Document:

Exhibit 10.1

 

	 	SpaceX
    [REDACTED] Launch Services

    Multi
    Launch Agreement

 

[REDACTED]
LAUNCH SERVICES – Multi Launch agreement

 

AST
& Science, LLC (“Customer” or “AST & Science”) and Space Exploration Technologies Corp. (“SpaceX”)
(Customer and SpaceX each a “Party” and collectively the “Parties”) hereby enter into this Multi-Launch Agreement
(“MLA”) as of the date of the last signature below (“Effective Date” or “EDC”).

 

WHEREAS,
Customer is planning to launch several payloads to orbit in the next several years;

 

WHEREAS,
Customer and SpaceX wish to engage in a multi-year [REDACTED] agreement, including entering into [REDACTED] launch service
agreements (each a [REDACTED] “LSA”, and collectively “LSAs”) for the launch of Customer’s payloads;

 

WHEREAS,
the Parties desire by this MLA to agree upon certain terms for LSAs;

 

NOW
THEREFORE, the Parties agree that it is in the Parties’ best interests to enter into this MLA, and therefore agree as follows:

 

	1.	Agreement
    Period. Effective Date through December 31, 2024 (“End Date”).

 

	2.	[REDACTED]
    Launch Services.

 

	 	a.	Launch
    Service Agreements. Customer shall enter or have entered into LSAs for two (2) [REDACTED] launch services for launches
    scheduled to occur as shown:

 

	Mission	 	Port
    Size	 	Price	 	Launch
    Date
	BlueWalker
    3	 	[REDACTED]	 	$[REDACTED]
    (inclusive of rebooking and [REDACTED] adjustment fees)	 	[REDACTED]
	BlueBird
    1	 	[REDACTED]	 	$[REDACTED]	 	[REDACTED]
	 	 	 	 	TOTAL
    $[REDACTED]	 	 

 

*Subject
to any adjustments as set forth in the applicable LSA.

 

	 	b.	Launch
    Reservation. Customer shall have the right to enter into an LSA for an additional [REDACTED] launch service for a launch
    scheduled to occur before the End Date as shown:

 

	Mission	 	Reservation
    Fee	 	Launch
    Date
	BlueBird
    2	 	$[REDACTED]	 	[REDACTED]
	 	 	TOTAL
    $[REDACTED]	 	 

 

For
avoidance of any doubt, this Section 2(b) does not create any obligation upon Customer to execute an LSA with SpaceX but rather grants
Customer the option to execute an LSA with pricing consistent with the BlueBird 1 LSA in this MLA and the Reservation Fee applied against
Payment 1. SpaceX will select the Launch Vehicle for the converted Launch Reservation Agreement at its sole discretion, after reasonable
consultation with Customer, with payload accommodation and environments as determined at the time of LSA execution. Alternatively, Customer
may convert the reservation to a dedicated launch LSA at mutually agreed upon terms. If the Customer does not convert the reservation
into an LSA by [REDACTED], then SpaceX shall retain the portion of the MLA Fee associated with such reservation(s) without liability
or obligation to Customer. However, if Customer exercises its option to enter into an LSA prior to [REDACTED], but SpaceX is unable
to provide a launch at the specified terms, then SpaceX shall refund the Reservation Fee to Customer.

 

	 	c.	Launch
    Scheduling. Except for the [REDACTED] launch services referenced in Section 2(a), for any [REDACTED] launch
    services ordered under this MLA, Customer shall request a Launch Period beginning no sooner than eight (8) months from the date the
    LSA is executed by the Parties.

 

	3.	LSA
    Terms

 

	 	a.	Standard
    Terms. Unless otherwise specified below, the terms of any [REDACTED] launch services procured pursuant to this MLA shall
    be based upon SpaceX’s standard [REDACTED] LSA and SOW, a copy of which is attached hereto.
	 	 	 
	 	b.	Payment
    Schedule. Payments for any [REDACTED] missions contracted under this MLA shall be made according to the following
    schedule:

 

	Payment
    Number	 	Schedule	 	Payment
    Percentage of Price
	1	 	Effective
    date of LSA + 7 days	 	[REDACTED]%
	2	 	[REDACTED]	 	[REDACTED]%
	3	 	[REDACTED]	 	[REDACTED]%

 

[CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT BOTH (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL
IF PUBLICLY DISCLOSED]

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 1 of 4

     

    

 

	 	SpaceX
    [REDACTED] Launch Services

    Multi
    Launch Agreement

 

	 	c.	Rebooking.
    Re-booking cost for LSAs, except for BlueWalker 3, executed under this MLA shall be made according to the following table. Customer
    may request two re-bookings per Payload. 

 

	Date
    of Re-booking Request Approval	 	Re-booking
    Cost
	Before
    [REDACTED] days	 	$[REDACTED]
	Before
    [REDACTED] days	 	$[REDACTED]
	After
    [REDACTED] days	 	No
    Re-booking Allowed

 

Customer
may request up to two additional re-bookings for BlueWalker 3 according to the following tables. All re-bookings made under this MLA
must be requested at L-60 days or earlier.

 

	1st
    Re-Booking Request
	Date
    of Re-booking Request Approval	 	Re-booking
    Cost
	Before
    [REDACTED]	 	$[REDACTED]
	Before
    [REDACTED]	 	$[REDACTED]
	After
    [REDACTED]	 	No
    Re-booking Allowed

 

	2nd
    Rebooking Request
	Date
    of Re-booking Request Approval	 	Re-booking
    Cost
	Before
    [REDACTED] days	 	$[REDACTED]
	Before
    [REDACTED] days	 	$[REDACTED]
	After
    [REDACTED] days	 	No
    Re-booking Allowed

 

	4.	MLA
    Fee. Customer agrees to pay to SpaceX a fee in the amount of [REDACTED] Dollars (U.S. $[REDACTED] consisting of
    the payments required under the 2 LSAs and 1 Launch Reservation contemplated in Section 2(a) and 2(b) as shown:

 

Launch
Agreements:

 

	Mission	 	Payments
    Due	 	Amount
    Due
	BlueWalker
    3	 	[REDACTED]
    Adjustment	 	$[REDACTED]
	BlueBird
    1	 	Payment
    1	 	$[REDACTED]
	BlueBird
    2	 	Reservation
    Fee	 	$[REDACTED]
	Total	 	$[REDACTED]

 

Total
amount due to SpaceX shall be paid within 7 days of signature of this MLA.

 

	5.	Professional
    Standards. Customer shall comply with all site and facility rules and regulations and all reasonable requests and direction from
    SpaceX while on SpaceX premises. Customer personnel shall treat all SpaceX, US Government, and other customer personnel in a professional
    and respectful manner. Customer personnel may be barred from SpaceX premises if they fail to comply with such rules, regulations,
    requests or direction, or otherwise engage in conduct that is inappropriate or unprofessional in nature.
	 	 
	6.	Limitation
    of Liability. The total and cumulative liability of either party arising out of or in connection with this MLA howsoever caused
    and regardless of the theory of liability, whether based in contract, tort, equity, or otherwise, including negligence, product liability,
    strict liability, or any other theory of liability, shall in no event exceed $[REDACTED] U.S. dollars. In no event shall either
    party be liable for any indirect, special, incidental, exemplary, punitive, or consequential damages, for the cost of procurement
    of substitute products or services, or for lost revenues, or profits, arising out of or in connection with this MLA, howsoever caused
    and regardless of the theory of liability, whether based in contract, tort, equity, or otherwise, including negligence, product liability,
    strict liability, or any other theory of liability. The limitation on liability in this Section shall not apply to breaches of the
    Parties confidentiality obligations set forth in applicable NDAs or to breaches of any LSAs that the Parties may sign or a breach
    by SpaceX of its obligation to refund the reservation fee per Section 2(b) of this MLA.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 2 of 4

     

    

 

	 	SpaceX
    [REDACTED] Launch Services

    Multi
    Launch Agreement

 

	7.	Term
    and Termination. Either party may terminate this MLA for convenience, except such termination shall not apply to any payments
    due and payable under this MLA or any of the LSAs signed as part of this MLA, including terms thereunder with respect to the SpaceX
    “Re-booking Program”. To exercise the right to terminate for convenience, the terminating Party shall notify the non-terminating
    Party of its election to terminate in writing thirty (30) days in advance. For the sake of clarity, termination of this MLA shall
    not affect LSAs that are executed pursuant to the terms herein or to launch commitments made by SpaceX to Customer in Section 2(a)
    and 2(b) above. The term of this MLA shall be from the Effective Date through the End Date, after which the MLA shall terminate,
    unless earlier terminated for convenience.
	 	 
	8.	Confidentiality
    and Publicity. Neither of us shall make any public announcement, release, or other disclosure of information relating to this
    MLA and/or launch services, including the existence of this MLA, without the agreement of the other, such agreement not to be unreasonably
    withheld, conditioned or delayed. To the extent any information relating to this MLA and/or launch services must be disclosed pursuant
    to law or regulation, including good faith compliance with the rules and regulations of the Securities and Exchange Commission and
    any securities exchange on which the securities of the disclosing party or its affiliates is trading, the disclosing party shall,
    (1) to the extent legally permissible, give prompt notice to the other Party regarding the applicable law or regulation and the information
    to be disclosed; and (2) seek confidential treatment for the price and any other relevant portions of any such information as reasonably
    determined by SpaceX. The terms of the NDA executed on January 3, 2018 between AST & Science, LLC and SpaceX (the “NDA”)
    apply to this Agreement and its subject matter. The obligations set forth in this Section 8 shall not apply to information that is
    publicly available from any governmental agency or that is or otherwise becomes publicly available without breach of this Agreement.The
    Parties shall not make any public announcement, release, or other disclosure of information relating to this MLA, without the agreement
    of the other, such agreement not to be unreasonably withheld, conditioned or delayed. The terms of the NDA between SpaceX and Customer
    signed on January 3, 2018 apply to this MLA and its subject matter.
	 	 
	9.	Defined
    Terms. Capitalized terms used in this MLA and not defined herein are defined in the attached Terms and Conditions or Statement
    of Work.
	 	 
	10.	Order
    of Precedence. In case of any inconsistency between the terms and conditions of this MLA and the terms and conditions of an LSA,
    the terms and conditions of the LSA shall prevail.
	 	 
	11.	Notices.
    All notices under this MLA shall be in writing and shall be hand-delivered or sent via electronic, express and/or certified mail
    to the following contacts:

 

	To
    Customer:

    AST
    & Science, LLC

    2901
    Enterprise Lane

    Midland,
    TX 79706

    Attn:
    Abel Avellan

    [REDACTED]

     

    Cc:
    EVP General Counsel & Secretary

    [REDACTED]
	To
    SpaceX:

    Tom
Ochinero

    1
Rocket Road

    Hawthorne,
CA 90250

    [REDACTED]

    [REDACTED]

     

    Cc:

    David
Harris

    [REDACTED]

 

	12.	Assignment.
    Neither Party may assign this MLA without the written agreement of the other Party, unless the assignment is (i) to its affiliate
    controlling, controlled by or under common control of the assignor, or (ii) to any successor by way of merger, acquisition or sale
    of all or substantially all of the assets relating to the performance of this Agreement of the assignor, provided that such assignee
    expressly assumes all of the assigning Party’s obligations hereunder and the assigning Party remains jointly and severally
    liable. This MLA creates no joint venture, partnership or agency between the Parties, is created solely for the benefit of the Parties,
    and confers no rights or remedies on any third parties.
	 	 
	13.	Governing
    Law and Venue. We both shall comply with all national, federal, state and local laws and regulations. The laws of the State of
    New York, U.S.A. shall govern this MLA and both of our respective performances hereunder, without regard to provisions on the conflicts
    of laws. All actions or proceedings arising out of or related to this MLA shall be litigated exclusively in the Federal courts located
    in the Southern and/or Eastern District of New York. We both hereby irrevocably waive any and all right to trial by jury in any legal
    proceeding arising out of or related to this MLA. The provisions of the UN Convention on Contracts for the International Sale of
    Goods shall not apply.
	 	 
	14.	Merger
    and Amendment. This MLA, together with the NDA and any LSA entered into by the parties prior to the date hereof, constitutes
    the entire agreement between the Parties pertaining to the subject matter hereof, and merges all prior negotiations, drafts, agreements,
    and appendices of the Parties with regard to the transaction contemplated herein. Any and all other written or oral agreements between
    the Parties pertaining to the subject hereof are expressly replaced and superseded by this Agreement. No modification or amendment
    to, or addition, deletion or waiver of any of the terms or conditions of this Agreement shall be binding on either Party unless agreed
    by both Parties and evidenced by a written document signed by a duly authorized representative of each Party.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 3 of 4

     

    

 

	 	SpaceX
    [REDACTED] Launch Services

    Multi
    Launch Agreement

 

The
Parties have read and understood and hereby agree to this MLA.

 

	Space
    Exploration Technologies Corp. (SpaceX)	AST
    & Science, LLC (Customer)
	 	 
	Address:
    	1
    Rocket Road, Hawthorne, CA 90250	Address:
    	2901
    Enterprise Lane Midland, TX 79706
	By:	/s/
    Tom Ochinero	By:	/s/
    Abel Avellan
	Name/Title:	Tom
    Ochinero, VP of Commercial Sales	Name/Title:	Abel
    Avellan, CEO
	Date:	 March
    3, 2022	Date:	 March
    3, 2022

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 4 of 4

     

    

 

		SpaceX
    [REDACTED] Launch Services

    Terms
and Conditions

 

[REDACTED]
LAUNCH SERVICES FOR BLUEbird 1 - TERMS AND CONDITIONS

 

	A.	Agreement.
    Your [REDACTED]Launch Services Agreement (Agreement) with us is effective as of the latest signature date below (Effective
    Date). The Agreement consists of, expressly incorporates by reference, and is subject to the following documents in this order of
    precedence:

 

	 	1.	FAA
    Cross-Waiver (as required by 14 CFR § 440.17);
	 	 	 
	 	2.	SpaceX
    Policies comprising SpaceX’s Risk Management Policy (where your and our respective rights and obligations regarding
    liability, indemnity and insurance are contained) and Disclaimer of Warranties, are found in the SpaceX Policies attached
    hereto;
	 	 	 
	 	3.	These
    Terms and Conditions; and
	 	 	 
	 	4.	Statement
    of Work (SOW) and [REDACTED] Payload User’s Guide further defining our [REDACTED] Launch Services,
    your required inputs and obligations, and capitalized terms used in this Agreement.

 

	B.	Launch
    Services. You, the Customer, shall purchase, and we, SpaceX, shall furnish you, the [REDACTED] Launch Services for the
    Payload provided by you as defined in the SOW. Additional services may be provided as detailed and priced in the SOW, subject to
    the terms of this Agreement.
	 	 
	C.	Price,
    Payment and Taxes. The price for the Launch Services shall be $[REDACTED] U.S. dollars (Price), paid in the following
    installment payments to the SpaceX Account: [REDACTED] down payment [REDACTED]% of the Price due [REDACTED]
    after the Effective Date [REDACTED] a payment of [REDACTED]% of the Price due [REDACTED] and a payment of [REDACTED]%
    of the Price due [REDACTED]. Any mass beyond that allowed in the SOW that is requested by Customer or measured after [REDACTED]
    shall be priced at $[REDACTED] per [REDACTED]. Any reduction in mass below that allowed in the SOW, with a maximum
    reduction of [REDACTED], that is requested by Customer before [REDACTED] shall reduce the price by $[REDACTED]
    per [REDACTED] and be applied as a reduction in the final payment. Customer shall pay for any mass beyond that allowed in
    the SOW based upon the final as-measured mass, with payment due prior to arrival of the spacecraft at the Launch Site (if no fueling
    will occur at the Launch Site) or within 5 days after fueling at the Launch Site. For any late payments, the payor will pay late
    fees of 10% per year applied on a daily basis until receipt in full. You shall pay all taxes on your Payload, and we shall pay all
    taxes on the Launch Services.
	 	 
	D.	Schedule.
    The Launch Date shall occur between [REDACTED] and [REDACTED] (Launch Period) and shall be determined as defined
    in the [REDACTED] Payload User’s Guide. If your Payload will not be ready to launch on the first day of the Launch Period,
    we shall have the right to launch any Co-Payload(s) as scheduled without your Payload. If your Payload will not be ready to launch
    by the Launch Date, and no Re-booked Mission is mutually agreed upon, SpaceX shall retain the entire Price plus any payments made
    or owed for non-standard or mission unique services and hardware already provided to you (Additional Payments), with no further obligation
    or liability to you.
	 	 
	E.	Re-Booking.
    You may submit a request in writing to SpaceX to be re-booked on a subsequent SpaceX mission (Re-booked Mission) using the Form of
    Rebooking Agreement in Appendix B. SpaceX shall use reasonable efforts to accept your request, and any Launch Period for the Re-booked
    Mission shall be determined by SpaceX. You are limited to two re-bookings per Payload. SpaceX’s re-booking program is outlined
    in Appendix A.
	 	 
	F.	Termination,
    Suspension. Either of us may terminate this Agreement for a Material Breach by the other, so long as notice and time to cure
    of 15 days for nonpayment, or 90 days for other breaches, are provided and have lapsed. Additionally, if you fail to make a payment
    on time and to cure within 15 days of notice, SpaceX may suspend work until payment is received or terminate this contract for your
    Material Breach. If you terminate for our Material Breach, we shall return to you all payments you made under this Agreement, without
    interest. If we terminate for your Material Breach, we retain all payments made and owed by you as of the date of termination. You
    may terminate this agreement at your convenience at any time, in which case SpaceX will retain the amounts paid and due at the time
    of termination. You may also terminate this Agreement if we have delayed, including our Excusable Delay, for more than 365 calendar
    days, starting from the last date of the Launch Slot as defined in this Agreement, and we shall refund you all payments made under
    this Agreement without interest. Any amounts returned to you or retained by SpaceX under this paragraph are returned or retained
    without further obligation or liability to you. You may not terminate this Agreement if any payments are due and payable to us under
    this Agreement. The late fees, delay fees, readiness failure fees, and termination fees in this Agreement are liquidated damages
    based upon good faith estimates of damages to be incurred by late payment, delay or termination, and do not serve as a penalty.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 1 of 4

     

    

 

		SpaceX
    [REDACTED] Launch Services

    Terms
and Conditions

 

	G.	Compliance
    with Laws; Governing Law and Venue. We both shall comply with all national, federal, state and local licensing requirements,
    laws and regulations, including ITAR, EAR, and all other U.S. Customs and U.S. export/import laws, as applicable to our respective
    businesses and the Launch Services. For purposes of the Registration Convention, you are responsible for registering the Payload,
    and we are responsible for registering the launch vehicle. We shall obtain all Licenses required to carry out the Launch Services,
    and you shall obtain all Licenses required to ship and operate the Payload. The laws of the State of New York, U.S.A shall govern
    this Agreement and both of our respective performances hereunder, without regard to provisions on the conflicts of laws. All actions
    or proceedings arising out of or related to this Agreement shall be litigated exclusively in the Federal courts located in the Southern
    and/or Eastern District of New York. We both hereby irrevocably waive any and all right to trial by jury in any legal proceeding
    arising out of or related to this Agreement. The provisions of the UN Convention on Contracts for the International Sale of Goods
    shall not apply.
	 	 
	H.	Notices.
    All notices under this Agreement shall be in writing and shall be sent via electronic, express and/or certified mail to the contacts
    identified in the SOW.
	 	 
	I.	Publicity.
    Neither of us shall make any public announcement, release, or other disclosure of information relating to this Agreement and/or
    Launch Service, including the existence of this Agreement, without the agreement of the other, such agreement not to be unreasonably
    withheld, conditioned or delayed. To the extent any information relating to this Agreement and/or Launch Services must be disclosed
    pursuant to law or regulation, including good faith compliance with the rules and regulations of the Securities and Exchange Commission
    and any securities exchange on which the securities of the Disclosing Party or its affiliates is trading, the Disclosing Party shall,
    (1) to the extent legally permissible, give prompt notice to the other Party regarding the applicable law or regulation and the information
    to be disclosed; and (2) seek confidential treatment for the price and any other relevant portions of any such information as reasonably
    determined by SpaceX. The terms of the NDA executed on January 3, 2018 between AST & Science, LLC and SpaceX apply to this Agreement
    and its subject matter. The obligations set forth in this Section I shall not apply to information that is publicly available from
    any governmental agency or that is or otherwise becomes publicly available without breach of this Agreement..
	 	 
	J.	Assignment.
    This Agreement creates no joint venture, partnership or agency between us and may not be assigned except to the successor in
    a sale, acquisition or merger of the assignor, provided that we can lawfully perform the launch services for the successor. This
    Agreement is created solely for the benefit of SpaceX and you, and confers no right or remedies on any third parties.
	 	 
	K.	Survivability.
    If any portion of this Agreement is held invalid, it shall not affect the validity of the remaining Agreement, unless applying
    such remaining portions would frustrate the purpose of this Agreement.

 

Both
of us agree that we have read, understood, and agree to, the terms of the Form of FAA Cross-Waiver, the SpaceX Policies, these Terms
and Conditions, the SOW, and the [REDACTED] Payload User’s Guide. The duly authorized officers named below have executed
this Agreement, which supersedes all prior relevant communications, as of the Effective Date.

 

	Space
    Exploration Technologies Corp. (SpaceX)	AST
    & Science, LLC (Customer)
	 	 
	Address:
    	1
    Rocket Road, Hawthorne, CA 90250	Address:
    	2901
    Enterprise Lane Midland, TX 79706
	 	 	 	 
	By:	/s/
    Tom Ochinero	By:	/s/
Abel Avellan
	 	 	 	 
	Name/Title:	Tom
    Ochinero, VP of Commercial Sales	Name/Title:	Abel
    Avellan, CEO
	 	 	 	 
	Date:	March
    3, 2022	Date:	March
    3, 2022

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 2 of 4

     

    

 

		SpaceX
    [REDACTED] Launch Services

    Terms
and Conditions

 

Appendix
A: re-Booking Program

 

You
may submit a request in writing to SpaceX to be re-manifested on a Re-booked Mission using the form of Re-booking Agreement in Appendix
B. Based on the date of SpaceX’s approval of this request, which shall not be unreasonably withheld, the payments made toward your
original Agreement shall be applied per the terms outlined in the table below.

 

	Date
    of Re-booking Request Approval	 	Re-booking
    Cost
	Before
    [REDACTED] days	 	$[REDACTED]
	Before
    [REDACTED] days	 	$[REDACTED]
	After
    [REDACTED] days	 	No
    Re-booking Allowed

 

The
Re-booking costs outlined above are due at the time of Re-booking and may be paid through a reduction in the credit to be applied to
the Re-booked Mission. Remaining payments shall be made according to the payment schedule in Section C with the dates adjusted to reflect
the Launch Period of the Re-booked Mission. Any Additional Payments shall be retained by SpaceX and not credited toward the Re-booked
Mission. All credits toward the Re-booked Mission shall be applied only to future SpaceX launch payments and not otherwise refunded to
you. Solely in the event that SpaceX cannot reasonably provide you a re-booking opportunity within 12 months of the last day of the Launch
Period, You may terminate the Agreement and SpaceX shall retain only [REDACTED]% of the amounts paid and owed at the time of the
request plus any Additional Payments as compensation for work completed and shall refund [REDACTED]% of the amounts paid and owed
at the time of the request to you without interest. Any amounts retained by SpaceX under this paragraph are retained without further
obligation or liability to you.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 3 of 4

     

    

 

		SpaceX
    [REDACTED] Launch Services

    Terms
and Conditions

 

Appendix
B: FORM of re-Booking Agreement

 

AST
& Science, LLC submits this request to re-book the BlueBird 1 Payload on a subsequent SpaceX mission, as outlined in the [REDACTED]
Launch Services Agreement dated (Agreement). By submitting this request, you understand and agree that your Payload will not
be included on the originally scheduled mission and all payments made toward the original Agreement will be applied per the Re-booking
Policy outlined in the Appendix A of the Agreement.

 

Requested
Re-booked Mission (To Be Completed by Customer):

 

Launch
Period:

 

	 	to	 

 

Orbital
Parameters: 

 

	Perigee
    (km):	 	 	 
	Apogee
    (km):	 	 	 
	Inclination
    (deg)	 	 	 
	Crossing
    Time	 	 	LTAN or LTDN (select one)

 

Payload
Modifications Requested: Yes or No (select one)

 

	If
    yes please specify:	 

 

Price
and Payment Schedule (To Be Completed By SpaceX):

 

Price
(USD):

 

	Rebooking
    Fee:	 
	Launch:	 
	TOTAL:	 

 

Payment
Schedule: 

 

	Payments
    Already Received: 	 
	Signature
    + 5 days:	 
	L-12:	 
	L-9:	 
	L-3:	 
	TOTAL:	 

 

By
signing below, the Parties agree that this document will amend both the applicable payment dates and prices in section C of the Agreement
and the Launch Period in Section D of the Agreement, to reflect the above changes, and delete section E from the Agreement. All other
terms in the Agreement shall remain the same.

 

	Customer
    Signature:	SpaceX
    Acceptance:
	 	 
	By:	 	By:	 
	 	 	 	 
	Name/Title:	 	Name/Title:	 
	 	 	 	 
	Date:	 	Date:	 

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 4 of 4

     

    

 

		SpaceX Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

 

Subject to the terms and conditions of the Launch
Services Agreement (“LSA”) to which this SOW is attached, this SOW, and the accompanying [REDACTED] Payload User’s
Guide, define the services and deliverables to be provided by both Space Exploration Technologies Corp. (“SpaceX”) and the
[REDACTED] Payload Customer (“Customer”) to launch the [REDACTED] Payload. The Launch Services shall be considered
complete upon Launch and the completion of post-Launch activities detailed in this SOW, but not complete in the event of a Terminated
Ignition.

 

	1	Payload and Mission Information

 

	1.1	Payload Maximum Mass	[REDACTED]
	1.2	Payload Mechanical Interface	[REDACTED]
	1.3	Payload Orbit Parameters	
    [REDACTED]

    [REDACTED]

    [REDACTED]

    [REDACTED]

    [REDACTED]

	1.4	
    Mission design by SpaceX shall meet the requirements

    of the LSA and SOW. SpaceX may:
	
    Recover Launch Vehicle hardware

    Manifest one or more Co-Payloads

    Deploy Co-Payload(s) into the Payload orbit

    Deploy Co-Payload(s) before/after Payload

	1.5	Mission Requirements	
    Documented in the Payload to Launch Vehicle Interface
    Control

    Document (“ICD”)

	1.6	
    Applicable Documents

    (requirements shall be complied with)
	
    ICD - supersedes this SOW once signed

    AFSPCMAN 91-710

    [REDACTED] Payload User’s Guide

	1.7	
    Reference Documents

    (contextual or ancillary information)
	
    SMC-016

    CCAFS/VAFB SpaceX Facility User’s Guide

 

	2	Customer Requirements, Services, and Deliverables

 

Any material failure by Customer to meet its responsibilities,
including any non-compliance with the ICD, may result in a Customer delay requiring rebooking with applicable fees. Customer shall:

 

	2.1	Upon
    request, provide environmental test plans for Payload qualification, acceptance, and analysis.
	2.2	Certify
    Payload is compatible with the Launch Vehicle maximum predicted environments (“MPE”).
	2.3	Provide
    support and information to enable SpaceX to satisfy the requirements of all applicable regulatory/licensing agencies and associated
    statutes.
	2.4	Provide
    to SpaceX the deliverables listed in Table 1.
	2.5	Verify
    compatibility of loads, environments, and deflections between Payload Constituents, if applicable.
	2.6	Provide
    evidence that Payload Constituents will not perform premature deployments.
	2.7	Allow
    SpaceX to perform physical inspection of the Payload physical interfaces during integration, if required.
	2.8	Serve
    as a single point of contact for SpaceX to solicit Launch Range safety inputs for the Payload.
	2.9	Complete
    all stand-alone Launch preparations within ten (10) days of arriving at the Launch Site.
	2.10	Limit
    Launch Site processing team to no more than fifteen (15) persons at any one time.
	2.11	Provide
    SpaceX approved separation system(s) for integrating and deploying spacecraft within the Payload.
	2.12	If
    required, design and build all electrical harnessing between the Payload interface and the Standard Offering Bulkhead as defined
    by SpaceX in the ICD and Wire Harness Build Guides.
	2.13	Be
    able to charge Payload batteries while connected to the Launch Vehicle or guarantee that batteries will remain charged and Launch
    ready for up to forty-five (45) days without an umbilical connection after fairing encapsulation.
	2.14	If
    required, design and build all electrical harnessing necessary to connect the Payload EGSE to the umbilical junction box, or equivalent
    interface, as defined by SpaceX in the ICD and Wire Harness Build Guides.
	2.15	If
    required, provide the Payload-side and Launch Vehicle-side connectors for the Payload deployment harnessing at the Payload Interface
    as defined by SpaceX in the ICD.
	2.16	If
    required, support interface compatibility testing between separation device and Launch Vehicle hardware, providing any necessary
    test equipment, including test harnessing, as determined by SpaceX.
	2.17	Complete
    Payload configuration worksheet (“Payload” and “Constituents” tabs) no later than 2 weeks after Effective
    Date of LSA.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 1 of 5

     

    

 

		SpaceX Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

 

	3	SpaceX Requirements, Services, and Deliverables

 

Any delay by SpaceX may result in changes in the scheduling
of the Launch Period, Launch Slot, Launch Interval or Launch Date, such changes not subject to any Customer rebooking fees. SpaceX shall:

 

	3.1	Provide
    Launch Services for the Mission utilizing a SpaceX Launch Vehicle.
	3.2	Verify
    that the Launch Vehicle meets the requirements of the ICD.
	3.3	Provide
    one redundant deployment command channel and one breakwire channel per deployment from the Launch Vehicle.
	3.4	Provide
    a Mechanical Interface Ring for each mechanical interface.
	3.5	Provide
    the electrical harnesses up to the Standard Offering Bulkhead for each mechanical interface.
	3.6	If
    required, design and build all electrical harnessing between the Payload interface and the Standard Offering Bulkhead as defined
    by SpaceX in the ICD.
	3.7	If
    required, provide the Payload-side and Launch Vehicle-side bulkhead connectors for the Customer-built electrical harnessing interface
    at the Standard Offering Bulkhead as defined by SpaceX in the ICD.
	3.8	If
    required, provide Payload EGSE-side and SpaceX ground-side bulkhead connector for Customer’s EGSE harnessing as defined by
    SpaceX in the ICD.
	3.9	Provide
    the Launch Site facilities, equipment, documentation, and procedures to receive Customer’s hardware, validate interfaces to
    Customer’s hardware, integrate the Payload with the Launch Vehicle, and perform a Launch of the Payload.
	3.10	Provide
    overall management and technical direction to perform the tasks delineated in this SOW, including program planning, quality management,
    and schedule management.

 

	4	Payload Licensing and Registration

 

Prior to the arrival of the Payload at the Launch
Site, Customer shall:

 

	4.1	If
    procured, provide evidence of insurance for the Payload Customer property, equipment and personnel (with express waivers of subrogation
    as to SpaceX and its Related Third Parties), noting that SpaceX may conduct one or more Launch Vehicle wet dress rehearsals (inclusive
    of loading the Launch Vehicle with propellant) and static fire tests (inclusive of first-stage engine ignition) at the Launch pad
    prior to Launch. SpaceX may perform these operations with encapsulated [REDACTED] Payloads mated to the Launch Vehicle.
	4.2	Provide
    evidence that the cross-waivers have been extended to (i) its Payload manufacturer(s); (ii) Related Third Parties with any ownership
    interest in the Payload; (iii) Customer’s direct customers for the Payload; and (iv) any other Related Third Parties, respective
    contractors, subcontractors and insurers, as requested by SpaceX.
	4.3	Provide
    a letter certifying that Customer has obtained all required Licenses and that all Payload information provided to SpaceX and/or any
    licensing agencies is complete and accurate in addition to copies of all required Licenses. 

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 2 of 5

     

    

 

		SpaceX Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

 

	5	Notices

 

All notices under the Agreement shall be in writing
and shall be hand-delivered or sent via electronic, express and/or certified mail to the contacts specified below All notices, documents,
deliverables and other communications between SpaceX and Customer, including by their respective employees and Related Third Parties shall
be in English.

 

For correspondence sent to SpaceX, to each of:

 

	SpaceX	SpaceX
	1 Rocket Road	1 Rocket Road
	Hawthorne, CA 90250	Hawthorne, CA 90250
	Attn: [REDACTED]	Attn: [REDACTED]
	[REDACTED]	[REDACTED]

 

For correspondence sent to Customer, to each of:

 

	AST & Science, LLC
	2901 Enterprise Lane
	Midland, TX 79706
	Attn: [REDACTED]
	[REDACTED]

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 3 of 5

     

    

 

		SpaceX Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

 

Table
1: Program Milestones, Reviews and Deliverables

 

	Schedule 1	Title	Purpose	SpaceX Deliverables 2	Customer Deliverables 2
	 N/A	Agreement Signature	Authority to proceed with work.	
    ●Signed
    Agreement

    ●TAA
    questionnaire or Export Compliance Agreement template

    ●Payload
    configuration worksheet template
	
    ●Signed Agreement

    ●Point of contact

	
    Signature

    + 2 weeks
	
    Mission Integration Kickoff

     

    (not a review)
	Introduction to the Range and mission integration templates are provided to the Customer. General Payload information is provided to SpaceX. 	
    ●Launch Range introduction and Payload Range
    Safety requirements

    ●Range Safety submission document templates

    ●ICD template

    ●Payload mass properties and deployment characteristics
    template

    ●Payload electrical interface pinout worksheet
    template

    ●Customer-built wire harness build guide

    ●Payload environmental verification report
    template
	
    ●Completed TAA questionnaire or Export Compliance
    Agreement

    ●Payload configuration worksheet (“Payload”
    and “Constituents” tabs)

     

	L-8 months	
    Mission Integration Analysis Inputs

     

    (not a review)
	Payload inputs are provided to SpaceX to initiate mission integration analyses. 	 	
    ●Payload inputs to ICD

    ●Payload CAD model

    ●Payload dynamic model

    ●Payload electrical interface pinout worksheet

    ●Payload mass properties and deployment characteristics

    ●Payload configuration worksheet (“Test
    Approach” and “Test Deviations” tabs)

    ●Separation verification analysis

	L-6 months	
    Range Safety Submission

     

    (not a review)
	L-6 month Range Safety deliverables submitted by the Customer.	 	
    ●[REDACTED] Range Safety Checklist

    ●Program Introduction

	L-6 months	
    Launch Campaign Planning Kickoff

     

    (not a review)
	Launch campaign planning templates provided to the Customer.	
    ●Launch campaign planning checklist

    ●Launch campaign daily schedule template

    ●Payload and equipment delivery information

    ●Badging and photo requirements

    ●Mission licensing support information
	 
	L-4 months	
    Launch Campaign Planning

     

    (not a review)
	Initial launch campaign planning inputs are provided to SpaceX. Summary mission level schedule and launch campaign plan are provided to Customer.	
    ●Launch integration schedule (preliminary)

    ●Launch campaign plan (preliminary)
	
    ●Initial inputs to launch campaign checklist
    and daily schedule

    ●CAD for lifting GSE for joint mating operations

    ●Summary concept of operations for joint mating
    operations

	L-4 months	
    Mission Integration Analyses

     

    (not a review)
	Mission integration analysis results and draft ICD, with supporting interface definitions, are delivered to the Customer. 	
    ●Predicted orbit injection
    report

    ●Coupled loads analysis
    results (if required)

    ●Payload separation analysis
    results (if required)

    ●Payload clearance analysis
    results (if required)

    ●ICD Draft

    ●Payload-to-LV electrical
    interface

    ●Payload-to-LV mechanical
    interface
	 
	L-4 months	
    Range Safety Submission

     

    (not a review)
	L-4 month Range Safety deliverables submitted by the Customer.	 	
    ●Ground Operating Pan (GOP)

    ●AFSPCMAN 91-710 tailoring (if required by
    Range)

    ●Missile System Prelaunch Safety Package (MSPSP)
    (if required by Range)

    ●Certification Data for Hazardous Systems
    (if required by Range)

	L-3 months	
    Final Mission Integration Analysis Inputs

     

    (not a review)
	Final Payload inputs are provided to SpaceX.	 	
    ●Payload mass properties and deployment characteristics
    (final update)

    ●Completed Payload environmental verification
    report

	L-2 months	
    Range Safety Submission

     

    (not a review)
	L-2 month Range Safety deliverables submitted by the Customer.	 	
    ●AFSPCMAN 91-710 Compliance Letter

    ●GOP Hazardous Procedures

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 4 of 5

     

    

 

		SpaceX Statement of Work (“SOW”) for [REDACTED] Payload Launch Services

 

	Schedule 1	Title	Purpose	SpaceX Deliverables 2	Customer Deliverables 2
	L-2 months	
    Mission Integration Analyses Final

     

    (not a review)
	Final mission integration analysis results are delivered to the Customer.	
    ●Trajectory analysis results, including collision
    avoidance and Monte Carlos

    ●Mission analysis updates (if applicable)
	 
	L-2 months	
    Launch Campaign Readiness Review

     

    Held at SpaceX Headquarters or via teleconference
	Verifies that all people, parts, and paper are ready for the shipment of the Payload to the Launch Site and are ready to begin Launch Site activities.	
    ●ICD revision for signature

    ●Verification of compliance to ICD requirements

    ●Launch integration schedule (update)

    ●Launch campaign plan (update)

    ●Launch Range readiness
	
    ●Verification of Payload compliance to ICD
    requirements

    ●Hourly schedule of daily launch site operations

    ●Plan for Payload and GSE arrival at the launch
    site

    ●Propellant/pressurant arrival information
    (if applicable)

    ●Badging paperwork for Customer group

    ●FAA cross-waiver inputs

    ●Payload configuration worksheet (“Hazardous
    Materials” tab)

    ●Payload insurer details (if applicable)

    ●Launch and in-orbit insurer subrogation waiver
    (if applicable)

	Payload Shipment	
    Payload Shipment

     

    (not a review)
	Verifies Payload licensing is in place prior to shipment to the launch site.	 	
    ●Payload measured mass (if not fueling at
    launch site)

    ●Payload licensing certification letter

    ●Copies of all required on-orbit Payload licenses

	Payload Arrival	
    Payload Arrival

     

    Held at Launch Site
	Provides important information for working at the launch site. 	●Launch campaign arrival briefing	●Launch site awareness training complete
	Payload Arrival à Launch	Launch Campaign	 	
    ●Hazardous operations planning meetings (if
    required)

    ●Electrical checkout results (if required)

    ●Daily environmental reports

    ●Daily launch campaign schedule updates
	
    ●Payload measured mass (if fueling at launch
    site)

    ●Payload encapsulation readiness certificate

     

	L-1 day	
    Launch Readiness

     

    (not a review)
	An exchange of readiness notifications for launch	●Launch vehicle readiness certificate	●Payload launch readiness certificate
	
    Separation

    + TBD 3 min
	
    Orbit Injection Report

     

    (not a review)
	Deliver best-estimate state vector, altitude, and attitude rate based on initial data	●Orbit injection report (via electronic delivery)	 
	L-0 à L+ 2 weeks	
    Payload Status

     

    (not a review)
	Customer delivers status of Payload after separation. 	 	
    ●Coordination with space situational agencies

    ●Payload
    operations status

 

Notes:

 

	1.	Assumes the first day of the Launch Period as defined in the LSA until the Launch Date is further defined.
	2.	Detailed description for each deliverable can be found in Appendix G of the [REDACTED] Payload User’s Guide.
	3.	Depends on the trajectory, ground station locations, and other factors that may remain unknown as of Agreement Signature; will be defined in the ICD.

 

    	© Space Exploration Technologies Corp. All rights reserved.	Page 5 of 5Document

Exhibit 4.17

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

The following is a description of securities of INNOVATE Corp. (the “Company”) that are registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The summary presented below is not complete and is subject to, and is qualified in its entirety by express reference to, the provisions of our certificate of incorporation, bylaws, applicable Certificates of Designation, Plan (as defined below) and the Convertible Indentures (as defined below), each of which is filed as an exhibit to the Annual Report on Form 10-K of which this Exhibit is a part (the “2021 Annual Report”). Capitalized terms used but not otherwise defined herein have the meanings set forth in the 2021 Annual Report.
General
Our authorized capital stock consists of 160,000,000 shares of common stock, $0.001 par value; and 20,000,000 shares of preferred stock, $0.001 par value.
Common Stock
Voting
The holders of the common stock are entitled to one vote for each outstanding share of common stock owned by that stockholder on every matter properly submitted to the stockholders for their vote. Stockholders are not entitled to vote cumulatively for the election of directors.
Dividend Rights
We do not pay regular dividends to holders of our common stock. However, we have paid several special cash dividends to holders of our common stock. We have not paid any special dividends to holders of our common stock since August 27, 2013.
Subject to the dividend rights of the holders of any outstanding series of preferred stock, holders of the common stock are entitled to receive ratably such dividends and other distributions of cash or any other right or property as may be declared by the board of directors out of the assets or funds legally available for such dividends or distributions.
Any future determinations to pay cash dividends on our common stock will be at the discretion of our board of directors and will depend upon our financial condition, results of operations, cash flows and other factors that the board of directors deem relevant.
Liquidation Rights
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company’s affairs, holders of the common stock would be entitled to share ratably in the assets that are legally available for distribution to stockholders after payment of liabilities and subject to the prior rights of any holders of preferred stock then outstanding. If the Company has any preferred stock outstanding at such time, holders of the preferred stock may be entitled to distribution and/or liquidation preferences, such as those discussed below with respect to the preferred stock. In either such case, the Company must pay the applicable distribution to the holders of the preferred stock before they may pay distributions to the holders of the common stock.
KL2 3273656.2

Conversion, Redemption and Preemptive Rights
Holders of the common stock have no conversion, redemption, preemptive, subscription or similar rights. There are no sinking fund provisions applicable to our common stock.
Transfer Agent
The transfer agent and registrar for our common stock is Computershare Investor Services.
Preferred Stock
Under our certificate of incorporation, the board of directors of the Company is authorized, subject to limitations prescribed by law and any consent rights granted to holders of outstanding shares of preferred stock, to issue up to 20,000,000 shares of preferred stock, par value $0.001 per share, in one or more classes or series. The board of directors has discretion to determine the rights, preferences, privileges and restrictions of, including, without limitation, dividend rights, conversion rights, redemption privileges and liquidation preferences of, and to fix the number of shares of, each series of the preferred stock. The terms and conditions of any issued preferred stock could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of the common stock or otherwise be in their best interest.
Of the 20,000,000 shares of preferred stock authorized for issuance under our charter, 6,125 shares are classified as Series A-3 Convertible Participating Preferred Stock (the “Series A-3 Preferred Stock”), 10,000 shares are classified as Series A-4 Convertible Participating Preferred Stock (the “Series A-4 Preferred Stock” and, together with the Series A-3 Preferred Stock, the “Preferred Stock”), and 100,000 shares are classified as Series B Preferred Stock (the “Series B Preferred Stock”).
As of December 31, 2021, there are issued and outstanding 6,125 shares of Series A-3 Preferred Stock, 10,000 shares of Series A-4 Preferred stock and 0 shares of Series B Preferred Stock. 
Series A-3 Preferred Stock and Series A-4 Preferred Stock
The Company designated the Series A-3 Preferred Stock pursuant to a Certificate of Designation of Series A-3 Convertible Participating Preferred Stock adopted on July 1, 2021 (the “Series A-3 Certificate”). The Company designated the Series A-4 Preferred Stock pursuant to a Certificate of Designation of Series A-4 Convertible Participating Preferred Stock adopted on July 1, 2021 (the “Series A-4 Certificate”). The Series A-3 Certificate and the Series A-4 Certificate together are referred to as the “Certificates of Designation.”
The following summary of the terms of the Preferred Stock is qualified in its entirety by the complete terms of the Certificates of Designation.
Dividends. The Preferred Stock accrues a cumulative quarterly cash dividend at an annualized rate of 7.50%. The accrued value of the Preferred Stock will accrete quarterly at an annualized rate of 4.00% that is reduced to 2.00% or 0.0% if the Company achieves specified rates of growth measured by increases in its net asset value; provided, that the accreting dividend rate will be 7.25% in the event that (A) the daily volume weighted average price ("VWAP") of the Company's common stock is less than a certain threshold amount, (B) the Company's common stock is not registered under Section 12(b) of the Securities Exchange Act of 1934, as amended, or (C) the Company's common stock is not listed on certain national securities 
    - 2 -
KL2 3273656.2

exchanges or the Company is delinquent in the payment of any cash dividends. The Preferred Stock is also entitled to participate in cash and in-kind distributions to holders of shares of Company's common stock on an as-converted basis.
Optional Conversion. Each share of Preferred Stock may be converted by the holder into shares of the common stock at any time based on the then-applicable Conversion Price (as defined in each Certificate of Designation). 
Redemption by the Holders / Automatic Conversion. On July 1, 2026, holders of the Preferred Stock shall be entitled to cause the Company to redeem the Preferred Stock at the accrued value per share plus accrued but unpaid dividends (to the extent not included in the accrued value of the Preferred Stock). Each share of Preferred Stock that is not so redeemed will be automatically converted into shares of the Company's common stock at the Conversion Price then in effect.
Upon a change of control (as defined in each Certificate of Designation) holders of the Preferred Stock shall be entitled to cause the Company to redeem their Preferred Stock at a price per share of Preferred Stock equal to the greater of (i) the accrued value of the Preferred Stock, plus any accrued and unpaid dividends (to the extent not included in the accrued value of Preferred Stock), and (ii) the value that would be received if the share of Preferred Stock were converted into shares of the Company's common stock immediately prior to the change of control.
Redemption by the Company. The Company may redeem the Preferred Stock, in whole but not in part, at a price per share generally equal to 150% of the accrued value per share, plus accrued but unpaid dividends (to the extent not included in the accrued value of the Preferred Stock), subject to the holder’s right to convert prior to such redemption.
Forced Conversion. The Company may force conversion of the Preferred Stock into shares of the Company's common stock if the common stock's thirty-day VWAP exceeds 150% of the then-applicable Conversion Price and the common stock’s daily VWAP exceeds 150% of the then-applicable Conversion Price for at least twenty trading days out of the thirty trading day period used to calculate the thirty-day VWAP. In the event of a forced conversion, the holders of Preferred Stock will have the ability to elect cash settlement in lieu of conversion if certain market liquidity thresholds for the Company's common stock are not achieved.
Liquidation Preference. In the event of any liquidation, dissolution or winding up of the Company (any such event, a “Liquidation Event”), the holders of Preferred Stock will be entitled to receive per share the greater of (i) the accrued value of the Preferred Stock, plus any accrued and unpaid dividends (to the extent not included in the accrued value of Preferred Stock), and (ii) the value that would be received if the share of Preferred Stock were converted into shares of the Company's common stock immediately prior to such occurrence. The Preferred Stock will rank junior to any existing or future indebtedness but senior to the Company's common stock and any future equity securities other than any future senior or pari passu preferred stock issued in compliance with each Certificate of Designation. The Series A-3 Preferred Stock and the Series A-4 Preferred Stock rank at parity.
Voting Rights. Except as required by applicable law, the holders of the shares of the Preferred Stock will be entitled to vote on an as-converted basis with the holders of the Preferred Stock (on an as-converted basis), as applicable, and the holders of the Company’s common stock on all matters submitted to a vote of the holders of the Company's common stock with the holders of New Preferred Stock on certain matters, and separately as a class on certain limited matters.
    - 3 -
KL2 3273656.2

Consent Rights. For so long as any of the Preferred Stock is outstanding, consent of the holders of shares representing at least 75% of certain of the Preferred Stock then outstanding is required for certain material actions.
Participation Rights. Pursuant to the securities purchase agreements entered into with the initial purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock, subject to meeting certain ownership thresholds, certain purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock are entitled to participate, on a pro-rata basis in accordance with their ownership percentage, determined on an as-converted basis, in issuances of equity and equity linked securities by the Company. In addition, subject to meeting certain ownership thresholds, certain initial purchasers of the Series A-3 Preferred Stock and the Series A-4 Preferred Stock will be entitled to participate in issuances of preferred securities and in debt transactions of the Company.
Preferred Stock Purchase Rights
On August 30, 2021, the Company entered into a Tax Benefits Preservation Plan (the “Plan”) with Computershare Trust Company, N.A., as rights agent (the “Rights Agent”), and the Board of Directors (the “Board”) of the Company declared a dividend distribution of one right (a “Preferred Stock Purchase Right” or “Right”) for each outstanding share of common stock of the Company to stockholders of record at the close of business on September 9, 2021 (the “Record Date”). Each Right is governed by the terms of the Plan and entitles the registered holder to purchase from the Company a unit consisting of one one-thousandth of a share (a “Unit”) of Series B Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”), at a purchase price of $20.00 per Unit, subject to adjustment (the “Purchase Price”). The Plan is intended to help protect the Company’s ability to use its tax net operating losses and certain other tax assets (“Tax Benefits”) by deterring an “ownership change” as defined under Section 382 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder (the “Code”).
The Company designated the Series B Preferred Stock pursuant to a Certificate of Designations of Series B Preferred Stock adopted on August 30, 2021 (the “Series B Certificate of Designation”).
The following summary of the terms of the Rights is qualified in its entirety by the complete terms of the Plan and the Series B Certificate of Designation.
Rights Certificates; Exercise Period
Initially, the Rights will be attached to all common stock certificates representing shares then outstanding, and no separate rights certificates (“Rights Certificates”) will be distributed. Subject to certain exceptions specified in the Plan, the Rights will separate from the common stock then outstanding and a distribution date (the “Distribution Date”) will occur upon the earlier of (i) 10 business days following a public announcement that a person or group of affiliated or associated persons (an “Acquiring Person”) has become the beneficial owner of 4.9% or more of the shares of the common stock (the “Stock Acquisition Date”) and (ii) 10 business days (or such later date as the Board shall determine) following the commencement of a tender offer or exchange offer that would result in a person or group becoming an Acquiring Person.
Until the Distribution Date, (i) the Rights will be evidenced by the common stock certificates (or, in the case of book entry shares, by the notations in the book entry accounts) and will be transferred with and only with such common stock, (ii) new common stock certificates issued after the Record Date will contain a notation incorporating the Plan by reference and (iii) 
    - 4 -
KL2 3273656.2

the surrender for transfer of any certificates for common stock outstanding will also constitute the transfer of the Rights associated with the common stock represented by such certificates. Pursuant to the Plan, the Company reserves the right to, prior to the occurrence of a Triggering Event (as defined below) that, upon any exercise of Rights, make the necessary and appropriate rounding adjustments so that only whole shares of Series B Preferred Stock will be issued.
The definition of “Acquiring Person” contained in the Plan contains several exemptions, including for (i) the Company or any of the Company’s subsidiaries; (ii) any employee benefit plan of the Company, or of any subsidiary of the Company, or any person or entity organized, appointed or established by the Company for or pursuant to the terms of any such plan; (iii) any person who becomes the beneficial owner of 4.9% or more of the shares of the common stock then outstanding as a result of (x) a reduction in the number of shares of common stock by the Company due to a or (y) a stock dividend, stock split, reverse stock split or similar transaction, unless and until such person increases his ownership by more than 0.5% over such person’s lowest percentage stock ownership on or after the consummation of the relevant transaction; (iv) any person who, together with all affiliates and associates of such person, was the beneficial owner of 4.9% or more of the shares of the common stock then outstanding on the date of the Plan, unless and until such person and its affiliates and associates increase their aggregate ownership by more than 0.5% over their lowest percentage stock ownership on or after the date of the Plan or decrease their aggregate percentage stock ownership below 4.9%; (v) any person who, within 10 business days of being requested by the Company to do so, certifies to the Company that such person became an Acquiring Person inadvertently or without knowledge of the terms of the Rights and who, together with all affiliates and associates, thereafter within 10 business days following such certification disposes of such number of shares of common stock so that it, together with all affiliates and associates, ceases to be an Acquiring Person; (vi) any person that the Board, in its sole discretion, has affirmatively determined shall not be deemed an Acquiring Person.
The Rights are not exercisable until the Distribution Date and will expire at the earliest of (i) 11:59 p.m. (New York City time) on August 30, 2022 or such later date and time as may be determined by the Board and approved by the stockholders of the Company by a vote of the majority of the votes cast by the holders of shares entitled to vote thereon at a meeting of the stockholders of the Company prior to 11:59 p.m. (New York City time) on August 30, 2022 (which later date and time shall be in no event later than 11:59 p.m. (New York City time) on August 30, 2024), (ii) the time at which the Rights are redeemed or exchanged as provided in the Plan, (iii) the time at which the Board determines that the Plan is no longer necessary or desirable for the preservation of Tax Benefits, and (iv) the close of business on the first day of a taxable year of the Company to which the Board determines that no Tax Benefits may be carried forward.
As soon as practicable after the Distribution Date, Rights Certificates will be sent by such means as may be selected by the Company to the holders of record of the common stock as of the close of business on the Distribution Date (other than any Acquiring Person or any Affiliate or Associate of an Acquiring Person) and, thereafter, the separate Rights Certificates alone will represent the Rights. After the Distribution Date, the Company generally would issue Rights with respect to shares of common stock issued upon the exercise of stock options or pursuant to awards under any employee plan or arrangement, which stock options or awards are outstanding as of the Distribution Date, or upon the exercise, conversion or exchange of securities issued by the Company after the Plan’s adoption (except as may otherwise be provided in the instruments governing such securities). In the case of other issuances of shares of common stock after the Distribution Date, the Company generally may, if deemed necessary or appropriate by the Board, issue Rights with respect to such shares of common stock.
Preferred Share Provisions
    - 5 -
KL2 3273656.2

Each one one-thousandth of a share of Series B Preferred Stock, if issued:
•will not be redeemable;
•will entitle the holder thereof to quarterly dividend payments of $0.001 or an amount equal to the dividend paid on one share of common stock, whichever is greater;
•will, upon any liquidation of the Company, entitle the holder thereof to receive either $1,000 plus accrued and unpaid dividends and distributions to the date of payment or an amount equal to the payment made on one share of common stock, whichever is greater;
•will have the same voting power as one share of common stock; and
•will, if shares of common stock are exchanged via merger, consolidation or a similar transaction, entitle holders to a per share payment equal to the payment made on one share of common stock.
Flip-in Trigger
In the event that a person or group of affiliated or associated persons becomes an Acquiring Person (unless the event causing such person or group to become an Acquiring Person is a transaction described under Flip-over Trigger, below), each holder of a Right will thereafter have the right to receive, upon exercise, common stock (or, in certain circumstances, cash, property or other securities of the Company) having a value equal to two times the exercise price of the Right. Notwithstanding the foregoing, following the occurrence of such an event, all Rights that are, or (under certain circumstances specified in the Plan) were, beneficially owned by any Acquiring Person will be null and void. However, Rights are not exercisable following the occurrence of such an event until such time as the Rights are no longer redeemable by the Company as set forth below.
Flip-over Trigger
In the event that, at any time following the Stock Acquisition Date, (i) the Company engages in a merger or other business combination transaction in which the Company is not the surviving corporation or (ii) the Company engages in a merger or other business combination transaction in which the Company is the surviving corporation and the common stock is changed or exchanged, each holder of a Right (except Rights that have previously been voided as set forth above) shall thereafter have the right to receive, upon exercise, common stock of the acquiring company having a value equal to two times the exercise price of the Right. The events set forth in this paragraph and in the next preceding paragraph are referred to as the “Triggering Events.”
Exchange Feature
At any time after a person becomes an Acquiring Person, the Board may exchange the Rights (other than Rights owned by such person or group which have become void), in whole or in part, at an exchange ratio of one share of common stock, or one one-thousandth of a share of Series B Preferred Stock (or of a share of a class or series of the Company’s preferred stock having equivalent rights, preferences and privileges), per Right (subject to adjustment).
Equitable Adjustments
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The Purchase Price payable, and the number of Units of Series B Preferred Stock or other securities or property issuable, upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Series B Preferred Stock, (ii) if holders of the Series B Preferred Stock are granted certain rights or warrants to subscribe for Series B Preferred Stock or convertible securities at less than the current market price of the Series B Preferred Stock, or (iii) upon the distribution to holders of the Series B Preferred Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above).
With certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments amount to at least 1% of the Purchase Price. No fractional Units will be issued and, in lieu thereof, an adjustment in cash will be made based on the market price of the Series B Preferred Stock on the last trading day prior to the date of exercise.
Redemption Rights
At any time until 10 business days following the Stock Acquisition Date, the Company may, at the Company’s option, redeem the Rights in whole, but not in part, at a price of $0.001 per Right (payable in cash, common stock or other consideration deemed appropriate by the Board). Immediately upon the action of the Board ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the $0.001 redemption price.
Amendment of Rights
Any of the provisions of the Plan may be amended by the Board so long as the Rights are then redeemable, except that the Board may not extend the expiration of the Rights beyond 11:59 p.m. (New York City time) on August 30, 2022 unless such extension is approved by the affirmative vote of the holders of a majority of the total number of votes of the Company’s capital stock cast prior to 11:59 p.m. (New York City time) on August 30, 2022. Subject to certain conditions, at any time after the Rights are no longer redeemable, the provisions of the Plan may be amended by the Board without approval from the holders of the Rights Certificates, including to shorten or lengthen any time period under the Plan. Notwithstanding anything to the contrary under the Plan, no supplement or amendment shall be made which changes the Redemption Price.
Miscellaneous
Until a Right is exercised, the holder thereof, as such, will have no separate rights as a stockholder of the Company, including the right to vote or to receive dividends in respect of the Rights. While the distribution of the Rights will not be taxable to the Company’s stockholders or to the Company, stockholders may, depending upon the circumstances, recognize taxable income in the event that the Rights become exercisable for common stock (or other consideration) of the Company or for common stock of the acquiring company or in the event of the redemption of the Rights as set forth above.
Convertible Notes
On November 20, 2018, the Company issued $55 million aggregate principal amount of 7.5% convertible senior notes due 2022 (the “2022 Convertible Notes”). The 2022 Convertible Notes are convertible into shares of the Company’s common stock based on a conversion rate of 234.2971 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $4.27 per share of the Company’s common 
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stock), at any time prior to the close of business on the business day immediately preceding the maturity date, in principal amounts of $1,000 or an integral multiple of $1,000 in excess thereof. In addition, following a Make-Whole Fundamental Change (as defined in the indenture governing the 2022 Convertible Notes (the “2022 Convertible Indenture”)) or the Company’s delivery of a notice of redemption for the Convertible Notes, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with (i) such Make-Whole Fundamental Change or (ii) such notice of redemption. However, to comply with certain listing standards of The New York Stock Exchange, the Company will settle in cash its obligation to increase the conversion rate in connection with a Make-Whole Fundamental Change or redemption until it has obtained the requisite stockholder approval.
    On February 1, 2021, the Company entered into exchange agreements with certain holders of approximately $51.8 million aggregate principal amount of its existing 2022 Convertible Notes, pursuant to which the Company exchanged such holders’ 2022 Convertible Notes for newly issued convertible notes due 2026 (the “2026 Convertible Notes”). The 2026 Convertible Notes are convertible into shares of the Company’s common stock based on an initial conversion rate of 234.2971 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $4.27 per share of the Company’s common stock), at any time prior to the close of business on the business day immediately preceding the maturity date, in principal amounts of $1,000 or an integral multiple of $1,000 in excess thereof. In addition, following a Make-Whole Fundamental Change (as defined in the indenture governing the 2026 Convertible Notes (the “2026 Convertible Indenture”, and, together with the 2022 Convertible Indenture, the “Convertible Indentures”)) or the Company’s delivery of a notice of redemption for the 2026 Convertible Notes, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2026 Convertible Notes in connection with (i) such Make-Whole Fundamental Change or (ii) such notice of redemption. However, to comply with certain listing standards of The New York Stock Exchange, the Company will settle in cash its obligation to increase the conversion rate in connection with a Make-Whole Fundamental Change or redemption until it has obtained the requisite stockholder approval.
Anti-Takeover Effects of Delaware Law
Our certificate of incorporation expressly provides that the Company shall not be governed by Section 203 of the DGCL, which would have otherwise imposed additional requirements regarding mergers and other business combinations.
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