Document:

Exhibit 4.6

     

    DESCRIPTION OF SECURITIES

     

    The following description of the securities of Lefteris Acquisition Corp. (the “company,” “we” or “us”) is a summary and does not purport to be complete. It is subject to and qualified in its entirety by
      reference to the Company’s amended and restated certificate of incorporation, bylaws and the Company’s warrant agreement with Continental Stock Transfer & Trust company, as warrant agent (the “warrant agreement”), each of which is incorporated by
      reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.6 is a part. We encourage you to read such documents for additional information.

     

    Pursuant to our second amended and restated certificate of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock, $0.0001 par value, 10,000,000 shares of Class
      B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value.

     

    Units

     

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

     

    Additionally, the units will automatically separate into their component parts and will not be traded after completed of our initial business combination.

     

    Common Stock

     

    Common stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Other than as described below, holders of the Class A common stock and holders of
      the Class B common stock vote together as a single class on all matters submitted to a vote of our stockholders, including any vote in connection with our initial business combination, except as required by law. Unless specified in our amended and
      restated certificate of incorporation or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such
      matter voted on by our stockholders. Each of our directors will serve for a term of two years. There is no cumulative voting with respect to the election of directors, with the result that the
      holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available
      therefor. 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 are not 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.

     

    Because our second amended and restated certificate of incorporation authorizes the issuance of up to only 100,000,000 shares of Class A common stock, if we were to enter into an initial business
      combination, we may (depending on the terms of such an initial business combination) be required to increase the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholder vote on the initial
      business combination to the extent we seek stockholder approval in connection with our initial business combination.

     

    In accordance with 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 Nasdaq. Under Section
      211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting. We may not hold
      an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our
      stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of
      the DGCL.

     

    

    
      
        

    

      We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon (i) the completion of our initial business combination or (ii) a stockholder vote to
      approve an amendment to our second amended and restated certificate of incorporation (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 within 24 months from the closing of the initial public offering or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity.
      Such redemptions, if any, will be made at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the event triggering the right to redeem, including interest earned on
      the funds held in the trust account and not previously released to us to pay our franchise and income tax obligations, divided by the number of then outstanding public shares, subject to the limitations described herein. 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 underwriter. 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 any founder shares and any public shares held by them in connection with the completion of our initial business combination, or a stockholder vote to approve an amendment to our second
      amended and restated certificate of incorporation, as described above. Unlike many blank check companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related
      redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other
      reasons, we will, pursuant to our second amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business
      combination. Our second amended and restated certificate of incorporation will require these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption rights as
      is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain stockholder 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 stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of
      common stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock
      of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.

     

    However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this prospectus), if any, could result in the approval of
      our initial business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock
      voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. We intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if
      required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will consummate our initial business
      combination.

     

    If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our second
      amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of
      the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of common stock sold in the initial public offering, which we refer to as
      the Excess Shares. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will
      reduce their influence over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not
      receive redemption distributions with respect to the Excess Shares if we complete the initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares
      would be required to sell their stock in open market transactions, potentially at a loss.

     

    

    
      
        

    

    If we seek stockholder approval in connection with our initial business combination, pursuant to the letter agreement, our sponsor, officers and directors have agreed to vote their founder shares and any
      public shares purchased during or after the initial public offering (including in open market and privately negotiated transactions) in favor of our initial business combination. Additionally, each public stockholder may elect to redeem its public
      shares irrespective of whether they vote for or against the proposed transaction (subject to the limitation described in the preceding paragraph).

     

    Pursuant to our second amended and restated certificate of incorporation, if we do not complete our initial business combination within 24 months from the closing of the initial public offering or during
      any Extension Period, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the public shares,
      at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income tax
      obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to
      receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and
      liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which
      they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within 24 months from the closing of the initial public
      offering or any extended time that we have to consummate a business combination beyond 24 months as a result of a stockholder vote to amend our amended and restated certificate of incorporation. However,

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

     

    Founder Shares

     

    The founder shares are identical to the shares of Class A common stock except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below, (ii) our sponsor,
      officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of
      our initial business combination, (B) to waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment to our second amended and restated certificate of
      incorporation (x) 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 within 24
      months from the closing of the initial public offering or during any Extension Period or (y) with respect to any other provision relating to stockholders’ rights or pre-initial business combination activity and (C) to waive their rights to
      liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within 24 months from the closing of the initial public offering or during any Extension Period,
      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, (iii) the founder shares are shares of our
      Class B common stock that will automatically convert into shares of our Class A common stock at the time of our initial business combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to adjustment as
      described herein, and (iv) are entitled to registration rights. If we submit our initial business combination to our public stockholders for a vote, our sponsor, officers and directors have agreed pursuant to the letter agreement to vote any founder
      shares held by them (including in open market and privately negotiated transactions) in favor of our initial business combination.

     

    

    
      
        

    

    The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of our initial business combination on a one-for-one basis (subject to adjustment for stock
      splits, stock dividends, reorganizations, recapitalizations and the like), and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in
      excess of the amounts offered in this Form 10-K and related to the closing of the initial business combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders
      of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class
      B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of all shares of common stock outstanding upon completion of the initial public offering, plus (ii) all shares of Class A common stock and
      equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares of Class A common stock or equity-linked securities issued, or to be issued, to any seller in the initial business combination,
      and any private placement-equivalent warrants issued to our sponsor or its affiliates upon conversion of loans made to us). We cannot determine at this time whether a majority of the holders of our Class B common stock at the time of any future
      issuance would agree to waive such adjustment to the conversion ratio. They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement for our initial business combination; (ii)
      negotiation with Class A stockholders on structuring an initial business combination; or (iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the
      Class B common stock If such adjustment is not waived, the issuance would not reduce the percentage ownership of holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A common stock. If such adjustment
      is waived, the issuance would reduce the percentage ownership of holders of both classes of our common stock. Holders of founder shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common
      stock, subject to adjustment as provided above, at any time. Securities could be “deemed issued” for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar
      securities.

     

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

     

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

     

    Redeemable Warrants

     

    Public Stockholders’ Warrants

     

    Each whole warrant entitles the registered holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the
      later of 12 months from the closing of the initial public offering or 30 days after the completion of our initial business combination. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of
      Class A common stock. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. 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 shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under
      the Securities Act of 1933, as amended, (the “Securities Act”) with respect to the shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is
      current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant unless Class A common
      stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately
      preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any
      warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock
      underlying such unit.

     

    We are not registering the shares of Class A common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 15 business
      days after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants. We will use
      our commercially reasonable efforts to cause such registration statement to become effective within 60 business days after the closing of our initial business combination and to maintain a current prospectus relating to those shares of Class A common
      stock until the warrants expire or are redeemed, as specified in the warrant agreement; provided that if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange and, as such, do not
      satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of
      the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will use our commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to
      the extent an exemption is not available. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 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. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the lesser of (A) the quotient obtained by dividing
      (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” of our Class A common stock over the exercise price of the warrants by (y) the fair market value and (B)
      0.361 per whole warrant. The “fair market value” as used in this paragraph shall mean the average of the last reported sale prices of the Class A common stock for the ten trading days ending on the third trading day prior to the date on which the
      notice of exercise is received by the warrant agent. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.

     

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

     

    	

          	•	
            in whole and not in part;

          

    

    

    	

          	•	
            at a price of $0.01 per warrant;

          

    

    

    	

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

          

    

    

    	

          	•	
            if, and only if, the last reported sale price of the Class A common stock for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption to the warrant
              holders (which we refer to as the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Redeemable
              Warrants-Public Stockholders’ Warrants-Anti-Dilution Adjustments”).

          

     

    
      
        

    

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

     

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

     

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

    	

          	•	
            in whole and not in part;

          

    

    

    	

          	•	
            at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption, 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 common stock (as defined below in the immediately following paragraph)
              except as otherwise described below;

          

    

    

    	

          	•	
            if, and only if, the Reference Value (as defined above under the heading “-Redeemable Warrants-Public Stockholders’ Warrants-Redemption of warrants when the price per share of Class A common stock equals or
              exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “-Redeemable Warrants-Public Stockholders’
              Warrants-Anti-Dilution Adjustments”); and

          

    

    

    	

          	•	
            if the Reference Value is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “ -Redeemable
              Warrants-Public Stockholders’ Warrants-Anti-Dilution Adjustments”), the private placement warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

          

     

    Beginning on the date the notice of redemption is given until the warrants are redeemed or exercised, holders who elect to exercise their warrants may do so on a cashless basis. The numbers in the table
      below represent the number of shares of Class A common stock that a warrant holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A
      common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on the volume-weighted average price of our Class A
      common stock as reported during the ten 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 ten-trading day period described above ends.

     

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

     

    

    
      
        

    

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

     

    	
            Redemption Date

            (period to expiration of warrants)

          	
            ​

          	
            ​

          	
            Fair Market Value of Class A Common Stock

          
	
            ​

          	
            <10.00

          	
            ​

          	
            ​

          	
            11.00

          	
            ​

          	
            ​

          	
            12.00

          	
            ​

          	
            ​

          	
            13.00

          	
            ​

          	
            ​

          	
            14.00

          	
            ​

          	
            ​

          	
            15.00

          	
            ​

          	
            ​

          	
            16.00

          	
            ​

          	
            ​

          	
            17.00

          	
            ​

          	
            ​

          	
            >18.00

          
	
            60 months

          	
            ​

          	
            ​

          	
            0.261

          	
            ​

          	
            ​

          	
            0.281

          	
            ​

          	
            ​

          	
            0.297

          	
            ​

          	
            ​

          	
            0.311

          	
            ​

          	
            ​

          	
            0.324

          	
            ​

          	
            ​

          	
            0.337

          	
            ​

          	
            ​

          	
            0.348

          	
            ​

          	
            ​

          	
            0.358

          	
            ​

          	
            ​

          	
            0.361

          
	
            57 months

          	
            ​

          	
            ​

          	
            0.257

          	
            ​

          	
            ​

          	
            0.277

          	
            ​

          	
            ​

          	
            0.294

          	
            ​

          	
            ​

          	
            0.310

          	
            ​

          	
            ​

          	
            0.324

          	
            ​

          	
            ​

          	
            0.337

          	
            ​

          	
            ​

          	
            0.348

          	
            ​

          	
            ​

          	
            0.358

          	
            ​

          	
            ​

          	
            0.361

          
	
            54 months

          	
            ​

          	
            ​

          	
            0.252

          	
            ​

          	
            ​

          	
            0.272

          	
            ​

          	
            ​

          	
            0.291

          	
            ​

          	
            ​

          	
            0.307

          	
            ​

          	
            ​

          	
            0.322

          	
            ​

          	
            ​

          	
            0.335

          	
            ​

          	
            ​

          	
            0.347

          	
            ​

          	
            ​

          	
            0.357

          	
            ​

          	
            ​

          	
            0.361

          
	
            51 months

          	
            ​

          	
            ​

          	
            0.246

          	
            ​

          	
            ​

          	
            0.268

          	
            ​

          	
            ​

          	
            0.287

          	
            ​

          	
            ​

          	
            0.304

          	
            ​

          	
            ​

          	
            0.320

          	
            ​

          	
            ​

          	
            0.333

          	
            ​

          	
            ​

          	
            0.346

          	
            ​

          	
            ​

          	
            0.357

          	
            ​

          	
            ​

          	
            0.361

          
	
            48 months

          	
            ​

          	
            ​

          	
            0.241

          	
            ​

          	
            ​

          	
            0.263

          	
            ​

          	
            ​

          	
            0.283

          	
            ​

          	
            ​

          	
            0.301

          	
            ​

          	
            ​

          	
            0.317

          	
            ​

          	
            ​

          	
            0.332

          	
            ​

          	
            ​

          	
            0.344

          	
            ​

          	
            ​

          	
            0.356

          	
            ​

          	
            ​

          	
            0.361

          
	
            45 months

          	
            ​

          	
            ​

          	
            0.235

          	
            ​

          	
            ​

          	
            0.258

          	
            ​

          	
            ​

          	
            0.279

          	
            ​

          	
            ​

          	
            0.298

          	
            ​

          	
            ​

          	
            0.315

          	
            ​

          	
            ​

          	
            0.330

          	
            ​

          	
            ​

          	
            0.343

          	
            ​

          	
            ​

          	
            0.356

          	
            ​

          	
            ​

          	
            0.361

          
	
            42 months

          	
            ​

          	
            ​

          	
            0.228

          	
            ​

          	
            ​

          	
            0.252

          	
            ​

          	
            ​

          	
            0.274

          	
            ​

          	
            ​

          	
            0.294

          	
            ​

          	
            ​

          	
            0.312

          	
            ​

          	
            ​

          	
            0.328

          	
            ​

          	
            ​

          	
            0.342

          	
            ​

          	
            ​

          	
            0.355

          	
            ​

          	
            ​

          	
            0.361

          
	
            39 months

          	
            ​

          	
            ​

          	
            0.221

          	
            ​

          	
            ​

          	
            0.246

          	
            ​

          	
            ​

          	
            0.269

          	
            ​

          	
            ​

          	
            0.290

          	
            ​

          	
            ​

          	
            0.309

          	
            ​

          	
            ​

          	
            0.325

          	
            ​

          	
            ​

          	
            0.340

          	
            ​

          	
            ​

          	
            0.354

          	
            ​

          	
            ​

          	
            0.361

          
	
            36 months

          	
            ​

          	
            ​

          	
            0.213

          	
            ​

          	
            ​

          	
            0.239

          	
            ​

          	
            ​

          	
            0.263

          	
            ​

          	
            ​

          	
            0.285

          	
            ​

          	
            ​

          	
            0.305

          	
            ​

          	
            ​

          	
            0.323

          	
            ​

          	
            ​

          	
            0.339

          	
            ​

          	
            ​

          	
            0.353

          	
            ​

          	
            ​

          	
            0.361

          
	
            33 months

          	
            ​

          	
            ​

          	
            0.205

          	
            ​

          	
            ​

          	
            0.232

          	
            ​

          	
            ​

          	
            0.257

          	
            ​

          	
            ​

          	
            0.280

          	
            ​

          	
            ​

          	
            0.301

          	
            ​

          	
            ​

          	
            0.320

          	
            ​

          	
            ​

          	
            0.337

          	
            ​

          	
            ​

          	
            0.352

          	
            ​

          	
            ​

          	
            0.361

          
	
            30 months

          	
            ​

          	
            ​

          	
            0.196

          	
            ​

          	
            ​

          	
            0.224

          	
            ​

          	
            ​

          	
            0.250

          	
            ​

          	
            ​

          	
            0.274

          	
            ​

          	
            ​

          	
            0.297

          	
            ​

          	
            ​

          	
            0.316

          	
            ​

          	
            ​

          	
            0.335

          	
            ​

          	
            ​

          	
            0.351

          	
            ​

          	
            ​

          	
            0.361

          
	
            27 months

          	
            ​

          	
            ​

          	
            0.185

          	
            ​

          	
            ​

          	
            0.214

          	
            ​

          	
            ​

          	
            0.242

          	
            ​

          	
            ​

          	
            0.268

          	
            ​

          	
            ​

          	
            0.291

          	
            ​

          	
            ​

          	
            0.313

          	
            ​

          	
            ​

          	
            0.332

          	
            ​

          	
            ​

          	
            0.350

          	
            ​

          	
            ​

          	
            0.361

          
	
            24 months

          	
            ​

          	
            ​

          	
            0.173

          	
            ​

          	
            ​

          	
            0.204

          	
            ​

          	
            ​

          	
            0.233

          	
            ​

          	
            ​

          	
            0.260

          	
            ​

          	
            ​

          	
            0.285

          	
            ​

          	
            ​

          	
            0.308

          	
            ​

          	
            ​

          	
            0.329

          	
            ​

          	
            ​

          	
            0.348

          	
            ​

          	
            ​

          	
            0.361

          
	
            21 months

          	
            ​

          	
            ​

          	
            0.161

          	
            ​

          	
            ​

          	
            0.193

          	
            ​

          	
            ​

          	
            0.223

          	
            ​

          	
            ​

          	
            0.252

          	
            ​

          	
            ​

          	
            0.279

          	
            ​

          	
            ​

          	
            0.304

          	
            ​

          	
            ​

          	
            0.326

          	
            ​

          	
            ​

          	
            0.347

          	
            ​

          	
            ​

          	
            0.361

          
	
            18 months

          	
            ​

          	
            ​

          	
            0.146

          	
            ​

          	
            ​

          	
            0.179

          	
            ​

          	
            ​

          	
            0.211

          	
            ​

          	
            ​

          	
            0.242

          	
            ​

          	
            ​

          	
            0.271

          	
            ​

          	
            ​

          	
            0.298

          	
            ​

          	
            ​

          	
            0.322

          	
            ​

          	
            ​

          	
            0.345

          	
            ​

          	
            ​

          	
            0.361

          
	
            15 months

          	
            ​

          	
            ​

          	
            0.130

          	
            ​

          	
            ​

          	
            0.164

          	
            ​

          	
            ​

          	
            0.197

          	
            ​

          	
            ​

          	
            0.230

          	
            ​

          	
            ​

          	
            0.262

          	
            ​

          	
            ​

          	
            0.291

          	
            ​

          	
            ​

          	
            0.317

          	
            ​

          	
            ​

          	
            0.342

          	
            ​

          	
            ​

          	
            0.361

          
	
            12 months

          	
            ​

          	
            ​

          	
            0.111

          	
            ​

          	
            ​

          	
            0.146

          	
            ​

          	
            ​

          	
            0.181

          	
            ​

          	
            ​

          	
            0.216

          	
            ​

          	
            ​

          	
            0.250

          	
            ​

          	
            ​

          	
            0.282

          	
            ​

          	
            ​

          	
            0.312

          	
            ​

          	
            ​

          	
            0.339

          	
            ​

          	
            ​

          	
            0.361

          
	
            9 months

          	
            ​

          	
            ​

          	
            0.090

          	
            ​

          	
            ​

          	
            0.125

          	
            ​

          	
            ​

          	
            0.162

          	
            ​

          	
            ​

          	
            0.199

          	
            ​

          	
            ​

          	
            0.237

          	
            ​

          	
            ​

          	
            0.272

          	
            ​

          	
            ​

          	
            0.305

          	
            ​

          	
            ​

          	
            0.336

          	
            ​

          	
            ​

          	
            0.361

          
	
            6 months

          	
            ​

          	
            ​

          	
            0.065

          	
            ​

          	
            ​

          	
            0.099

          	
            ​

          	
            ​

          	
            0.137

          	
            ​

          	
            ​

          	
            0.178

          	
            ​

          	
            ​

          	
            0.219

          	
            ​

          	
            ​

          	
            0.259

          	
            ​

          	
            ​

          	
            0.296

          	
            ​

          	
            ​

          	
            0.331

          	
            ​

          	
            ​

          	
            0.361

          
	
            3 months

          	
            ​

          	
            ​

          	
            0.034

          	
            ​

          	
            ​

          	
            0.065

          	
            ​

          	
            ​

          	
            0.104

          	
            ​

          	
            ​

          	
            0.150

          	
            ​

          	
            ​

          	
            0.197

          	
            ​

          	
            ​

          	
            0.243

          	
            ​

          	
            ​

          	
            0.286

          	
            ​

          	
            ​

          	
            0.326

          	
            ​

          	
            ​

          	
            0.361

          
	
            0 months

          	
            ​

          	
            ​

          	
            -

          	
            ​

          	
            ​

          	
            -

          	
            ​

          	
            ​

          	
            0.042

          	
            ​

          	
            ​

          	
            0.115

          	
            ​

          	
            ​

          	
            0.179

          	
            ​

          	
            ​

          	
            0.233

          	
            ​

          	
            ​

          	
            0.281

          	
            ​

          	
            ​

          	
            0.323

          	
            ​

          	
            ​

          	
            0.361

          

     

    
      
        

    

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

     

    This redemption feature differs from the typical warrant redemption features used in some other blank check offerings, which typically only provide for a redemption of warrants for cash (other than the
      private placement warrants) when the trading price for the Class A common stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class
      A common stock are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A common stock is below the exercise price of the warrants. We have established this redemption feature to provide us with the
      flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “-Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00.” Holders choosing to
      exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the date of this prospectus. 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 shares of Class A common stock 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
      shares of Class A common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer shares of Class A common stock than they would have received if they had chosen to wait to
      exercise their warrants for shares of Class A common stock if and when such shares of Class A common stock were trading at a price higher than the exercise price of $11.50.

     

    No fractional shares of Class A common stock will be issued upon 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 shares of Class A common stock to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than Class A common stock pursuant to the warrant agreement (for instance, if we
      are not the surviving company in our initial business combination), the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than Class A common stock, the Company (or surviving company)
      will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

     

    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 or any person subject to aggregation with such person for the purposes of the “beneficial ownership” test
      under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which such person is or may be deemed to be a part), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or
      9.8% (or such other amount as a holder may specify) of the shares of Class A common stock outstanding immediately after giving effect to such exercise.

     

    

    
      
        

    

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

     

    In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock on
      account of such shares of Class A common stock (or other shares of our capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends (initially defined as up to $0.50 per share in a 365
      day period), (c) to satisfy the redemption rights of the holders of Class A common stock in connection with the completion of our initial business combination, (d) to satisfy the redemption rights of the holders of Class A common stock in connection
      with a stockholder vote to approve an amendment to our second amended and restated certificate of incorporation (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 within 24 months from the closing of the initial public offering or (B) with respect to any other provision relating to stockholders’ rights or pre-initial
      business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective
      date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A common stock in respect of such event.

     

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

     

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

     

    In addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at a
      Newly Issued Price of less than $9.20 per 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 or its affiliates, without taking into
      account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for
      the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the 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 above under “-Redemption of warrants when the price per share of Class A common stock equals or
      exceeds $18.00” and “-Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the
      $10.00 per share redemption trigger price described above under “-Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value
      and the Newly Issued Price.

     

    

    
      
        

    

    In case of any reclassification or reorganization of the outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such shares of Class A common
      stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not
      result in any reclassification or reorganization of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an
      entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class
      A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of
      the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an
      established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such
      transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional
      value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine
      and realize the option value component of the warrant. This formula is to compensate the warrant holder for the loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the
      event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market price for an instrument is available.

     

    The warrants are issued in registered form under the warrant agreement. You should review a copy of the warrant agreement, which is incorporated by reference as an exhibit to the Annual Report on Form
      10-K of which this Exhibit 4.6 forms a part for a complete description of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any
      ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants.

     

    The warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their warrants and receive shares of Class A common stock. After the
      issuance of shares of Class A common stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

     

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

     

    Private Placement Warrants

     

    The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not be transferable,
        assignable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions to our officers and directors and other persons or entities affiliated with our sponsor) and they will not be
        redeemable by us (except as described below under “Description of Securities-Redeemable Warrants-Public Stockholders’ Warrants-Redemption of warrants when the price per share of Class A common stock equals or exceeds $10.00”) so long as they are
        held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. Except as described below, the private placement warrants have terms and
        provisions that are identical to those of the warrants sold as part of the units in the initial public offering, including as to exercise price, exercisability and exercise period. If the private placement warrants are held by holders other than
        the sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in the initial public offering.

    
      

      

      

    
      
        

    

    Except as described above under “-Public Stockholders’ Warrants-Redemption of warrants when the price per share of Class A common stock 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 the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares
      of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” of our Class A common stock over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average of
      the last reported sale prices of the Class A common stock for the ten trading days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption is sent to the
      holders of warrants, as applicable. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees is because it is not known at this time whether they
      will be affiliated with us following an initial 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 stockholders who could sell the shares of Class A common stock issuable upon exercise of the warrants freely in the open market, the insiders could be significantly restricted from doing so. As a
      result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.

     

    In order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors may, but are not
      obligated to, loan us funds as may be required. Up to $2,000,000 of such loans may be convertible into warrants at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants, including
      as to exercise price, exercisability and exercise period. The terms of such working capital loans by our sponsor or its affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect to such
      loans.

     

    Our sponsor has agreed not to transfer, assign or sell any of the private placement warrants (including the Class A common stock issuable upon exercise of any of these warrants) until the date that is 30
      days after the date we complete our initial business combination, except that, among other limited exceptions as described under the section of this prospectus entitled “Principal Stockholders-Restrictions on Transfers of Founder Shares and Private
      Placement Warrants” made to our officers and directors and other persons or entities affiliated with our sponsor.

     

    Our Transfer Agent and Warrant Agent

     

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

     

    Our Second Amended and Restated Certificate of Incorporation

     

    Our second amended and restated certificate of incorporation contains certain requirements and restrictions relating to the initial public offering that will apply to us until the completion of our
      initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders, may participate in any vote to amend our second amended and restated certificate of
      incorporation and will have the discretion to vote in any manner they choose. Specifically, our second amended and restated certificate of incorporation provides, among other things, that:

     

    

    
      
        

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

          	•	
            If a stockholder vote on our initial business combination is not required by law and we do not decide to hold a stockholder vote for business or other reasons, we will offer to redeem our public shares pursuant
              to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our
              initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; whether or not we maintain our registration under the our Exchange Act or our listing on Nasdaq, we will provide our public
              stockholders with the opportunity to redeem their public shares by one of the two methods listed above;

          

    

    

    	

          	•	
            Our initial business combination will be approved by a majority of our independent directors;

          

    

    

    	

          	•	
            If our stockholders approve an amendment to our second amended and restated certificate of incorporation (i) 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 within 24 months from the closing of the initial public offering or (ii) with respect to any other provision relating
              to stockholders’ rights or pre-business combination activity, we will provide our public stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in
              cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our franchise and income tax obligations, divided by the
              number of then outstanding public shares; and

          

    

    

    	

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

          

     

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

     

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

     

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

    	

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

          

    

    

    
      
        

    

    	

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

          

    

    

    	

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

          

     

    Generally, a “business combination” includes a merger, asset or stock sale or certain other transactions resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an
      “interested stockholder” is a person who, together with that person’s affiliates and associates, owns, or within the previous three years owned, 15% or more of our voting stock.

     

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

     

    Our second amended and restated certificate of incorporation provides that the sponsor, its members and its other affiliates, any of its respective direct or indirect transferees who hold at least 15% of
      our outstanding common stock after such transfer and any group as to which such persons are party to, do not constitute “interested stockholders” for purposes of this provision.

     

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

     

    Exclusive forum for certain lawsuits

     

    Our second amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and
      employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an
      indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the
      exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) any action created by the Exchange Act or any other claim for which the federal courts
      have exclusive jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel.
      Unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for any action arising under the Securities Act. Although we believe this provision benefits us by
      providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of
      discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

     

    Our second amended and restated certificate of incorporation provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section 27 of the Exchange Act creates
      exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce any duty
      or liability created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. 

     

    

    
      
        

    

    Special meeting of stockholders

     

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

     

    Advance notice requirements for stockholder proposals and director nominations

     

    Our bylaws provide for advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our
      board of directors or a committee of our board of directors. In order for any matter to be “properly brought” before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to
      be timely, a stockholder’s notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our bylaws will also
      specify requirements as to the form and content of a stockholder’s notice. Our bylaws allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings, which may have the effect of
      precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own
      slate of directors or otherwise attempting to influence or obtain control of us.

     

    Action by written consent

     

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

     

    Only holders of the founder shares vote to elect directors

     

    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.

     

    Class B common stock consent right

     

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

     

    Listing of Securities

     

    Our units, Class A common stock and warrants are listed on Nasdaq under the symbols “LFTRU,” “LFTR” and “LFTRW,” respectively.EX-10.2

 Exhibit 10.2 

, 2021 
 Post Holdings Partnering Corporation 

2503 S. Hanley Road 
 St. Louis, Missouri 63144 

 

	 	Re:	 Initial Public Offering 

Ladies and Gentlemen: 
 This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into or proposed to be entered into by and between Post Holdings
Partnering Corporation, a Delaware corporation (the “Company”), and Evercore Group L.L.C. and Barclays Capital Inc., as the representatives of the several underwriters named therein (each an
“Underwriter” and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of up to 46,000,000 of the Company’s units
(including up to 6,000,000 units that may be purchased to cover the Underwriters’ option to purchase additional units, if any) (the “Units”), each comprised of one share of Series A common stock of the Company, par value
$0.0001 per share (“Series A Common Stock”), and one-fifth of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof
to purchase one share of Series A Common Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and
prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph 11 hereof. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, PHPC Sponsor, LLC, a Delaware limited liability company (the “Sponsor”), and the other undersigned persons (each such other
undersigned person, an “Insider” and collectively, the “Insiders”), each hereby agrees, severally but not jointly, with the Company as follows: 

1. The Sponsor and each Insider agrees with the Company that if the Company seeks stockholder approval of a proposed Partnering Transaction,
then in connection with such proposed Partnering Transaction, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed Partnering Transaction (including any proposals recommended by the Company’s Board of
Directors in connection with such Partnering Transaction) and (ii) not redeem any Shares owned by it, him or her in connection with such stockholder approval. 

2. The Sponsor and each Insider hereby agrees with the Company that in the event that the Company fails to consummate a Partnering Transaction
within 24 months from the closing of the Public Offering (or 27 months from the closing of the Public Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for a Partnering Transaction within 24
months from the closing of the Public Offering (an “Agreement in Principle Event”)), or such later period approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of
incorporation, the Sponsor and each Insider shall 

 
take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten
(10) business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Series A Common Shares sold as part of the Units in the Public Offering (the “Offering Shares”), at a per share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then
outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders (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 the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware law to
provide for claims of creditors and the other requirements of applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance
or timing of the Company’s obligation to allow redemption in connection with the Company’s Partnering Transaction or to redeem 100% of the Offering Shares if the Company does not complete its Partnering Transaction within 24 months from
the closing of the Public Offering (or 27 months if an Agreement in Principle Event has occurred) or (B) with respect to any other provision relating to stockholders’ rights or pre-partnering
transaction activity, unless the Company provides its Public Stockholders with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest (which interest shall be net of taxes payable), divided by the number of then outstanding Offering Shares. 

The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in
the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares or Private Placement Shares held by it. The Sponsor and each Insider hereby further waives, with respect to any
Shares held by it, him or her, if any, any redemption rights it, he or she may have in connection with (x) the consummation of a Partnering Transaction, including, without limitation, any such rights available in the context of a stockholder
vote to approve such Partnering Transaction or in the context of a tender offer made by the Company to purchase Series A Common Shares and (y) a stockholder vote to approve an amendment to the Company’s amended and restated certificate of
incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with the Company’s Partnering Transaction or to redeem 100% of the Offering Shares if the Company has not consummated
its Partnering Transaction within 24 months from the closing of the Public Offering (or 27 months if an Agreement in Principle Event has occurred) or (B) with respect to any other provision relating to stockholders’ rights or pre-Partnering Transaction activity (although the Sponsor and the Insiders shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to
consummate a Partnering Transaction within 24 months from the date of the closing of the Public Offering (or 27 months if an Agreement in Principle Event has occurred)). 

3. During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each
Insider shall not, without the prior written consent of Evercore Group L.L.C. and Barclays Capital Inc., offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or establish or increase a put

  
 2 

 
equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to, any Units, Series A Common Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, Series A Common Shares
or publicly announce an intention to effect any such transaction; provided, however, that the foregoing does not apply to the forfeiture of any Founder Shares pursuant to their terms or any transfer of Founder Shares to any current or
future independent director of the Company (as long as such current or future independent director transferee is subject to this Letter Agreement or executes an agreement substantially identical to the terms of this Letter Agreement, as applicable
to directors and officers at the time of such transfer; and as long as, to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes a practical explanation as to the
nature of the transfer). The provisions of this paragraph will not apply if (i) the transfer of securities is not for consideration, (ii) the transfer of securities is by bona fide gift to a member of the holder’s immediate family or
to a trust, the beneficiary of which is a member of the holder’s immediate family, for estate planning purposes, (iii) the transfer of securities is by virtue of the laws of descent and distribution upon death, (iv) the establishment
of a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of securities, provided that (A) such plan does not provide for the transfer of securities during such 180-day period and (B) no public announcement or filing under the Exchange Act shall be required or shall be voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of
such plan and (v) with respect to exceptions (i)—(iii) immediately above, the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in
effect at the time of the transfer. 
 4. In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of
clarification shall not extend to any other stockholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to,
any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by
(i) any third party (other than the Company’s independent registered public accounting firm) for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has discussed entering
into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Sponsor shall (I) apply only to the extent necessary to ensure that such claims by a third party
for services rendered (other than the Company’s independent registered public accounting firm) or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per Offering Share or
(ii) such lesser amount per Offering Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case,
net of the amount of interest which may be withdrawn to pay taxes and (II) not apply with respect to any claims by any third party which has executed a waiver of any and all of such third party’s rights to proceed against, or seek
satisfaction from the Trust Account or with respect to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor shall have the right
to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall
undertake such defense. 

  
 3 

 5. To the extent that the Underwriters do not exercise in full their option to purchase up
to an additional 6,000,000 Units within 45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees that it shall forfeit, at no cost, a number of Founder Shares in the aggregate equal to 1,500,000
multiplied by a fraction, (i) the numerator of which is 6,000,000 minus the number of Units purchased by the Underwriters upon the exercise of their option to purchase additional Units, and (ii) the denominator of which is 6,000,000. All
references in this Letter Agreement to Founder Shares of the Company being forfeited shall take effect as a contribution of such Founder Shares to the Company’s capital as a matter of Delaware law. The Sponsor and each Insider further
acknowledge and agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a recapitalization or stock repurchase or redemption, as applicable, immediately prior to the consummation of the Public
Offering in such amount as to maintain the number of Founder Shares at 20.0% of the Company’s issued and outstanding Shares (not including the Private Placement Shares) upon the consummation of the Public Offering. In connection with such
increase or decrease in the size of the Public Offering, then (A) the references to 6,000,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15.0% of the number of
Series A Common Shares included in the Units issued in the Public Offering and (B) the reference to 1,500,000 in the formula set forth in the immediately preceding sentence shall be adjusted to such number of Founder Shares that the Sponsor
would have to return to the Company in order for the number of Founder Shares to equal an aggregate of 20.0% of the Company’s issued and outstanding Shares (not including the Private Placement Shares) after the Public Offering. 

6. The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in
the event of a breach by such Sponsor or Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9 of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach. 

7. (a) In addition to the provisions set forth in paragraph 3, the Sponsor and each Insider agrees that it, he or she shall not Transfer (as
defined below) any Founder Shares until the earlier of (A) one year after the completion of the Company’s Partnering Transaction and (B) subsequent to the Company’s Partnering Transaction, (x) the date on which the Company
completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the Public Stockholders having the right to exchange their Series A Common Shares for cash, securities or other property or
(y) if the last reported sale price of the Series A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s Partnering Transaction (the “Founder Shares Lock-up Period”). 

  
 4 

 (b) In addition to the provisions set forth in paragraph 3, the Sponsor and each Insider
agrees that it, he or she shall not Transfer any of the Private Placement Units, the Private Placement Shares or the Private Placement Warrants (or Series A Common Shares issued or issuable upon the exercise of the Private Placement Warrants), until
30 days after the completion of the Company’s Partnering Transaction (the “Private Placement Units Lock-up Period”, together with the Founder Shares
Lock-up Period, the “Lock-up Periods”). 

(c) Notwithstanding the provisions set forth in paragraphs 3, 7(a) and (b), Transfers of the Founder Shares, Private Placement Units, the
Private Placement Shares, Private Placement Warrants and Series A Common Shares issued or issuable upon the exercise of the Private Placement Warrants and that are held by the Sponsor or any Insider or any of their permitted transferees (that have
complied with this paragraph 7(c) or Section 3, if applicable), are permitted (i) to the Company’s directors or officers, to the directors or officers of Post Holdings, Inc., a Missouri corporation (or any successor thereto)
(“Post”), and to their respective family members and entities formed by such persons for investment or estate planning purposes which are controlled by such persons or formed for their benefit or for charitable purposes,
(ii) to Post or any entity in which Post or the officers and directors of Post hold, in the aggregate, securities representing no less than 25% of the outstanding voting power of such entity (so long as no other holder or group holds a higher
percentage of the voting power of such entity), and the subsidiaries of Post or such entities, (iii) to any corporation or other entity which, as a result of any spinoff, splitoff or other distribution transaction, becomes the beneficial owner
of the Founder Shares, Private Placement Units, Private Placement Shares and Private Placement Warrants (and shares issuable upon the exercise of such warrants), (iv) by bona fide gift to a member of the holder’s immediate family or to a trust,
the beneficiary of which is a member of the holder’s immediate family, for estate planning purposes, (v) by virtue of the laws of descent and distribution upon death or (vi) by private sales or transfers made in connection with the
consummation of a Partnering Transaction at prices no greater than the price at which the securities were originally purchased; provided, however, that in the case of clauses (i) through (vi), such permitted transferees must enter
into a written agreement with the Company, agreeing to be bound by the transfer restrictions and other applicable restrictions in this Letter Agreement. In addition, the Sponsor or its permitted transferees will be permitted to pledge or grant a
security interest in such securities to secure bona fide indebtedness or engage in hedging transactions; provided, that the holder thereof retains voting control over such securities prior to delivery of shares upon foreclosure or upon satisfaction
of the hedge. In the event of any liquidation prior to the completion of the Company’s Partnering Transaction or the Company’s completion of a liquidation, merger, stock exchange, reorganization or other similar transaction which results
in all of the Company’s Public Stockholders having the right to exchange their shares of Series A Common Stock for cash, securities or other property subsequent to the Company’s completion of our Partnering Transaction, the Lock-Up Periods will be deemed terminated. 
 8. The Sponsor and each Insider represents and warrants that,
as of the date hereof, it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each
Insider’s biographical information furnished to the Company, if any (including any such information included in the Prospectus), is true and accurate in all material respects as of the date when such information was furnished and does not omit
any material information with respect to such Insider’s background. The Sponsor and each Insider’s 

  
 5 

 
questionnaire furnished to the Company, if any, is true and accurate in all material respects as of the date when such questionnaire was furnished. Except as otherwise disclosed in any publicly
available filings with the Commission, the Sponsor and each Insider represents and warrants, each as to itself and not jointly with any other person, that: as of the date hereof, it, he or she is not subject to, or a respondent in any legal action
for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any
jurisdiction; and it has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any
securities and it is not currently a defendant in any such criminal proceeding. 
 9. Except as disclosed in, or as expressly contemplated
by, the Prospectus, or as otherwise contemplated in the proxy statement related to the Company’s Partnering Transaction, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer of the
Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the
consummation of, the Company’s Partnering Transaction (regardless of the type of transaction that it is). 
 10. The Sponsor and each
Insider has full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement
with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or a director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer
and/or a director of the Company. 
 11. As used herein, (i) “Partnering Transaction” shall mean a merger, share
exchange, asset acquisition, share purchase, reorganization or similar partnering transaction, involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively, the Series A Common Shares and the
Founder Shares; (iii) “Series A Common Shares” shall mean shares of Series A Common Stock; (iv) “Founder Shares” shall mean (a) the 11,500,000 shares of the Company’s Series F common stock,
par value $0.0001 per share, initially purchased by the Sponsor in a private placement prior to the Public Offering, (b) shares of the Company’s Series B common stock, par value $0.0001 per share, issued upon the conversion of such shares
of Series F common stock, and (c) Series A Common Shares issued upon the conversion of such shares of Series B common stock; (v) “Private Placement Units” shall mean the units that will be acquired by the Sponsor for an
aggregate purchase price of $12,000,000 in the aggregate (or $13,200,000 if the over-allotment option is exercised in full), at $10.00 per Private Placement Unit, in a private placement that shall occur simultaneously with the consummation of the
Public Offering (including the shares of Series A Common Stock (the “Private Placement Shares”) and private placement warrants underlying such units (the “Private Placement Warrants”) and the shares of
Series A Common Stock issuable upon exercise of such Private Placement Warrants thereof); (vi) “Public Stockholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust
Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the Private Placement Units shall be deposited; and (viii) “Transfer” shall mean the (a) sale or
assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, 

  
 6 

 
or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act and
the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b) herein. 

12. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any such change, amendment modification
or waiver, (2) the Sponsor, and (3) the Company. 
 13. No party hereto may assign either this Letter Agreement or any of its
rights, interests, or obligations hereunder without the prior written consent of the Company and the Sponsor. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any
interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees. 

14. Nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other than the parties hereto any
right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this Letter Agreement shall be
for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees. 

15. This Letter Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 16.
This Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and
be valid and enforceable. 
 17. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Delaware. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of the State of Delaware or the
United States District Court for the District of Delaware, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such
courts represent an inconvenient forum. 

  
 7 

 18. Any notice, consent or request to be given in connection with any of the terms or
provisions of this Letter Agreement shall be in writing and shall be deemed given (a) on the date of delivery if delivered personally or sent via e-mail (providing proof of delivery) or (b) on the
first (1st) business day following the date of dispatch if sent by a nationally recognized overnight courier (providing proof of delivery). 

19. No party hereto shall be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to this Letter
Agreement (including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party shall be liable or responsible for the obligations of another party, including, without limitation, indemnification obligations and notice
obligations. 
 20. This Letter Agreement shall terminate on the earlier of (i) the expiration of the
Lock-up Periods and (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and
closed by December 31, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation. 

[Signature page follows] 

  
 8 

 
			
	Sincerely,
	
	PHPC SPONSOR, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	  

	Name: Robert V. Vitale
	
	  

	Name: Bradly A. Harper
	
	  

	Name: Jeff A. Zadoks
	
	  

	Name: Jim Dwyer
	
	  

	Name: Jennifer Kuperman
	
	  

	Name: Dave Peacock
	
	  

	Name: David L. Taiclet

 [Signature Page to Letter Agreement] 

			
	 Acknowledged and Agreed:
  

POST HOLDINGS PARTNERING CORPORATION

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Letter Agreement]

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