Document:

Exhibit 10.25

 

AMENDMENT NUMBER ONE 

TO
THAT CERTAIN 

LOAN AGREEMENT

DATED SEPTEMBER
7, 2021

 

THIS
FIRST AMENDMENT TO THAT CERTAIN LOAN AGREEMENT (the “Amendment”) between AMERISOURCE FUNDING INC., a Texas corporation
(“Lender”) and 5J TRUCKING, LLC, a Texas limited liability company, and 5J OILFIELD SERVICES, LLC, a Texas limited liability
company, and 5J SPECIALIZED LLC, a Texas limited liability company, and 5J TRANSPORTATION, LLC, a Texas limited liability company, and
5J LOGISTICS SERVICES LLC (formerly 5J BROKERAGE, LLC, a Texas limited liability company (“Borrower”, whether one or more,
jointly and severally) dated September 7, 2021 (the “Loan Agreement”) is entered into effective March _15_, 2022 (the
 “Amendment Date”).

 

RECITALS

 

WHEREAS,
Lender and Borrower are parties to that certain Loan Agreement together with all ancillary document there to entered into on or about
the same dates as the Loan Agreement, including, but not limited to, the Commercial Promissory Note, Security Agreement, Pledge Agreement,
Certificate of Company Resolution(s), and Guaranty Agreement (each as otherwise altered, amended, changed, extended, modified, reviewed,
replaced, substituted or supplemented from time to time) (the “Credit Documents”); and

 

WHEREAS,
Lender and Borrower desire to execute this Amendment to the Loan Agreement as set forth herein in order to provide the additional funding
and credit to Borrower.;

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the above recitals and the mutual covenants herein contained, the sufficiency of which is hereby
acknowledged and agreed upon, and on the terms set forth in this Amendment, the Parties hereby agree that the Loan Agreement shall continue
in full force and effect and shall be modified as follows:

 

		1.	Unless otherwise defined herein, all capitalized terms used in this Amendment shall
have the meaning as set forth in the Loan Agreement and all Credit Documents. Any term not capitalized in the Loan Agreement, the Credit
Documents nor this Amendment shall have the meaning given to it in the then-current Uniform Commercial Code.

  

		2.	Section 1 (b) of the Loan Agreement shall be amended and restated as follow:

 

		(b)	The “Commitment”: $16,740,000.00. will be disbursed in three tranches,
the first closing in an amount of $6,400,000.00 will be on Sept 07, 2021 (the “First Closing”); the second tranche shall be
at Lender’s discretion and shall be in an amount not to exceed $6,300,000.00 plus all fees associated with this Agreement including
but not limited to the Annual Collateral Management Fee on or before October 31, 2021 or as otherwise agreed by Lender (the “Second
Closing”) and the third tranche shall be at Lender’s discretion and shall be in an amount not to exceed $4,000,000.00 plus
all fees associated with this Amendment, the Loan Agreement and Credit Documents, including but not limited to the increase in the Annual
Collateral Management Fee on or before March 31, 2022 (the “Third Closing” and, each closing individually and collectively
the Closing). This is not a revolving line of credit. Consequently, an amount repaid may not be reborrowed.

 

    	 	1	 

     

    

 

		3.	The Promissory Note shall be amended and restated as per Exhibit ‘A’

 

		4.	Representations and Warranties. Borrower represents and warrants to Lender
that (a) it possesses all requisite power and authority to execute, deliver and comply with the terms of this Amendment, (b) this Amendment
has been duly authorized and approved by all requisite organizational action on the part of Borrower, (c) no other consent of any Person
(other than Lender) is required for this Amendment to be effective, (d) the execution and delivery of this Amendment does not violate
its organizational documents, (e) the representations and warranties in each Credit Documents to which Borrower is a party are true and
correct in all material respects (except for any such representations and warranties that are qualified by material adverse effect or
materiality, which are true and correct in all respects) on and as of the date of this Amendment as though made on the date of this Amendment,
except to the extent that such representations and warranties speak to a specific date, (f) it is in full compliance with all covenants
and agreements contained in each Credit Documents to which it is a party, and (g) no Default or Event of Default has occurred and is continuing.
The representations and warranties made in this Amendment shall survive the execution and delivery of this Amendment.

 

		5.	Scope of Amendment; Reaffirmation; Release.
All references to the Loan Agreement shall refer to the Loan Agreement as amended by this Amendment. Except as affected by this Amendment,
the Credit Documents are unchanged and continue in full force and effect and the foregoing together with the other Credit Documents are
hereby ratified and confirmed by Borrower. However, in the event of any inconsistency between the terms of the Loan Agreement (as amended
by this Amendment) and any other Credit Documents, the terms of the Loan Agreement shall control and such other document shall be deemed
to be amended to conform to the terms of the Loan Agreement. Borrower hereby acknowledges, confirms and agrees that Lender has and shall
continue to have valid, enforceable and perfected first-priority liens upon, and security interests in and to the Collateral heretofore
granted to Lender pursuant to the Credit Documents. Borrower hereby reaffirms its obligations under the Credit Documents to which it is
a party and agrees that all Credit Documents to which it is a party remain in full force and effect and continue to be legal, valid, and
binding obligations enforceable in accordance with their terms (as the same are affected by this Amendment). As
a material part of the consideration for Lender entering into this Amendment, Borrower hereby releases and forever discharges Lender (and
its successors, assigns, affiliates, officers, managers, directors, employees, and agents) from any and all claims, demands, damages,
causes of action, or liabilities for actions or omissions (whether arising at law or in equity, and whether direct or indirect) in connection
with the Loan Agreement and the other Credit Documents prior to the date of this Amendment, whether or not heretofore asserted, and which
Borrower or any Loan Party may have or claim to have Lender.

 

    	 	2	 

     

    

 

		6.	Miscellaneous.

 

(a)               
No Waiver of Defaults. This Amendment does not constitute (i) a waiver of, or a consent to, (A) any provision of the Loan
Agreement or any other Credit Documents not expressly referred to in this Amendment, or (B) any present or future violation of, or default
under, any provision of the Credit Documents, or (ii) a waiver of Lender’s right to insist upon future compliance with each term,
covenant, condition and provision of the Credit Documents. Lender’s failure at any time or times hereafter to require strict performance
of any provision of the Agreement or this Amendment shall not waive, affect or diminish any right of Lender thereafter to demand strict
performance of the Agreement or Amendment, or any parts thereof.

 

(b)               
Form. Each agreement, document, instrument or other writing to be furnished to Lender under any provision of this Amendment
must be in form and substance satisfactory to Lender.

 

(c)               
Headings. The headings and captions used in this Amendment are for convenience only and will not be deemed to limit, amplify
or modify the terms of this Amendment, the Loan Agreement, or the other Credit Documents.

 

(d)               
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of each of the undersigned and their
respective successors and permitted assigns (and, in the case of the undersigned Guarantors, their respective estates and heirs).

 

(e)               
Multiple Counterparts. This Amendment may be executed in any number of counterparts with the same effect as if all signatories
had signed the same document. All counterparts must be construed together to constitute one and the same instrument. This Amendment may
be transmitted and signed by facsimile, portable document format (PDF), and other electronic means. The effectiveness of any such documents
and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on Borrower,
Guarantors, and Lender. Lender may also require that any such documents and signatures be confirmed by a manually-signed original; provided
that, the failure to request or deliver the same shall not limit the effectiveness of any facsimile, PDF, or other electronic document
or signature.

 

(f)              
Governing Law. This AMENDment and the other Credit Documents HAVE BEEN EXECUTED
AND DELIVERED IN THE STATE OF TEXAS, AND, UNLESS OTHERWISE SPECIFIED, SHALL BE governed by and construed in accordance with the lawS of
the State of TEXAS, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES AND SHALL BE PERFORMABLE BY THE PARTIES HERETO IN HARRIS COUNTY,
TEXAS.

 

(g)             
Entirety. The Credit Documents (as amended hereby) Represent the Final Agreement
Among Borrower, GUARANTORS, and LENDER WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF, and May Not Be Contradicted by Evidence
of Prior, Contemporaneous, or Subsequent Oral Agreements by the Parties. There Are No Unwritten Oral Agreements among the Parties.

 

    	 	3	 

     

    

 

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IN
WITNESS WHEREOF, the Parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized
officers as of the date first written above.

 

 

	BORROWER:	5J TRUCKING, LLC
	 	a Texas Limited Liability Company
	 	 
	 	By: 	/s/ Matthew Flemming
	 	 	Matthew Flemming, Manager
	 	 
	 	 
	 	5J OILFIELD SERVICES, LLC
	 	a Texas Limited Liability Company
	 	 
	 	 
	 	By: 	/s/ Matthew Flemming
	 	 	Matthew Flemming, Manager
	 	 
	 	 
	 	5J SPECIALIZED LLC,
	 	a Texas Limited Liability Company
	 	 
	 	 
	 	By: 	/s/ Matthew Flemming
	 	 	Matthew Flemming, Manager
	 	 
	 	5J LOGISTICS SERVICES, LLC
	 	a Texas Limited Liability Company
	 	 
	 	 
	 	By: 	/s/ Matthew Flemming
	 	 	Matthew Flemming, Manager
	 	 
	 	 
	 	5J TRANSPORTATION, LLC
	 	a Texas Limited Liability Company, 
	 	 
	 	 
	 	By:	 /s/ Matthew Flemming
	 	 	Matthew Flemming, Manager
	 	 
	 	GUARANTOR:
	 	 
	 	SMG INDUSTRIES, INC.,
	 	a Delaware corporation
	 	 
	 	By: 	/s/ Matthew Flemming
	 	 	Matthew Flemming, Chairman of the Board of Directors

 

    	 	4	 

     

    

 

	LENDER:	AMERISOURCE Funding, Inc., 
	 	a Texas Corporation
	 	 	 
	 	By:	/s/ Joseph
    L. Page
	 	 	Joseph L. Page
	 	 	Executive Vice President and General Counsel

 

    	 	5	 

     

    

 

Exhibit
 ‘A’

 

Promissory
Note

 

    	 	6	 

     

    

 

FIRST AMENDED AND RESTATED COMMERCIAL PROMISSORY
NOTE

 

 

	$16,740,000.00 USD	Dated as of: September 07, 2021

 

FOR
VALUE RECEIVED and WITHOUT GRACE, on the dates, and in the amounts so herein stipulated, the undersigned, 5J TRUCKING, LLC, a Texas limited
liability company, 5J OILFIELD SERVICES, LLC, a Texas limited liability company, 5J SPECIALIZED LLC, a Texas limited liability company,
5J TRANSPORTATION, LLC, a Texas limited liability company, and 5J LOGISTICS SERVICES LLC (formerly 5J BROKERAGE, LLC), a Texas limited
liability company, located at 4090 North US Highway 79, Palestine, Texas 75801-7065 (hereinafter called “Maker”, whether
one or more, jointly and severally), promises to pay to the order of AMERISOURCE FUNDING, INC., a Texas corporation (“Payee”)
at its banking quarters located at 7225 Langtry Street, Houston, Texas 77040, in coin or currency of the United States of America, which
at the time of payment is legal tender for the payment of public and private debts, the principal sum of SIXTEEN MILLION SEVEN HUNDRED
AND FORTY THOUSAND AND 00/100 DOLLARS ($16,740,000.00), together with accrued interest on the principal amount hereof remaining unpaid
from time to time, computed from the date hereof until maturity at a per annum rate, calculated on the basis of a three hundred sixty
(360) day year [except for calculation of the Maximum Rate, which will be calculated on the basis of a three hundred sixty five (365)
or three hundred sixty six (366) day year, as the case may be] (fixed), equal to the lesser of (i) or (ii) as follows:

 

		(i)	12.00% (the “Applicable Rate”); or

 

		(ii)	the Maximum Rate (as hereinafter defined).

 

which interest rate is further limited and controlled
by the provisions of this Note hereinafter set forth. The term “Maximum Rate”, as used herein, shall mean, on any day, the
highest non-usurious rate of interest (if any) permitted by applicable law on such day. For purposes of the Texas Finance Code, as it
may from time to time be amended, the Maximum Rate shall be referred to in and determined under the Texas Finance Code, from time to time
in effect; provided, however, that to the extent permitted by applicable law, Payee reserves the right to change, from time to time by
further notice and disclosure to Maker, the ceiling on which the Maximum Rate is based under the Texas Finance Code; and, provided further,
that the “highest non-usurious rate of interest permitted by applicable law” for purposes of this Note shall not be limited
to the applicable rate ceiling under the Texas Finance Code if federal laws or other state laws now or hereafter in effect and applicable
to this Note (and the interest contracted for, charged and collected hereunder) shall permit a higher rate of interest.

 

This Note is payable as follows,
to-wit:

 

Monthly payments of interest only shall be
due and payable beginning October 01, 2021, and continuing thereafter on the same day of each succeeding calendar month through October
01, 2022, followed by monthly payments of principal and interest in an amount sufficient to fully amortize the unpaid principal balance
at that time over the remainder of the term, due and payable on the same day of each succeeding calendar month, and continuing until September
7, 2026 (the “Maturity Date”), at which time all unpaid principal and all accrued and unpaid interest shall be due and payable
in full. Notwithstanding the above, the interest payments shall be paid in kind and added to the outstanding balance of the loan until
the earlier of the Second Closing or October 31, 2021

 

    	 	7	 

     

    

 

THE WRITTEN LOAN AGREEMENT
REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

As used in this Note, the
following terms shall have the respective meanings indicated below:

 

"Event of Default"
shall have the meaning given to such term in the Loan Agreement and the other Loan Documents.

 

“Guarantor”
(whether one or more) shall mean: SMG INDUSTRIES, INC., a Delaware corporation.

 

“Guaranty Agreement”
(whether one or more) means the Guaranty Agreement(s) of even date herewith executed by Guarantor and any Guaranty Agreement(s) executed
hereafter by any Other Liable Party, in connection with the Guaranteed Indebtedness as defined therein.

 

“Loan Documents”
means this Note, Security Agreement, Pledge Agreement, Guaranty Agreement, and every other document executed in connection with this Note
by Maker or any Other Liable Party, and all modifications or extensions of any of the foregoing.

 

“Other Liable Party”
means any co-maker, drawer, acceptor, endorser, guarantor, surety, accommodation party, or other person now or hereafter primarily or
secondarily liable upon or for payment of all or any part of this Note.

 

“Security Agreement”
(whether one or more) means that certain Security Agreement (however titled) of even date herewith executed by Maker and Payee, and any
Security Agreement(s) executed hereafter by any Other Liable Party, covering the property described therein.

 

This Note is entitled to
the benefits and security afforded by the Security Agreement, and Guaranty Agreement.

 

All
regularly scheduled payments of the indebtedness evidenced by this Note shall be applied first against late fees, then against any accrued
but unpaid interest then due and payable hereunder, and then to the principal amount then due and payable. All partial prepayments
shall be applied toward the payment of principal installments in the inverse order of maturity. All non-regularly scheduled payments (including
payments received by the holder hereof during the existence of any Event of Default) shall be applied to such indebtedness in such order
and manner as the holder of this Note may from time to time determine in its sole discretion. In the event a regularly scheduled payment
under this Note is required to be made on the 29th, 30th, or 31st day of the month (the “due date”), the regularly scheduled
payment date shall be the last day of the month that does not have such corresponding due date.

 

Maker shall have the right
to prepay this Note at any time and from time to time, in whole or in part, without penalty. All prepayments shall include accrued and
unpaid interest to the date of payment.

 

    	 	8	 

     

    

 

All payments and prepayments
of principal of or interest on this Note shall be made in lawful money of the United States of America in immediately available funds,
at the address designated by Payee, or such other place as the holder of this Note shall designate in writing to Maker. If any payment
of principal of or interest on this Note shall become due on a day which is not a Business Day (as hereinafter defined), such payment
shall be made on the next succeeding Business Day and any such extension of time shall be included in computing interest in connection
with such payment. As used herein, the term "Business Day" shall mean any day other than a Saturday, Sunday or any other
day on which national banks in Texas are authorized to be closed. The books and records of Payee shall be prima facie evidence
of all outstanding principal of and accrued and unpaid interest on this Note.

 

It is agreed that time is
of the essence of this Note and the other Loan Documents. It is especially agreed that if default shall be made in any payment due hereon,
either principal or interest, or if there is a default in any of the terms, covenants or provisions set forth in any of the Loan Documents
then, after any applicable cure period (if any), the holder hereof may, at holder’s option, (a) declare the entire unpaid principal
of and accrued interest on this Note immediately due and payable without demand, presentment for payment, notice of dishonor, notice of
nonpayment, protest, notice of protest, notice of intent to accelerate, notice of acceleration, notice of intent to foreclose, notice
of foreclosure, or any other demand or notice (except for any notices specifically required by this Note or any other Loan Instrument),
all of which are expressly waived by Maker and each Other Liable Party, and upon such declaration, the unpaid principal balance of this
Note and all accrued interest shall at once become due and payable; (b) foreclose or otherwise enforce all liens or security interests
securing payment hereof, or any part hereof, (c) offset against this Note any sum or sums owed by the holder hereof to Maker or any Other
Liable Party; and/or (d) take any and all other actions available to the holder hereof under this Note and/or the other Loan Documents
at law, in equity or otherwise. Failure of the holder hereof to exercise any of the foregoing options shall not constitute a waiver of
the right to exercise the same upon another default. Any sum, principal or interest, payable under this Note which is not paid when due
shall bear interest from the date such payment is due until paid at the Maximum Rate, or if no Maximum Rate is established by applicable
law, then at the Applicable Rate plus five percent (5%) per annum.

 

If the holder hereof expends
any effort in any attempt to enforce payment of all or any part or installment of any sum due the holder hereunder, or if this Note is
placed in the hands of an attorney for collection, or if it is collected through any legal proceedings, Maker agrees to pay all costs,
expenses, and fees incurred by the holder, including all reasonable attorneys' fees in the event that the holder is held to be the prevailing
party in such legal proceedings.

 

If the holder hereof has not
received the full amount of any installment payment at the end of the 10th day after it is due, Maker agrees to pay a late charge to the
holder. The amount of the late charge will be five percent (5%) of the amount of the overdue installment payment. Maker agrees to pay
the late charge promptly. The late charge will be charged only one time with respect to any late installment payment.

 

THIS NOTE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. THIS NOTE
IS PERFORMABLE IN HARRIS COUNTY, TEXAS.

 

WAIVER
OF JURY TRIAL: MAKER HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN THE EVENT SUIT IS FILED TO ENFORCE THE TERMS HEREOF.

 

Maker and each Other Liable
Party, jointly and severally waive notice, presentment, demand for payment, protest, notice of protest and non-payment or dishonor, notice
of acceleration, notice of intent to accelerate, notice of intent to demand, diligence in collecting, grace, and all other formalities
of any kind, and consent to all extensions without notice for any period or periods of time and partial payments, before or after maturity,
and any impairment of any collateral securing this Note, all without prejudice to the holder. The holder shall similarly have the right
to deal in any way, at any time, with one or more of the foregoing parties without notice to any other party, and to grant any such party
any extensions of time for payment of any of said indebtedness, or to release or substitute part or all of the collateral securing this
Note, or to grant any other indulgences or forbearances whatsoever, without notice to any other party and without in any way affecting
the personal liability of any party hereunder.

 

    	 	9	 

     

    

 

It is further agreed that
Maker grants to Payee or any other holder hereof a first lien and security interest on (and the express right of setoff against) all deposits
and other sums at any time credited by or due from Payee or any other holder hereof to Maker, or any endorser, surety or guarantor hereof
as collateral security for the payment of this Note, and Payee or other holder hereof, at its option, may at any time, without notice
and without any liability, hold all or any part of any such deposits or other sums until all sums owing on this Note have been paid in
full and/or apply or set off all or any part of any such deposits or other sums credited by or due from Payee or any other holder hereof
to or against any sums due on this Note in any manner and in any order of preference which Payee or other holder hereof, at its sole discretion,
chooses.

 

It is the intention of the
parties hereto to comply with the usury laws of the State of Texas and of the United States of America. The parties hereto do not intend
to contract for, charge or receive any interest or other charge that is usurious, and by execution of this Note, Maker agrees that Payee
has no such intent. This Note, the other Loan Documents, and all other agreements between Maker and Payee or any other holder hereof,
which are now existing or hereafter arising, whether written or oral, are hereby expressly limited so that in no event whatsoever, whether
by reason of acceleration of maturity hereof, or otherwise, shall the amount paid, or agreed to be paid, to Payee or any other holder
hereof for the use, forbearance or detention of the money to be due hereunder or otherwise, or for the payment or performance of any covenant
or obligation contained herein or in any other document evidencing, securing, or pertaining to the indebtedness evidenced hereby, exceed
the Maximum Rate. If from any circumstance whatsoever fulfillment of any provisions hereof or other document, at the time performance
of such provisions shall be due, shall involve transcending the valid limits prescribed by law, then, ipso facto, the obligation to be
fulfilled shall be reduced to the Maximum Rate, and if from any such circumstance Payee or any other holder shall ever receive as interest
or otherwise an amount which will exceed the Maximum Rate, such amount which would be excessive interest shall be applied to the reduction
of the principal amount owing hereunder or on account of any other principal indebtedness of Maker to the holder and not to the payment
of interest, or if such excessive interest exceeds the unpaid balance of principal hereof and such other indebtedness, such excess shall
be refunded to Maker. All sums paid and agreed to be paid to Payee or any other holder for use, forbearance or detention of the indebtedness
of Maker shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the periods until
payment in full of this Note (or any renewals, extensions and rearrangements hereof) so that the actual rate of interest on account of
this indebtedness evidenced by this Note is uniform throughout the term of this Note (and all renewals, extensions and rearrangements
hereof) and does not exceed the Maximum Rate. The terms and provisions of this paragraph shall control and supersede any other provisions
of this Note.

 

If at any time the Applicable
Rate exceed the Maximum Rate, then interest hereon shall accrue at the Maximum Rate. If the Applicable Rate should then subsequently decrease
to a level less than the Maximum Rate or if the Maximum Rate applicable to this Note should then subsequently be increased to a level
which would be greater than the Applicable Rate, then, in either case, the interest hereon shall thereafter accrue at a rate equal to
the applicable Maximum Rate until the aggregate amount of interest accrued through the term of this Note equals the aggregate amount of
interest which would have accrued at the Applicable Rate without regard to any usury limit, at which time interest hereon shall again
accrue at the Applicable Rate.

 

    	 	10	 

     

    

 

If at maturity or final payment
of this Note the total amount of interest accrued under the foregoing provisions is less than the total amount of interest which would
have accrued if the Applicable Rate had at all times been in effect, then Maker shall pay Payee the amount by which (i) the lesser of
(a) the amount of interest which would have accrued on this Note if the Maximum Rate had at all times been in effect or (b) the amount
of interest which would have accrued if the Applicable Rate had at all times been in effect, exceeds (ii) the amount of interest paid
by Maker to Payee in accordance with the other provisions of this Note.

 

Any check, draft, money order
or other instrument given in payment of all or any part hereof or on any part of the indebtedness may be accepted by the holder hereof
and handled in collection in a customary manner, but same shall not constitute payment hereof or of the indebtedness or diminish any rights
of Payee, except to the extent that actual cash proceeds of such instrument are unconditionally received by Payee.

 

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    	 	11	 

     

    

 

If Maker is not a natural
person, the individual signing below warrants and represents that s/he has the requisite authority to bind the entity on whose behalf
s/he signs.

 

	 	5J TRUCKING, LLC,
	 	a Texas limited liability company
	 	 
	 	 
	 	By:	  
	 	 	Matthew Flemming
	 	 	Title:  Manager
	 	 
	 	 
	 	5J OILFIELD SERVICES, LLC,
	 	a Texas limited liability company
	 	 
	 	 
	 	By:	  
	 	 	Matthew Flemming
	 	 	Title:  Manager
	 	 
	 	 
	 	5J SPECIALIZED, LLC, 
	 	a Texas limited liability company, 
	 	 
	 	 
	 	By:  	 
	 	 	Matthew Flemming
	 	 	Title:  Manager
	 	 
	 	5J LOGISTICS SERVICES, LLC, 
	 	a Texas limited liability company, 
	 	 
	 	 
	 	By:  	 
	 	 	Matthew Flemming
	 	 	Title:  Manager
	 	 
	 	5J TRANSPORTATION, LLC
	 	a Texas limited liability company, 
	 	 
	 	 
	 	By: 	 
	 	 	Matthew Flemming
	 	 	Title:  Manager

 

    	 	12Exhibit 4.2

 

DESCRIPTION OF SECURITIES

 

We are a Cayman Islands exempted company and our
affairs are governed by our amended and restated memorandum and articles of association, the Companies Act and the common law of the Cayman
Islands. Pursuant to our amended and restated memorandum and articles of association, which were adopted prior to the consummation of
our initial public offering, we are authorized to issue 500,000,000 ordinary shares, including 450,000,000 Class A ordinary shares
and 50,000,000 Class B ordinary shares, as well as 1,000,000 preference shares, $0.0001 par value each. The following description
summarizes the material terms of our shares as set out more particularly in our amended and restated memorandum and articles of association.
Because it is only a summary, it may not contain all the information that is important to you.

 

Ordinary Shares

 

As of the date of this Report, there were 57,350,000
of our ordinary shares outstanding including:

 

		●	45,000,000 Class A ordinary shares issued as part of
our initial public offering;

 

		●	1,100,000 private placement shares issued simultaneously with
the closing of our initial public offering; and

 

		●	11,250,000 Class B ordinary shares held by our sponsor.

 

Other than in respect of the appointment and removal
of Directors prior to our initial business combination, ordinary shareholders of record are entitled to one vote for each share held on
all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary shares and holders of Class B
ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law.
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 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 elected in each
year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the
shares voted for the election of directors can elect all of the directors. Our shareholders are entitled to receive ratable dividends
when, as and if declared by the board of directors out of funds legally available therefor. Prior to our initial business combination,
only holders of our founder shares will have the right to vote on the election of directors. Holders of our public shares will not be
entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial business combination,
holders of a majority of our founder shares may remove a member of the board of directors for any reason. The provisions of our amended
and restated memorandum and articles of association governing the appointment or removal of directors prior to our initial business combination
may only be amended by a special resolution which shall include the affirmative vote of a simple majority of our Class B ordinary
shares.

 

Because our amended and restated memorandum and
articles of association authorizes the issuance of up to 450,000,000 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 will be 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 elected in each year and each class (except for those directors appointed prior to our first annual meeting of
shareholders) serving a three-year term. In accordance with the Nasdaq corporate governance requirements, we are not required to
hold an annual meeting until one year after our first fiscal year end following our listing on the Nasdaq. There is no requirement under
the Companies Act for us to hold annual or shareholder meetings to elect directors. We may not hold an annual meeting of shareholders
to elect new directors prior to the consummation of our initial business combination. Prior to the completion of an initial business combination,
any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior
to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board of
directors for any reason.

 

     

     

    

 

We will provide our public shareholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation
of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us
to pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described
herein. 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.
The redemption rights will include the requirement that a beneficial owner must identify itself in order to validly redeem its shares.
Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they have agreed to waive
their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion of
our initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles
of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares
the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if
we do not complete our initial business combination within 24 months from the closing of our initial public offering or (B) with
respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial business combination
activity. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial
business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations
even when a vote is not required by law, if a shareholder vote is not required by applicable law or stock exchange listing requirements,
if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder
vote for business or other 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 requires these tender offer documents to contain
substantially the same financial and other information about the initial business combination and the redemption rights as is required
under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange
listing requirements, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check companies,
offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.
If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution
under Cayman Islands law, unless a higher approval threshold is required under Cayman Islands law. However, the participation of our sponsor,
officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in the final prospectus related
to our initial public offering), 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
the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained. Our amended and restated memorandum and articles of association will require that at least five
days’ notice will be given of any shareholder 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 provides 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 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.

 

    2

     

    

 

If we seek shareholder approval, we will complete
our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, unless a higher approval
threshold is required under Cayman Islands law. In such case, our sponsor and each member of our management team have agreed to vote their
founder shares and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders’
founder shares and the private placement shares, we would need 16,325,001, or 26.3% (assuming all issued and outstanding shares are voted
and the over-allotment option is not exercised), or 1,987,501, or 4.4% (assuming only the minimum number of shares representing a
quorum are voted and the over-allotment option is not exercised), of the 45,000,000 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. Additionally, each
public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or
vote at all.

 

Pursuant to our amended and restated memorandum
and articles of association, if we have not consummated an initial business combination within 24 months from the closing of our
initial public offering, we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably
possible but not more than 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 and not previously
released to us to pay our income taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of
the 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 the requirements
of other applicable law. Our sponsor and each member of our management team have entered into an agreement with us, pursuant to which
they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold
if we fail to consummate an initial business combination within 24 months from the closing of our initial public offering (although
they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete
our initial business combination within the prescribed time frame). Our amended and restated memorandum and articles of association provides
that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures
with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter,
subject to applicable Cayman Islands law.

 

In the event of a liquidation, dissolution or winding
up of the company after a business combination, our shareholders are entitled to share ratably in all assets remaining available for distribution
to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary
shares. Our shareholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary
shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share
price equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our income taxes, if any, divided by the number of the then-outstanding public shares, upon
the completion of our initial business combination, subject to the limitations described herein.

 

Founder Shares

 

The founder shares are designated as Class B
ordinary shares and, except as described below, are identical to the public shares sold in our initial public offering, and holders of
founder shares have the same shareholder rights as public shareholders, except that: (a) prior to our initial business combination,
only holders of the founder shares have the right to vote on the election of directors and holders of a majority of our founder shares
may remove a member of the board of directors for any reason; (b) the founder shares are subject to certain transfer restrictions,
as described in more detail below; (c) our sponsor and each member of our management team have entered into an agreement with us,
pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares (ii) to 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) that would modify the substance or timing of our obligation
to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business
combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the
closing of our initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A
ordinary shares or pre-initial business combination activity; and (iii) waive their rights to liquidating distributions from
the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within 24 months
from the closing of our initial public offering (although they will be entitled to liquidating distributions from the trust account with
respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame); (d) the
founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination or earlier
at the option of the holders thereof as described herein; and (e) the founder shares are entitled to registration rights. If we seek
shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under
Cayman Islands law, unless a higher approval threshold is required under Cayman Islands law. In such case, our sponsor and each member
of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination.

 

    3

     

    

 

The founder shares are designated as Class B
ordinary shares and will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered upon
conversion will not have redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate
an initial business combination) at the time of our initial business combination or earlier at the option of the holders thereof at a
ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate,
on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of
our initial public offering (excluding the private placement shares), plus (ii) 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, deemed issued, or to
be issued, to any seller in the initial business combination and any private placement shares issued to our sponsor, its affiliates or
any member of our management team upon conversion of working capital loans. In no event will the Class B ordinary shares convert
into Class A ordinary shares at a rate of less than one-to-one.

 

Except as described herein, our sponsor and our
directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one
year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if
the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, 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, or (y) the date on which we complete a liquidation, merger, share exchange or other similar
transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or
other property. We refer to such transfer restrictions throughout this exhibit as the lock-up. Any permitted transferees would be subject
to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect to any founder shares.

 

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

 

Preference Shares

 

Our amended and restated memorandum and articles
of association authorizes 1,000,000 preference shares and provides that preference 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 preference shares with voting and other rights that could adversely
affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability
of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing
a change of control of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof.
Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future.

 

    4

     

    

 

Private placement shares

 

The private placement shares may not be redeemed.
The private placement shares will not be transferable or salable until 30 days after the completion of our initial business combination
(except, among other limited exceptions as described in the final prospectus related to our initial public offering under “Principal
Shareholders — Transfers of Founder Shares and Private Placement Shares,” to our officers and directors and other persons
or entities affiliated with our sponsor). Holders of our private placement shares are entitled to certain registration rights. If we do
not consummate an initial business combination within 24 months from the closing of our initial public offering, the proceeds from
the sale of the private placement shares held in the trust account will be used to fund the redemption of our public shares (subject to
the requirements of applicable law) and the private placement shares will be worthless. Further, if we seek shareholder approval, we will
complete our initial business combination only if a majority of the ordinary shares, represented in person or by proxy and entitled to
vote thereon, voted at a shareholder meeting are voted in favor of the business combination. In such case, our sponsor and each member
of our management team have agreed to vote their founder shares, private placement shares and any public shares purchased during or after
our initial public offering in favor of our initial business combination. Otherwise, the private placement shares are identical to the
Class A ordinary shares sold in our initial public offering.

 

In order to fund working capital deficiencies or
finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain
of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible
into shares of the post-business combination company at a price of $10.00 per share at the option of the lender. Such shares would
be identical to the private placement shares.

 

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 our initial 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 our initial business combination. The payment of any cash dividends subsequent to our initial business combination
will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness in connection with a business
combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Our Transfer Agent

 

The transfer agent for our ordinary shares is Continental
Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company, in its role
as transfer 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 claims and losses 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.

 

    5

     

    

 

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 of merger or consolidation must then be authorized by either (a) a special resolution 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 holds issued shares that together represent
at least 90% of the votes at a general meeting of the subsidiary company) and its subsidiary company, if a copy of the plan of merger
is given to every member of each subsidiary company to be merged unless that member agrees otherwise. 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; and (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.

 

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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 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.

 

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Shareholders’ Suits

 

Our Cayman Islands 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
(meaning our public shareholders have no liability, as members of the company, for liabilities of the company over and above the amount
paid for their shares) 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:

 

		●	annual reporting requirements are minimal and consist mainly
of a statement that the company has conducted its operations mainly outside of the Cayman Islands and has complied with the provisions
of the Companies Act;

 

		●	an exempted company’s register of members is not open
to inspection and can be kept outside of the Cayman Islands;

 

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

 

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

 

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		●	an exempted company may obtain an undertaking against the
imposition of any future taxation (such undertakings are usually given for 30 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.

 

Amended and Restated Memorandum and Articles of Association

 

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
under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved
by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of
association) of a company’s shareholders entitled to vote and so voting at a shareholder 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. Other than as described above, our amended
and restated memorandum and articles of association provides that special resolutions must be approved either by at least two-thirds of
our shareholders who attend and vote at a shareholder meeting of the company (i.e., the lowest threshold permissible under Cayman Islands
law), or by a unanimous written resolution of all of our shareholders.

 

Our sponsor and its permitted transferees, if any,
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 provides, among other things, that:

 

		●	If we have not consummated an initial business combination
within 24 months from the closing of our initial public offering, we will (i) cease all operations except for the purpose of
winding up; (ii) as promptly as reasonably possible but no more than 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 and not previously released to us to pay our income taxes that were paid by us or are payable
by us, if any (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the 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 the requirements of other applicable law;

 

		●	Prior to or in connection with 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
as a class with our public shares (a) on any initial business combination or on any other proposal presented to shareholders prior
to or in connection with the completion of an initial business combination or (b) to approve an amendment to our amended and restated
memorandum and articles of association to (x) extend the time we have to consummate a business combination beyond 24 months
from the closing of our initial public offering or (y) amend the foregoing provisions;

 

		●	Although we do not intend to enter into a business combination
with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the
event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from independent investment
banking firm or another independent entity that commonly renders valuation opinions 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 applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business
or other 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;

 

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		●	So long as our securities are then listed on the Nasdaq, our
initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least
80% of the assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust 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) that would modify the substance or timing of our obligation to provide holders
of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to
redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our
initial public offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary
shares or pre-initial business combination activity, we will provide our public shareholders with the opportunity to redeem all
or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to
pay our income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described
herein; and

 

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

 

In addition, our amended and restated memorandum
and articles of association provides that under no circumstances will we redeem our public shares in an amount that would cause our net
tangible assets to be less than $5,000,001.

 

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 provide 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.

 

Anti-Money Laundering, Counter-Terrorist Financing, Prevention of
Proliferation Financing and Financial Sanctions Compliance — Cayman Islands

 

In order to comply with legislation or regulations
aimed at the prevention of money laundering, terrorist financing, proliferation financing and compliance with financial sanctions, we
are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their
identity, the identity of their beneficial owners/controllers and source of funds. Where permitted, and subject to certain conditions,
we may also delegate the maintenance of our anti-money laundering, counter-terrorist financing, prevention of proliferation
financing and compliance with financial sanctions compliance procedures (including the acquisition of due diligence information) to a
suitable person.

 

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We reserve the right to request such information
as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required
since an exemption applies under the Anti-Money Laundering Regulations (2020 Revision) of the Cayman Islands, as amended and revised
from time to time (the “Regulations”). Depending on the circumstances of each application, a detailed verification of identity
might not be required where:

 

		●	the subscriber is a relevant financial business required to
comply with the Regulations or is a majority-owned subsidiary of such a business; or

 

		●	the subscriber is acting in the course of a business in relation
to which a regulatory authority exercises regulatory functions and which is in a country assessed by us as having a low degree or risk
of money laundering and terrorist financing in accordance with the Regulations (each a “Low Risk Country”); or

 

		●	the subscriber is a central or local government organization,
statutory body or agency of government in the Cayman Islands or a Low Risk Country; or

 

		●	the subscriber is a company that is listed on a recognized
stock exchange and subject to disclosure requirements which impose requirements to ensure adequate transparency of beneficial ownership,
or is a majority-owned subsidiary of such a company; or

 

		●	the subscriber is a pension fund for a professional association,
trade union or is acting on behalf of employees of an entity referred to in sub-paragraphs (a) to (d); or

 

		●	the application is made through a nominee or introduced by
an introducer which falls within one of sub-paragraphs (a) to (e). In this situation the company may rely on a written assurance
from the nominee or the introducer (as applicable) which confirms (i) that the requisite identification and verification procedures
on the applicant for business and (for introducers only) its beneficial owners have been carried out; (ii) the nature and intended
purpose of the business relationship; (iii) that the nominee or the introducer has identified the source of funds of the applicant
for business; (iv) (for introducers only) that the introducer is supervised or monitored by an overseas regulatory authority and has
measures in place to comply with customer due diligence and record keeping requirements; and (v) that the nominee or the introducer
shall make available on request and without delay copies of any identification and verification data or information and relevant documents.

 

For the purposes of these exceptions, recognition
of a financial institution, regulatory authority or jurisdiction will be determined in accordance with the Regulations by reference to
the Low Risk Country.

 

In the event of delay or failure on the part of
the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case
any funds received will be returned without interest to the account from which they were originally debited.

 

We also reserve the right to refuse to make any
payment to a shareholder if our directors or officers suspect or are advised that the payment to such shareholder might result in a breach
of applicable anti-money laundering, counter-terrorist financing, prevention of proliferation financing and financial sanctions
or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to
ensure our compliance with any such laws or regulations in any applicable jurisdiction.

 

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

 

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

 

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

 

    11

     

    

 

Our authorized but unissued Class A ordinary
shares and preference shares will be 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 preference shares could render more difficult or discourage an
attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Securities Eligible for Future Sale

 

Immediately after our initial public offering, we
had 45,000,000 Class A ordinary shares issued and outstanding on an as-converted basis. The 45,000,000 Class A ordinary
shares sold in our initial public offering are freely tradable without restriction or further registration under the Securities Act, except
for any Class A ordinary shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act.
All of the outstanding founder shares and all of the outstanding private placement shares are restricted securities under Rule 144,
in that they were issued in private transactions not involving a public offering.

 

Rule 144

 

Pursuant to Rule 144, a person who has beneficially
owned restricted shares for at least six months would be entitled to sell their securities provided that (i) such
person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we
are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required
reports under Section 13 or 15(d) of the Exchange Act during the twelve months (or such shorter period as we were required to file
reports) preceding the sale.

 

Persons who have beneficially owned restricted shares
for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be
subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of
securities that does not exceed the greater of:

 

		●	1% of the total number of ordinary shares then-outstanding,
which equals 573,500 shares immediately after our initial public offering; or

 

		●	the average weekly reported trading volume of the Class A
ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

 

Sales by our affiliates under Rule 144 are
also limited by manner of sale provisions and notice requirements and to the availability of current public information about us.

 

Restrictions on the Use of Rule 144 by Shell
Companies or Former Shell Companies Rule 144 is not available for the resale of securities initially issued by shell companies (other
than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144
also includes an important exception to this prohibition if the following conditions are met:

 

		●	the issuer of the securities that was formerly a shell company
has ceased to be a shell company;

 

		●	the issuer of the securities is subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act;

 

		●	the issuer of the securities has filed all Exchange Act reports
and material required to be filed, as applicable, during the preceding twelve months (or such shorter period that the issuer was required
to file such reports and materials), other than Form 8-K reports; and at least one year has elapsed from the time that the
issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.

 

As a result, our sponsor will be able to sell its
founder shares and private placement shares, as applicable, pursuant to Rule 144 without registration one year after we have completed
our initial business combination.

 

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Registration and Shareholder Rights

 

The holders of the founder shares, private placement
shares and any shares that may be issued upon conversion of working capital loans will be entitled to registration rights pursuant to
a registration and shareholder rights agreement. The holders of these securities are entitled to make up to three demands, excluding short
form demands, that we register such securities. In addition, the holders have certain “piggy-back” registration rights with
respect to registration statements filed subsequent to our completion of our initial business combination. However, the registration and
shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective
until termination of the applicable lockup period, which occurs (i) in the case of the founder shares, as described in the following
paragraph, and (ii) in the case of the private placement shares, 30 days after the completion of our initial business combination.
We will bear the expenses incurred in connection with the filing of any such registration statements.

 

Except as described herein, our sponsor and our
directors and executive officers have agreed not to transfer, assign or sell their founder shares until the earliest of (A) one year
after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the
closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, 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, or (y) the date on which we complete a liquidation, merger, share exchange or other similar
transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or
other property. Any permitted transferees will be subject to the same restrictions and other agreements of our sponsor with respect to
any founder shares. We refer to such transfer restrictions throughout this exhibit as the lock-up.

 

In addition, pursuant to the registration and shareholder
rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three
individuals for election to our board of directors, as long as the sponsor holds any securities covered by the registration and shareholder
rights agreement.

 

Listing of Securities

 

Our Class A ordinary shares are listed on the Nasdaq
under the symbol “VAQC.”

 

 

13

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