Document:

EX-4.1

 Exhibit 4.1 

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

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

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

Units 
 Each unit consists of one
Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Pursuant to the
warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder. 

The Class A ordinary shares and warrants began separate trading on June 24, 2021 and holders have the option to continue to hold
units or separate their units into the component pieces. 
 Ordinary Shares 

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of
Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our amended and restated memorandum
and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by
our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, which requires the affirmative vote of a majority of at least two-thirds of the shareholders who attend
and vote at a general meeting of the company, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and approving a statutory
merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally serve for a term of three years with only one class of directors being appointed in each year. There is no cumulative
voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all of the directors. However, only holders of Class B ordinary shares will
have the right to appoint directors in any general meeting held prior to or in connection with the completion of our initial business combination, meaning that holders of Class A ordinary shares will not have the right to appoint any directors
until after the completion of our initial business combination. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. 

Because our amended and restated memorandum and articles of association authorize the issuance of up to 200,000,000 Class A ordinary
shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our
shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination. Our board of directors is divided into three classes with only one class of directors being appointed in
each year and each class (except for those directors appointed prior to our first annual general meeting) serving a three-year term. 

 In accordance with Nasdaq corporate governance requirements, we are not required to hold an
annual general meeting until one year after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Act for us to hold annual or extraordinary general meetings or appoint directors. We may not hold an
annual general meeting to appoint new directors prior to the consummation of our initial business combination. 
 We will provide our public
shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our
taxes, divided by the number of then outstanding public shares, subject to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our sponsor, officers and directors
have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business combination. Unlike
many special purpose acquisition companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such
initial business combinations even when a vote is not required by law, if a shareholder vote is not required by law and we do not decide to hold a shareholder vote for business or other legal reasons, we will, pursuant to our amended and restated
memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated memorandum and
articles of association require these tender offer documents to contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under the SEC’s proxy rules. If,
however, a shareholder approval of the transaction is required by law, or we decide to obtain shareholder approval for business or other reasons, we will, like many special purpose acquisition companies, offer to redeem shares in conjunction with a
proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial business combination only if we receive an ordinary resolution under Cayman Islands law, which
requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated
transactions, if any, could result in the approval of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking
approval of an ordinary resolution, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association
require that at least five days’ notice will be given of any general meeting. 
 If we seek shareholder approval of our initial
business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder,
together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with
respect to more than an aggregate of 15% of the ordinary shares sold in our initial public offering, which we refer to as the “Excess Shares” without our prior consent. However, we would not be restricting our shareholders’ ability to
vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business
combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we
complete our initial business combination. And, as a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions,
potentially at a loss. 

 If we seek shareholder approval in connection with our initial business combination, our
sponsor, officers and directors have agreed to vote their founder shares and any public shares purchased during or after our initial public offering (including in open market and privately-negotiated transactions) in favor of our initial business
combination. As a result, in addition to our initial shareholders’ founder shares (including Phoenix’s founder shares for purposes of this calculation), we would need 7,500,001, or 37.5%, of the 20,000,000 public shares sold in our initial
public offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming all outstanding shares are voted). Additionally, each public shareholder may elect to redeem their public
shares irrespective of whether they vote for or against the proposed transaction or whether they were a public shareholder on the record date for the general meeting held to approve the proposed transaction. 

Pursuant to our amended and restated memorandum and articles of association, if we have not completed our initial business combination by
May 6, 2023, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, 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 (less taxes payable and up to $100,000 of
interest income to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation
distributions, if any), subject to applicable law and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the
case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of 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 their founder shares if we fail to complete our initial business combination by May 6, 2023.
However, if our sponsor or management team acquire public shares 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 initial
business combination within the prescribed time period. 
 In the event of a liquidation, dissolution or winding up of the company after a business
combination, our shareholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary
shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares
for cash at a per-share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our
taxes, divided by the number of then outstanding public shares, upon the completion of our initial business combination, subject to the limitations and on the conditions described herein. 

Founder Shares 
 The founder shares are
designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units sold in our initial public offering, and holders of founder shares have the same shareholder rights as
public shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below, (ii) the founder shares are entitled to registration rights; (iii) Our sponsor, officers and
directors have entered into a letter agreement with us, pursuant to which they have agreed to (A) waive their redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business
combination, (B) waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) to
modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we have not consummated an initial business combination by May 6, 2023 or
(B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity, (C) waive their rights to liquidating distributions from the
trust account with respect to their founder shares if we fail to complete our initial business combination by May 6, 2023, although they will be entitled to liquidating distributions from the trust account with respect to any public shares they
hold if we fail to complete our initial business combination within such time period and (D) vote any founder shares held by them and any public shares purchased during or after our initial public offering (including in open market and
privately-negotiated transactions) in favor of our initial business combination, (iv) the founder shares are automatically convertible into Class A ordinary shares concurrently with or immediately following the consummation of our initial
business combination on a one-for-one basis, subject to adjustment as described herein and in our amended and restated memorandum and articles of association, and
(v) only holders of Class B ordinary shares will have the right to appoint directors in any general meeting held prior to or in connection with the completion of our initial business combination. 

 The founder shares will automatically convert into Class A ordinary shares concurrently
with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment for share
sub-divisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares or
equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, 20% of the total number
of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by public shareholders), including the total number of Class A ordinary shares issued, or deemed issued or
issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary
shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, officers or
directors upon conversion of working capital loans; provided that such conversion of founder shares will never occur on a less than one-for-one basis. 

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 or Phoenix, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial business combination or earlier if,
subsequent to our initial business combination, the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, and (B) the date following
the completion of our initial business combination on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our shareholders having the right to exchange their Class A ordinary shares for
cash, securities or other property. 
 Register of Members 

Under Cayman Islands law, we must keep a register of members and there will be entered therein: 

 

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

  

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

 

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

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register of
members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name
in the register of members. Upon the closing of our initial public offering, the register of members was immediately updated to reflect the issue of shares by us. Once our register of members has been updated, the shareholders recorded in the
register of members will be deemed to have legal title to the shares set against their name. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of
members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the
correct legal position. If an application for an order for rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to
re-examination by a Cayman Islands court. 

 Preferred Shares 

Our amended and restated memorandum and articles of association authorize 1,000,000 preferred shares and provide that preferred shares may be
issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is able to, without shareholder approval, issue preferred shares with voting and other rights that could adversely affect the voting power and
other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preferred shares without shareholder approval could have the effect of delaying, deferring or preventing a change
of control of us or the removal of existing management. We have no preferred shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preferred shares, we cannot assure you that we will not do so in the
future. 
 Warrants 
 Public Shareholders’
Warrants 
 Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share,
subject to adjustment as discussed below, at any time commencing on the later of one year from May 6, 2023 and 30 days after the completion of our initial business combination, provided, in each case, that we have an effective registration
statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the
circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant
holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and
only whole warrants will trade. Accordingly, unless you purchase at least three units, you will not be able to receive or trade a whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00
p.m., New York City time, or earlier upon redemption or liquidation. 
 We are not obligated to deliver any Class A ordinary shares
pursuant to the exercise of a warrant and have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then effective and a
prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant is exercisable and we are not obligated to issue a Class A ordinary share upon exercise of a warrant
unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the
conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event are we
required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the
Class A ordinary share underlying such unit. 
 We have agreed that as soon as practicable, but in no event later than fifteen
(15) business days after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary
shares issuable upon exercise of the warrants. We will use our commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until
the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the sixtieth
(60th) business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration
statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A ordinary shares are at the time of any exercise of a
warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise
their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we
do not so elect, we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering
each such warrant for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied the excess of
the “fair market value” less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” shall mean the volume weighted average price of the Class A ordinary shares for the 10
trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. 

 Redemption of Warrants When the Price per Class A Ordinary Share 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 not less than 30 days’ prior written notice of redemption (the
“30-day redemption period”) to each warrant holder; and 

  

	 	•	 	 if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within
a 30-trading day period ending three business days before we send to the notice of redemption to the warrant holders (which we refer to as the “Reference Value”) equals or exceeds $18.00 per share
(as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like). 

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. However, we will not redeem the warrants unless an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise
of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period. 

We have established the last of the redemption criteria 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. Any such exercise would not be done on a “cashless” basis and would require the exercising warrant holder to pay the exercise price for each warrant being exercised. However, the price of the Class A ordinary shares
may fall below the $18.00 redemption trigger price (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 (for whole shares) warrant
exercise price after the redemption notice is issued. 
 Redemption of Warrants When the Price per Class A Ordinary Share 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; provided that holders
will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of our Class A
ordinary shares (as defined below); 

  

	 	•	 	 if, and only if, the Reference Value (as defined above under “Redemption of Warrants When the Price per
Class A Ordinary Share Equals or Exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like); and

  

	 	•	 	 if the Reference Value is less than $18.00 per share (as adjusted for share
sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding public
warrants, as described above. 

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

 Pursuant to the warrant agreement, references above to Class A ordinary shares shall
include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our initial business combination. 

The numbers in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of
the warrants if we are not the surviving entity following our initial business combination. 
 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 the warrant is adjusted as set forth under the heading “—Anti-dilution Adjustments”
below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is
the exercise price of the warrant after such adjustment and the denominator of which is the price of the warrant immediately prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such
share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so
adjusted. If the exercise price of the warrant is adjusted as a result of raising capital in connection with the initial business combination, the adjusted share prices in the column headings will by multiplied by a fraction, the numerator of which
is the higher of the Market Value and the Newly Issued Price as set forth under the heading “—Anti-dilution Adjustments” and the denominator of which is $10.00. 

 

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

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the
fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For
example, if the volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and
at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. 

 For an example where the exact fair market value and redemption date are not as set forth in
the table above, if the volume-weighted average price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per
share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A ordinary shares for each whole warrant. In no event
will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). 

This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are
trading at or above $10.00 per share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to
redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “—Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00.” Holders choosing to
exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of May 3, 2021. This redemption
right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We
will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so.
As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders. As stated above, we can redeem the warrants
when the Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders
with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this
could result in the warrant holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were
trading at a price higher than the exercise price of $11.50. 
 No fractional Class A ordinary shares will be issued upon exercise. If,
upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the
warrants are exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants may be exercised for such
security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security
issuable upon the exercise of the warrants. 
 Redemption Procedures. A holder of a warrant may notify us in writing in the event it
elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Class A ordinary shares outstanding immediately after giving effect to such exercise. 

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

 In addition, if we, at any time while the warrants are outstanding and unexpired, pay a
dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the warrants are convertible), other than (a) as
described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, or (d) in connection with the
redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair
market value of any securities or other assets paid on each Class A ordinary share in respect of such event. 
 If the number of
outstanding Class A ordinary shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination,
reverse share split, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares. 

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

In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in
connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by our board
of directors and, in the case of any such issuance to our sponsor, Phoenix or their affiliates, without taking into account any founder shares held by our initial shareholders or such affiliates, as applicable, prior to such issuance) (the
“Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the
completion of our initial business combination (net of redemptions), and (z) the volume-weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we
complete our initial business combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the
Newly Issued Price, the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per share of Class A ordinary shares equals or exceeds $18.00” will be adjusted (to the nearest cent) to be
equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described adjacent to the caption “Redemption of warrants when the price per share of Class A ordinary shares
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. 

In case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that
solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does
not result in any reclassification or reorganization of our issued and outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or
substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash) receivable upon
such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such
event. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national
securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the
registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes Warrant
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 will be issued in registered form under a warrant agreement between Continental
Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any shareholder or warrant holder to cure any ambiguity or correct any defective
provision or to make any amendments that are necessary in the good faith determination of our board of directors (taking into account then existing market precedents) to allow for the warrants to be classified as equity in our financial statements,
but otherwise requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders. 

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 ordinary shares and any voting rights until they exercise their warrants and receive Class A ordinary shares. After the
issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders. 

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

Exclusive Forum Provision. Our warrant agreement provides that, subject to applicable law, (i) any action, proceeding or claim against us
arising out of or relating in any way to the warrant agreement, including under the Securities Act, 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
(ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive objections to each such exclusive jurisdiction and that such court represents
inconvenient forum. 
 Private Placement Warrants 

The private placement warrants (including the Class A ordinary shares issuable upon exercise of such warrants) will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions as described under “Principal Shareholders — Transfers of Founder Shares and Private Placement
Warrants,” to our officers and directors, Phoenix, and other persons or entities respectively affiliated with our sponsor or Phoenix) and they will not be redeemable by us so long as they are held by our sponsor, members of our sponsor,
Phoenix, or their respective permitted transferees. Each of the sponsor, Phoenix, or its respective permitted transferees, have the option to exercise the private placement warrants on a cashless basis. Except as described below, the private
placement warrants have terms and provisions that are identical to those of the warrants being sold as part of the units in our initial public offering. If the private placement warrants are held by holders other than the sponsor, Phoenix, or their
respective permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in our initial public offering. 

 Except as described under “—Redemption of Warrants When the Price per Class A
Ordinary Share Equals or Exceeds $10.00,” if holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of Class A
ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “historical fair market value” of our Class A
ordinary shares (defined below) over the exercise price of the warrants by (y) the fair market value. For these purposes, the “historical fair market value” will mean the average reported closing price of the Class A ordinary
shares for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the 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, Phoenix or their respective 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 prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will
be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public shareholders who could exercise their
warrants and sell the Class A ordinary shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we
believe that allowing the holders to exercise such warrants on a cashless basis is appropriate. 
 Dividends 

We have not paid any cash dividends on our ordinary shares 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 condition 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. If we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in
connection therewith. 
 Our Transfer Agent and Warrant Agent 

The transfer agent for our ordinary shares 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 shareholders, 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 or intentional misconduct of the indemnified person or entity. 

Certain Differences in Corporate Law 

Cayman Islands companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law
statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws
applicable to companies incorporated in the United States and their shareholders. 
 Mergers and Similar Arrangements. In certain
circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of
that other jurisdiction). 
 Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must
approve a written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 662/3% in value of the voting shares voted at a general meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company’s
articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each
holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes
certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation. 

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

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

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

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

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

  

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

 

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

 

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

 If a scheme of arrangement or takeover offer (as described
below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to
dissenting shareholders of United States corporations. 
 Squeeze-out Provisions. When a
takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates is made within four months, the offeror may, within a two-month period, require the holders of the remaining shares
to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the
shareholders. 
 Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved
through means other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements, of an operating business. 

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

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

 

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

  

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

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to
be infringed. 
 Enforcement of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to the
United States and provides less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States. 

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

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

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

  

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

 

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

 

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

 

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

  

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

  

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

 

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

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

Our Amended and Restated Memorandum and Articles of Association 

The Business Combination Article of our amended and restated memorandum and articles of association contains provisions designed to provide
certain rights and protections 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 a special resolution. As a matter of Cayman Islands
law, a resolution is deemed to be a special resolution where it has been approved by either (i) at least two-thirds (or any higher threshold specified in a company’s articles of association) of a
company’s shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association, by a unanimous
written resolution of all of the company’s shareholders. Our amended and restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of
our shareholders who attend and vote at a general meeting (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders. 

 Our initial shareholders, who collectively beneficially own 20% of our ordinary shares upon
the closing of our initial public offering), will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated
memorandum and articles of association provide, among other things, that: 
  

	 	•	 	 If we have not completed our initial business combination by May 6, 2023, we will (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, 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 (less taxes payable and up to $100,000 of interest income to pay dissolution expenses), divided by the number of
then outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands law to provide for claims
of creditors and in all cases subject to the other requirements of applicable law; 

  

	 	•	 	 Prior to our initial business combination, we may not issue additional securities that would entitle the holders
thereof to (i) receive funds from the trust account or (ii) vote on our initial business combination; 

  

	 	•	 	 Although we do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm which is a
member of FINRA or a valuation or appraisal firm that such a business combination is fair to our company from a financial point of view; 

  

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

  

	 	•	 	 We must complete one or more business combinations having an aggregate fair market value of at least 80% of the
assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination; 

 

	 	•	 	 If our shareholders approve an amendment to our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination by May 6, 2023 or
(B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem
all or a portion of their Class A ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on
the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations and on the conditions described herein; 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 memorandum and articles of association provide we will
not redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. We may, however, raise funds through the issuance of equity-linked securities or through loans, advances or other indebtedness in
connection with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter into following our initial public offering, in order to, among other reasons, satisfy such net tangible assets
requirement. 

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

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

Our amended and restated memorandum and articles of association provide 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 general meetings. 

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

Listing of Securities 
 Our units,
Class A ordinary shares and warrants have been approved for trading on Nasdaq under the symbols “VLATU,” “VLAT” and “VLATW,” respectively.Exhibit 4.1

 

ZEDGE, INC.

AMENDED AND RESTATED

2016 STOCK OPTION AND INCENTIVE PLAN

Adopted as of May 23, 2016

 

(Amended and Restated effective March 23,
2022)

 

		1.	Purpose; Types of Awards; Construction.

 

The purpose of the Zedge, Inc. 2016 Stock Option
and Incentive Plan (the “Plan”) is to provide incentives to executive officers, employees, directors and consultants of Zedge,
Inc. (the “Company”), or any subsidiary of the Company which now exists or hereafter is organized or acquired by the Company,
to acquire a proprietary interest in the Company, to continue as executive officers, employees, directors or consultants, to increase
their efforts on behalf of the Company and to promote the success of the Company’s business. The provisions of the Plan are intended
to satisfy the requirements of Section 16(b) of the Securities Exchange Act of 1934, as amended, and shall be interpreted in a manner
consistent with the requirements thereof.

 

		2.	Definitions.

 

As used in this Plan, the following words and phrases
shall have the meanings indicated:

 

(a) “Agreement”
shall mean a written agreement entered into between the Company and a Grantee in connection with an award under the Plan.

 

(b) “Board”
shall mean the Board of Directors of the Company.

 

(c) “Change
in Control” means a change in ownership or control of the Company effected through either of the following:

 

(i) any
“person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company, (B) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company, (C) any corporation or other entity owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Class B Common Stock, or
(D) any person who, as of October 30, 2020, owned more than 25% of the combined voting power of the Company’s then outstanding voting
securities, or affiliates or family members thereof), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person
any securities acquired directly from the Company or any of its affiliates other than in connection with the acquisition by the Company
or its affiliates of a business) representing 25% or more of the combined voting power of the Company’s then outstanding voting
securities; or

 

(ii) during
any period of not more than two consecutive years, not including any period prior to the initial adoption of this Plan by the Board, individuals
who at the beginning of such period constitute the Board, and any new director (other than a director whose initial assumption of office
is in connection with an actual or threatened election contest, including, but not limited to a consent solicitation, relating to the
election of directors of the Company) whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority thereof.

 

(d) “Class
B Common Stock” shall mean shares of Class B Common Stock, par value $.01 per share, of the Company.

 

(e) “Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

    1

     

    

 

(f) “Committee”
shall mean the Compensation Committee of the Board or such other committee as the Board may designate from time to time to administer
the Plan. The Board will cause the Committee to satisfy the applicable requirements of any stock exchange on which the Common Stock may
then be listed. For purposes of awards to Grantees who are subject to Section 16 of the Exchange Act, Committee means all of the members
of the Committee who are “non-employee directors” within the meaning of Rule 16b-3 adopted under the Exchange Act.

 

(g) “Company”
shall mean Zedge, Inc., a corporation incorporated under the laws of the State of Delaware, or any successor corporation.

 

(h) “Continuous
Service” means that the provision of services to the Company or a Related Entity in any capacity of officer, employee, director
or consultant is not interrupted or terminated. Continuous Service shall not be considered interrupted in the case of (i) any approved
leave of absence, (ii) transfers between locations of the Company or among the Company, any Related Entity or any successor in any capacity
of officer, employee, director or consultant, or (iii) any change in status as long as the individual remains in the service of the Company
or a Related Entity in any capacity of officer, employee, director or consultant (except as otherwise provided in the applicable Agreement).
An approved leave of absence shall include sick leave, short-term disability, maternity leave, military leave (including without limitation
service in the National Guard or the Army Reserves) and any other personal leave approved by the Company or the Committee. For purposes
of Incentive Stock Options, no such leave may exceed ninety (90) days unless reemployment upon expiration of such leave is guaranteed
by statute or contract.

 

(i) “Corporate
Transaction” means any of the following transactions:

 

(i) a
merger or consolidation of the Company with any other corporation or other entity, other than (A) a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving or parent entity) 80% or more of the combined voting power of the voting
securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger
or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as
defined in the Exchange Act) acquired 25% or more of the combined voting power of the Company’s then outstanding securities; or

 

(ii) a plan of complete liquidation
of the Company or an agreement for the sale or disposition by the Company of all or substantially all of its assets (or any transaction
having a similar effect).

 

(j) “Disability”
shall mean cause for termination of a Grantee’s employment or service due to a determination that the Grantee is disabled in accordance
with a long-term disability insurance program maintained by the Company or a total and permanent disability as defined
in Code Section 22(e)(3).

 

(k) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(l) “Fair
Market Value” per share as of a particular date shall mean (i) the closing sale price per share of Class B Common Stock on the national
securities exchange on which the Class B Common Stock is principally traded for the last preceding date on which there was a sale of Class
B Common Stock on such exchange, or (ii) if the shares of Class B Common Stock are then traded in an over-the-counter market, the average
of the closing bid and asked prices for the shares of Class B Common Stock in such over-the-counter market for the last preceding date
on which there was a sale of Class B Common Stock in such market, or (iii) if the shares of Class B Common Stock are not then readily
tradable on an established securities market, such value as the Committee, in its sole discretion, shall determine, provided however that
such determination (A) with respect to Nonqualified Stock Options, shall be in good faith using a “reasonable application of a reasonable
valuation method” within the meaning of Treasury Regulation Section 1.409A-1(b)(5)(iv)(B), and (B) with respect to Incentive Stock
Options, shall be in a manner that satisfies the applicable requirements of Code Section 422.

 

    2

     

    

 

(m) “Grantee”
shall mean a person who receives a grant of Options or Restricted Stock under the Plan.

 

(n) “Incentive
Stock Option” shall mean any option intended to be, and designated as, an incentive stock option within the meaning of Section 422
of the Code.

 

(o) “Insider”
shall mean a Grantee who is subject to the reporting requirements of Section 16(a) of the Exchange Act.

 

(p) “Insider
Trading Policy” shall mean the Insider Trading Policy of the Company, as may be amended from time to time.

 

(q) “Non-Employee
Director” means an independent member of the Board, as determined by the Board, who is not an employee of the Company or any Subsidiary.

 

(r) “Non-Employee
Director Annual Grant” shall mean an award of a number of shares of Restricted Stock with a value of $30,000 based on the average
closing prices of the Class B common stock on the NYSE American for the calendar month preceding the date of grant.

 

(s) “Non-Employee
Director Grant Date” shall mean January 5 of the applicable year (or the following business day if January 5 is not a
business day).

 

(t) “Nonqualified
Stock Option” shall mean any option not designated as an Incentive Stock Option.

 

(u) “Option”
or “Options” shall mean a grant to a Grantee of an option or options to purchase shares of Class B Common Stock.

 

(v) “Option
Agreement” shall have the meaning set forth in Section 6 of the Plan.

 

(w) “Option
Price” shall mean the exercise price of the shares of Class B Common Stock covered by an Option.

 

(x) “Parent”
shall mean any company (other than the Company) in an unbroken chain of companies ending with the Company if, at the time of granting
an award under the Plan, each of the companies other than the Company owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other companies in such chain.

 

(y) “Related
Entity” means any Parent, Subsidiary or any business, corporation, partnership, limited liability company or other entity in which
the Company, a Parent or a Subsidiary holds a substantial ownership interest, directly or indirectly. The term “substantial ownership
interest” means the possession, directly or indirectly, of the power to direct the management and policies of such person or entity,
whether through the ownership of voting or other securities, by contract or otherwise.

 

(z) “Restricted
Period” shall have the meaning set forth in Section 9(b) of the Plan.

 

(aa) “Restricted
Stock” means shares of Class B Common Stock issued under the Plan to a Grantee for such consideration, if any, and subject to such
restrictions on transfer, rights of refusal, repurchase provisions, forfeiture provisions and other terms and conditions as shall be determined
by the Committee.

 

    3

     

    

 

(bb) “Related
Entity Disposition” means the sale, distribution or other disposition by the Company of all or substantially all of the Company’s
interest in any Related Entity effected by a sale, merger or consolidation or other transaction involving such Related Entity or the sale
of all or substantially all of the assets of such Related Entity.

 

(cc) “Retirement”
shall mean a Grantee’s retirement in accordance with the terms of any tax-qualified retirement plan maintained by the Company or
any of its affiliates in which the Grantee participates.

 

(dd) “Rule
16b-3” shall mean Rule 16b-3, as from time to time in effect, promulgated under the Exchange Act, including any successor to such
Rule.

 

(ee) “Subsidiary”
shall mean any company (other than the Company) in an unbroken chain of companies beginning with the Companyv if each of the companies
other than the last company in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power
of all classes of stock in one of the other companies in such chain.

 

(ff) “Tax
Event” shall have the meaning set forth in Section 15 of the Plan.

 

(gg) “Ten
Percent Stockholder” shall mean a Grantee who at the time an Incentive Stock Option is granted, owns stock possessing more than
ten percent (10%) of the total number of shares or of the combined voting power, in each case, of all classes of stock of the Company
or any Parent.

 

		3.	Administration.

 

(a) The
Plan shall be administered by the Committee.

 

(b) The
Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer
the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in
the administration of the Plan, including, without limitation, the authority to grant Options and Restricted Stock; to determine which
options shall constitute Incentive Stock Options and which Options shall constitute Nonqualified Stock Options; to determine the purchase
price of the shares of Class B Common Stock covered by each Option; to determine the persons to whom, and the time or times at which awards
shall be granted; to determine the number of shares to be covered by each award; to interpret the Plan and any award under the Plan; to
reconcile any inconsistent terms in the Plan or any award under the Plan; to prescribe, amend and rescind rules and regulations relating
to the Plan; to determine the terms and provisions of the Agreements (which need not be identical) and to cancel or suspend awards, as
necessary; and to make all other determinations deemed necessary or advisable for the administration of the Plan.

 

(c) All
decisions, determination and interpretations of the Committee shall be final and binding on all Grantees of any awards under this Plan.
No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan
or any award granted hereunder.

 

(d) The
Committee may delegate to one or more executive officers of the Company the authority to (i) grant awards under the Plan to employees
of the Company and its Subsidiaries who are not officers or directors of the Company, (ii) execute and deliver documents or take such
other ministerial actions on behalf of the Committee with respect to awards and (iii) to make interpretations of the Plan. The grant of
authority in this Section 3(d) shall be subject to such conditions and limitations as may be determined by the Committee. If the Committee
delegates authority to any such executive officer or executive officers of the Company pursuant to this Section 3(d), and such executive
officer or executive officers grant awards pursuant to such delegated authority, references in this Plan to the “Committee”
as they relate to such awards shall be deemed to refer to such executive officer or executive officers, as applicable.

 

    4

     

    

 

		4.	Eligibility.

 

Awards may be granted to executive officers, employees,
directors and consultants of the Company or of any Subsidiary. In addition to any other awards granted to Non-Employee Directors hereunder,
awards shall be granted to Non-Employee Directors pursuant to Section 10 of the Plan. In determining the persons to whom awards shall
be granted and the number of shares to be covered by each award, the Committee shall take into account the duties of the respective persons,
their present and potential contributions to the success of the Company and such other factors as the Committee shall deem relevant in
connection with accomplishing the purposes of the Plan.

 

		5.	Stock.

 

(a) The
maximum number of shares of Class B Common Stock reserved for the grant of awards under the Plan shall be 2,531,000 (which includes
685,000 shares reserved in a separate pool for awards under Section 711(c) of
the NYSE American Company Guide, all of which shall, except as provided for herein, be subject to the same provisions related to
grants provided herein), all of which may, but need not, be issued with respect
to Incentive Stock Options, subject to adjustment as provided in Section 11 of the Plan. Such shares may, in whole or in part, be authorized
but unissued shares or shares that shall have been or may be reacquired by the Company.

 

(b) If
any outstanding award under the Plan should, for any reason expire, be canceled or be forfeited without having been exercised in full,
the shares of Class B Common Stock allocable to the unexercised, canceled or terminated portion of such award shall (unless the Plan shall
have been terminated) become available for subsequent grants of awards under the Plan, unless otherwise determined by the Committee.

 

		6.	Terms and Conditions of Options.

 

(a) OPTION
AGREEMENT. Each Option granted pursuant to the Plan shall be evidenced by a written agreement between the Company and the Grantee
(the “Option Agreement”), in such form and containing such terms and conditions as the Committee shall from time to time approve,
which Option Agreement shall comply with and be subject to the following terms and conditions, unless otherwise specifically provided
in such Option Agreement. For purposes of interpreting this Section 6, a director’s service as a member of the Board or a consultant’s
service shall be deemed to be employment with the Company.

 

(b) NUMBER
OF SHARES. Each Option Agreement shall state the number of shares of Class B Common Stock to which the Option relates.

 

(c) TYPE
OF OPTION.  Each Option Agreement shall specifically state that the Option constitutes an Incentive Stock Option or a Nonqualified
Stock Option. In the absence of such designation, the Option will be deemed to be a Nonqualified Stock Option.

 

(d) OPTION
PRICE. Each Option Agreement shall state the Option Price, which, in the case of an Incentive Stock Option, shall not be less than
one hundred percent (100%) of the Fair Market Value of the shares of Class B Common Stock covered by the Option on the date of grant.
The Option Price shall be subject to adjustment as provided in Section 9 of the Plan.

 

(e) MEDIUM
AND TIME OF PAYMENT. The Option Price shall be paid in full, at the time of exercise, in cash or in shares of Class B Common Stock
having a Fair Market Value equal to such Option Price or in a combination of cash and Class B Common Stock including a cashless exercise
procedure through a broker-dealer or otherwise; provided, however, that in the case of an Incentive Stock Option, the medium of payment
shall be determined at the time of grant and set forth in the applicable Option Agreement.

 

(f) TERM
AND EXERCISABILITY OF OPTIONS. Each Option Agreement shall provide the exercise schedule for the Option as determined by the Committee,
provided, that, the Committee shall have the authority to accelerate the exercisability of any outstanding option at such time and under
such circumstances as it, in its sole discretion, deems appropriate. The exercise period will be ten (10) years from the date of the grant
of the option unless otherwise determined by the Committee; provided, however, that in the case of an Incentive Stock Option, such exercise
period shall not exceed ten (10) years from the date of grant of such Option. The exercise period shall be subject to earlier termination
as provided in Sections 6(g) and 6(h) of the Plan. An Option may be exercised, as to any or all full shares of Class B Common Stock as
to which the Option has become exercisable, by written notice delivered in person or by mail to the administrator designated by the Company,
specifying the number of shares of Class B Common Stock with respect to which the Option is being exercised.

 

    5

     

    

 

(g) TERMINATION
OF CONTINUOUS SERVICE. Except as expressly provided for in an applicable Option Agreement or as provided in this Section 6(g) and
in Section 6(h) of the Plan, an Option may not be exercised unless the Grantee is then in the employ of, or maintaining a director or
consultant relationship with, or otherwise a service provider to, the Company or a Subsidiary thereof (or a company or a Parent or Subsidiary
of such company issuing or assuming the Option in a transaction to which Section 424(a) of the Code applies), and unless the Grantee has
remained in Continuous Service with the Company or any Subsidiary since the date of grant of the Option. In the event that the Continuous
Service of a Grantee shall terminate (other than by reason of death, Disability or Retirement), all Options of such Grantee that are exercisable
at the time of Grantee’s termination may, unless earlier terminated in accordance with their terms, be exercised within one hundred
eighty (180) days after the date of termination (or such different period as the Committee or the applicable Option Agreement shall prescribe).

 

(h) DEATH,
DISABILITY OR RETIREMENT OF GRANTEE. Unless otherwise expressly provided for in an Option Agreement, if a Grantee shall die while
providing Continuous Service or if the Grantee’s Continuous Service shall terminate by reason of Disability, all Options theretofore
granted to such Grantee (to the extent otherwise exercisable) may, unless earlier terminated in accordance with their terms, be exercised
by the Grantee or by the Grantee’s estate or by a person who acquired the right to exercise such Options by bequest or inheritance
or otherwise by result of death or Disability of the Grantee, at any time within three hundred sixty five (365) days after the death or
Disability of the Grantee (or such different period as the applicable Option Agreement or the Committee shall prescribe). In the event
that an Option granted hereunder shall be exercised by the legal representatives of a deceased or former Grantee, written notice of such
exercise shall be accompanied by a certified copy of letters testamentary or equivalent proof of the right of such legal representative
to exercise such Option. In the event that the Continuous Service of a Grantee shall terminate on account of such Grantee’s Retirement,
all Options of such Grantee that are exercisable at the time of such Retirement may, unless earlier terminated in accordance with their
terms, be exercised at any time within one hundred eighty (180) days after the date of such Retirement (or such different period as the
applicable Option Agreement or the Committee shall prescribe).

 

(i) Notwithstanding
anything to the contrary herein, the Committee may reprice (or undertake any program or other action that is considered to be a repricing
under formal or informal guidance issued by the exchange or market on which the Company’s Class B Common Stock then trades or is
quoted) any Option without the approval of the stockholders of the Company. For this purpose, “reprice” means: (i) lowering
the Option Price of an Option after it is granted when its Option Price exceeds the then Fair Market
Value of a share of Class B Common Stock, (ii) cancelling an Option at a time when
its Option Price exceeds the then Fair Market Value of a share of , in exchange for another Option, Restricted Stock, payments
in cash or any combination of another Option, Restricted Stock or payments in cash, or (iii) other action or series of actions that has
the same or similar effect to the foregoing.

 

(j) OTHER
PROVISIONS. The Option Agreements evidencing awards under the Plan shall contain such other terms and conditions not inconsistent
with the Plan as the Committee may determine.

 

		7.	Nonqualified Stock Options.

 

Options granted pursuant to this Section 7 are intended
to constitute Nonqualified Stock Options and shall be subject only to the general terms and conditions specified in Section 6 of the Plan.

 

    6

     

    

 

		8.	Incentive Stock Options.

 

Options granted pursuant to this Section 8 are intended
to constitute Incentive Stock Options and shall be subject to the following special terms and conditions, in addition to the general terms
and conditions specified in Section 6 of the Plan:

 

(a) LIMITATION
ON VALUE OF SHARES. To the extent that the aggregate Fair Market Value of shares of Class B Common Stock subject to Options designated
as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under all plans of the Company
or any Subsidiary) exceeds $100,000, such excess Options, to the extent of the shares covered thereby in excess of the foregoing limitation,
shall be treated as Nonqualified Stock Options. For this purpose, Incentive Stock Options shall be taken into account in the order in
which they were granted, and the Fair Market Value of the shares of Class B Common Stock shall be determined as of the date that the Option
with respect to such shares was granted.

 

(b) TEN
PERCENT STOCKHOLDER. In the case of an Incentive Stock Option granted to a Ten Percent Stockholder, (i) the Option Price shall not
be less than one hundred ten percent (110%) of the Fair Market Value of the shares of Class B Common Stock on the date of grant of such
Incentive Stock Option, and (ii) the exercise period shall not exceed five (5) years from the date of grant of such Incentive Stock Option.

 

		9.	Restricted Stock. 

 

The Committee may award shares of Restricted Stock
to any eligible executive officer, employee, director or consultant of the Company or of any Subsidiary. Each award of Restricted Stock
under the Plan shall be evidenced by a written Agreement between the Company and the Grantee, in such form as the Committee shall from
time to time approve, which Agreement shall comply with and be subject to the following terms and conditions, unless otherwise specifically
provided in such Agreement:

 

(a) NUMBER
OF SHARES. Each Agreement shall state the number of shares of Restricted
Stock to be subject to an award. 

 

(b) RESTRICTIONS. Shares
of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws
of descent and distribution, for such period as the Committee shall determine from the date on which the award is granted (the “Restricted
Period”). The Committee may also impose such additional or alternative restrictions and conditions on the shares as it deems appropriate
including, but not limited to, the satisfaction of performance criteria. Such performance criteria may include sales, earnings before
interest and taxes, return on investment, earnings per share, any combination of the foregoing or rate of growth of any of the foregoing,
as determined by the Committee. The Company may, at its option, maintain issued shares in book entry form. Certificates, if any, for shares
of stock issued pursuant to Restricted Stock awards shall bear an appropriate legend referring to such restrictions, and any attempt to
dispose of any such shares of stock in contravention of such restrictions shall be null and void and without effect. During the Restricted
Period, any such certificates shall be held in escrow by an escrow agent appointed by the Committee. In determining the Restricted Period
of an award, the Committee may provide that the foregoing restrictions shall lapse with respect to specified percentages of the awarded
shares on successive anniversaries of the date of such award. 

 

(c) FORFEITURE. Subject
to such exceptions as may be determined by the Committee, if the Grantee’s Continuous Service with the Company or any Subsidiary
shall terminate for any reason prior to the expiration of the Restricted Period of an award, any shares remaining subject to restrictions
(after taking into account the provisions of Subsection (e) of this Section 9) shall thereupon be forfeited by the Grantee and
transferred to, and retired by, the Company without cost to the Company or such Subsidiary, and such shares shall become available for
subsequent grants of awards under the Plan, unless otherwise determined by the Committee. 

 

(d) OWNERSHIP. During
the Restricted Period, the Grantee shall possess all incidents of ownership of such shares, subject to Subsection (b) of this Section 9,
including the right to receive dividends with respect to such shares and to vote such shares.

 

    7

     

    

 

(e) ACCELERATED
LAPSE OF RESTRICTIONS. Upon the occurrence of any of the events specified
in Section 12 of the Plan (and subject to the conditions set forth therein), all restrictions then outstanding on any shares of Restricted
Stock awarded under the Plan shall lapse as of the applicable date set forth in Section 12. The Committee shall have the authority
(and the Agreement may so provide) to cancel all or any portion of any outstanding restrictions prior to the expiration of the Restricted
Period with respect to any or all of the shares of Restricted Stock awarded on such terms and conditions as the Committee shall deem appropriate.

 

		10.	Non-Employee Director Restricted Stock. 

 

The provisions of this Section 10 shall apply
only to certain grants of Restricted Stock to Non-Employee Directors, as provided below. Except as set forth in this Section 10,
the other provisions of the Plan shall apply to grants of Restricted Stock to Non-Employee Directors to the extent not inconsistent with
this Section. For purposes of interpreting Section 6 of the Plan and this Section 10, a Non-Employee Director’s service
as a member of the Board or the board of directors of any Subsidiary shall be deemed to be employment with the Company.

 

(a) GENERAL. Non-Employee
Directors shall receive Restricted Stock in accordance with this Section 10. Restricted Stock granted pursuant to this Section 10
shall be subject to the terms of such section and shall not be subject to discretionary acceleration of vesting by the Committee. Unless
determined otherwise by the Committee, Non-Employee Directors shall not receive separate and additional grants hereunder for being a Non-Employee
Director of (i) the Company and a Subsidiary or (ii) more than one Subsidiary. 

 

(b) INITIAL
GRANTS OF RESTRICTED STOCK. A Non-Employee Director who first becomes
a Non-Employee Director shall receive a pro-rata amount (based on quarter(s) of service following the date the Non-Employee Director was
appointed as a Non-Employee Director on the next Non-Employee Director Annual Grant.

 

(c) ANNUAL
GRANTS OF RESTRICTED STOCK. On the Non-Employee Director Grant Date,
each Non-Employee Director who attended at least 75% of the regularly scheduled meetings of the Board of Directors during the previous
calendar year shall receive a Non-Employee Director Annual Grant; provided, however that a Non-Employee Director first appointed during
the previous calendar year shall receive only the initial grant of restricted stock as set forth in Section 10(b). Upon departure, a Non-Employee
Director shall receive a pro-rata amount (based on quarter(s) of service) on the Non-Employee Director Grant Date following his/her departure.

 

(d) VESTING
OF RESTRICTED STOCK. Restricted Stock granted under this Section 10
shall be fully vested upon grant. 

 

		11.	Effect of Certain Changes.

 

(a) ADJUSTMENTS
UPON CHANGES IN CAPITALIZATION. In the event of any extraordinary dividend, stock dividend, recapitalization, merger, consolidation,
stock split, warrant or rights issuance, or combination or exchange of such shares, or other similar transactions, the Committee shall
equitably adjust (i) the maximum number of Options or shares of Restricted Stock that may be awarded to a Grantee in any calendar year
(as provided in Section 5 hereof), (ii) the number of shares of Class B Common Stock available for awards under the Plan, (iii) the number
and/or kind of shares covered by outstanding awards and (iv) the price per share of Options so as to reflect such event and preserve the
value of such awards; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.

 

(b) CHANGE
IN CLASS B COMMON STOCK. In the event of a change in the Class B Common Stock as presently constituted that is limited to a change
of all of its authorized shares of Class B Common Stock, into the same number of shares with a different par value or without par value,
the shares resulting from any such change shall be deemed to be the Class B Common Stock within the meaning of the Plan.

 

    8

     

    

 

		12.	Corporate Transaction; Change in Control; Related Entity Disposition.

 

(a) CORPORATE
TRANSACTION. In the event of a Corporate Transaction, each award which is at the time outstanding under the Plan shall automatically
become fully vested and exercisable and, in the case of an award of Restricted Stock, shall be released from any restrictions on transfer
(except with regard to the Insider Trading Policy and such other agreements between the Grantee and the Company) and repurchase or forfeiture
rights, immediately prior to the specified effective date of such Corporate Transaction. Effective upon the consummation of the Corporate
Transaction, all outstanding awards of Options under the Plan shall terminate, unless otherwise determined by the Committee. However,
all such awards shall not terminate if the awards are, in connection with the Corporate Transaction, assumed by the successor corporation
or Parent thereof.

 

(b) CHANGE
IN CONTROL. In the event of a Change in Control (other than a Change in Control which is also a Corporate Transaction), each award
which is at the time outstanding under the Plan automatically shall become fully vested and exercisable and, in the case of an award of
Restricted Stock, shall be released from any restrictions on transfer and repurchase or forfeiture rights, immediately prior to the specified
effective date of such Change in Control.

 

(c) RELATED
ENTITY DISPOSITION. The Continuous Service of each Grantee (who is primarily engaged in service to a Related Entity at the time it
is involved in a Related Entity Disposition) shall terminate effective upon the consummation of such Related Entity Disposition, and each
outstanding award of such Grantee under the Plan shall become fully vested and exercisable and, in the case of an award of Restricted
Stock, shall be released from any restrictions on transfer (except with regard to the Insider Trading Policy and such other agreements
between the Grantee and the Company). Unless otherwise determined by the Committee, the Continuous Service of a Grantee shall not be deemed
to terminate (and each outstanding award of such Grantee under the Plan shall not become fully vested and exercisable and, in the case
of an award of Restricted Stock, shall not be released from any restrictions on transfer) if (i) a Related Entity Disposition involves
the spin-off of a Related Entity, for so long as such Grantee continues to remain in the service of such entity that constituted the Related
Entity immediately prior to the consummation of such Related Entity Disposition (“SpinCo”) in any capacity of officer, employee,
director or consultant or (ii) an outstanding award is assumed by the surviving corporation (whether SpinCo or otherwise) or its parent
entity in connection with a Related Entity Disposition.

 

(d) SUBSTITUTE
AWARDS. The Committee may grant awards under the Plan in substitution of stock-based incentive awards held by employees, consultants
or directors of another entity who become employees, consultants or directors of the Company or any Subsidiary by reason of a merger or
consolidation of such entity with the Company or any Subsidiary, or the acquisition by the Company or a Subsidiary of property or equity
of such entity, upon such terms and conditions as the Committee may determine, and such awards shall not count against the share limitation
set forth in Section 5 of the Plan.

 

		13.	Period During which Awards May Be Granted.

 

Awards may be granted pursuant to the Plan from
time to time within a period of ten (10) years from May 23, 2016, the date the Board adopted the Plan.

 

		14.	Transferability of Awards.

 

(a) Incentive
Stock Options may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by the laws of descent
and distribution and may be exercised, during the lifetime of the Grantee, only by the Grantee or his or her guardian or legal representative.

 

(b) Nonqualified
Stock Options shall be transferable in the manner and to the extent acceptable to the Committee, as evidenced by a writing signed by the
Company and the Grantee. Nonqualified Stock Options shall be transferable by a Grantee as a gift to the Grantee’s “family
members” (as defined in Form S-8) under such terms and conditions as may be established by the Committee; provided that the Grantee
receives no consideration for the transfer. Notwithstanding the transfer by a Grantee of a Nonqualified Stock Option, the transferred
Nonqualified Stock Option shall continue to be subject to the same terms and conditions as were applicable to the Nonqualified Stock Option
immediately before the transfer (including, without limitation, the Insider Trading Policy) and the Grantee will continue to remain subject
to the withholding tax requirements set forth in Section 15 hereof.

 

    9

     

    

 

(c) The
terms of any award granted under the Plan, including the transferability of any such award, shall be binding upon the executors, administrators,
heirs and successors of the Grantee.

 

(d) Each
Grantee who receives an award shall comply with any policy adopted by the Company from time to time covering transactions in the Company’s
securities. By way of example, and not limitation, Restricted Stock shall remain subject to the Insider Trading Policy after the Restricted
Period.

 

		15.	Agreement by Grantee regarding Withholding Taxes. 

 

If the Committee shall so require, as a condition
of exercise of an Option or the expiration of a Restricted Period (each a “Tax Event”), each Grantee shall agree that no later
than the date of the Tax Event, the Grantee will pay to the Company or make arrangements satisfactory to the Committee regarding payment
of any federal, state or local taxes of any kind required by law to be withheld upon the Tax Event. Unless determined otherwise by the
Committee, a Grantee shall permit, to the extent permitted or required by law, the Company to withhold federal, state and local taxes
of any kind required by law to be withheld upon the Tax Event from any payment of any kind due to the Grantee. Unless otherwise determined
by the Committee, any such above-described withholding obligation may, in the discretion of the Company, be satisfied by the withholding
by the Company or delivery to the Company of Class B Common Stock.

 

		16.	Rights as a Stockholder.

 

Except as provided in Section 9(d) of the Plan,
a Grantee or a transferee of an award shall have no rights as a stockholder with respect to any shares covered by the award until the
date of the issuance of such shares to him or her. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash,
securities or other property) or distribution of other rights for which the record date is prior to the date such shares are issued, except
as provided in Section 11(a) of the Plan.

 

		17.	No Rights to Employment; Forfeiture of Gains.

 

Nothing in the Plan or in any award granted or Agreement
entered into pursuant hereto shall confer upon any Grantee the right to continue as a director of, in the employ of, or in a consultant
relationship with, the Company or any Subsidiary or to be entitled to any remuneration or benefits not set forth in the Plan or such Agreement
or to interfere with or limit in any way the right of the Company or any such Subsidiary to terminate such Grantee’s employment
or consulting relationship. Awards granted under the Plan shall not be affected by any change in duties or position of a Grantee as long
as such Grantee continues to be employed by, or in a consultant relationship with, or a director of the Company or any Subsidiary. The
Agreement for any award under the Plan may require the Grantee to pay to the Company any financial gain realized from the prior exercise,
vesting or payment of the award in the event that the Grantee engages in conduct that violates any non-compete, non-solicitation or non-disclosure
obligation of the Grantee under any agreement with the Company or any Subsidiary, including, without limitation, any such obligations
provided in the Agreement.

 

		18.	Beneficiary.

 

A Grantee may file with the Committee a written
designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.
If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee’s estate shall be deemed to be the
Grantee’s beneficiary.

 

    10

     

    

 

		19.	Approval; Amendment and Termination of the Plan.

 

(a) APPROVAL. The
Plan initially became effective when adopted by the Board on May 23, 2016 and shall terminate on the tenth anniversary of such date (except
as to awards outstanding on that date). The Plan was ratified by the Company’s stockholder on May 24, 2016. The Board amended the
Plan: (A) on September 29, 2016 to, among other things, (i) increase the amount of authorized shares under the Plan to 691,000 shares
of Class B Common Stock and (ii) change the vesting of the Non-Employee Director Annual Grant to immediate, which amendment was ratified
by the Company’s stockholders on January 17, 2017; (B) on November 9, 2017 to (i) increase the amount of authorized shares under
the Plan to 1,041,000 shares of Class B Common Stock and (ii) allow for the Non-Employee Director Annual Grant to be paid in cash, instead
of Class B Common Stock, which amendments were ratified by the Company’s stockholders on January 17, 2018; (C) on October 24, 2018
to change the Non-Employee Director Annual Grant to a Non-Employee Director Bi-Annual Grant, which amendment was ratified by the Company’s
stockholders on January 15, 2019; (D) on October 24, 2019 to change the Non-Employee Director Bi-Annual Grant from an award of a number
of shares of Restricted Stock with a value of $15,000 to an award of a number of shares of Restricted Stock with a value of $8,750; (E)
on November 7, 2019 to (i) increase the amount of authorized shares under the Plan to 1,271,000 shares of Class B Common Stock and (ii)
increase the maximum number of options that a grantee can receive in a calendar year to from 60,000 to 100,000; the Company’s stockholders
ratified such amendments to the Plan on January 13, 2020; (F) on November 18, 2020 to (i) increase the amount of authorized shares under
the Plan to 1,521,000 shares of Class B Common Stock, (ii) remove the 100,000 maximum number of options that a grantee can receive in
a calendar year, (iii) allow the Compensation Committee to reprice options without stockholder approval and (iv) conform the Plan to current
tax laws; the Company’s stockholders ratified such amendments to the Plan on January 11, 2021; (G) on October 20, 2021 to (i) increase
the amount of authorized shares under the Plan by 325,000 to 1,846,000 shares of Class B Common Stock and (ii) change the Non-Employee
Director Bi-Annual Grant to an Annual Grant of a number of shares of Restricted Stock with a value of $30,000; the Company’s stockholders
ratified such amendments to the Plan on January 12, 2022; and (H) on March 23, 2022 to increase the maximum number of shares of Class
B Common Stock reserved for the grant of awards under the Plan by 685,000 shares to 2,531,000 shares, with such 685,000 shares to be reserved
in a separate pool for awards under Section 711(c) of the NYSE American Company Guide.

 

(b) AMENDMENT
AND TERMINATION OF THE PLAN. The Board, or the Committee if so delegated by the Board, at any time and from time to time may suspend,
terminate, modify or amend the Plan; however, unless otherwise determined by the Board, or the Committee if applicable, an amendment that
requires stockholder approval in order for the Plan to continue to comply with any law, regulation or stock exchange requirement shall
not be effective unless approved by the requisite vote of stockholders. Except as provided in Section 11(a) of the Plan, no suspension,
termination, modification or amendment of the Plan may adversely affect any award previously granted, unless the written consent of the
Grantee is obtained.

 

		20.	Governing Law.

 

The Plan and all determinations made and actions
taken pursuant hereto shall be governed by the laws of the State of Delaware.

 

		21.	Section 409A of the Code.

 

It is the intention of the Company that no award
shall be “deferred compensation” subject to Section 409A of the Code, unless and to the extent that the Committee specifically
determines otherwise as provided in this Section 21, and the Plan and the terms and conditions of all awards shall be interpreted accordingly.
The terms and conditions governing any awards that the Committee determines will be subject to Section 409A of the Code shall be set forth
in the applicable award Agreement and shall comply in all respects with Section 409A of the Code. Notwithstanding any provision of this
Plan to the contrary, if one or more of the payments or benefits received or to be received by a Grantee pursuant to an award would cause
the Grantee to incur any additional tax or interest under Section 409A of the Code, the Committee may reform such provision to maintain
to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A of
the Code. Although the Company intends to administer the Plan so that Awards will be exempt from, or will comply with, the requirements
of Section 409A of the Code, the Company does not warrant that any Award under the Plan will qualify for favorable tax treatment under
Section 409A of the Code or any other provision of federal, state, local or foreign law. The Company shall not be liable to any Grantee
for any tax, interest, or penalties that Grantee might owe as a result of the grant, holding, vesting, exercise, or payment of any award
under the Plan.

 

    11

     

    

 

APPENDIX FOR GRANTEES IN ISRAEL

 

The purpose of this Appendix is to set forth specific
procedures to be followed in the event any Awards are granted to Israeli Grantees so that the Israeli Grantees are able to enjoy tax treatment
of such Awards under the Israeli ITO that is substantially similar to the tax treatment of Awards already contemplated under the Plan
for non-Israeli Grantees. This Appendix has been adopted by the Compensation Committee of the Board (the “Committee”) under
its authority as set forth in Section 19(b) of the Plan. Because this Appendix contains only procedural terms that are designed to enable
Israeli Grantees to receive substantially similar tax treatment as already contemplated under the Plan, this Appendix is deemed not to
be a material amendment to the Plan.

 

		1.	General
			 

		1.1.	This Appendix for Grantees in Israel (this “Appendix”) to the Amended and Restated
2016 Stock Option and Incentive Plan of Zedge, Inc. (as amended and restated to date, the “Plan”) is effective as of
March 31, 2022 (the “Effective Date”) and has been adopted by the Committee pursuant to Section 19(b) of the Plan.

	 	 	 

		1.2.	This Appendix shall apply only to persons who are executive officers, employees, directors or consultants
of an Israeli resident Related Entity and deemed to be residents of the State of Israel for tax purposes or are otherwise subject to taxation
in Israel with respect to grants of equity awards (the “Israeli Grantees”).
	 	 	 

		1.3.	This Appendix is to be read as a continuation of the Plan and only modifies the terms of Awards granted
to Israeli Grantees so that they comply with the requirements set by the Israeli law in general, and in particular with the provisions
of the Israeli ITO (as defined below), as may be amended or replaced from time to time. For the avoidance of doubt, this Appendix does
not add to or modify the Plan in respect of any other category of Grantees.
	 	 	 

		1.4.	The Plan and this Appendix are complementary to each other and shall be deemed as one. In any case of contradiction with respect to
Awards granted to Israeli Grantees, whether explicit or implied, between the provisions of this Appendix and the Plan, the provisions
set out in this Appendix shall prevail. 
	 	 	 

		2.	Definitions

 

Any capitalized term not specifically defined in this Appendix
shall be construed according to the definition or interpretation given to it in the Plan. The following additional definitions will apply
to grants made pursuant to this Appendix:

 

“Administrator” means the Board or the
Committee or any executive officer of the Company authorized by the Committee pursuant to Section 3(d) of the Plan.

 

“Award” means, solely for the purpose
of this Appendix, individually or collectively, Options or Restricted Stock, granted by the Company to an Israeli Grantee, in accordance
with the provisions of the Plan, provided that they are payable only or settled only using shares of Class B Common Stock. 

 

“Award Share” means a share of Class
B Common Stock issued upon exercise of an Award or vesting of an Award, as applicable, or, if applicable, a freely transferable share
issued to a Grantee not resulting from another type of Award. 

 

“102 Award” means a grant of an Award
to an Eligible 102 Grantee pursuant to the provisions of Section 102 of the ITO, the Rules, and any other regulations, rulings, procedures
or clarifications promulgated thereunder, or under any other section of the ITO that will be relevant for such issuance in the future.

 

“102 Capital Gains Track Award” means
a 102 Trustee Award qualifying for the special tax treatment under the Capital Gains Track.

 

    12

     

    

 

“102 Ordinary Income Track Award” means
a 102 Trustee Award qualifying for the ordinary income tax treatment under the Ordinary Income Track.

 

“102 Non-Trustee Award” means an Award
granted to an Eligible 102 Grantee pursuant to Section 102(c) of the ITO, which will not be subject to a Taxation Track and will not be
held in Trust.

 

“102 Trustee Award” means an Award granted
pursuant to Section 102(b) of the ITO and held in trust by a Trustee for the benefit of the Grantee, and includes both 102 Capital Gains
Track Awards and 102 Ordinary Income Track Awards.  

 

“3(i) Award” means an Award granted
to an Israeli Grantee who is not an Eligible 102 Grantee, which is subject to taxation pursuant to Section 3(i) of the ITO.  

 

“Beneficial Grantee” means the Grantee
for the benefit of whom the Trustee holds an Award in Trust. 

 

“Capital Gains Track” means the capital
gains tax track under Sections 102(b)(2) or 102(b)(3) of the ITO. 

 

“Controlling Shareholder” means a “Controlling
Shareholder”, as such term is defined in Section 102, as may be amended or replaced from time to time. 

 

“Election” means the Company’s
choice of the type (as between Capital Gains Track or Ordinary Income Track) of 102 Trustee Grants it will make under the Plan and this
Appendix, as filed with the ITA. 

 

“Eligible 102 Grantee” means any Israeli
Grantee who is an Employee, a Non-Employee Director or an executive officer of an Israeli Related Entity, and who is not a Controlling
Shareholder.

 

“Israeli Related Entity” an Israeli
resident Related Entity of the Company and with respect to Eligible 102 Grantee, an “Employing Company” as such terms defined
under Section 102.

 

“ITA” means the Israel Tax Authority.

 

“ITO” means the Israeli Income Tax Ordinance
(New Version), 5721-1961 and the rules, regulations, orders or procedures promulgated thereunder and any amendments thereto, including
specifically the Rules, all as may be amended from time to time.

 

“Required Holding Period” means the
requisite period prescribed by the ITO, or such other period as may be required by the ITA, with respect to 102 Award, during which Awards
or shares of Class B Common Stock granted or issued by the Company must be held by the Trustee for the benefit of the Israeli Grantee. 

 

“Ordinary Income Track” means the ordinary
income track under Section 102(b)(1) of the ITO.

 

“Rights” means rights issued in respect of shares of Class B Common Stock, including but not limited to bonus shares
of Class B Common Stock. 

 

“Rules” means the Income Tax Rules (Tax
benefits in Stock Issuance to Employees) 5763-2003. 

 

“Section 102” shall mean the provisions
of Section 102 of the ITO, as amended from time to time.

 

“Tax” means any and all federal, provincial,
state and local taxes of any applicable jurisdiction, and other governmental fees, charges, duties, impositions and liabilities of any
kind whatsoever, including social security, national health insurance or similar compulsory payments, together with all interest, linkage
for inflation, penalties and additions imposed with respect to such amounts.

 

“Taxation Track” means each of the Ordinary
Income Track or the Capital Gains Track.

 

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“Trust” means the holding of an Award
or an Award Share by the Trustee in Trust for the benefit of the Beneficial Grantee pursuant to the instructions of a Taxation Track.

 

“Trustee” means a person or entity designated
by the Board to serve as a trustee or supervising trustee and approved by the ITA in accordance with the provisions of Section 102(a)
of the ITO, as may be replaced from time to time in accordance with the provisions of the ITO.

 

		3.	Types of Awards and Section 102 Election 
			 

		3.1.	102 Trustee Awards shall be granted pursuant to either (a) the Capital Gains Track or (b) the Ordinary
Income Track. The Company’s Election regarding the type of 102 Trustee Award it chooses to make shall be filed with the ITA. Once
the Company has filed such Election, it may change the type of 102 Trustee Award that it chooses to make only after the passage of at
least 12 months from the end of the calendar year in which the first grant was made in accordance with the previous Election, or following
the lapse of any shorter or longer period, if provided by applicable law. For the avoidance of doubt, such Election shall not prevent
the Company from granting 102 Non-Trustee Awards to Eligible 102 Grantees at any time.
	 	 	 

		3.2.	Eligible 102 Grantees may receive only 102 Trustee Awards or 102 Non-Trustee Awards under this Appendix.
Israeli Grantees who are not Eligible 102 Grantees may be granted only 3(i) Awards under this Appendix.
	 	 	 

		3.3.	No 102 Trustee Awards may be made effective pursuant to this Appendix until 30 days after the requisite
filings required by the ITO and the Rules have been made with the ITA.
	 	 	 

		3.4.	The Agreement, or other documents evidencing the Awards granted pursuant to the Plan and this Appendix
shall indicate whether the Award granted is a 102 Trustee Award, a 102 Non-Trustee Award or a 3(i) Award; and, if the grant is a 102 Trustee
Award, whether it is a 102 Capital Gains Track Award or a 102 Ordinary Income Track Award. Notwithstanding Section 6(c) of the Plan, for
Israeli Grantees the Agreement should not specify whether an Option is intended to be an Incentive Stock Option or a Nonqualified Stock
Option.
	 	 	 

		3.5.	Unless provided otherwise under the Supervising Trustee Arrangement (as defined below), the Company shall
provide the Trustee with a certified copy of the specific resolution of the Administrator approving the grant of the 102 Trustee Awards
and a list with the grant details, all within 45 days from the Grant Date. Within ninety (90) days following such resolution, the Administrator
shall provide the Trustee with fully executed copies of the corresponding Agreements.

 

		4.	Terms and Conditions of 102 Trustee Awards
			 

		4.1.	Unless otherwise determined by the ITO and/or the ITA and subject to Section ‎3.3 of this Appendix,
each 102 Trustee Award will be deemed granted on the date of grant set forth in the Agreement, and shall be subject to compliance with
the requirements of Section 102 and the execution of any document by the Israeli Grantee required pursuant to this Section ‎4.
	 	 	 

		4.2.	Each 102 Trustee Award granted to an Eligible 102 Grantee and each certificate (which may be in book entry
form) for Award Shares or for any shares of Class B Common Stock issued subsequently following any realization of Rights derived from
the Awards, representing Award Shares, shall be issued to the Trustee (and under the Supervising Trustee Arrangement, the Eligible 102
Grantee shall not sell or make any other disposition by itself, if applicable, through the Global Broker, all as defined in Section ‎4.11
below) and shall be held in trust for the benefit of the Beneficial Grantee for the Required Holding Period.

 

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		4.3.	Each 102 Trustee Award shall be subject to the relevant terms of Section 102 and the ITO, as may be amended
or replaced from time to time, which shall be deemed an integral part of the 102 Trustee Award and shall prevail over any term contained
in the Plan, this Appendix or any agreement that is not consistent therewith. Any provision of the ITO and any additional terms required
by the ITA not expressly specified in this Appendix or the Agreement, as applicable, which are necessary to receive or maintain any tax
benefit pursuant to the Section 102 shall be binding on the Eligible 102 Grantee.
	 	 	 

		4.4.	The Trustee and the Eligible 102 Grantee granted a 102 Trustee Award shall comply with the ITO, and the
terms and conditions of the applicable agreement entered into between the Company and/or an Israeli Related Entity and the Trustee. For
avoidance of doubt, it is reiterated that compliance with the ITO specifically includes compliance with the Rules. Further, the Eligible
102 Grantee agrees to execute any and all documents which the Company or the Trustee may reasonably determine to be necessary in order
to comply with the provision of any applicable law, and, particularly, Section 102.
	 	 	 

		4.5.	In accordance with Section 102, the tax benefits afforded to 102 Awards and Award Shares in accordance with the Ordinary Income Track or Capital Gains Track, as applicable, shall be contingent upon the Trustee holding such 102 Awards or Award Shares for the applicable Required Holding Period. During the Required Holding Period, the Eligible 102 Grantees shall not require the Trustee to release or sell any 102 Trustee Awards, any Award and/or any shares of Class B Common Stock received subsequently following any realization of Rights derived from the Awards (including, without limitation, stock dividends) to the Eligible 102 Grantee or to a third party, unless permitted to do so by applicable law.

                                                                                
 Notwithstanding the foregoing, the Trustee may at any time after the Awards are exercised or vested, as the case may be, pursuant to a written request and subject to applicable law (i) release from the Trust the Award Shares issued, on behalf of such Beneficial Grantee, by executing and delivering to the Company such instrument(s) as the Company may require, giving due notice of such release to such Beneficial Grantee , provided, however, that both of the following conditions have been fulfilled prior to such transfer: (a) all Taxes required to be paid upon the release and transfer of such Awards and/or Award Shares have been withheld for transfer to the competent tax authorities and (b) the Trustee has received written confirmation from the Administrator or Administrator’s designee that all requirements for such release and transfer have been fulfilled according to the terms of the Company’s corporate documents, the Plan, any applicable agreement and any applicable law; or (ii) Alternatively, provided that the shares of Class B Common Stock are listed on any stock exchange or quotation system, sell any Award Shares, in which event the Company and/or the Trustee shall use their reasonable efforts to effect such sale and shall transfer such Award Shares to the purchaser thereof concurrently with the receipt of, or after having made suitable arrangements to secure, the payment of the proceeds of the purchase price in such transaction. The Company and/or the Trustee, as applicable, shall withhold from such proceeds any and all Taxes required to be paid in respect of such sale, shall remit the amount so withheld to the appropriate tax authorities and shall pay the balance thereof directly to the Beneficial Grantee, reporting to such Beneficial Grantee on the amount so withheld and paid to said tax authorities. 
 
 To avoid doubt, such sale or release during the Required Holding Period may result in different tax ramifications to the Eligible 102 Grantee under Section 102 of the ITO and the Rules and/or any other regulations or orders or procedures promulgated thereunder, which shall apply to and shall be borne solely by such Eligible 102 Grantee.

	 	 	 

		4.6.	In the event a stock dividend is declared and/or additional Rights are granted with respect to Award Shares,
such dividend and/or rights shall also be subject to the Taxation Track applying to the Award and to the provisions of this Section ‎4
and the Required Holding Period for such Award Shares and/or Rights shall be measured from the commencement of the Required Holding Period
for the Awards with respect to which the dividend was declared and/or Rights granted. In the event of a cash dividend on shares of Class
B Common Stock, the Trustee shall transfer the dividend proceeds to the Eligible 102 Grantee after deduction of Taxes and mandatory payments
in compliance with applicable withholding requirements.

 

    15

     

    

 

		4.7.
	Dividend equivalent, if distributed with respect to unvested Restricted Stock that were granted to an
Eligible 102 Grantee, will be paid to the Trustee or to the relevant Israeli Related Entity which employs such Eligible 102 Grantee, as
the case may be, and will be classified as ordinary income of such Eligible 102 Grantee. The Trustee or the said Israeli Related Entity
shall withhold Taxes from such dividend equivalents as may be required pursuant to Section 102 and any Rules, regulations or orders promulgated
thereunder, or in accordance with a valid tax withholding certificate of the ITO, as the case may be.
	 	 	 

		4.8.	Upon receipt of any 102 Trustee Award, the Eligible 102 Grantee will consent to the grant of the 102 Trustee
Award under Section 102 and will undertake to comply with the terms and conditions of (i) Section 102 and any Rules, regulations or orders
promulgated thereunder; (ii) any tax arrangement and/or ruling of the ITA, to the extent applicable; (iii) the Election; and (iv) the
trust arrangement between the Company or the relevant Related Entity and the Trustee. Without derogating from the foregoing, each Eligible
102 Grantee shall undertake not to sell or transfer the Awards and/or the Award Shares prior to the lapse of the applicable Required Holding
Period, unless required by law or he or she pays all Taxes that may arise in connection with such sale and/or transfer.
	 	 	 

		4.9.	Voting Rights. As long as the Trustee holds the Award Shares, the voting rights at any meeting of the Company’s shareholders attached to such Award Shares will remain with the Trustee. However, the Trustee shall not be obligated to exercise such voting rights at general meetings nor notify the Beneficial Grantee of any Award Shares held in the Trust, of any meeting of the Company’s shareholders.

                                                                                 

                                                                                Without derogating from the above, any Award Shares derived from the exercise or vesting of 102 Trustee Awards shall be voted in accordance with the provisions of Section 102 and any Rules, regulations or orders promulgated thereunder.

	 	 	 

		4.10.	With respect to a 102 Trustee Award, a copy of any notice of exercise shall be provided to the Trustee,
in such form and method as may be determined by the Trustee in accordance with the requirements of Section 102.
	 	 	 

		4.11.	Notwithstanding the above in this Section ‎4, to the extent the Trustee is appointed and approved
in advance by the ITA to act as a supervising trustee (the “ITA Approval” and the “Supervising Trustee”),
such 102 Trustee Awards shall be managed through the Company’s global broker (the “Global Broker”) in an account
in the name of each Eligible 102 Grantee and such accounts shall be under the supervision of the Supervising Trustee. The Supervising
Trustee will receive reports from the Global Broker regarding deposits, vesting, conversion, exercise, and disposition (sale/transfer)
made in connection with the 102 Trustee Awards (or any Award Shares issued as a result of a vesting or exercise of such 102 Trustee Awards).
The accounts of the Eligible 102 Grantees with the Global Broker will be restricted in a manner instructed by the Company such that Eligible
102 Grantees may not take any action or perform any disposition with respect to 102 Trustee Awards (or any Award Shares issued as a result
of a vesting or exercise of such 102 Trustee Awards) that is not made through the Trustee or under its supervision. Accordingly, when
an Eligible 102 Grantee wishes to sell or otherwise dispose of its 102 Trustee Awards or Shares issued upon exercise or vesting of such
102 Trustee Awards, funds from such sale will be transferred to an account in the name of the Trustee who shall transfer the funds to
the Eligible 102 Grantee only after withholding any applicable Israeli taxes as required by law. The Supervising Trustee shall be responsible
for making all applicable reporting, and remitting all applicable tax withholding, with the ITA, all in accordance with the terms of the
ITA’s Approval (the arrangement described in this Section ‎4.11, the “Supervising Trustee Arrangement”).
For avoidance of doubt, in certain cases the Supervising Trustee Arrangement allows the transfer of such 102 Trustee Awards to the Supervising
Trustee, including the registration of such 102 Trustee Awards under the name of the Supervising Trustee for the benefits of Eligible
102 Grantee.

 

    16

     

    

 

		5.	Limited Transferability of Awards and Award Shares of Class B Common Stock

 

In addition to any limitation or restriction on the transferability
of Awards and/or shares of Class B Common Stock pursuant to the Plan, as long as Awards and/or Award Shares of Class B Common Stock are
held by the Trustee on behalf the Eligible 102 Grantee, all rights over the Awards and Award Shares are personal, may not be transferred,
assigned, pledged given as collateral or mortgaged, other than by will or pursuant to the laws of descent and distribution.

 

		6.	Taxation 
		 	 

		6.1.	Any tax consequences arising from the grant, vesting or exercise of any Award, from the issuance or sale
of Award Shares, or from any other event or act (of the Company and/or its Related Entity s and/or the Trustee and/or the Grantee), hereunder,
shall be borne solely by the Grantee. The Company and/or its Related Entity and/or the Trustee shall withhold Taxes according to the requirements
under the applicable laws, rules, and regulations. Furthermore, the Grantee shall indemnify the Company and/or its Related Entity and/or
the Trustee and hold them harmless against and from any and all liability for any such Tax or interest or penalty thereon, including without
limitation, liabilities relating to the necessity to withhold, or to have withheld, any such Tax from any payment made to the Grantee.
The Company and/or any of its Related Entity and/or the Trustee may make such provisions and take such steps as it may deem necessary
or appropriate for the withholding of all Taxes required by law to be withheld with respect to grants under the Plan and this Appendix
and the exercise and/or sale or other disposition thereof, including, but not limited, to (i) deducting the amount so required to be withheld
from any other amount (or shares of Class B Common Stock issuable) then or thereafter to be provided to the Grantee, including by deducting
any such amount from a Grantee’s salary or other amounts payable to the Grantee, to the maximum extent permitted under applicable
law and/or (ii) requiring the Grantee to pay to the Company or any of its Related Entities the amount so required to be withheld as a
condition of the issuance, delivery, distribution or release of any Award Shares and/or (iii) by causing the exercise and sale or disposition
of any Award or Award Shares held by or on behalf of the Grantee to cover such liability. In addition, the Grantee will be required to
pay any amount due in excess of the Tax withheld and transferred to the tax authorities, pursuant to applicable tax laws, regulations
and rules.
	 	 	 

		6.2.	The Company and/or, when applicable, the Trustee shall not be required to release any Award or Award Share
to an Israeli Grantee until all required Tax payments have been fully made or duly guaranteed to their full satisfaction.
	 	 	 

		6.3.	With respect to 102 Non-Trustee Awards, if the Grantee ceases to be employed by the Company or any Related
Entity, the Eligible 102 Grantee shall extend to the Company and/or the relevant Related Entity, to their full satisfaction, a security
or guarantee for the payment of Tax due at the time of sale of the Award Shares, all in accordance with the provisions of Section 102
of the ITO and the Rules.

 

		7.	Termination of Continuous Service as Employee 

 

Notwithstanding anything to the contrary in the Plan, the
termination of Continuous Service of an Eligible 102 Grantee as employee shall be the cessation of the employee-employer relationship
between such Grantee and the Company or its Related Entity.

 

		8.	One Time Award 

 

The Awards and Award Shares are extraordinary, one-time
benefits granted to Israeli Grantees, and are not and shall not be deemed a salary component for any purpose whatsoever, including in
connection with calculating severance compensation under applicable law.

 

		9.	Governing Law 

 

Notwithstanding anything to the contrary in the Plan, including
without limitation Section 20 of the Plan, with respect to Israeli Grantees subject to this Appendix, this Appendix, the Awards granted
hereunder and the corresponding Agreements shall be governed by, and interpreted in accordance with, the laws of the State of Israel,
without giving effect to any conflict of law provisions.

 

 *****

 

 

17

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