Document:

Exhibit 4.2

 

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

 

The following summary of the material terms
of the securities of New Providence Acquisition Corp. (“we,”“us,”“our” or “the company”)
is not intended to be a complete summary of the rights and preferences of such securities and is subject to and qualified by reference
to our amended and restated memorandum and articles of association incorporated by reference as an exhibit to the company’s
Annual Report on Form 10-K for the year ended December 31, 2019 (the “Report”), and applicable Delaware law. We urge
you to read our amended and restated memorandum and articles of association in their entirety for a complete description of the
rights and preferences of our securities.

 

Certain Terms

 

Unless otherwise stated in this exhibit, or
the context otherwise requires, references to:

 

		•	“common stock” are to our Class A common stock and our Class B common stock, collectively;

 

		•	“founder shares” are to shares of our Class B common stock initially purchased by our sponsor in a private placement
prior to our initial public offering, and the shares of our Class A common stock issued upon the conversion thereof as provided
herein;

 

		•	“initial stockholders” are to our sponsor and any other holders of our founder shares prior to our initial public
offering (or their permitted transferees);

 

		•	“management” or our “management team” are to our officers and directors;

 

		•	“private placement warrants” are to the warrants issued to our sponsor in a private placement simultaneously with
the closing of our initial public offering;

 

		•	“public shares” are to shares of our Class A common stock sold as part of the units in our initial public offering
(whether they were purchased in our initial public offering or thereafter in the open market);

 

		•	“public stockholders” are to the holders of our public shares, including, without limitation, our initial stockholders
and members of our management team to the extent our initial stockholders and/or members of our management team have purchased
public shares, provided that each initial stockholder’s and member of our management team’s status as a “public
stockholder” shall only exist with respect to such public shares;

 

		•	“public warrants” are to our redeemable warrants sold as part of the units in our initial public offering (whether
they are purchased in our initial public offering or thereafter in the open market), to the private placement warrants if held
by third parties other than our sponsor (or permitted transferees), and to any private placement warrants issued upon conversion
of working capital loans that are sold to third parties that are not initial purchasers or executive officers or directors (or
permitted transferees), in each case, following the consummation of our initial business combination;

 

		•	“sponsor” are to New Providence Management LLC, a Delaware limited liability company formed by our chairman and
our chief executive officer;

 

		•	“warrants” are to our redeemable warrants, which includes the public warrants as well as the private placement
warrants to the extent they are no longer held by the initial purchasers of the private placement warrants or their permitted transferees;
and

 

		•	“we,” “us,” “company” or “our company” are to New Providence Acquisition Corp

 

    1

     

    

General

 

Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock, $0.0001 par value, 10,000,000
shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The
following description summarizes the material terms of our capital stock. Because it is only a summary, it may not contain all
the information that is important to you.

 

Units

 

Each unit consists of one whole share of Class
A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of
our Class A common stock at a price of $11.50 per share, subject to adjustment as described in the registration statement on Form
S-1 (No. 333-233449). A warrant holder may exercise its warrants only for a whole number of shares of Class A common stock.
This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued
and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade
a whole warrant.

 

The Class A Common Stock and Warrants began separate
trading on November 1, 2019. Holders of the Units have the option to continue to hold Units or separate their Units into the component
securities. Holders need to have their brokers contact our transfer agent in order to separate the Units into shares of Class A
Common Stock and Warrants.

 

Common Stock

 

Upon the closing of our initial public offering,
there were 28,750,000 shares of our common stock outstanding, consisting of:

 

•       23,000,000
shares of our Class A common stock underlying the Units being offered in our initial public offering; and

•       5,750,000
shares of Class B common stock held by our initial stockholders.

 

Common stockholders of record are entitled to
one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders of
the 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. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable
provisions of the General Corporation Law of Delaware, as amended (the “DGCL”) or applicable stock exchange rules,
the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on
by our stockholders. Our board of directors is divided into three classes, each of which will generally serve for a term of three
years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of
directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of
the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out
of funds legally available therefor. Prior to our initial business combination, only holders of our founder shares will have the
right to vote on the election of directors. Holders of our public shares will not be entitled to vote on the election of directors
during such time. In addition, prior to the completion of an initial business combination, holders of a majority of our founder
shares may remove a member of the board of directors for any reason.

 

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

 

    2

     

    

In accordance with NASDAQ corporate governance
requirements, we are not required to hold an annual meeting until no later than one full year after our first fiscal year end following
our listing on NASDAQ. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for
the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such
a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business
combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore,
if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt
to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the
DGCL. Prior to the completion of an initial business combination, any vacancy on the board of directors may be filled by a nominee
chosen by holders of a majority of our founder shares. In addition, prior to the completion of an initial business combination,
holders of a majority of our founder shares may remove a member of the board of directors for any reason.

 

We will provide our stockholders with the opportunity
to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation
of our initial business combination including interest earned on the funds held in the trust account and not previously released
to us to pay our franchise and income taxes, 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 approximately $10.00 per public share. The per-share
amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions
we will pay to the underwriters. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to
which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in
connection with the completion of our initial business combination. Unlike many blank check companies that hold stockholder votes
and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of
public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder
vote is not required by law and we do not decide to hold a stockholder vote for business or other 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 Securities and Exchange Commission (“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 the initial business combination and the redemption rights as is required under
the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain
stockholder approval for business or other 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 outstanding shares of common stock voted are voted
in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy
of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of
capital stock of the company entitled to vote at such meeting.

 

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

 

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

 

    3

     

    

If we seek stockholder approval in connection
with our initial business combination, our stockholders have agreed to vote their founder shares and any public shares purchased
after our initial public offering (including in open market and privately negotiated transactions) in favor of our initial business
combination. As a result, in addition to our initial stockholders’ founder shares, we would need only 8,625,001, or 37.5%,
of the 23,000,000 public shares sold in our initial public offering to be voted in favor of an initial business combination (assuming
all outstanding shares are voted) in order to have our initial business combination approved. Additionally, each public stockholder
may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction (subject to the
limitation described in the preceding paragraph).

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our initial business combination within 18 months from the closing of our initial
public offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds
held in the trust account and not previously released to us to pay our franchise and income taxes (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject
to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to
provide for claims of creditors and the requirements of other applicable law. Our sponsor, officers and directors have entered
into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the
trust account with respect to any founder shares held by them if we fail to complete our initial business combination within 18
months from the closing of our initial public offering. However, if our sponsor or members of our management acquire public shares
after our initial public offering, they will be entitled to liquidating distributions from the trust account with respect to such
public shares if we fail to complete our initial business combination within the prescribed time period.

 

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

 

Founder Shares

 

The founder shares are identical to the shares
of Class A common stock included in the units sold in our initial public offering, and holders of founder shares have the same
stockholder rights as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions, as
described in more detail below, (ii) our sponsor, officers and directors have entered into a letter agreement with us, pursuant
to which they have agreed (A) to waive their redemption rights with respect to any founder shares and any public shares held by
them in connection with the completion of our initial business combination, (B) to waive their redemption rights with respect to
their founder shares and public shares in connection with a stockholder vote to approve an amendment to our amended and restated
certificate of incorporation (x) to modify the substance or timing of our obligation to redeem 100% of our public shares if we
do not complete our initial business combination within 18 months from the closing of the initial public offering or (y) with respect
to any other provision relating to stockholders’ rights or pre-initial business combination activity and (C) to waive their
rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete
our initial business combination within 18 months from the closing of our initial public offering, although they will be entitled
to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial
business combination within such time period, (iii) the founder shares are shares of our Class B common stock that will automatically
convert into shares of our Class A common stock at the time of our initial business combination, or at any time prior thereto at
the option of the holder, on a one-for-one basis, subject to adjustment as described herein, and (iv) are entitled to registration
rights. If we submit our initial business combination to our public stockholders for a vote, our initial stockholders have agreed
to vote any founder shares held by them and any public shares purchased after our initial public offering (including in open market
and privately negotiated transactions) in favor of our initial business combination.

 

    4

     

    

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

 

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

 

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

 

    5

     

    

Dividends

 

We have not paid any cash dividends on our common
stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The payment of
cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial
conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent to an initial
business combination will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness,
our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

Preferred Stock

 

Our amended and restated certificate of incorporation
provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors is authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights
and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is
able to, without stockholder approval, issue 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 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 preferred stock outstanding on the date hereof. Although we do not currently
intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future. No shares of preferred
stock were issued or registered in our initial public offering.

 

Warrants

 

Public Stockholders’ Warrants

 

Each whole warrant entitles the registered holder
to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below,
at any time commencing on the later of 12 months from the closing of our initial public offering or 30 days after the completion
of our initial business combination. Pursuant to the warrant agreement, dated September 13, 2019, between the Company and Continental
Stock Transfer & Trust Company, a warrant holder may exercise its warrants only for a whole number of shares of Class A common
stock. You should review a copy of the warrant agreement, which has been filed with the SEC, for a complete description of the
terms and conditions applicable to the warrants. This means that only a whole warrant may be exercised at any given time by a warrant
holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless
you purchase at least two 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 will not be obligated to deliver any shares
of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is
then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect
to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise
of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt
under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be
entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net
cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser
of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock
underlying such unit.

 

    6

     

    

We are not registering the shares of Class A
common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no
event later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with
the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such
registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock
until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares
of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after
the closing of our initial business combination, warrant holders may, until such time as there is an effective registration statement
and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless
basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption,
is not available, holders will not be able to exercise their warrants on a cashless basis.

 

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 last sale 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
ending three business days before we send the notice of redemption to the warrant holders.

 

If and when the warrants become redeemable by
us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt
from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification.
We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence
in those states in which the warrants were offered by us in our initial public offering.

 

We have established the last of the redemption
criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder
will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock
may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

If we call the warrants for redemption as described
above, our management will have the option to require any holder that wishes to exercise 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) over the exercise price of the warrants by (y) the fair market value. The “fair
market value” shall mean the average reported last sale 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, our sponsor and its 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.

 

    7

     

    

A holder of a warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the
extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares
of Class A common stock outstanding immediately after giving effect to such exercise.

 

If the number of outstanding shares of Class
A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class
A common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number
of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion to such increase in the
outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling holders to purchase
shares of Class A common stock at a price less than the fair market value will be deemed a stock dividend of a number of shares
of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold in such rights offering
(or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class
A common stock) and (ii) one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights offering
divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable
for Class A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration
received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means
the volume weighted average price of Class A common stock as reported during the ten (10) trading day period ending on the trading
day prior to the first date on which the shares of Class A common stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such rights.

 

In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class
A common stock on account of such shares of Class A common stock (or other shares of our capital stock into which the warrants
are convertible), other than (a) as described above, (b) certain ordinary cash dividends (initially defined as up to $0.50 per
share in a 365 day period), (c) to satisfy the redemption rights of the holders of Class A common stock in connection with a proposed
initial business combination, (d) to satisfy the redemption rights of the holders of Class A common stock in connection with a
stockholder vote to amend our amended and restated certificate of incorporation (i) to modify the substance or timing of our obligation
to redeem 100% of our Class A common stock if we do not complete our initial business combination within 18 months from the closing
of our initial public offering or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial
business combination activity, or (e) in connection with the redemption of our public shares upon our failure to complete our initial
business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such
event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A common
stock in respect of such event.

 

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

 

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

 

    8

     

    

In addition, if (x) we issue additional shares
of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at a Newly Issued Price of less than $9.20 per share (with such issue price or effective issue price to be determined
in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking
into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the
funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions),
and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to
be equal to 115% of the higher of the Market Value and the Newly Issued Price, 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 higher of the Market Value and the Newly Issued
Price.

 

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

 

The warrants have been issued in registered form
under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us and was entered into
at the closing of our initial public offering. The warrant agreement provides that the terms of the warrants may be amended without
the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of
at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered
holders of public warrants.

 

The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise
their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of
the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

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

 

    9

     

    

Private Placement Warrants

 

The private placement warrants (including the
Class A common stock issuable upon exercise of the private placement warrants) are not transferable, assignable or salable until
30 days after the completion of our initial business combination (except, among other limited exceptions as described under the
section of the final prospectus relating to our initial public offering entitled “Principal Stockholders — Restrictions
on Transfers of Founder Shares and Private Placement Warrants,” to our officers and directors and other persons or entities
affiliated with our sponsor) and they are not redeemable by us so long as they are held by our sponsor or its permitted transferees.
Our sponsor, or its permitted transferees, has the option to exercise the private placement warrants on a cashless basis. Except
as described below, the private placement warrants have terms and provisions that are identical to those of the warrants sold as
part of the units in our initial public offering, including as to exercise price, exercisability and exercise period. If the private
placement warrants are held by holders other than the sponsor or its permitted transferees, the private placement warrants will
be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units sold in our initial
public offering.

 

If holders of the private placement warrants
elect to exercise them on a cashless basis, they 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 excess of the “fair market value” (defined below) over the exercise
price of the warrants by (y) the fair market value. The “fair market value” shall mean the average reported last sale
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. The reason that we have agreed that these warrants will be exercisable on a cashless
basis so long as they are held by the sponsor or its permitted transferees is because it is not known at this time whether they
will be affiliated with us following an initial business combination. If they remain affiliated with us, their ability to sell
our securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from
selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted
to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information.
Accordingly, unlike public stockholders who could sell the shares of Class A common stock issuable upon exercise of the warrants
freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing
the holders to exercise such warrants on a cashless basis is appropriate.

 

In order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into warrants
at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants,
including as to exercise price, exercisability and exercise period. The terms of such working capital loans by our sponsor or its
affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect to such
loans.

 

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

 

Listing of Securities

 

Our units, Class A common stock and warrants
are listed on NASDAQ under the symbols “NPAUU,” “NPA” and “NPAWW,” respectively.

 

Our Transfer Agent and Warrant Agent

 

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

 

    10

     

    

Our Amended and Restated Certificate of Incorporation

 

Our amended and restated certificate of incorporation
contains requirements and restrictions relating to our initial public offering that apply to us until the completion of our initial
business combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial
stockholders, who collectively beneficially own 20% of our common stock upon the closing of our initial public offering, participate
in any vote to amend our amended and restated certificate of incorporation and have the discretion to vote in any manner they choose.
Specifically, our amended and restated certificate of incorporation provides, among other things, that:

 

•        If
we are unable to complete our initial business combination within 18 months from the closing of our initial public offering, we
will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten
business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held
in the trust account and not previously released to us to pay our franchise and income taxes (less up to $100,000 of interest to
pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject
to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to
provide for claims of creditors and the requirements of other applicable law;

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

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

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

•        whether
or not we maintain our registration under the our Exchange Act or our listing on NASDAQ, we will provide our public stockholders
with the opportunity to redeem their public shares by one of the two methods listed above;

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

•         So
long as we obtain and maintain a listing for our securities on NASDAQ, NASDAQ rules require that we must complete one or more business
combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding
the deferred underwriting commissions and taxes payable) at the time of our signing a definitive agreement in connection with our
initial business combination;

•         If
our stockholders approve an amendment to our amended and restated certificate of incorporation (i) to modify the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from
the closing of our initial public offering or (ii) with respect to any other provision relating to stockholders’ rights or
pre-business combination activity, we will provide our public stockholders with the opportunity to redeem all or a portion of their
shares of Class A common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us
to pay our franchise and income taxes, divided by the number of then outstanding public shares; and

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

 

    11

     

    

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

 

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

 

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

 

	 	• 	prior
to such time, our board of directors approved either the business combination or the transaction which resulted in the stockholder
becoming an interested stockholder;
	 	• 	upon
consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding certain shares; or
	 	• 	at
or subsequent to that time, the business combination is approved by our board of directors and by the affirmative vote of holders
of at least 66-2/3% of the outstanding voting stock that is not owned by the interested stockholder.

 

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

 

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

 

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

 

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

 

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.

 

    12

     

    

Exclusive forum for certain lawsuits

 

Our amended and restated certificate of incorporation
requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers
and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State
of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable
party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction
of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a
court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction,
or (D) any action arising under the Securities Act, as to which the Court of Chancery and the federal district court for the District
of Delaware shall have concurrent 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 Delaware law in the types of lawsuits to which it applies,
a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect
of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance
with federal securities laws and the rules and regulations thereunder.

 

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

 

Special meeting of stockholders

 

Our amended and restated certificate of incorporation
provides that special meetings of our stockholders may be called only by a majority vote of our board of directors, by either our
Chief Executive Officer or by our Chairman.

 

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 received by the company secretary at our principal executive offices not later than the close of business on the 90th
day nor earlier than the open of business on the 120th day prior to the anniversary date of the immediately preceding
annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement
must comply with the notice periods contained therein. 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.

 

Action by written consent

 

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

 

Classified Board of Directors

 

Our board of directors is divided into three
classes, Class I, Class II and Class III, with members of each class serving staggered three-year terms. Our amended and restated
certificate of incorporation provides that the authorized number of directors may be changed only by resolution of the board of
directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office at any time, but
only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares of
our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy on our
board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of
a majority of our directors then in office. However, prior to our initial business combination, only holders of our founder shares
will have the right to vote on the election of directors. Holders of our public shares will not be entitled to vote on the election
of directors during such time. In addition, prior to the completion of an initial business combination, holders of a majority of
our founder shares may remove a member of the board of directors for any reason.

 

    13

     

    

Class B Common Stock Consent Right

 

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

 

Securities Eligible for Future Sale

 

We have 28,750,000 shares of common stock issued
and outstanding. Of these shares, the 23,000,000 shares of Class A common stock sold in our initial public offering are freely
tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of our affiliates
within the meaning of Rule 144 under the Securities Act. All of the remaining 5,750,000 Class B common stock and all 6,100,000
private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions not involving
a public offering. These restricted securities are entitled to registration rights as more fully described below under “—
Registration and Stockholder Rights.”

 

Rule 144

 

Pursuant to Rule 144, a person who has beneficially
owned restricted shares of our common stock or warrants for at least six months would be entitled to sell their securities provided
that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding,
a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and
have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we
were required to file reports) preceding the sale.

 

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

 

	•		1% of the total number of shares of Class A common stock then outstanding, which equals
230,000 shares immediately after our initial public offering; or
	•		the average weekly reported trading volume of the Class A common stock during the
four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

 

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

 

    14

     

    

Restrictions on the Use of Rule 144 by Shell Companies or Former
Shell Companies

 

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

 

	•		the issuer of the securities that was formerly a shell company has ceased to be a
shell company;
	•		the issuer of the securities is subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act;
	•		the issuer of the securities has filed all Exchange Act reports and materials required
to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports
and materials), other than Current Reports on Form 8-K; and
	•		at least one year has elapsed from the time that the issuer filed current Form 10
type information with the SEC reflecting its status as an entity that is not a shell company.

 

As a result, our initial stockholders are able
to sell their founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year
after we have completed our initial business combination.

 

Registration and Stockholder Rights

 

The holders of the founder shares, private placement
warrants and warrants that may be issued upon conversion of working capital loans (and any shares of Class A common stock issuable
upon the exercise of the private placement warrants and warrants that may be issued upon conversion of working capital loans and
upon conversion of the founder shares) are entitled to registration rights pursuant to a registration and stockholder rights agreement
dated September 13, 2019, between the Company and certain security holders, requiring us to register such securities for resale
(in the case of the founder shares, only after conversion to our Class A common stock). The holders of the majority of these securities
are entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders
have certain “piggy-back” registration rights with respect to registration statements filed subsequent to our completion
of our initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under
the Securities Act. We will bear the expenses incurred in connection with the filing of any such registration statements.

 

In addition, pursuant to the registration and
stockholder rights agreement, our sponsor, upon consummation of an initial business combination, will be entitled to nominate three
individuals for election to our board of directors.

 

    15Exhibit
10.1

 

ArTara
Therapeutics, Inc.

 

Inducement
Plan

 

Adopted
by the Compensation Committee of the

Board
of Directors: March 26, 2020

 

1.
General.

 

(a)
Eligible Award Recipients. The only persons eligible to receive grants of Awards under this Plan are individuals who satisfy
the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) and the related guidance under Nasdaq IM 5635-1.
A person who previously served as an Employee or Director will not be eligible to receive Awards under the Plan, other than following
a bona fide period of non-employment. Persons eligible to receive grants of Awards under this Plan are referred to in this
Plan as “Eligible Employees.” These Awards must be approved by either a majority of the Company’s
“Independent Directors” (as such term is defined in Nasdaq Marketplace Rule 5605(a)(2)) or the Company’s
compensation committee, provided such committee comprises solely Independent Directors (the “Independent Compensation
Committee”), in order to comply with the exemption from the stockholder approval requirement for “inducement
grants” provided under Rule 5635(c)(4) of the Nasdaq Marketplace Rules. Nasdaq Marketplace Rule 5635(c)(4), the related
guidance under Nasdaq IM 5635-1 and any analogous rules or guidance effective after the date hereof are collectively referred
to in this Plan as the “Inducement Award Rules.”

 

(b)
Available Awards. The Plan provides for the grant of the following types of Awards: (i) Options, (ii) Stock Appreciation Rights,
(iii) Restricted Stock Awards and (iv) Restricted Stock Unit Awards. All Options shall be Nonstatutory Stock Options.

 

(c)
Purpose. The Plan, through the grant of Awards, is intended to provide (i) an inducement material for certain individuals
to enter into employment with the Company within the meaning of Rule 5635(c)(4) of the Nasdaq Marketplace Rules, (ii) incentives
for such persons to exert maximum efforts for the success of the Company and any Affiliate and (iii) a means by which Eligible
Employees may be given an opportunity to benefit from increases in value of the Common Stock through the granting of Awards.

 

2.
Administration.

 

(a)
Administration by Board. The Board will administer the Plan; provided, however, that Awards may only be granted by either
(i) a majority of the Company’s Independent Directors or (ii) the Independent Compensation Committee. Subject to those constraints
and the other constraints of the Inducement Award Rules, the Board may delegate some of its powers of administration of the Plan
to a Committee or Committees, as provided in Section 2(c).

 

    1

     

    

 

(b)
Powers of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan
and the Inducement Award Rules:

 

(i)
To determine: (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be
granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise
or otherwise receive cash or Common Stock under the Award; (E) the number of shares of Common Stock subject to, or the cash value
of, an Award; and (F) the Fair Market Value applicable to an Award; provided, however, that Awards may only be granted by either
(i) a majority of the Company’s Independent Directors or (ii) the Independent Compensation Committee.

 

(ii)
To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for
administration of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency
in the Plan or in any Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Award
fully effective.

 

(iii)
To settle all controversies regarding the Plan and Awards granted under it.

 

(iv)
To accelerate, in whole or in part, the time at which an Award may be exercised or vest (or the time at which cash or shares
of Common Stock may be issued in settlement thereof).

 

(v)
To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or an Award Agreement, suspension or
termination of the Plan will not materially impair a Participant’s rights under the Participant’s then-outstanding
Award without the Participant’s written consent, except as provided in subsection (viii) below.

 

(vi)
To amend the Plan in any respect the Board deems necessary or advisable consistent with the Inducement Award Rules, including,
without limitation, by adopting amendments relating to nonqualified deferred compensation under Section 409A of the Code and/or
ensuring that the Plan or Awards granted under the Plan are exempt from, or compliant with, the requirements for nonqualified
deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. If required by applicable
law, listing requirements or the Inducement Award Rules, and except as provided in Section 9(a) relating to Capitalization Adjustments,
the Company will seek stockholder approval of any amendment of the Plan. Except as provided above, rights under any Award granted
before amendment of the Plan shall not be impaired by any amendment of the Plan unless (1) the Company requests the consent of
the affected Participant, and (2) such Participant consents in writing.

 

(vii)
To submit any amendment to the Plan for stockholder approval if required by clause (vi) above, including, but not limited
to, amendments to the Plan intended to satisfy the requirements of Rule 16b-3.

 

    2

     

    

 

(viii)
To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but
not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement,
subject to any specified limits in the Plan that are not subject to Board discretion, and subject to any stockholder approval
required under the Inducement Award Rules in connection with such amendment of an Award; provided, however, that a Participant’s
rights under any Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected
Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will
not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment,
taken as a whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable
law, if any, the Board may amend the terms of any one or more Awards without the affected Participant’s consent (A) to clarify
the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code; or (B) to comply with other
applicable laws, listing requirements or the Inducement Award Rules.

 

(ix)
Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best
interests of the Company and that are not in conflict with the provisions of the Plan or Awards.

 

(x)
To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Eligible Employees
who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial
modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction).

 

(c)
Delegation to Committee. The Board may delegate some or all of the administration of the Plan to a Committee or Committees
provided that such delegation is in compliance with the Inducement Award Rules. If administration of the Plan is delegated to
a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the
Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any of the
administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be construed
as being to the Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected in resolutions,
not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Board
may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some
or all of the powers previously delegated.

 

(d)
Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will
not be subject to review by any person and will be final, binding and conclusive on all persons.

 

(e)
Repricing; Cancellation and Re-Grant of Awards. Neither the Board nor any Committee will have the authority to reduce the
exercise, purchase or strike price of any outstanding Option or SAR, unless the stockholders of the Company have approved such
an action within twelve months prior to such an event.

 

    3

     

    

 

3.
Shares Subject to the Plan.

 

(a)
Share Reserve. Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock
that may be issued pursuant to Awards from and after the Effective Date shall not exceed 600,000 shares. Shares may be issued
under the terms of this Plan in connection with a merger or acquisition as permitted by Nasdaq Marketplace Rule 5635(c)(3) or,
if applicable, NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance
will not reduce the number of shares available for issuance under the Plan.

 

(b)
Reversion of Shares to the Share Reserve. If an Award or any portion thereof (i) expires or otherwise terminates without all
of the shares covered by such Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash
rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of Common
Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to an Award are forfeited
back to or repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in
the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under
the Plan. Any shares reacquired or retained by the Company in satisfaction of tax withholding obligations on an Award or as consideration
for the exercise or purchase price of an Award will again become available for issuance under the Plan.

 

(c)
Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock,
including shares repurchased by the Company on the open market or otherwise.

 

4.
Eligibility.

 

(a)
Eligibility for Awards. Awards may only be granted to persons who are Eligible Employees described in Section 1(a) of the
Plan, where the Award is an inducement material to the individual’s entering into employment with the Company or an Affiliate
within the meaning of Rule 5635(c)(4) of the Nasdaq Marketplace Rules or is otherwise permitted pursuant to Rule 5635(c) of the
Nasdaq Marketplace Rules; provided, however, that Awards may not be granted to Eligible Employees who are providing Continuous
Service only to any “parent” of the Company, as such term is defined in Rule 405 of the Securities Act, unless
(i) the stock underlying such Awards is treated as “service recipient stock” under Section 409A of the Code (for example,
because the Awards are granted pursuant to a corporate transaction such as a spin off transaction), (ii) the Company, in consultation
with its legal counsel, has determined that such Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company,
in consultation with its legal counsel, has determined that such Awards comply with the distribution requirements of Section 409A
of the Code.

 

(b)
Approval Requirements. All Awards must be granted either by a majority of the Company’s Independent Directors or the
Independent Compensation Committee.

 

    4

     

    

 

5.
Provisions relating to Options and SARs.

 

Each
Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will
be Nonstatutory Stock Options. The provisions of separate Options or SARs need not be identical; provided, however, that
each Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Award Agreement
or otherwise) the substance of each of the following provisions:

 

(a)
Term. No Option or SAR will be exercisable after the expiration of ten years from the date of its grant or such shorter period
specified in the Award Agreement.

 

(b)
Exercise Price. The exercise or strike price of each Option or SAR will be not less than 100% of the Fair Market Value of
the Common Stock subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR
may be granted with an exercise or strike price lower than 100% of the Fair Market Value of the Common Stock subject to the Award
if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant
to a Corporate Transaction and in a manner consistent with the provisions of Section 409A of the Code. Each SAR will be denominated
in shares of Common Stock equivalents.

 

(c)
Purchase Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid,
to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods
of payment set forth below. The Board will have the authority to grant Options that do not permit all of the following methods
of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company
to use a particular method of payment. The permitted methods of payment are as follows:

 

(i)
by cash, check, bank draft or money order payable to the Company;

 

(ii)
pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance
of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales proceeds;

 

(iii)
by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv)
by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock
issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise
price; provided, however, that the Company will accept a cash or other payment from the Participant to the extent of any
remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued.
Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that (A) shares
issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered
to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding obligations; or

 

(v)
in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement.

 

    5

     

    

 

(d)
Exercise and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to
the Company in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation
distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate
Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common
Stock equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the
SAR on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant
is exercising the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of
the two or in any other form of consideration, as determined by the Board and contained in the Award Agreement evidencing such
SAR.

 

(e)
Transferability of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability
of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following
restrictions on the transferability of Options and SARs will apply:

 

(i)
Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution
(or pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the
Participant. The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities
laws. Except as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration.

 

(ii)
Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred
pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument.

 

(iii)
Beneficiary Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering
written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the
death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration
resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator
of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration
resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any
conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

(f)
Vesting Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable
in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on
the time or times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria)
as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section
5(f) are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option
or SAR may be exercised.

 

    6

     

    

 

(g)
Termination of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between
the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon
the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant
was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the
earlier of (i) the date that is 90 days following the termination of the Participant’s Continuous Service (or such longer
or shorter period specified in the applicable Award Agreement), and (ii) the expiration of the term of the Option or SAR as set
forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option
or SAR (as applicable) within the applicable time frame, the Option or SAR will terminate.

 

(h)
Extension of Termination Date. If the exercise of an Option or SAR following the termination of the Participant’s Continuous
Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time
solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then
the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive)
equal to the applicable post termination exercise period after the termination of the Participant’s Continuous Service during
which the exercise of the Option or SAR would not be in violation of such registration requirements, and (ii) the expiration of
the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s
Award Agreement, if the sale of any Common Stock received on exercise of an Option or SAR following the termination of the Participant’s
Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR will
terminate on the earlier of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination
exercise period after the termination of the Participant’s Continuous Service during which the sale of the Common Stock
received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the
expiration of the term of the Option or SAR as set forth in the applicable Award Agreement.

 

(i)
Disability of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the
Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s
Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to
exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending
on the earlier of (i) the date 12 months following such termination of Continuous Service (or such longer or shorter period
specified in the Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Award
Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the
applicable time frame, the Option or SAR (as applicable) will terminate.

 

    7

     

    

 

(j)
Death of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the
Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the
Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Award Agreement for
exercisability after the termination of the Participant’s Continuous Service for a reason other than death, then the
Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of
death) by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or
inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within the
period ending on the earlier of (i) the date 18 months following the date of death (or such longer or shorter period
specified in the Award Agreement), and (ii) the expiration of the term of such Option or SAR as set forth in the Award
Agreement. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the
Option or SAR (as applicable) will terminate.

 

(k)
Termination for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement or other
individual written agreement between the Company and the Participant, if a Participant’s Continuous Service is
terminated for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous
Service, and the Participant will be prohibited from exercising his or her Option or SAR from and after the time of such
termination of Continuous Service.

 

(l)
Non-Exempt Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair
Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until
at least six months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent
with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii)
upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control,
or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement in another
agreement between the Participant and the Company, or, if no such definition, in accordance with the Company’s then current
employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six months following
the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection
with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent permitted and/or
required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee in
connection with the exercise, vesting or issuance of any shares under any other Award will be exempt from the employee’s
regular rate of pay, the provisions of this Section 5(l) will apply to all Awards and are hereby incorporated by reference into
such Award Agreements.

 

    8

     

    

 

6.
Provisions of Awards Other than Options and SARs.

 

(a)
Restricted Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions
as the Board will deem appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares
of Common Stock may be (x) held in book entry form subject to the Company’s instructions until any restrictions relating
to the Restricted Stock Award lapse; or (y) evidenced by a certificate, which certificate will be held in such form and manner
as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from time to time, and the
terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted Stock Award Agreement
will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each
of the following provisions:

 

(i)
Consideration. A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable
to the Company, (B) past or future services to the Company or an Affiliate, or (C) any other form of legal consideration that
may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)
Vesting. Shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the Company
in accordance with a vesting schedule to be determined by the Board.

 

(iii)
Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company
may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant
that have not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv)
Transferability. Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable
by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board
will determine in its sole discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject
to the terms of the Restricted Stock Award Agreement.

 

(v)
Dividends. A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the
same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

(b)
Restricted Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms
and conditions as the Board will deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change
from time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical. Each
Restricted Stock Unit Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement
or otherwise) the substance of each of the following provisions:

 

(i)
Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any,
to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration
to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in
any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable
law.

 

(ii)
Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions
to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

    9

     

    

 

(iii)
Payment. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any
combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit
Award Agreement.

 

(iv)
Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may
impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject
to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 

(v)
Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock
Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the
Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit
Award in such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by
reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock
Unit Award Agreement to which they relate.

 

(vi)
Termination of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit
Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s
termination of Continuous Service.

 

7.
Covenants of the Company.

 

(a)
Availability of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required
to satisfy then-outstanding Awards.

 

(b)
Securities Law Compliance. The Company will seek to obtain from each regulatory commission or agency, as necessary, such authority
as may be required to grant Awards and to issue and sell shares of Common Stock upon exercise or vesting of the Awards; provided,
however, that this undertaking will not require the Company to register under the Securities Act or other securities or applicable
laws, the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable efforts and
at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel
for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan, the Company will
be relieved from any liability for failure to issue and sell Common Stock upon exercise or vesting of such Awards unless and until
such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or
Common Stock pursuant to the Award if such grant or issuance would be in violation of any applicable law.

 

(c)
No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the tax treatment or time or manner of exercising such Award. Furthermore, the Company will have no duty or obligation to
warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award
may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such
Award.

 

    10

     

    

 

8.
Miscellaneous.

 

(a)
Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Awards will constitute
general funds of the Company.

 

(b)
Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant
will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when
the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant.
In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting
the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award
Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents,
the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement
or related grant documents.

 

(c)
Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect
to, any shares of Common Stock subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise
of, or the issuance of shares of Common Stock under, the Award pursuant to its terms, and (ii) the issuance of the Common Stock
subject to such Award has been entered into the books and records of the Company.

 

(d)
No Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder
or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company
or an Affiliate in the capacity in effect at the time the Award was granted or will affect the right of the Company or an Affiliate
to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant
pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director
pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state or foreign
jurisdiction in which the Company or the Affiliate is domiciled or incorporated, as the case may be.

 

(e)
Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of his or
her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee
of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended
leave of absence) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (x)
make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to
vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction,
extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have
no right with respect to any portion of the Award that is so reduced or extended.

 

    11

     

    

 

(f)
Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under
any Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in
financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable
and experienced in financial and business matters and that such Participant is capable of evaluating, alone or together with the
purchaser representative, the merits and risks of exercising the Award; and (ii) to give written assurances satisfactory to the
Company stating that the Participant is acquiring Common Stock subject to the Award for the Participant’s own account and
not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances
given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of
Common Stock under the Award has been registered under a then currently effective registration statement under the Securities
Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not
be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company,
place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with
applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

(g)
Withholding Obligations. Unless prohibited by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy
any federal, state or local tax withholding obligation relating to an Award by any of the following means or by a combination
of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of
Common Stock issued or otherwise issuable to the Participant in connection with the Award; provided, however, that no shares
of Common Stock are withheld with a value exceeding the maximum amount of tax required to be withheld by law (or such lesser amount
as may be necessary to avoid classification of the Award as a liability for financial accounting purposes); (iii) withholding
cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by
such other method as may be set forth in the Award Agreement.

 

(h)
Electronic Delivery. Any reference herein to a “written” agreement or document will include any agreement or document
delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet
(or other shared electronic medium controlled by the Company to which the Participant has access).

 

(i)
Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of
Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred
and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be
made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions
while a Participant is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals
of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments,
following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent
with the provisions of the Plan and in accordance with applicable law.

 

    12

     

    

 

(j)
Compliance with Section 409A of the Code. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award
Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder
exempt from Section 409A of the Code, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Board
determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A of the Code, the Award
Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section
409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby
incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award
Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an
Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee”
for purposes of Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation
from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will be issued
or paid before the date that is six months following the date of such Participant’s “separation from service”
or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies
with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses,
with the balance paid thereafter on the original schedule.

 

(k)
Clawback/Recovery. All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy
that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on
which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions
in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in
respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of an event constituting Cause.
No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason”
or “constructive termination” (or similar term) under any agreement with the Company.

 

9.
Adjustments upon Changes in Common Stock; Other Corporate Events.

 

(a)
Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately
adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a) and (ii) the class(es)
and number of securities and price per share of stock subject to outstanding Awards. The Board will make such adjustments, and
its determination will be final, binding and conclusive.

 

    13

     

    

 

(b)
Dissolution. Except as otherwise provided in the Award Agreement, in the event of a Dissolution of the Company, all outstanding
Awards (other than Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or
the Company’s right of repurchase) will terminate immediately prior to the completion of such Dissolution, and the shares
of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired
by the Company notwithstanding the fact that the holder of such Award is providing Continuous Service; provided, however,
that the Board may, in its sole discretion, cause some or all Awards to become fully vested, exercisable and/or no longer subject
to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the Dissolution is completed
but contingent on its completion.

 

(c)
Transaction. The following provisions shall apply to Awards in the event of a Transaction unless otherwise provided in the
instrument evidencing the Award or any other written agreement between the Company or any Affiliate and the Participant or unless
otherwise expressly provided by the Board at the time of grant of an Award. In the event of a Transaction, then, notwithstanding
any other provision of the Plan, the Board shall take one or more of the following actions with respect to Awards, contingent
upon the closing or completion of the Transaction:

 

(i)
arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company)
to assume or continue the Award or to substitute a similar stock award for the Award (including, but not limited to, an award
to acquire the same consideration paid to the stockholders of the Company pursuant to the Transaction);

 

(ii)
arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued
pursuant to the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company);

 

(iii)
accelerate the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised)
to a date prior to the effective time of such Transaction as the Board shall determine (or, if the Board shall not determine such
a date, to the date that is five days prior to the effective date of the Transaction), with such Award terminating if not exercised
(if applicable) at or prior to the effective time of the Transaction;

 

(iv)
arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to
the Award;

 

(v)
cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time
of the Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate;
and

 

(vi)
make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property
the Participant would have received upon the exercise of the Award immediately prior to the effective time of the Transaction,
over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be zero ($0)
if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the
same extent that payment of consideration to the holders of Common Stock in connection with the Transaction is delayed as a result
of escrows, earn outs, holdbacks or other contingencies.

 

    14

     

    

 

The
Board need not take the same action or actions with respect to all Awards or portions thereof or with respect to all
Participants. The Board may take different actions with respect to the vested
and unvested portions of an Award.

 

(d)
Change in Control. An Award may be subject to additional acceleration of vesting and exercisability upon or after a Change
in Control as may be provided in the Award Agreement for such Award or as may be provided in any other written agreement between
the Company or any Affiliate and the Participant.

 

10.
Termination or Suspension of the Plan.

 

The
Board may suspend or terminate the Plan at any time. No Awards may be granted under the Plan while the Plan is suspended or after
it is terminated.

 

11.
Effective Date of the Plan.

 

The
Plan will come into existence on the Effective Date. No Award may be granted prior to the Effective Date.

 

12.
Choice of Law.

 

The
law of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan,
without regard to that state’s conflict of laws rules.

 

13.
Definitions. As used in the Plan, the following definitions will apply to the
capitalized terms indicated below:

 

(a)
“Affiliate” means, at the time of determination, any “parent” or “subsidiary”
of the Company as such terms are defined in Rule 405 of the Securities Act. The Board will have the authority to determine the
time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.

 

(b)
“Award” means an Option, a Stock Appreciation Right, a Restricted Stock Award or a Restricted Stock
Unit Award.

 

(c)
“Award Agreement” means a written agreement between the Company and a Participant evidencing the
terms and conditions of an Award.

 

(d)
“Board” means the Board of Directors of the Company.

 

(e)
“Capitalization Adjustment” means any change that is made in, or other events that occur with respect
to, the Common Stock subject to the Plan or subject to any Award after the Effective Date without the receipt of consideration
by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property
other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares,
exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement
of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding
the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

    15

     

    

 

(f)
“Cause” shall have the meaning ascribed to such term in any written agreement between the Participant
and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the
occurrence of any of the following events: (i) such Participant’s commission of any felony or any crime involving fraud,
dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted
commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such Participant’s intentional,
material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company;
(iv) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets;
or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous
Service is either for Cause or without Cause shall be made by the Company, in its sole discretion. Any determination by the Company
that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held
by such Participant shall have no effect upon any determination of the rights or obligations of the Company or such Participant
for any other purpose.

 

(g)
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50%
of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by
an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction
or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of
equity securities, or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition
of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

    16

     

    

 

(ii)
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior
thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined
outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of
the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction,
in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such transaction;

 

(iii)
there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all
of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the
voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of
the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition;

 

(iv)
the stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company,
or a complete dissolution or liquidation of the Company will otherwise occur, except for a liquidation into a parent corporation;
or

 

(v)
individuals who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment
or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the
Incumbent Board.

 

Notwithstanding
the foregoing definition or any other provision of the Plan, the term Change in Control will not include a sale of assets, merger
or other transaction effected exclusively for the purpose of changing the domicile of the Company and the definition of Change
in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant
will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no
definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition
will apply.

 

(h)
“Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations
and guidance thereunder.

 

(i)
“Committee” means a committee of one or more Independent Directors to whom authority has been delegated
by the Board in accordance with Section 2(c).

 

(j)
“Common Stock” means the common stock of the Company, having one vote per share.

 

(k)
“Company” means ArTara Therapeutics, Inc., a Delaware corporation.

 

    17

     

    

 

(l)
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate
to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors
of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service,
will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing,
a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available
to register either the offer or the sale of the Company’s securities to such person.

 

(m)
“Continuous Service” means that the Participant’s service with the Company or an Affiliate,
whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant
renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the
Participant renders such service, provided that there is no interruption or termination of the Participant’s service with
the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the
Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole
discretion, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to
qualify as an Affiliate. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s
sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence
approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers
between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous
Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy,
in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law.

 

(n)
“Corporate Transaction” means the consummation, in a single transaction or in a series of related
transactions, of any one or more of the following events:

 

(i)
a sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the consolidated
assets of the Company and its Subsidiaries;

 

(ii)
a sale or other disposition of more than 50% of the outstanding securities of the Company;

 

(iii)
a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)
a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of
Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by
virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(o)
 “Director” means a member of the Board. Directors are not eligible to receive Awards under the
Plan with respect to their service in such capacity.

 

    18

     

    

 

(p)
“Disability” means, with respect to a Participant, the inability of such Participant to engage in
any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to
result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months, as provided
in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence
as the Board deems warranted under the circumstances.

 

(q)
“Dissolution” means when the Company, after having executed a certificate of dissolution with the
State of Delaware (or other applicable state), has completely wound up its affairs. Conversion of the Company into a Limited Liability
Company (or any other pass-through entity) will not be considered a “Dissolution” for purposes of the Plan.

 

(r)
“Effective Date” means March 26, 2020.

 

(s)
“Employee” means any person employed by the Company or an Affiliate. However, service solely as
a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes
of the Plan.

 

(t)
“Entity” means a corporation, partnership, limited liability company or other entity.

 

(u)
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

 

(v)
“Exchange Act Person” means any natural person, Entity or “group” (within the meaning
of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company
or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an
underwriter temporarily holding securities pursuant to a registered public offering of such securities, or (iv) an Entity Owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of
the Company.

 

(w)
“Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i)
If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value
of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted
on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of
determination, as reported in a source the Board deems reliable.

 

(ii)
Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination,
then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.

 

    19

     

    

 

(iii)
In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and
in a manner that complies with Sections 409A and 422 of the Code.

 

(x)
“Nonstatutory Stock Option” means any stock option granted pursuant to Section 5 of the Plan that
does not qualify as an “incentive stock option” within the meaning of Section 422 of the Code.

 

(y)
“Officer” means a person who is an officer of the Company within the meaning of Section 16
of the Exchange Act.

 

(z)
“Option” means a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to
the Plan.

 

(aa)
“Option Agreement” means a written agreement between the Company and an Optionholder evidencing
the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(bb)
“Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Option.

 

(cc)
“Own,” “Owned,” “Owner,” “Ownership”
means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or
to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct
the voting, with respect to such securities.

 

(dd)
“Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Award.

 

(ee)
“Plan” means this ArTara Therapeutics, Inc. Inducement Plan.

 

(ff)
“Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the
terms and conditions of Section 6(a).

 

(gg)
“Restricted Stock Award Agreement” means a written agreement between the Company and a holder of
a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement
will be subject to the terms and conditions of the Plan.

 

(hh)
 “Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted
pursuant to the terms and conditions of Section 6(b).

 

(ii)
“Restricted Stock Unit Award Agreement” means a written agreement between the Company and a holder
of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock
Unit Award Agreement will be subject to the terms and conditions of the Plan.

 

    20

     

    

 

(jj)
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3,
as in effect from time to time.

 

(kk)
“Securities Act” means the Securities Act of 1933, as amended.

 

(ll)
“Stock Appreciation Right” or “SAR” means a right to receive the appreciation
on Common Stock that is granted pursuant to the terms and conditions of Section 5.

 

(mm)
“Stock Appreciation Right Agreement” means a written agreement between the Company and a holder
of a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation
Right Agreement will be subject to the terms and conditions of the Plan.

 

(nn)
 “Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of
the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective
of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason
of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited
liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation
in profits or capital contribution) of more than 50%.

 

(oo)
Transaction” means a Corporate Transaction or a Change in Control.

 

 

 

21

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