Document:

EX-10.3

 Exhibit 10.3 

CARLYLE PARTNERS VI CAYMAN HOLDINGS, L.P. 

DEED OF IRREVOCABLE UNDERTAKING 
  

			
	To:	  	Ortho Clinical Diagnostics Holdings plc
		  	1001 Route 202
		  	Raritan, NJ 08869
		
		  	Quidel Corporation
		  	9975 Summers Ridge Rd.
		  	San Diego, CA 92121
		  	(“Laguna”)

 22 December 2021 

Dear Ladies and Gentlemen, 
 Deed of irrevocable undertaking
relating to the strategic combination of the businesses of Laguna and Ortho Clinical Diagnostics Holdings plc (“Orca”) 
  

	1.1.	 We, being Carlyle Partners VI Cayman Holdings, L.P., a Cayman Islands exempted limited partnership acting by
its general partner TC Group VI Cayman, L.P. (acting by its general partner TC Group VI Cayman, L.L.C.) (hereafter referred to as “we”, “us” and/or “Carlyle”) understand that (1) Orca, (2)
Coronado Topco, Inc., a Delaware corporation and a wholly owned subsidiary of Orca (“Topco”), (3) Laguna Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Topco (“U.S. Merger Sub”), (4) Orca
Holdco, Inc., a Delaware corporation and a wholly owned subsidiary of Topco (“U.S. Holdco Sub”), (5) Orca Holdco 2, Inc., a Delaware corporation and a wholly owned subsidiary of U.S. Holdco Sub (“U.S. Holdco Sub
2”), and (6) Laguna intend to enter into a business combination agreement, a draft of which is attached to this deed at Annex II (the “BCA”), on or around the date of this deed, with such amendments as may be agreed in
writing between the parties thereto, pursuant to which (upon the terms and subject to the conditions set forth therein) Laguna and Orca will effect a strategic combination of their businesses through the Combinations (as defined in the BCA) and
other transactions contemplated thereby (the “Transaction”). 

  

	1.2.	 Terms not defined in this deed shall bear the same meaning as in the BCA. 

 

	1.3.	 We understand that in order to facilitate the Transaction, Orca shall enter into a transfer by way of scheme of
arrangement with Topco pursuant to Part 26 of the UK Companies Act 2006 (the “Companies Act”) such that former Orca shareholders would receive Topco Shares on a 1:0.1055 ratio basis and cash in an amount of $7.14 per Orca ordinary
share (the “Orca Scheme”), the terms and conditions of which shall be set out in the Orca Scheme Document to be prepared pursuant to section 5.3(a)(i) of the BCA. 

 

	1.4.	 In consideration of Orca and Laguna signing the BCA, Carlyle, by reason of being a shareholder of Orca,
irrevocably and unconditionally warrants, undertakes to and confirms and agrees with you in the following terms: 

  

	2.	 Interests in Committed Shares 

 

	2.1.	 Carlyle is the beneficial owner of (and, unless specified in Annex I hereto, Carlyle is also the registered
holder and to the extent that Carlyle is not the registered holder Carlyle will procure compliance by such registered holder(s) with the terms of this undertaking) (or where such 

	 	
shares have been transferred to an Affiliate of Carlyle, Carlyle is otherwise able to control the exercise of all rights attaching to, including voting rights and the ability to procure the
transfer of), the number of shares in the capital of Orca (the “Committed Shares”, which expression shall: 

  

	 	A.	 include any other shares or securities in Orca acquired by Carlyle or issued or transferred to Carlyle after
the date hereof and which Carlyle has become the registered holder, beneficial owner or otherwise interested in, in accordance with clause 3.2; and 

  

	 	B.	 exclude the 50,001 deferred shares of £1.00 each in the capital of Orca (the “Deferred
Shares”) issued to us on Orca’s incorporation and which we hereby confirm and agree shall be transferred by us to Topco and/or shall be cancelled by Orca, in each case for nil consideration at any time on or after the Orca Scheme
becoming effective in accordance with its terms). 

  

	2.2.	 Carlyle has all relevant power and authority and the right (free from any legal or other restrictions) to enter
into this undertaking, to perform the obligations under it in accordance with its terms and Carlyle has full power and authority to (where relevant) exercise any above-mentioned options and vote and transfer the Committed Shares as beneficial owner
with full title guarantee free from all Encumbrances, together with all rights attaching to or enjoyed by them, including but not limited to any voting rights the right to all dividends and other distributions (if any) announced, declared, made or
paid on or after the date of this undertaking. 

  

	2.3.	 Neither Carlyle, nor the registered holder of any Committed Shares (where applicable), will take any action
which would cause them to cease to have all relevant power and authority and right to enter into and perform the obligations in this undertaking in accordance with their terms. 

 

	2.4.	 For the purposes of this deed, the following terms shall have the following meanings: 

“Affiliate” means with respect to any specified Person, any other Person which, directly or indirectly, controls, is
controlled by or is under common control with the specified Person, including any partner, officer, director or member of the specified Person. For the purposes of this definition, “control” (including, with its correlative meanings, the
terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct, or cause the direction of the management and policies of such
Person, whether through the ownership of securities, by contract or otherwise. 
 “Connected Persons” means Carlyle’s
subsidiaries, Affiliates and any of their respective directors, employees, agents and professional advisors. 
 “Counsel”
means Martin Moore QC of Erskine Chambers, 33 Chancery Lane, London WC2A 1EN, or such other counsel appointed by Orca as is agreed between Orca and Laguna; 

“Encumbrance” means any charge, option, lien, equity, rights of pre-emption,
restriction, encumbrance or third party rights of any kind whatsoever; 
 “Technical Revision” means the occurrence of any
of the following events: 
  

	 	(a)	 after the Court Meeting has been held, in circumstances where the Orca Scheme Resolution (as defined below) has
not been lawfully passed due to a technical and/or procedural defect(s) relating to the Orca Scheme being either: (i) on the grounds that the provisions of the Companies Act have not been complied with including, without limitation, the
composition of classes for the purposes of the Court Meeting; or (ii) there is a blot on the scheme (as per the decision of Mr Justice Morgan in Re TDG [2009] 1 

	 	
BCLC 445 at [29]) (each of (i) and (ii) being a “Scheme Technical Defect”), which reasonably appears to be capable of remedy and/or rectification without having any adverse
commercial or financial impact for Laguna in its judgement (acting reasonably); 

  

	 	(b)	 after the General Meeting has been held, in circumstances where the GM Resolutions (or any one of them) have
not been lawfully passed due to a technical and/or procedural defect(s) being either: (i) on the grounds that the relevant provisions of the Companies Act or applicable Laws have not been complied with; or (ii) a failure to comply with the
articles of association or other constitutional documents of Orca, which reasonably appears to be capable of remedy and/or rectification without having any adverse commercial or financial impact for Laguna in its judgement (acting reasonably); or

  

	 	(c)	 in the event that the English Court does not sanction the Orca Scheme at the Orca Sanction Hearing on the
grounds of a technical and/or procedural defect in relation to any aspect of the Orca Scheme or its implementation being a Scheme Technical Defect, or on such other grounds which reasonably appears to be capable of remedy and/or rectification
without having any adverse commercial or financial impact for Laguna in its judgement (acting reasonably), 

 in which
case, subject to the terms of the BCA, Laguna and Orca may implement the Transaction (subject to obtaining the necessary shareholder votes) by way of a new, revised or renewed Orca Scheme or a direct contractual offer (or other similar transaction
structure), subject to such terms and conditions as further particularised in the Orca Scheme Document. 
  

	3.	 Dealings in Committed Shares 

 

	3.1.	 Unless required by the terms of paragraph 4.4 below, Carlyle shall not, and to the extent relevant, shall
procure that the registered holder shall not, until the Termination Date (as defined below): 

  

	 	A.	 sell, transfer, charge, pledge, encumber, grant any option or other right over or otherwise deal or dispose of,
or permit the sale, transfer, charging, encumbering, granting of any option or other right over or other disposal of any of Committed Shares or interest in Committed Shares except pursuant to the Transaction, or accept any other offer in respect of
all or any of Committed Shares or any other interest in any of Committed Shares; 

  

	 	B.	 accept or give any undertaking (whether conditional or unconditional) or letter of intent to accept any other
offer made or proposed to be made in respect of the issued and to be issued share capital of Orca by any other Person other than Topco or Laguna (or its Affiliates); 

 

	 	C.	 enter into any agreement or arrangement or incur any obligation with any Person (other than in connection with
the Transaction): 

  

	 	(i)	 to do all or any of the acts referred to in sub-paragraphs 3.1.A or
3.1.B above; or 

  

	 	(ii)	 which would or might restrict or impede Carlyle (or any Carlyle Affiliate where relevant) from voting in favour
of the Orca Scheme or Carlyle’s ability to comply with this deed, 

 and references in this paragraph 3.1.C to any
agreement, arrangement or obligation shall include any such agreement, arrangement or obligation whether or not subject to any conditions or which is to take effect upon or following the Orca Scheme becoming effective or lapsing, or upon or
following this deed ceasing to be binding; 

	 	D.	 withdraw the acceptance(s) or proxy appointments referred to in this deed in respect of all or any of the
Committed Shares notwithstanding that Carlyle may have become entitled to effect such withdrawal under other applicable Laws or otherwise and shall procure that any vote in favour of the Orca Scheme and any ancillary matters thereto in respect of
the Committed Shares is not withdrawn; and 

  

	 	E.	 exercise any voting rights attaching to Committed Shares in such manner as to frustrate or otherwise hinder the
Orca Scheme and take any action which might result in any condition of the Orca Scheme not being satisfied. 

  

	3.2.	 Without limitation to the restrictions in paragraph 3.1, in the event that after the date of this deed, Carlyle
(or any of its Connected Persons) do acquire or purchase any shares, securities or interests in securities of Orca or rights therein (or otherwise become the registered holder or beneficial owner of further shares, securities or interests in
securities of Orca or in respect of which Carlyle becomes entitled to exercise voting rights or interests), such shares, securities, interests or rights shall be deemed to be included in the definition of “Committed Shares” and the
undertakings and agreements as set out in this deed in relation to such Committed Shares shall be performed as soon as reasonably practicable but by no later than one Business Day following the earlier of (i) the date of allotment;
(ii) the registration of the relevant securities in Carlyle’s (or any Affiliate of Carlyle’s) name; or (iii) when Carlyle (or any of its Affiliates) become the beneficial owner or are otherwise entitled to exercise voting rights
in respect of such securities (as applicable). 

  

	3.3.	 Carlyle acknowledges that some or all of the information and any terms or other statements made in the course
of, or for the purpose of, negotiations relating to the Transaction (including for the purposes of this irrevocable undertaking) may constitute inside information) and is aware of the prohibitions against insider dealing, encouraging dealing or
disclosing such information contained in applicable legislation and agrees to abide by them. 

  

	4.	 Scheme 

  

	4.1.	 Carlyle hereby agrees and undertakes to do the following and to procure that its Connected Persons (where
relevant) comply with the following: 

  

	 	A.	 to co-operate with you in the production of the Orca Scheme Document,
any associated or supplementary document containing the formal Scheme; and 

  

	 	B.	 to take no action which may reasonably be viewed as, and which has the intent of being, prejudicial to the
successful outcome of the Orca Scheme. 

  

	4.2.	 Without limitation and in addition to the general voting undertakings granted in paragraph 5 below, Carlyle
shall exercise (or, where applicable, procure the exercise of) all voting rights (whether on a show of hands or a poll and whether in person or by proxy) attaching to Committed Shares: 

 

	 	A.	 at any meeting(s) of Orca Shareholders to be convened by order of the English Court (including any adjournments
or postponements thereof, the “Court Meeting”), in favour of the resolutions at the Court Meeting to vote to approve, implement or effect the Orca Scheme (the “Orca Scheme Resolution”); and 

 

	 	B.	 at any general meeting (including any adjournments or postponements thereof, the “General
Meeting”) of Orca Shareholders which is convened by Orca in connection with the Orca Scheme, in favour of the resolutions at the General Meeting to approve, implement or effect the Orca Scheme and all related matters (including any proposed
amendment to the articles of association of Orca) (the “GM Resolution”). 

	4.3.	 In particular and without limiting paragraph 4.1 above, as soon as possible and in any event not later than
1:00 p.m. on the date falling five Business Days after the deemed date of receipt of (a) the Orca Scheme Document and (b) the accompanying forms of proxy, Carlyle shall in respect of Committed Shares: 

 

	 	A.	 execute and deliver to Orca (in accordance with the delivery instructions contained therein) (or procure the
execution and delivery to Orca of) such forms of proxy in accordance with the instructions printed on such forms of proxy; and 

  

	 	B.	 in respect of any Committed Shares in uncertificated form, take (or procure the taking of) any action to make a
valid proxy appointment and give valid proxy instructions, 

 to vote in favour of each of the resolutions to be proposed
at the Court Meeting and the General Meeting and, unless instructed to do so by Laguna, shall not thereafter revoke such forms of proxy or proxy appointments and proxy instructions, either in writing or by attendance at any meeting or otherwise.

  

	4.4.	 In order to secure the lawful passing of the Orca Requisite Vote (or any of the relevant resolutions comprising
the Orca Requisite Vote), if so advised by Counsel and/or confirmed by the English Court at the Orca Scheme Convening Hearing as a lawful means of securing the same, or otherwise reasonably directed by Laguna and Orca, Carlyle hereby undertakes to
direct GTU Ops Inc. and/or Computershare Trust Company N.V. (together “Computershare”) to transfer the legal title in one or more of its Committed Shares, as advised by Counsel, confirmed by the English Court and/or reasonably
directed by Laguna and Orca (as applicable), directly in Carlyle’s name in sufficient time prior to the Voting Record Time (the “Directly Held Shares”) and by no later than five (5) Business Days prior to such date unless
otherwise requested by Laguna and Orca, and to do all such other things to ensure that Carlyle is able to lawfully vote or to procure that the votes on such share(s) and Carlyle hereby further undertakes to exercise all voting rights (whether on a
show of hands or a poll and whether in person or by proxy) in the Directly Held Shares in favour of each of the resolutions relating to the Orca Requisite Vote. For the avoidance of doubt, pursuant to the terms of paragraph 3 above, Carlyle shall
not direct Computershare to transfer the legal title of any of my Committed Shares other than as specifically required by this paragraph 4.4. 

  

	5.	 Voting – General 

In each case save as specifically set out in paragraph 4: 
  

	5.1.	 Carlyle shall exercise (or procure the exercise of) the voting rights attached to Committed Shares on any
resolution which would assist the implementation of the Orca Scheme. 

  

	5.2.	 Carlyle shall exercise (or procure the exercise of) the voting rights attached to Committed Shares against any
resolution: 

  

	 	A.	 to the effect that the text or terms of the resolutions to be proposed at the General Meeting to approve the
Orca Scheme and all related matters be amended, except in the case of amendments in accordance with the BCA; 

  

	 	B.	 to adjourn the General Meeting except in accordance with paragraph 5.3(f) of the BCA; or 

 

	 	C.	 in favour of (i) any Acquisition Proposal of Orca, or (ii) any other action that would reasonably be
expected to impede, interfere with, delay, postpone or adversely affect the Transaction. 

	6.	 Technical Revision 

In this deed, references to the “Orca Scheme” and “Transaction” shall include any revision agreed as
between Orca and Laguna to the Orca Scheme that is a Technical Revision, and, in such circumstances, all of Carlyle’s obligations as set out in this deed shall continue to apply mutatis mutandis. 

 

	7.	 Warranties and additional undertakings 

 

	7.1.	 Carlyle hereby warrants and undertakes: 

 

	 	A.	 that the information in relation to the “interests” (as defined in paragraph 1 of Annex 1 hereto) of
Carlyle and its Affiliates in Orca as set out in Annex I hereto (including the information referred to in paragraph 2.1 above) is complete and accurate and, other than as set out in Annex I hereto, Carlyle (and its Affiliates) have no interest in
any Orca Shares or other securities or interests of Orca; 

  

	 	B.	 that Carlyle shall transfer (or procure the transfer of) Committed Shares fully paid and free from Encumbrances
and together with all rights attaching or accruing to them at the time of such transfer under the Orca Scheme, including voting rights and the right to receive and retain in full all dividends of any nature and other distributions (if any) declared,
made or paid after the date of such transfer under the Orca Scheme; and 

  

	 	C.	 any information provided by Carlyle for inclusion in the Orca Scheme Document or the BCA, and any other
announcement or document issued in connection with the Combinations, is and will be true, accurate and not misleading. 

  

	8.	 Announcements, information and documentation 

 

	8.1.	 Carlyle consents to the inclusion of references to it and its Connected Persons and the provisions of this deed
in the BCA, the Orca Scheme Document and any document in connection with the Combinations that is required by any other legal or regulatory requirements. 

  

	8.2.	 Carlyle consents to this deed being published on a website or on or through such other media or platform as may
be necessary in conjunction with the implementation of the Orca Scheme. 

  

	9.	 Termination 

  

	9.1.	 All of Carlyle’s obligations, save for the Surviving Covenants (as defined in and in accordance with
paragraph 9.2 below), under this deed shall, without prejudice to any prior breaches, terminate upon the earliest of (a) the Orca Effective Time or (b) the termination of the BCA in accordance with its terms (such earliest date being
referred to herein as the “Termination Date”); provided, that any liability incurred by any party hereto as a result of a breach of a term or condition of this deed prior to such termination shall survive the termination of this
deed. For the avoidance of doubt, except as provided in the immediately preceding sentence, this deed shall not terminate upon a Change in Orca Recommendation (as defined in the BCA) or a Change in Laguna Recommendation (as defined in the BCA).

	9.2.	 If this deed is terminated in accordance with paragraph 9.1 above, the covenants and undertakings set out in in
paragraphs 1.2, 2.1.B and 10 and 11 (inclusive) of this deed (the “Surviving Covenants”) shall survive termination of this deed. 

  

	10.	 Notices 

  

	10.1.	 Any notice, consent or other communication given under this deed shall be in writing and in English and signed
by or on behalf of the party giving it, and shall be delivered by hand or sent by prepaid recorded or special delivery post (or prepaid international recorded airmail if sent internationally) or email in accordance with the details set out:

 If to Carlyle, to: 
  

			
	c/o The Carlyle Group
	One Vanderbilt Avenue
	Suite 3400
	New York, NY 10017
	Attention:	  	Stephen H. Wise
		  	Zachary Marshall
	Email:	  	[***]
		  	[***]

 With a copy (which shall not constitute notice): 

 

	
	Latham & Watkins LLP
	555 Eleventh Street, N.W., Suite 1000
	Washington, D.C. 20004
	Attention: David I. Brown
	Email: [***]

 If to Orca, to: 
  

			
	Ortho Clinical Diagnostics Holdings plc
	1001 US Route 202
	Raritan, NJ 08869
	Attention:	  	Christopher Smith
		  	Michael Schlesinger
	Email:	  	[***]
		  	[***]

 If to Laguna, to: 
  

			
	Quidel Corporation
	9975 Summers Ridge Rd.
	San Diego, CA 92121
	Attention:	  	Robert Bujarski
		  	Michelle Hodges
		
	Email:	  	[***]
		  	[***]

 with a copy (which shall not constitute notice) to: 

 

			
	Gibson Dunn & Crutcher LLP
	555 Mission Street, Suite 3000
	San Francisco, CA 94105-0921
	United States of America
	Attention:	  	Ryan A. Murr
		  	Stephen I. Glover
		  	Branden C. Berns
	Email:	  	[***]
		  	 [***]

		  	 [***]

  

	10.2.	 The parties may from time to time notify each other of any other Person or address for the receipt of notices
or copy notices. Any such change shall take effect five Business Days after notice of the change is received or (if later) on the date (if any) specified in the notice as the date on which the change is to take place. 

 

	10.3.	 Any notice, consent or other communication given in accordance with paragraph 10.1 and received after 5.30 p.m.
on a Business Day, or on any day which is not a Business Day, shall for the purposes of this deed be regarded as received on the next Business Day. 

  

	11.	 General 

  

	11.1.	 For the avoidance of doubt, nothing in this deed shall oblige Orca or Laguna to effect the Combinations.

  

	11.2.	 Any date, time or period referred to in this deed shall be of the essence except to the extent to which each of
Orca, Laguna and Carlyle agrees in writing to vary any date, time or period, in which event the varied date, time or period shall be of the essence. 

  

	11.3.	 Cross-references in this deed to provisions or clauses of the BCA which are incorporated by reference and form
part of this deed shall, for the avoidance of doubt, include all relevant provisions of the BCA which relate to (for purposes of interpretation and/or meaning) or are directly referred to in such cross-referenced provisions or clauses including but
not limited to any relevant definitions, interpretation provisions, recitals or schedules. 

  

	11.4.	 No party to this deed may assign or otherwise dispose of any rights under this deed, at law or in equity,
including by way of declaration of trust, without the consent of the other parties to this deed. Any purported assignment in breach of this paragraph shall be void and confer no rights on the purported assignee. This deed shall be binding on
Carlyle’s successors and assigns. 

  

	11.5.	 Except to the extent otherwise specified, Carlyle’s obligations set out in this deed are unconditional and
irrevocable. 

  

	11.6.	 With regard to any Committed Shares not registered in Carlyle’s name (or the name of any Carlyle
Affiliate), the confirmations, warranties and undertakings contained in this deed are given by Carlyle on behalf of the registered holder(s) and Carlyle undertakes to ensure the compliance by such Person(s) with those confirmations, warranties and
undertakings. 

  

	11.7.	 In this deed: 

  

	 	A.	 all references to time are to London time; and 

 

	 	B.	 a Person will be treated as having an interest in securities if: (i) they own them; (ii) they have
the right (whether conditional or absolute) to exercise or direct the exercise of the voting rights attaching to them or has general control of them; (iii) by virtue of any agreement to purchase, option or derivative they: (a) have the
right or option to call for 

	 	
their delivery, or (b) are under an obligation to take delivery of them, whether the right, option or obligation is conditional or absolute and whether it is in the money or otherwise; or
(iv) they are a party to any derivative whose value is determined by reference to their price and which results, or may result, in them having a long position in them. 

 

	11.8.	 A Person who is not party to this deed has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce any term of this deed. 

  

	11.9.	 The invalidity, illegality or unenforceability of any provision of this deed shall not affect the continuation
in force of the remainder of this deed. 

  

	11.10.	 This deed, the Orca Scheme Document, the Confidentiality Agreement and the agreements referred to herein and
therein contain the whole agreement between Orca, Laguna and Carlyle relating to the subject matter of this deed at the date hereof to the exclusion of any terms implied by law which may be excluded by contract. Carlyle acknowledges that it has not
been induced to sign this deed by any representation, warranty or undertaking not expressly incorporated into it. 

  

	11.11.	 Carlyle agrees that damages would not be an adequate remedy for breach by it of any of its obligations under or
pursuant to this deed and accordingly, without prejudice to any other rights or remedies that Orca and Laguna may have, that Orca and/or Laguna shall be entitled to the remedies of specific performance, injunction or other equitable relief for any
threatened or actual breach of any such obligations and no proof of special damages shall be necessary for the enforcement by any party of their rights. 

  

	11.12.	 This deed (and any dispute, controversy, proceedings or claim of any nature arising out of or in connection
with it, including non-contractual disputes and claims) shall be governed and construed in accordance with English law. The parties agree to irrevocably submit to the exclusive jurisdiction of the English
courts. 

 [Remainder of page intentionally left blank; signature page to follow] 

 IN WITNESS whereof this document has been duly executed and delivered as a deed on the date above
mentioned. 
 Signed as a Deed by 
 Carlyle
Partners VI Cayman Holdings, L.P., 
 in accordance with the laws 

of its country of incorporation 
 By: TC Group VI Cayman, L.P.

 Its: General Partner 
 By: TC Group VI Cayman,
L.L.C. 
 Its: General Partner 
  

			
	By:	 	 /s/ Robert Schmidt

	Name:	 	Robert Schmidt
	Title:	 	Authorized Person

 ANNEX I 

INTERESTS IN ORCA 
  

	1.	 Interests in Orca 

Carlyle’s “interests” (as defined in Part 22 of the Companies Act 2006) including those of its Affiliates in the securities (including
securities convertible thereto, rights to subscribe therefor, options (including traded options) in respect thereof and derivatives referenced thereto) of Orca on the date hereof are as stated below: 

 

							
	 Registered Holder
	  	 Beneficial Owner
	  	 Number of shares
	  	 Share class/ class of security

				
	GTU OPS INC	  	CARLYLE PARTNERS VI CAYMAN HOLDINGS LP	  	118,106,000	  	Ordinary Shares
				
	CARLYLE PARTNERS VI CAYMAN HOLDINGS LP	  	CARLYLE PARTNERS VI CAYMAN HOLDINGS LP	  	50,001	  	Deferred Shares

 ANNEX II 

BCAEX-4.5

 Exhibit 4.5 

DESCRIPTION OF REGISTRANT’S SECURITIES
 The
following summary of Northern Star Investment Corp. III’s securities is based on and qualified by the Company’s Amended and Restated Articles of Incorporation (the “Amended and Restated Charter”). References to the
“Company” and to “we,” “us,” and “our” refer to Northern Star Investment Corp. III.”
 General

As of the date of its Initial Public Offering (“IPO”), the Company is authorized to issue 150,000,000 shares of common stock, par
value $0.0001, including 125,000,000 shares of Class A common stock and 25,000,000 shares of Class B common stock, as well as 1,000,000 shares of preferred stock, par value $0.0001. As of the date of the annual report of which this Exhibit
4.5 forms a part, there are 40,000,000 shares of Class A common stock outstanding, 10,000,000 shares of Class B common stock outstanding, and no shares of preferred stock currently outstanding.

Units
 Each unit consists of one share of
Class A common stock and one-sixth of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share.
Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of our Class A common stock. This means only a whole warrant may be exercised at any given time by a warrant holder. For example, if
a warrant holder holds one-fifth of one warrant to purchase a share of Class A common stock, such warrant will not be exercisable. If a warrant holder holds five fifths of a warrant,
such whole warrant will be exercisable for one share of Class A common stock at a price of $11.50 per share. The Class A common stock and warrants trade separately and as part of the unit. Holders have the option to continue to hold units
or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A common stock and warrants. No fractional warrants will be issued upon
separation of the units and only whole warrants will trade. Accordingly, unless an investor holds at least six units, they will not be able to receive or trade a whole warrant.

Common Stock
 As of the date of the
consummation of the Company’s IPO, there we 40,000,000 shares of Class A common stock and 10,000,000 shares of Class B common stock issued and outstanding. All shares of Class B common stock issued and outstanding are held by our
initial shareholders, including our sponsor and certain officers and directors. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business Combination on a one-for-one basis, subject to adjustment, as detailed below.

Class A Shares
 Stockholders of
record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote
of our stockholders except as required by law.
 Because our amended and restated certificate of incorporation authorizes the issuance of
up to 125,000,000 shares of Class A common stock, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of shares of common stock which we are
authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder approval in connection with our initial business combination.

Our board of directors is divided into three classes with only one class of directors being elected in each year and each class (except for
those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. In accordance with NYSE corporate governance requirements, we are not required to hold an annual meeting until one year after our first full
fiscal year end following our listing on the NYSE. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination.

 

 We will provide our public stockholders with the opportunity to convert all or a portion of
their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the trust account (less interest to pay our tax obligations), divided by the number of then outstanding public shares,
subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to investors who
properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. Our initial stockholders, officers and directors have entered into agreements with us, pursuant to which they have agreed to
waive their conversion rights with respect to their founder shares and public shares in connection with the completion of our initial business combination.

If a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will,
pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended
and restated certificate of incorporation requires these tender offer documents to contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under the SEC’s
proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer to redeem shares in conjunction
with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the shares voted are voted in favor of our
initial business combination. However, the participation of our initial stockholders, 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 initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.

If we seek stockholder approval in connection with our initial business combination, our initial stockholders have agreed to vote their
founder shares and any public shares purchased during or after our IPO in favor of our initial business combination. The other members of our management team have entered into agreements similar to the one entered into by our initial stockholders
with respect to any public shares acquired by them in or after our IPO.
 Class B Shares

Except as described herein, the shares of Class B Common stock are identical to the shares of Class A Common stock, and holders of
the Class B shares have the same stockholder rights as public shareholders, except that (i) the Class B shares are subject to certain transfer restrictions, as described in more detail below, (ii) our initial stockholders have
entered into agreements with us, pursuant to which they have agreed (A) to waive their conversion rights with respect to their Class B shares and public shares in connection with the completion of our initial business combination,
(B) to waive their conversion rights with respect to their Class B shares and public shares in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation that would affect the
substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within the required time period, and (C) to waive their rights to liquidating distributions from the trust
account with respect to their Class B shares if we fail to complete our initial business combination within the required time 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 Class B shares are automatically convertible into 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) have
registration rights. If we submit our initial business combination to our public stockholders for a vote, our initial stockholders have agreed to vote their Class B shares and any public shares purchased during or after our IPO in favor of our
initial business combination. 

 
The members of our management team have entered into agreements similar to the one entered into by our initial stockholders with respect to any public shares acquired by them directly in or after
our IPO.
 The Class B shares will automatically convert into Class A common stock at the time our initial business combination on a one-for-one basis, subject to adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities
convertible or exercisable for shares of Class A common stock, such as options, rights or warrants are issued or deemed issued in excess of the amounts sold in our IPO and related to the closing of our initial business combination, the ratio at
which Class B shares will convert into shares of Class A common stock will be adjusted unless waived by majority of Class B holders so that the number of shares of Class A common stock issuable upon conversion of all Class B
shares will equal, in the aggregate 20% of the sum of the shares of common stock outstanding after completion of our IPO plus the number of shares of Class A common stock and equity-linked shares issued or deemed issued in connection with our
initial business combination (net of redemptions), excluding any shares or equity-linked securities issued, or to be issued, pursuant to the forward purchase contract, or to any seller in our initial business combination and any Private Warrants or
Working Capital Warrants issued to our Sponsor, officers and directors or any of their affiliates.
 With certain limited exceptions, the
Class B 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 earlier if, subsequent to our initial business combination, the closing price of the 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 and (B) the date following the completion of our initial business combination on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our stockholders having the right
to exchange their Class A common stock for cash, securities or other property.
 Preferred Stock

There are no shares of preferred stock outstanding. Our amended and restated certificate of incorporation authorizes 1,000,000 shares of
preferred stock and provides that preferred stock may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating,
optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without stockholder approval, issue shares of preferred stock with voting
and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors to issue shares of preferred stock without stockholder
approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no shares of preferred stock issued and outstanding at the date hereof. Although we do not currently intend
to issue any preferred stock, we cannot assure you that we will not do so in the future.
 Warrants

Public Warrants
 Each whole warrant
entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of one year from the closing of our IPO or 30 days after
the completion of our initial business combination, provided in each case that we have an effective registration statement under the Securities Act covering the Class A common stock issuable upon exercise of the warrants and a current
prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the
securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may
be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least six units, you will not be able to receive or trade a
whole warrant. The warrants will expire five years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

 We have agreed that as soon as practicable, but in no event later than fifteen
(15) business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock
issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective within 60 days and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the
expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A common stock issuable upon exercise of the warrants is not effective by the sixtieth (60th) 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.
 Once the warrants become
exercisable, we may call the warrants for redemption:
  

	 	•	 	 in whole and not in part;

 

	 	•	 	 at a price of $0.01 per warrant;

 

	 	•	 	 upon not less than 30 days’ prior written notice of
redemption (the “30-day redemption period”) to each warrant holder; and

  

	 	•	 	 if, and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become
exercisable and ending three business days before we send to the notice of redemption to the warrant holders.

 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.

If we call the warrants for redemption as described above, our management will have the option to require any holder that wishes to exercise
his, her or its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the
number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of this option,
all holders of warrants would pay the exercise price by surrendering their 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 difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose will
mean the average reported closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes
advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including the “fair market value” in
such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash
from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take advantage of this option, the holders of the private placement warrants and their permitted transferees
would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise
their warrants on a cashless basis, as described in more detail below.

 In addition to the foregoing redemption feature commencing ninety days after 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 prior to redemption and receive that number of shares of Class A common stock to be 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) except as otherwise described below;

  

	 	•	 	 if, and only if, the last reported sale price of our Class A common stock equals or exceeds $10.00 per share
(as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) on the trading day prior to the date on which we send the notice of redemption to the warrant holders;

 

	 	•	 	 If and only if, the private placement warrants are also concurrently called for redemption on the same terms as
the outstanding public warrants, as described above; and

  

	 	•	 	 if, and only if, there is an effective registration statement covering the issuance of the shares of Class A
common stock (or a security other than the Class A common stock into which the Class A common stock has been converted or exchanged for in the event we are not the surviving company in our initial business combination) issuable upon
exercise of the warrants and a current prospectus relating thereto available throughout the 30-day period after written notice of redemption is given.

The numbers in the table below represent the number of shares of Class A common stock that a warrant holder will receive upon exercise
in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A 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 based on the average of the last reported sales price for the 10 trading days ending on the third trading day prior to 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. 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 has been converted or exchanged for in the event we are not the surviving company in our initial business combination. The numbers in the tables below
will not be adjusted solely as a result of us not being the surviving entity following our initial business combination.
  

																																					
	 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	 	  	3$18.00	 
	 57 months
	  	 	0.233	 	  	 	0.255	 	  	 	0.275	 	  	 	0.293	 	  	 	0.309	 	  	 	0.324	 	  	 	0.338	 	  	 	0.350	 	  	 	0.361	 
	 54 months
	  	 	0.229	 	  	 	0.251	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.323	 	  	 	0.337	 	  	 	0.350	 	  	 	0.361	 
	 51 months
	  	 	0.225	 	  	 	0.248	 	  	 	0.269	 	  	 	0.288	 	  	 	0.305	 	  	 	0.321	 	  	 	0.336	 	  	 	0.349	 	  	 	0.361	 
	 48 months
	  	 	0.220	 	  	 	0.243	 	  	 	0.265	 	  	 	0.285	 	  	 	0.303	 	  	 	0.320	 	  	 	0.335	 	  	 	0.349	 	  	 	0.361	 
	 45 months
	  	 	0.214	 	  	 	0.239	 	  	 	0.261	 	  	 	0.282	 	  	 	0.301	 	  	 	0.318	 	  	 	0.334	 	  	 	0.348	 	  	 	0.361	 
	 42 months
	  	 	0.208	 	  	 	0.234	 	  	 	0.257	 	  	 	0.278	 	  	 	0.298	 	  	 	0.316	 	  	 	0.333	 	  	 	0.348	 	  	 	0.361	 
	 39 months
	  	 	0.202	 	  	 	0.228	 	  	 	0.252	 	  	 	0.275	 	  	 	0.295	 	  	 	0.314	 	  	 	0.331	 	  	 	0.347	 	  	 	0.361	 
	 36 months
	  	 	0.195	 	  	 	0.222	 	  	 	0.247	 	  	 	0.271	 	  	 	0.292	 	  	 	0.312	 	  	 	0.330	 	  	 	0.346	 	  	 	0.361	 
	 33 months
	  	 	0.187	 	  	 	0.215	 	  	 	0.241	 	  	 	0.266	 	  	 	0.288	 	  	 	0.309	 	  	 	0.328	 	  	 	0.345	 	  	 	0.361	 
	 30 months
	  	 	0.179	 	  	 	0.208	 	  	 	0.235	 	  	 	0.261	 	  	 	0.284	 	  	 	0.306	 	  	 	0.326	 	  	 	0.345	 	  	 	0.361	 
	 27 months
	  	 	0.170	 	  	 	0.199	 	  	 	0.228	 	  	 	0.255	 	  	 	0.280	 	  	 	0.303	 	  	 	0.324	 	  	 	0.343	 	  	 	0.361	 
	 24 months
	  	 	0.159	 	  	 	0.190	 	  	 	0.220	 	  	 	0.248	 	  	 	0.274	 	  	 	0.299	 	  	 	0.322	 	  	 	0.342	 	  	 	0.361	 
	 21 months
	  	 	0.148	 	  	 	0.179	 	  	 	0.210	 	  	 	0.240	 	  	 	0.268	 	  	 	0.295	 	  	 	0.319	 	  	 	0.341	 	  	 	0.361	 
	 18 months
	  	 	0.135	 	  	 	0.167	 	  	 	0.200	 	  	 	0.231	 	  	 	0.261	 	  	 	0.289	 	  	 	0.315	 	  	 	0.339	 	  	 	0.361	 
	 15 months
	  	 	0.120	 	  	 	0.153	 	  	 	0.187	 	  	 	0.220	 	  	 	0.253	 	  	 	0.283	 	  	 	0.311	 	  	 	0.337	 	  	 	0.361	 
	 12 months
	  	 	0.103	 	  	 	0.137	 	  	 	0.172	 	  	 	0.207	 	  	 	0.242	 	  	 	0.275	 	  	 	0.306	 	  	 	0.335	 	  	 	0.361	 
	 9 months
	  	 	0.083	 	  	 	0.117	 	  	 	0.153	 	  	 	0.191	 	  	 	0.229	 	  	 	0.266	 	  	 	0.300	 	  	 	0.332	 	  	 	0.361	 
	 6 months
	  	 	0.059	 	  	 	0.092	 	  	 	0.130	 	  	 	0.171	 	  	 	0.213	 	  	 	0.254	 	  	 	0.292	 	  	 	0.328	 	  	 	0.361	 
	 3 months
	  	 	0.030	 	  	 	0.060	 	  	 	0.100	 	  	 	0.145	 	  	 	0.193	 	  	 	0.240	 	  	 	0.284	 	  	 	0.324	 	  	 	0.361	 
	 0 months
	  	 	0.000	 	  	 	0.000	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.324	 	  	 	0.361	 

 This redemption feature differs from the typical warrant redemption features used in other
blank check offerings, which typically only provide for a redemption of warrants only when the trading price for the Class A common stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow
for all of the outstanding warrants to be redeemed when the Class A common stock is trading at or above $10.00 per 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. Holders choosing to exercise their warrants in
connection with a redemption pursuant to this feature will, in effect, receive a number of shares representing the applicable redemption price for their warrants based on an option pricing model with a fixed volatility input as of March 1,
2021, the date of the prospectus relating to our IPO. 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 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.
 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 of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or its affiliates, without taking into
account any founder shares held by our initial stockholders 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, inclusive of interest
earned on equity held in trust, 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 greater of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described above will be adjusted (to the
nearest cent) to be equal to 180% of the greater of the Market Value and the Newly Issued Price.
 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 up to the nearest whole number the number of shares of Class A common stock to be
issued to the warrant holder.
 Private Warrants

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 our IPO. 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 and they will be exercisable on a cashless basis and not be redeemable by us so long as they are held by our sponsor or its permitted transferees. Our sponsor or its permitted transferees will have the option to exercise
the private placement warrants on a cashless basis. If the private placement warrants are held by holders other than our 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 our IPO.
 If holders of the Private Warrants elect to exercise them on
a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of 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 difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value”
will mean the average reported closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent.

In order to finance transaction costs in connection with an intended initial business combination, our sponsor, officers, directors or their
respective affiliates may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into warrants of the post business combination entity at a price of $1.00 per warrant at the option of the
lender. Such warrants would be identical to the Private Warrants.

 Dividends

We have not paid any cash dividends on our shares of common stock to date and do not intend to pay cash dividends prior to the completion of a
business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment of any
dividends subsequent to a business combination will be within the discretion of our then board of directors. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly,
our board does not anticipate declaring any dividends in the foreseeable future
 Listing of Securities

Our units, common stock, and warrants are listed on NYSE under the symbols “NSTC.U,” “NSTC,” and “NSTC WS,”
respectively.
 Delaware Anti-Takeover Law
 Staggered
Board of Directors
 Our amended and restated charter provides that our board of directors will be classified into three classes of
directors of approximately equal size. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

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 our president or by our chairman or by our secretary at the request in writing of stockholders owning a majority of our
issued and outstanding capital stock entitled to vote.
 Advance Notice Requirements for Stockholder Proposals and Director Nominations

Our bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for
election as directors at our annual meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be delivered to our principal executive offices not later than the close of
business on the 60th day nor earlier than the close of business on the 90th day prior to the scheduled date of the annual meeting of
stockholders. In the event that less than 70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders is given, a stockholder’s notice shall be timely if delivered to our principal executive offices not
later than the 10th day following the day on which public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our bylaws also specify certain
requirements as to the form and content of a stockholders’ meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of
stockholders.
 Authorized but Unissued Shares

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 Selection 

Our amended and restated certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our
name, actions against our directors, officers and employees for breach of fiduciary duty and certain other 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 or (C) for which the Court of Chancery does not have subject matter 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. Although we believe this provision benefits us by providing increased consistency in the application of
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.

Our 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 does 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. In addition, the exclusive forum provision does not
apply to actions brought under the Securities Act, or the rules and regulations thereunder.

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