Document:

Exhibit 4.5

 

DESCRIPTION OF SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

As of December 31, 2021, Shelter
Acquisition Corporation I (“we,” “us,” “our” or the “company”) had the following classes
of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (1)
units, each consisting of one whole share of Class A common stock, $0.0001 par value per share (“Class A common stock”), and
one-half of one redeemable warrant, (2) shares of Class A common stock and (3) warrants, each whole warrant exercisable for one share
of Class A common stock at an exercise price of $11.50. Our units, Class A common stock and warrants are listed on the Nasdaq Stock Market
LLC (“Nasdaq”) under the symbols “SHQAU,” “SHQA” and “SHQAW,” respectively. The following
summary of the material terms of the securities of the company is not intended to be a complete summary of the rights and preferences
of such securities and is subject to and qualified by reference to our amended and restated certificate of incorporation, which is incorporated
by reference as an exhibit to the company’s Annual Report on Form 10-K for the year ended December 31, 2021, and applicable Delaware
law. We urge you to read our amended and restated certificate of incorporation in their entirety for a complete description of the rights
and preferences of our securities.

 

CERTAIN TERMS

 

Unless otherwise stated in this exhibit, or the
context otherwise requires, references to:

 

		●	“we,”
                                            “us,” “our,” “company” or “our company” are
                                            to Shelter Acquisition Corporation I;

 

		●	“Advisors”
                                            or our “Board of Advisors” are to members of our advisory board;

 

		●	“Class
                                            A common stock” are to our Class A common stock;

 

		●	“common
                                            stock” are to our Class A common stock and our Class B common stock, collectively;

 

		●	“DGCL”
                                            are to the Delaware General Corporation Law, as the same may be amended from time to time;

 

		●	“directors”
                                            are to our current directors;

 

		●	“founder
                                            shares” are to shares of our Class B common stock initially purchased by our sponsor
                                            in a Private Placement prior to our Initial Public Offering, and the shares of our Class A
                                            common stock issuable upon the conversion thereof;

 

		●	“Initial
                                            Public Offering” are to our initial public offering consummated on July 2, 2021;

 

		●	“initial
                                            stockholders” are to holders of our founder shares prior to our Initial Public Offering;

 

		●	“management”
                                            or our “management team” are to our current executive officers and directors;

 

		●	“Private
                                            Placement Warrants” are to the warrants issued to our sponsor in private placements
                                            simultaneously with the closing of our Initial Public Offering and the underwriters’
                                            partial exercise of its over-allotment option;

 

		●	“public
                                            shares” are to shares of our Class A common stock sold as part of the Units in our
                                            Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter
                                            in the open market);

 

		●	“public
                                            stockholders” are to the holders of our public shares, including our initial stockholders
                                            and management team to the extent our initial stockholders and/or members of our management
                                            team purchase public shares, provided that each initial stockholder’s and member of
                                            our management team’s status as a “public stockholder” shall only exist
                                            with respect to such public shares;

 

     

     

    

 

		●	“public
                                            warrants” are to the redeemable warrants issued as part of each Unit in our Initial
                                            Public Offering and which began trading separately on August 20, 2021;

 

		●	“sponsor”
                                            are to Shelter Sponsor LLC, a Delaware limited liability company;

 

		●	“trust
                                            account” are to the trust account set up following our Initial Public Offering with
                                            Continental Stock Transfer & Trust Company acting as trustee; and

 

		●	“Unit”
                                            are to our Units issued in our Initial Public Offering, each consisting of one share of Class
                                            A common stock, $0.0001 par value per share, and one-half of one redeemable warrant.

 

GENERAL

 

Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 500,000,000 shares of Class A
common stock, $0.0001 par value, 50,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated
preferred stock, $0.0001 par value. The following description summarizes the material terms of our capital stock. Because it is only
a summary, it may not contain all the information that is important to you.

 

Units

 

Each
unit consists of one whole share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the
holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as described
in the final prospectus for our Initial Public Offering. Pursuant to the warrant agreement, dated June 29, 2021, between Continental
Stock Transfer & Trust Company, as warrant agent, and us (the “warrant agreement”), a warrant holder 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 warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.

 

The
Class A common stock and warrants comprising the units began separate trading on August 20, 2021. Holders of the units have the
option to continue to hold units or separate their units into the component securities. Holders need to have their brokers contact our
transfer agent in order to separate the units into shares of Class A common stock and warrants.

 

Common
Stock

 

As
of March 28, 2022, there were 27,705,930 shares of our common stock outstanding, consisting of:

 

		●	22,164,744
                                            shares of our Class A common stock underlying the units offered in our Initial Public
                                            Offering; and

 

		●	5,541,186
                                            shares of Class B common stock held by our initial stockholders.

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and
holders of the Class B common stock vote together as a single class on all matters submitted to a vote of our stockholders, except
as required by law. Unless specified in our amended and restated certificate of incorporation or amended and restated bylaws, or as required
by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock
that are voted is required to approve any such matter voted on by our stockholders. Our board of directors 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.

 

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Because our amended and restated
certificate of incorporation authorizes the issuance of up to 500,000,000 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.

 

In accordance with Nasdaq corporate
governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following
our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for
the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting.
We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination,
and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders
want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold
one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL. Prior to the completion
of an initial business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of
our founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder shares
may remove a member of the board of directors for any reason. Pursuant to the registration and stockholder rights agreement, dated June
29, 2021, by and among the company and the initial stockholders, our sponsor, upon consummation of an initial business combination, will
be entitled to nominate three individuals for election to our board of directors.

 

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 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. The amount in the trust account was approximately $10.00 per public share upon completion of our Initial Public Offering.
The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting
commissions we will pay to the underwriters of our Initial Public Offering. Our sponsor, officers and directors have entered into a letter
agreement with us, pursuant to which they have agreed (i) to waive their redemption rights with respect to any founder shares and
public shares held by them in connection with the completion of our initial business combination and a stockholder vote to approve an
amendment to our amended and restated certificate of incorporation (A) that would modify the substance or timing of our obligation
to provide holders of shares of Class A common stock the right to have their shares redeemed in connection with our initial business
combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing
of our Initial Public Offering or (B) with respect to any other provision relating to the rights of holders of our Class A common
stock and (ii) to waive their rights to liquidating distributions from the trust account with respect to any founder shares they
hold if we fail to consummate an initial business combination within 18 months from the closing of our Initial Public Offering (although
they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete
our initial business combination within the prescribed time frame). Unlike many blank check companies that hold stockholder votes and
conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares
for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required
by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated
certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with
the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation 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, a stockholder approval of the transaction is required by law, or
we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer to redeem
shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder
approval, we will complete our initial business combination only if a majority of the outstanding shares of 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 will give at least 10 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.

 

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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 Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of common
stock sold in our Initial Public Offering, 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. And, as a result, such stockholders
will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their stock in
open market transactions, potentially at a loss.

 

If we seek stockholder approval
in connection with our business combination, our initial stockholders have agreed to vote their founder shares and any public shares purchased
during or after our Initial Public Offering in favor of our initial business combination. As a result, in addition to our initial stockholders’
founder shares, we would need 8,311,780, or 37.5%, of the 22,164,744 public shares sold in our Initial Public Offering (including the
partial exercise by the underwriters of their over-allotment option) to be voted in favor of a transaction (assuming all outstanding shares
are voted) in order to have our initial business combination approved. Additionally, each public stockholder may elect to redeem its public
shares irrespective of whether they vote for or against the proposed transaction (subject to the limitation described in the preceding
paragraph).

 

Pursuant to our amended and
restated certificate of incorporation, if we are unable to complete our business combination within 18 months from the closing of our
Initial Public Offering, 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. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have
agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we
fail to complete our business combination within 18 months from the closing of our Initial Public Offering. However, if our initial stockholders
acquire public shares in or after our Initial Public Offering, they will be entitled to liquidating distributions from the trust account
with respect to such public shares if we fail to complete our business combination within the prescribed time period.

 

In the event of a liquidation,
dissolution or winding up of the company after a business combination, our 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 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.

 

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Founder Shares

 

The founder shares are identical
to the shares of Class A common stock included in the units sold in our Initial Public Offering, and holders of founder shares have
the same stockholder rights as public stockholders, except that (a) the founder shares are subject to certain transfer restrictions,
as described in more detail below, (b) our sponsor, officers and directors have entered into a letter agreement with us, pursuant
to which they have agreed (i) to waive their redemption rights with respect to any founder shares and public shares held by them
in connection with the completion of our initial business combination and a stockholder vote to approve an amendment to our amended and
restated certificate of incorporation (A) that would modify the substance or timing of our obligation to provide holders of shares
of Class A common stock the right to have their shares redeemed in connection with our initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within 18 months from the closing of our Initial Public
Offering or (B) with respect to any other provision relating to the rights of holders of our Class A common stock and (ii) to
waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate
an initial business combination within 18 months from the closing of our Initial Public Offering (although they will be entitled to liquidating
distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination
within the prescribed time frame), (c) the founder shares are shares of our Class B common stock that will automatically convert
into shares of our Class A common stock at the time of our initial business combination, or at any time prior thereto at the option
of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein and (d) are
entitled to registration rights. If we submit our business combination to our public stockholders for a vote, our initial stockholders
have agreed to vote any founder shares held by them and any public shares purchased during or after our Initial Public Offering 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 offered in our Initial Public Offering and related to the closing of the business
combination, 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 our Initial Public Offering plus all shares of Class A common stock and equity-linked
securities issued or deemed issued in connection with the business combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the business combination). Holders of founder shares may also elect to convert their shares of Class B
common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time.

 

With certain limited exceptions,
the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated
with our sponsor, each of whom are subject to the same transfer restrictions) until the earlier of (A) one year after the completion
of our initial business combination or (B) subsequent to our initial business combination, (x) if the closing price of our Class A
common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination,
or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization 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.

 

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

 

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Dividends

 

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

 

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
is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special
rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is
able to, without 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.

 

Warrants

 

Public Stockholders’ Warrants

 

As of March 15, 2022, there
were 11,074,030 public warrants outstanding. Each whole warrant entitles the registered holder to purchase one share of Class A common
stock at a price of $11.50 per share, subject to adjustment as discussed below, from and after 30 days after the completion of our
initial business combination, except as discussed in the immediately succeeding paragraph. Pursuant to the warrant agreement, a warrant
holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be
exercised at a given time by a warrant holder. You should review a copy of the warrant agreement, which has been filed with the SEC, for
a complete description of the terms and conditions applicable to the warrants. No fractional warrants will be issued upon separation of
the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or
trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m.,
New York City time, or earlier upon redemption or liquidation.

 

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

 

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We have agreed that as soon
as practicable, but in no event later than twenty business days after the closing of our initial business combination, we will use our
commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement for our Initial Public Offering
or a new registration statement for the registration, under the Securities Act, of the shares of Class A common stock issuable upon
exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business
days after the closing of our initial business combination, and to maintain the effectiveness of such registration statement and a current
prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant
agreement; provided that 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 they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act,
we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a
registration statement, but we will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky
laws to the extent an exemption is not available. If a post-effective amendment to the registration statement for our Initial Public Offering
or a new registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective
by the 60th day after the closing of the initial business combination, warrant holders may, until such time as there is an
effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise
warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but we
will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption
is not available. In such event, each holder would pay the exercise price by surrendering warrants in exchange for a number of shares
of Class A common stock equal to the lesser of (A) the quotient obtained by dividing (x) the product of (a) the number
of shares of Class A common stock underlying the warrants and (b) the excess of the “fair market value” (defined
below) over the exercise price of the warrants by (y) such fair market value and (B) the product of the number of warrants surrendered
and 0.361, subject to adjustment. The “fair market value” as used in this paragraph shall mean the volume weighted average
price of the Class A common stock for the 10 trading days ending on the trading day prior to the date on which the notice of exercise
is received by the warrant agent.

 

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 issued and outstanding immediately after giving effect to such exercise.

 

Redemption of warrants when
the price per share of Class A common stock equals or exceeds $18.00.    Once the warrants become exercisable,
we may redeem the outstanding warrants (except as described herein with respect to the private placement warrants):

 

		●	in
                                            whole and not in part;

 

		●	at
                                            a price of $0.01 per warrant;

 

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

 

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

 

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

 

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We have established the last
of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant
holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class A
common stock may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise
or the exercise price of a warrant as described under the heading “Anti-dilution Adjustments” below) as well as the $11.50
(for whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of warrants when
the price per share of Class A common stock equals or exceeds $10.00.    Once the warrants become exercisable,
we may redeem the outstanding warrants:

 

		●	in
                                            whole and not in part;

 

		●	at
                                            $0.10 per warrant;

 

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

 

		●	if,
                                            and only if, the closing price of our Class A common stock equals or exceeds $10.00
                                            per public share (as adjusted for adjustments to the number of shares issuable upon exercise
                                            or the exercise price of a warrant as described under the heading “Anti-dilution Adjustments”
                                            below) for any 20 trading days within the 30-trading day period ending three trading days
                                            before we send the notice of redemption to the warrant holders; and

 

		●	if
                                            the closing price of the Class A common stock for any 20 trading days within a 30-trading
                                            day period ending on the third trading day prior to the date on which we send the notice
                                            of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments
                                            to the number of shares issuable upon exercise or the exercise price of a warrant as described
                                            under the heading “Anti-dilution Adjustments” below), the private placement warrants
                                            must also be concurrently called for redemption on the same terms as the outstanding public
                                            warrants, as described above.

 

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

 

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

 

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

 

    8

     

    

 

	Redemption Date

 (period to expiration

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

 

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

 

    9

     

    

 

This redemption feature differs
from the typical warrant redemption features used in many other blank check offerings, which typically only provide for a redemption of
warrants for cash (other than the private placement warrants) when the trading price for the Class A common stock exceeds $18.00
per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed
when the Class A common stock is trading at or above $10.00 per public share, which may be at a time when the trading price of our
Class A common stock is below the exercise price of the warrants. We have established this redemption feature to provide us with
the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “—
Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00.” Holders choosing to exercise
their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants
based on an option pricing model with a fixed volatility input as of the date of the final prospectus for our Initial Public Offering.
This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have
certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will
be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow
us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem
the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay
the redemption price to the warrant holders. As stated above, we can redeem the warrants when the Class A 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 the opportunity to exercise their warrants on a cashless basis for the
applicable number of shares. If we choose to redeem the warrants when the Class A 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 the Class A common
stock was trading at a price higher than the exercise price of $11.50.

 

If, at the time of redemption,
the warrants are exercisable for a security other than the shares of Class A common stock pursuant to the warrant agreement (for
instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such security. At
such time as the warrants become exercisable for a security other than the Class A common stock, the company (or surviving company)
will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

 

Anti-dilution
Adjustments. If the number of outstanding shares of Class A common stock is increased by a stock dividend paid in shares of
Class A common stock to all or substantially all of the holders 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 made to all or substantially all holders of Class A
common stock entitling holders to purchase shares of Class A common stock at a price less than the “historical fair
market value” (as defined below) 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 shares of Class A common
stock) and (ii) one minus the quotient of (x) the price per share of Class A common stock paid in such rights
offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities
convertible into or exercisable for shares of Class A common stock, in determining the price payable for shares of 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) “historical fair market value” means the volume weighted average price of the
Class A common stock as reported during the 10 trading day period ending on the trading day prior to the first date on which
the Class A common stock trades on the applicable exchange or in the applicable market, regular way, without the right to
receive such rights.

 

    10

     

    

 

In addition, if we, at any
time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all
or substantially all of the holders of the shares of Class A common stock on account of such shares of Class A common stock
(or other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or
cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the shares of
Class A common stock during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed
$0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in
an adjustment to the exercise price or to the number of shares of Class A common stock issuable on exercise of each warrant) but
only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to
satisfy the redemption rights of the holders of shares of Class A common stock in connection with a proposed initial business combination,
(d) to satisfy the redemption rights of the holders of shares of Class A common stock in connection with a stockholder vote
to amend our amended and restated certificate of incorporation (A) to modify the substance or timing of our obligation to redeem
100% of our public shares if we do not complete our initial business combination within 18 months from the closing of our Initial Public
Offering, or (B) with respect to any other provisions relating to the rights of holders of our Class A common stock, 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 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 addition, if (x) we
issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock
(with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such
issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable,
prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more
than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date
of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of
our shares of Class A common stock during the 20 trading day period starting on the trading day prior to the day on which we consummate
our initial business combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the
warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the
$10.00 per share redemption trigger price described above under “— Redemption of warrants when the price per share of Class A
common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and
the Newly Issued Price, and the $18.00 per share redemption trigger price described above under “— Redemption of warrants
when the price per share of Class A common stock equals or exceeds $18.00” and “— Redemption of warrants when the
price per shares of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180%
of the higher of the Market Value and the Newly Issued Price.

 

    11

     

    

 

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 Class A common stock immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of shares of Class A common 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.
However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable
upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable
will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that
affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than
a tender, exchange or redemption offer made by the company in connection with redemption rights held by stockholders of the company as
provided for in our amended and restated certificate of incorporation or as a result of the redemption of shares of Class A common
stock by the company if a proposed initial business combination is presented to the stockholders of the company for approval) under circumstances
in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning
of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker
(within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate
is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding
shares of Class A common stock, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other
property to which such holder would actually have been entitled as a stockholder if such warrant holder had exercised the warrant prior
to the expiration of such tender or exchange offer, accepted such offer and all of the shares of Class A common stock held by such
holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender
or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70% of the
consideration receivable by the holders of shares of Class A common stock in such a transaction is payable in the form of shares
of Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of
the warrant properly exercises the warrant within 30 days following public disclosure of such transaction, the warrant exercise price
will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant.
The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction
occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential
value of the warrants.

 

The warrants have been issued
in registered form under the warrant agreement. You should review a copy of the warrant agreement, which which has been filed with the
SEC, for a complete description of the terms and conditions applicable to the warrants.

 

The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct
any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and the warrant
agreement set forth in the final prospectus for our Initial Public Offering, or defective provision, (ii) amending the provisions
relating to cash dividends on shares of common stock as contemplated by and in accordance with the warrant agreement or (iii) adding
or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement
may deem necessary or desirable and that the parties deem to not adversely affect the rights of the registered holders of the warrants,
provided that the approval by the holders of at least 50% of the then-outstanding public warrants is required to make any change that
adversely affects the rights of the registered holders of public warrants.

 

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 and 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.

 

    12

     

    

 

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.

 

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

 

Private Placement Warrants

 

The private placement warrants
(including the Class A common stock issuable upon exercise of the private placement warrants) are not transferable, assignable or
saleable until 30 days after the completion of our initial business combination (except, among other limited exceptions as described
under the section of the final prospectus for our Initial Public Offering entitled “Principal Stockholders — Restrictions
on Transfers of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or entities affiliated
with our sponsor) and they are not redeemable under certain redemption scenarios by us so long as they are held by our sponsor or its
permitted transferees. Otherwise, the private placement warrants have terms and provisions that are identical to those of the warrants
sold as part of the units in our Initial Public Offering, including as to exercise price, exercisability and exercise period. If the private
placement warrants are held by holders other than the sponsor or its permitted transferees, the private placement warrants will be redeemable
by us under all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in our
Initial Public Offering.

 

If holders of private placement
warrants elect to exercise them on a cashless basis, except as described under “Redemption of warrants when the price per share
of Class A common stock equals or exceeds $10.00,” they would pay the exercise price by surrendering their warrants in exchange
for a number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product (A) of the number
of shares of Class A common stock underlying the warrants and (B) the excess of the “sponsor fair market value”
(defined below) over the exercise price of the warrants by (y) such sponsor fair market value. The “sponsor fair market value”
shall mean the average reported closing 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. The reason that we have agreed that these warrants
will be exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees is because it is not known
at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their ability
to sell our securities in the open market will be significantly limited. We expect to have policies in place that restrict insiders from
selling our securities except during specific periods. Even during such periods of time when insiders will be permitted to sell our securities,
an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public
stockholders who could sell the shares of Class A common stock issuable upon exercise of the warrants freely in the open market,
the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders to exercise such warrants
on a cashless basis is appropriate.

 

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. 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.

 

Our sponsor 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 that, among
other limited exceptions as described under the section of the final prospectus for our Initial Public Offering entitled “Principal
Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Warrants” made to our officers and directors
and other persons or entities affiliated with our sponsor.

 

    13

     

    

 

Our Transfer Agent and Warrant Agent

 

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

 

Our Amended and Restated Certificate of
Incorporation

 

Provisions Related to Our Initial Public Offering

 

Our amended and restated
certificate of incorporation contains certain requirements and restrictions relating to our Initial Public Offering that will apply to
us until the completion of our initial business combination. These provisions cannot be amended without the approval of the holders of
60% of our common stock. Our initial stockholders, who collectively beneficially owned 20% of our common stock upon the closing of our
Initial Public Offering, 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 18 months from the closing
                                            of our Initial Public Offering, 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 as a class with our public shares (a) on our initial business combination
                                            or on any other proposal presented to stockholders prior to or in connection with the completion
                                            of an initial business combination or (b) to approve an amendment to our amended and
                                            restated certificate of incorporation to (x) extend the time we have to consummate a
                                            business combination beyond 18 months from the closing of our Initial Public Offering or
                                            (y) amend the foregoing provisions;

 

		●	although
                                            we do not intend to enter into a business combination with a target business that is affiliated
                                            with our sponsor, our directors or our officers, we are not prohibited from doing so. In
                                            the event we enter into such a transaction, we, or a committee of independent directors,
                                            will obtain an opinion from an independent investment banking firm or 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. Whether or not we maintain our registration under the Exchange Act or
                                            our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem
                                            their public shares by one of the two methods listed above;

 

    14

     

    

 

		●	our
                                            initial business combination must occur with one or more target businesses that together
                                            have an aggregate fair market value of at least 80% of our assets held in the trust account
                                            (excluding the deferred underwriting commissions and taxes payable by us on the income earned
                                            on the trust account) 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 do not complete our business combination within 18 months from the closing of
                                            our Initial Public Offering or with respect to any other provisions relating to the rights
                                            of holders of our Class A common stock, 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
                                            will not effectuate our initial business combination with another blank check company or
                                            a similar company with nominal operations.

 

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

 

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

 

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, 15% 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 affiliates, any of its direct or indirect transferees of at least 15% 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.

 

    15

     

    

 

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

 

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

 

Exclusive Forum for Certain Lawsuits

 

Our amended and restated certificate
of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State
of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any (1) derivative action or proceeding
brought on behalf of our company, (2) action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee
or agent of our company to our company or our stockholders, or any claim for aiding and abetting any such alleged breach, (3) action
asserting a claim against our company or any director or officer of our company arising pursuant to any provision of the DGCL or our amended
and restated certificate of incorporation or our bylaws, or (4) action asserting a claim against us or any director or officer of
our company governed by the internal affairs doctrine except for, as to each of (1) through (4) above, any claim (A) as
to which the Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery
(and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination),
(B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, or (C) arising under
the federal securities laws, including the Securities Act as to which the Court of Chancery and the federal district court for the District
of Delaware shall concurrently be the sole and exclusive forums. Notwithstanding the foregoing, the provisions of this paragraph will
not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district
courts of the United States of America shall be the sole and exclusive forum. 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 have the effect
of discouraging lawsuits against our directors and officers. Furthermore, the enforceability of choice of forum provisions in other companies’
certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions
to be inapplicable or unenforceable.

 

Special Meeting of Stockholders

 

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

 

Advance Notice Requirements for Stockholder
Proposals and Director Nominations

 

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

 

    16

     

    

 

Action by Written Consent

 

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

 

Classified Board of Directors

 

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

 

Class B Common Stock Consent Right

 

For so long as any shares of
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
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.

 

 

17ndra_ex412.htm

EXHIBIT 4.12
  
 DESCRIPTION OF ENDRA LIFE SCIENCES INC.’S SECURITIES
 REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
  
 The following information is a summary of information concerning the securities of ENDRA Life Sciences Inc. (“Company,” “we,” “our,” or “us”) and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Fourth Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), Amended and Restated Bylaws (the “Bylaws”) and Form of Warrant Agreement, as applicable, each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.12 is a part.
  
 Common Stock
  
 The Certificate of Incorporation authorizes the issuance of 80,000,000 shares of common stock, par value $0.0001 per share (the “Common Stock”). Our authorized but unissued shares of Common Stock are available for issuance without further action by our stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded.
  
 Voting
  
 Each holder of Common Stock is entitled to one vote for each such share outstanding in the holder’s name. No holder of Common Stock is entitled to cumulate votes in voting for directors.
  
 Dividends and Liquidation Rights
  
 The holders of outstanding shares of our Common Stock are entitled to such dividends as may be declared by our board of directors out of funds legally available for such purpose. The shares of our Common Stock are neither redeemable nor convertible. Holders of our Common Stock have no preemptive or subscription rights to purchase any of our securities. In the event of our liquidation, dissolution or winding up, the holders of our Common Stock are entitled to receive pro rata our assets, which are legally available for distribution, after payments of all debts and other liabilities. All of the outstanding shares of our Common Stock are fully paid and non-assessable.
  
 We have never paid any cash dividends on our Common Stock.
  
 Warrants
  
 Form
  
 The warrants were issued as individual warrants to the investors, all of which will be governed by a warrant agreement.
  
 Exercisability
  
 The warrants are exercisable at any time up to the date that is five years after their original issuance. The warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the shares of Common Stock underlying the warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of shares of Common Stock purchased upon such exercise. If a registration statement registering the issuance of the shares of Common Stock underlying the warrants under the Securities Act is not effective or available and an exemption from registration under the Securities Act is not available for the issuance of such shares, the holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the warrant. No fractional shares of Common Stock will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.
  
 	 
	
	

	 

  
 Exercise Limitation
  
 A holder does not have the right to exercise any portion of the warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% of the number of shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the warrants. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% upon at least 61 days’ prior notice from the holder to us.
  
 Exercise Price
  
 The warrants have an exercise price of $6.25 per share. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our Common Stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.
  
 Transferability
  
 Subject to applicable laws, the warrants may be offered for sale, sold, transferred or assigned without our consent.
  
 Fundamental Transactions
  
 In the event of a fundamental transaction, as described in the warrants and generally including any reorganization, recapitalization or reclassification of our Common Stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding Common Stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding Common Stock, the holders of the warrants are entitled to receive upon exercise of the warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the warrants immediately prior to such fundamental transaction.
  
 Rights as a Stockholder
  
 Except as otherwise provided in the warrants or by virtue of such holder’s ownership of shares of our Common Stock, the holder of a warrant does not have the rights or privileges of a holder of our Common Stock, including any voting rights, until the holder exercises the warrant.
  
 Waivers and Amendments
  
 Subject to certain exceptions, any term of the warrants may be amended or waived with our written consent and the written consent of the holders of at least two-thirds of the then-outstanding warrants.
  
 Authorized Preferred Stock and Anti-Takeover Provisions
  
 Authorized Preferred Stock
  
 The Certificate of Incorporation authorizes us to issue 10,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred Stock”). Our board of directors has designated 10,000 shares of Preferred Stock as Series A Convertible Preferred Stock and 1,000 shares of Preferred Stock as Series B Convertible Preferred Stock. Our authorized but unissued shares of Preferred Stock are available for issuance without further action by our stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded.
  
 Our board of directors has the authority to issue Preferred Stock in one or more series and to fix the designations, powers, rights, preferences, qualifications, limitations and restrictions thereof. These designations, powers, rights and preferences could include voting rights, dividend rights, dissolution rights, conversion rights, exchange rights, redemption rights, liquidation preferences, and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of Common Stock. The issuance of Preferred Stock could adversely affect the voting power of holders of Common Stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of Preferred Stock could have the effect of delaying, deferring or preventing change in our control or other corporate action.
  
 	 
	
	

	 

  
 Anti-Takeover Provisions
  
 The provisions of Delaware law, the Certificate of Incorporation and the Bylaws could have the effect of delaying, deferring or discouraging another person from acquiring control of us. These provisions, which are summarized below, may have the effect of discouraging takeover bids. They are also designed, in part, to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.
  
 Delaware Law
  
 We are subject to Section 203 of the Delaware General Corporation Law (the “DGCL”), an anti-takeover law. In general, Section 203 prohibits a Delaware corporation from engaging in any business combination (as defined below) with any interested stockholder (as defined below) for a period of three years following the date that the stockholder became an interested stockholder, unless:
  
 	  
	 ·
	 prior to that date, the board of directors of the corporation approved either the business combination or the transaction that 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 the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares of voting stock outstanding (but not the voting stock owned by the interested stockholder) those shares owned by persons who are directors and officers and by excluding employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

	  
	 ·
	 on or subsequent to the time the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder.

  In general, Section 203 defines “business combination” to include the following:
  
 	  
	 ·
	 any merger or consolidation involving the corporation and the interested stockholder;

	  
	 ·
	 any sale, lease, exchange, mortgage, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

	  
	 ·
	 subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

	  
	 ·
	 subject to limited exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or

	  
	 ·
	 the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

  Section 203 generally defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation, or who beneficially owns 15% or more of the outstanding voting stock of the corporation at any time within a three-year period immediately prior to the date of determining whether such person is an interested stockholder, and any entity or person affiliated with or controlling or controlled by any of these entities or persons.
  
 Certificate of Incorporation and Bylaw Provisions
  
 The Certificate of Incorporation and the Bylaws include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of us. Certain of these provisions are summarized in the following paragraphs.
  
 	 
	
	

	 

  
 Effects of authorized but unissued Common Stock.
  
 One of the effects of the existence of authorized but unissued Common Stock may be to enable our board of directors to make more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, and thereby to protect the continuity of management. If, in the due exercise of its fiduciary obligations, the board of directors were to determine that a takeover proposal was not in our best interest, such shares could be issued by the board of directors without stockholder approval in one or more transactions that might prevent or render more difficult or costly the completion of the takeover transaction by diluting the voting or other rights of the proposed acquirer or insurgent stockholder group, by putting a substantial voting block in institutional or other hands that might undertake to support the position of the incumbent board of directors, by effecting an acquisition that might complicate or preclude the takeover, or otherwise.
  
 Cumulative Voting.
  
 The Certificate of Incorporation does not provide for cumulative voting in the election of directors, which would allow holders of less than a majority of the stock to elect some directors.
  
 Director Vacancies.
  
 The Certificate of Incorporation provides that all vacancies may be filled only by the affirmative vote of a majority of directors then in office, even if less than a quorum.
  
 Stockholder Action; Special Meeting of Stockholders.
  
 The Bylaws provide that stockholders may act by written consent. However, stockholders pursuing an action by written consent will be required to comply with certain notice and record date requirements that are set forth in the DGCL. A special meeting of stockholders may be called by the Chairman of the board of directors, the President, the Chief Executive Officer, or a majority of the board of directors at any time and for any purpose or purposes as shall be stated in the notice of the meeting, or by request of the holders of record of at least 20% of outstanding shares of Common Stock. This provision could prevent stockholders from calling a special meeting because, unless certain significant stockholders were to join with them, they might not obtain the percentage necessary to request the meeting. Therefore, stockholders holding less than 20% of issued and outstanding Common Stock, without the assistance of management, may be unable to propose a vote on any transaction which may delay, defer or prevent a change of control, even if the transaction were in the best interests of our stockholders.
  
 Advance Notice Requirements for Stockholder Proposals and Director Nominations.
  
 The Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as director. In order for any matter to be “properly brought” before a meeting, a stockholder will have to comply with such advance notice procedures and provide us with certain information. The Bylaws allow the presiding officer at a meeting of stockholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if such rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of us.
  
 Supermajority Voting for Amendments to Our Governing Documents.
  
 Any amendment to the Certificate of Incorporation requires the affirmative vote of at least 66 2/3% of the voting power of all shares of our capital stock then outstanding. The Certificate of Incorporation provides that the board of directors is expressly authorized to adopt, amend or repeal the Bylaws and that our stockholders may amend the Bylaws only with the approval of at least 66 2/3% of the voting power of all shares of our capital stock then outstanding.
  
 Choice of Forum.
  
 The Certificate of Incorporation provides that, subject to certain exceptions, the Court of Chancery of the State of Delaware will be the exclusive forum for any claim, including any derivative claim, (i) that is based upon a violation of a duty by a current or former director or officer or stockholder in such capacity or (ii) as to which the DGCL, or any other provision of Title 8 of the Delaware Code, confers jurisdiction upon the Court of Chancery.

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