchase agreement pursuant to which Atlas Point Fund, which is a fund managed by CIBC National Trust but is not affiliated
with us or our Sponsor, agreed to purchase up to an aggregate maximum amount of $150,000,000 of either (i) a number of units (the
“Forward Purchase Units”), consisting of one share of Class A common stock (the “Forward Purchase Shares”)
and one-half of one redeemable warrant (the “Forward Purchase Warrants”), for $10.00 per unit or (ii) a number of Forward
Purchase Shares for $9.67 per share (such Forward Purchase Shares valued at $9.67 per share or the Forward Purchase Units, as the
case may be, the “Forward Purchase Securities”), in a private placement that will close simultaneously with the closing
of our initial business combination. Whether we will issue Atlas Point Fund Forward Purchase Units valued at $10.00 per unit or
Forward Purchase Shares valued at $9.67 per share will be determined at our election, and in our sole discretion, at least 10 business
days prior to the closing of our initial business combination. The Forward Purchase Warrants will have the same terms as the public
warrants and the Forward Purchase Shares will be identical to the shares of Class A common stock included in the units sold in
the IPO, except the Forward Purchase Shares and the Forward Purchase Warrants will be subject to transfer restrictions and certain
registration rights, as described herein.

 

The Forward Purchase Securities are being
offered and sold pursuant to an exemption from the registration requirements of the Securities Act and will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act. If in the future Atlas Point Fund decides to offer,
resell, pledge or otherwise transfer the Forward Purchase Securities, such securities may be offered, resold, pledged or otherwise
transferred only pursuant to: (a) registration under the Securities Act or (b) an available exemption from registration under the
Securities Act.

 

Pursuant to a registration rights agreement
entered into with our initial stockholders and Tortoise in connection with the consummation of the IPO, we may be required to register
certain securities for sale under the Securities Act. These holders, Tortoise, Atlas Point Fund as a holder of Forward Purchase
Shares and Forward Purchase Warrants and holders of warrants issued upon conversion of working capital loans, if any, are entitled
under the registration rights agreement to make up to three demands that we register certain of our securities held by them for
sale under the Securities Act and to have the securities covered thereby registered for resale pursuant to Rule 415 under the Securities
Act. In addition, these holders and Tortoise have the right to include their securities in other registration statements filed
by us. However, the registration rights agreement provides that we will not permit any registration statement filed under the Securities
Act to become effective until the securities covered thereby are released from their lock-up restrictions, as described herein.
We will bear the costs and expenses of filing any such registration statements.

 

    8

     

    

 

Our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains certain requirements and restrictions that apply to us until the completion of our initial business combination. These
provisions (other than amendments relating to the appointment of directors, which require the approval of a majority of at least
90% of our common stock voting at a stockholder meeting) cannot be amended without the approval of the holders of 65% of our common
stock. Our initial stockholders, who collectively beneficially own 20% of our common stock, will participate in any vote to amend
our amended and restated certificate of incorporation and will have the discretion to vote in any manner they choose. Specifically,
our amended and restated certificate of incorporation provides, among other things, that:

 

		●	If we are unable to complete our initial business combination
within 24 months from the closing of the IPO, we will (i) cease all operations except for the purpose of winding up, (ii)
as promptly as reasonably possible but not more than 10 business days thereafter subject to lawfully available funds therefor,
redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in
the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our
franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding public
shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to
receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law;

 

		●	Prior to our initial business combination, we may not
issue additional shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account or
(ii) vote on 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 that is a member of the Financial Industry Regulatory Authority or an independent accounting firm that
such a business combination is fair to our company from a financial point of view;

 

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

 

		●	The New York Stock Exchange rules require that our initial
business combination must occur with one or more target businesses that together have an aggregate fair market value of at least
80% of the net assets held in trust (net of amounts disbursed to management for working capital purposes and excluding the amount
of any deferred underwriting discount held in trust) at the time of the agreement to enter into the initial business combination;

 

		●	If our stockholders approve an amendment to our amended
and restated certificate of incorporation that would affect the substance or timing of our obligation to redeem 100% of our public
shares if we have not consummated an initial business combination within 24 months from the closing of the IPO, we will provide
our public stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon such approval
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, divided
by the number of then-outstanding public shares; and

 

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

 

In addition, our amended and restated certificate
of incorporation provides that under no circumstances will we redeem our public shares in an amount that would cause our net tangible
assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters’
fees and commissions incurred in connection with the IPO.

 

    9

     

    

 

Certain Anti-Takeover Provisions of Delaware Law

 

We have opted out of Section 203 of the DGCL.
However, our amended and restated certificate of incorporation contains similar provisions providing that we may not engage in
certain “business combinations” with any “interested stockholder” for a three-year period following
the time that the stockholder became an interested stockholder, unless:

 

		●	prior to such time, our board of directors approved either
the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

 

		●	upon consummation of the transaction that resulted in
the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding
at the time the transaction commenced, excluding certain shares; or

 

		●	at or subsequent to that time, the business combination
is approved by our board of directors and by the affirmative vote of holders of at least 662⁄3% of the outstanding voting
stock that is not owned by the interested stockholder.

 

Generally, a “business combination”
includes a merger, asset or stock sale or certain other transactions resulting in a financial benefit to the interested stockholder.
Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates
and associates, owns, or within the previous three years owned, 20% or more of our voting stock.

 

Under certain circumstances, this provision
will make it more difficult for a person who would be an “interested stockholder” to effect various business combinations
with a corporation for a three-year period. This provision may encourage companies interested in acquiring our company to
negotiate in advance with our board of directors because the stockholder approval requirement would be avoided if our board of
directors approves either the business combination or the transaction which results in the stockholder becoming an interested stockholder.
These provisions also may have the effect of preventing changes in our board of directors and may make it more difficult to accomplish
transactions which stockholders may otherwise deem to be in their best interests.

 

Our amended and restated certificate of incorporation
provides that our Sponsor and its respective affiliates, any of their respective direct or indirect transferees of at least 20%
of our outstanding common stock and any group as to which such persons are party to, do not constitute “interested stockholders”
for purposes of this provision.

 

Exclusive Forum For Certain Lawsuits

 

Our amended and restated certificate of incorporation
requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers
and employees for breach of fiduciary duty and other similar actions (other than actions arising under the Securities Act or the
Exchange Act) may be brought only in the Court of Chancery in the State of Delaware (or, if such court does not have subject matter
jurisdiction thereof, any other court located in the State of Delaware with subject matter jurisdiction) and, if brought outside
of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s
counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in
the types of lawsuits to which it applies, the provision may limit a stockholder’s ability to bring a claim in a judicial
forum that it finds favorable for disputes with us and our directors, officers or other employees and may have the effect of discouraging
lawsuits against our directors and officers. This provision would not apply to claims brought to enforce a duty or liability created
by the Securities Act, the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. To the extent
that any such claims may be based upon federal law claims, Section 27 of the Exchange Act creates exclusive federal jurisdiction
over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Furthermore,
Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce
any duty or liability created by the Securities Act or the rules and regulations thereunder. Stockholders may be subject to increased
costs to bring these claims, and the choice of forum provisions could have the effect of discouraging claims or limiting investors’
ability to bring claims in a judicial forum that they find favorable. In addition, the enforceability of similar exclusive forum
provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible
that, in connection with one or more actions or proceedings described above, a court could rule that this provision in our amended
and restated certificate of incorporation is inapplicable or unenforceable.

 

Class B Common Stock Consent Right

 

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

 

 

10

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