Document:

EX-4.2

 Exhibit 4.2 

DESCRIPTION OF REGISTRANT’S SECURITIES 

General 
 TZP Strategies Acquisition Corp
(“TZPS”) has authorized stock consisting of 25,000,000 units, at $10.00 per unit, each unit consisting of one Class A ordinary share and one-third of one redeemable warrant. The units began
trading promptly after our initial public offering, at which point all 25,000,000 unit were outstanding, 31,250,000 ordinary shares were outstanding, and 13,000,000 warrants were outstanding. 

Exercisability 
 Each whole warrant is exercisable to
purchase one Class A ordinary share, subject to adjustment as described herein. Only whole warrants are exercisable. We structured each unit to contain one-third of one redeemable warrant, with each whole
warrant exercisable for one Class A ordinary share, as compared to units issued by some other similar blank check companies which contain whole warrants exercisable for one whole share, in order to reduce the dilutive effect of the warrants
upon completion of our initial business combination as compared to units that each contain a whole warrant to purchase one whole share, thus making us, we believe, a more attractive business combination partner for target businesses. 

Exercise Price 
 $11.50 per whole share, subject to
adjustments as described herein. In addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price
or effective issue price of less than $9.20 per ordinary 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) (the “Newly Issued Price”), (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 volume weighted average trading price of
our Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial business combination (such price, 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 adjacent to “Redemption of warrants when
the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the
higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described adjacent to the caption “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”
will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. 
 Exercise Period 

The warrants will become exercisable on the later of: 
  

	 	•	 	 30 days after the completion of our initial business combination; and 

 

	 	•	 	 twelve months from the closing of our IPO; provided in each case that we have an effective registration statement
under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration
under the securities, or blue sky, laws of the state of residence of the holder (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement, including as a result of a notice of
redemption described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”). If and when the warrants become redeemable by us, we may exercise our redemption right even if we are
unable to register or qualify the underlying securities for sale under all applicable state securities laws. 

 We are not registering the Class A ordinary shares issuable upon exercise of the warrants at this time.
However, we have agreed that as soon as practicable, but in no event later than twenty business days after the closing of our initial business combination, we will use our commercially reasonable efforts to file with the SEC a registration statement
covering the Class A ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of our initial business
combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement provided that if
our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we
may, at our option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file
or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the 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, but we will use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. 

The warrants will expire at 5:00 p.m., New York City time, five years after the completion of our initial business combination or earlier upon redemption or
liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not placed in the trust account. 
 Redemption of
warrants when the price per Class A ordinary share equals or exceeds $18.00 
 Once the warrants become exercisable, we may redeem the outstanding
warrants (except as described herein with respect to the private placement warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

 

	 	•	 	 upon a minimum of 30 days’ prior written notice of redemption, which we refer to as the “30-day redemption period”; and 

  

	 	•	 	 if, and only if, the last reported sale price (the “closing price”) of our Class A ordinary shares
equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities —Warrants—Public
Shareholders’ Warrants—Anti-Dilution Adjustments”) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of
redemption to the warrant holders. 

 We will not redeem the warrants as described above unless an effective registration statement under
the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants is effective and a current prospectus relating to those Class A ordinary shares is available throughout the
30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all
applicable state securities laws. 
 Except as set forth below, none of the private placement warrants will be redeemable by us so long as they are held by
our sponsor or its permitted transferees. 
 Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00 

Once the warrants become exercisable, we may redeem the outstanding warrants: 
  

	 	•	 	 in whole and not in part; 

  
 2 

	 	•	 	 at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders
will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table set forth under “Description of Securities—Warrants—Public Shareholders’
Warrants” based on the redemption date and the “fair market value” of our Class A ordinary shares (as defined below) except as otherwise described in “Description of Securities —Warrants—Public Shareholders’
Warrants”; 

  

	 	•	 	 if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per public share
(as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants—Public Shareholders’ Warrants—Anti-dilution
Adjustments”) for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption to the warrant holders; and 

 

	 	•	 	 if the closing price of the Class A ordinary shares for any 20 trading days within a 30- trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of
shares issuable upon exercise or the exercise price of a warrant as described under the heading “Description of Securities—Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments”), the private placement
warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above. 

 The
“fair market value” of our Class A ordinary shares for the above purpose shall mean the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of
redemption is sent to the holders of warrants. We will provide our warrant holders with the final fair market value no later than one business day after the 10 trading day period described above ends. In no event will the warrants be exercisable in
connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). 
 No fractional Class A
ordinary shares will be issued upon redemption. If, upon redemption, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to
the holder. Please see the section entitled “Description of Securities— Warrants—Public Shareholders’ Warrants” for additional information. 

Founder Shares 
 On September 2, 2020, our sponsor
paid $25,000, or approximately $0,003 per share, to cover certain expenses on our behalf in consideration of 7,187,500 Class B ordinary shares, par value $0.0001. On January 11, 2021, our sponsor transferred 25,000 Class B ordinary
shares to our independent director. These 25,000 shares will not be subject to forfeiture in the event the underwriters’ over-allotment is not exercised. The per share price of the founder shares was determined by dividing the amount
contributed to the company by the number of founder shares issued. The founder shares are identical to the Class A ordinary shares included in the units sold in our IPO, except that: 

 

	 	•	 	 prior to our initial business combination, only holders of the founder shares have the right to vote on the
appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason; 

  

	 	•	 	 the founder shares are subject to certain transfer restrictions, as described in more detail below;

  

	 	•	 	 our sponsor and each member of our management team have entered into an agreement with us, pursuant to which they
have agreed to (i) waive their redemption rights with respect to their founder shares, (ii) to waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an
amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in
connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our IPO or (B) with respect to any other provision relating to
the rights of holders of our Class A ordinary 

  
 3 

	 	 
shares and (iii) waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination
within 24 months from the closing of our IPO (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the
prescribed time frame). If we seek shareholder approval, we will complete our initial business combination only if we obtain the approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the
shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each member of our management team have agreed to vote their founder shares and public shares in favor of our initial business combination. As a
result, in addition to our initial shareholders’ founder shares, we would need 9,375,001, or 37.5% (assuming all issued and outstanding shares are voted and the over-allotment option is not exercised), or 1,562,501 or 6.25% (assuming only the
minimum number of shares representing a quorum are voted and the over-allotment option is not exercised), of the 25,000,000 public shares sold in our IPO to be voted in favor of an initial business combination in order to have our initial business
combination approved; 

  

	 	•	 	 the founder shares will automatically convert into our Class A ordinary shares at the time of our initial
business combination or earlier at the option of the holders thereof as described below adjacent to the caption “Founder shares conversion and antidilution rights” and in our amended and restated memorandum and articles of association; and

  

	 	•	 	 the founder shares are entitled to registration rights. 

Transfer Restrictions on Founder Shares 
 Except as
described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell any of their founder shares until the earliest of (A) one year after the completion of our initial business combination and
(B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a
liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. 

Any permitted transferees would be subject to the same restrictions and other agreements of our sponsor and our directors and executive officers with respect
to any founder shares. Founder shares conversion and anti-dilution rights The founder shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares, which such Class A ordinary shares
delivered upon conversion will not have any redemption rights or be entitled to liquidating distributions if we do not consummate an initial business combination, at the time of our initial business combination or earlier at the option of the
holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of
(i) the total number of ordinary shares issued and outstanding, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities (as defined herein)
or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into
Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, its affiliates or any member of our management team upon conversion of
working capital loans. Any conversion of Class B ordinary shares described herein will take effect as a compulsory redemption of Class B ordinary shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. In
no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one-to-one. 

The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A
ordinary shares issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt. 

  
 4 

 Appointment of Directors; Voting Rights 

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

Private Placement Warrants 
 Our sponsor has committed,
pursuant to a written agreement, to purchase an aggregate of 4,666,667 private placement warrants (or 5,166,667 private placement warrants if the underwriters’ over-allotment option is exercised in full), each exercisable to purchase one
Class A ordinary share at $11.50 per share, subject to adjustment, at a price of $1.50 per warrant ($7,000,000 in the aggregate or $7,750,000 if the underwriters’ over-allotment option is exercised in full), in a private placement that
closed simultaneously with the closing of our IPO. If we do not complete our initial business combination within 24 months from the closing of our IPO, the private placement warrants will expire worthless. The private placement warrants will be non-redeemable by us (except as set forth under “Description of Securities—Warrants—Public Shareholders’ Warrants—Redemption of warrants when the price per Class A ordinary share equals
or exceeds $10.00”) and exercisable on a cashless basis so long as they are held by our sponsor or its permitted transferees (see “Description of Securities— Warrants—Private Placement Warrants”). If the private placement
warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the
units sold in our IPO. 
 Transfer Restrictions on Private Placement Warrants 

The private placement warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) will not be transferable,
assignable or salable until 30 days after the completion of our initial business combination, except as described herein under “Principal Shareholders—Transfers of Founder Shares and Private Placement Warrants.” 

Cashless Exercise of Private Placement Warrants 
 If
holders of private placement warrants elect to exercise them on a cashless basis, except as described under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00,” they would pay the exercise price
by surrendering their warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the
“Sponsor fair market value” (defined below) over the exercise price of the warrants by (y) the Sponsor fair market value. The “Sponsor fair market value” shall mean the average reported closing price of the Class A
ordinary shares 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 a 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 restrict insiders from selling our securities except during specific periods. 

Proceeds to be Held in Trust Account 
 Of the proceeds we
received from our IPO and the sale of the private placement warrants described in this prospectus, $250,000,000, or $287,500,000 if the underwriters’ over-allotment option is exercised in full ($10.00 per unit in either case), will be deposited
into a segregated trust account located in the United States at JP Morgan Chase Bank, N.A. with Continental Stock Transfer & Trust Company acting as trustee. The proceeds placed in the trust account include $8,750,000 (or $10,062,500 if the
underwriters’ overallotment option is exercised in full) in deferred underwriting commissions. 

  
 5 

 Except with respect to interest earned on the funds held in the trust account that may be released to us to
pay our taxes, if any, our amended and restated memorandum and articles of association, as discussed below and subject to the requirements of law and regulation, will provide that the proceeds from our IPO and the sale of the private placement
warrants held in the trust account will not be released from the trust account (1) to us, until the completion of our initial business combination, or (2) to our public shareholders, until the earliest of (a) the completion of our
initial business combination, and then only in connection with those Class A ordinary shares that such shareholders properly elected to redeem, subject to the limitations described herein, (b) the redemption of any public shares properly
tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to provide holders of our Class A ordinary shares the right to
have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of our IPO or (B) with respect to any
other provision relating to the rights of holders of our Class A ordinary shares, and (c) the redemption of our public shares if we have not consummated our business combination within 24 months from the closing of our IPO, subject to
applicable law. Public shareholders who redeem their Class A ordinary shares in connection with a shareholder vote described in clause (b) in the preceding sentence shall not be entitled to funds from the trust account upon the subsequent
completion of an initial business combination or liquidation if we have not consummated an initial business combination within 24 months from the closing of our IPO, with respect to such Class A ordinary shares so redeemed. The proceeds
deposited in the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public shareholders. 

Anticipated Expenses and Funding Sources 
 Except as
described above with respect to the payment of taxes, unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our use. The proceeds held in the trust account will be invested only in
U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S.
government treasury obligations. Assuming an interest rate of 0.1% per year, we estimate the interest earned on the trust account will be approximately $250,000 per year; however, we can provide no assurances regarding this amount. Unless and until
we complete our initial business combination, we may pay our expenses only from: 
  

	 	•	 	 the net proceeds of our IPO and the sale of the private placement warrants not held in the trust account, which
will be approximately $600,000 in working capital after the payment of approximately $1,400,000 in non-reimbursed expenses relating to our IPO; and 

 

	 	•	 	 any loans or additional investments from our sponsor or an affiliate of our sponsor or certain of our officers
and directors, although they are under no obligation to advance funds to us in such circumstances, and provided any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion
of our initial business combination. 

 Conditions to Completing Our Initial Business Combination 

So long as our securities are then listed on the Nasdaq, our initial business combination must occur with one or more target businesses that together have an
aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding any deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into
our initial business combination. We refer to this as the 80% of net assets test. If our board of directors is not able to independently determine the fair market value of the target business or businesses, we will obtain an opinion from an
independent investment banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such criteria. Our shareholders may not be provided with a copy of such opinion nor will they be able to
rely on such opinion. If our securities are not then listed on the Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% of net assets test. 

  
 6 

 We will complete our initial business combination only if the post-business combination company in which our
public shareholders own shares will own or acquire 50% or more of the outstanding voting securities of the target or is otherwise not required to register as an investment company under the Investment Company Act. Even if the post-business
combination company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to our initial business combination may collectively own a minority interest in the post-business combination company, depending on
valuations ascribed to the target and us in the business combination transaction. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-business combination company, the portion of
such business or businesses that is owned or acquired is what will be valued for purposes of the 80% of net assets test, provided that in the event that the business combination involves more than one target business, the 80% of net assets test will
be based on the aggregate value of all of the target businesses and we will treat the target businesses together as the initial business combination for purposes of a tender offer or for seeking shareholder approval, as applicable. 

Permitted Purchases and Other Transactions with Respect to Our Securities 

If we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our sponsor, directors, executive officers, advisors or their affiliates may purchase public shares or warrants in privately negotiated transactions or in the open market either prior to or following the
completion of our initial business combination. Additionally, at any time at or prior to our initial business combination, subject to applicable securities laws (including with respect to material nonpublic information), our sponsor, directors,
executive officers, advisors or their affiliates may enter into transactions with investors and others to provide them with incentives to acquire public shares, vote their public shares in favor of our initial business combination or not redeem
their public shares. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. None of the funds held in the trust account will be used to
purchase public shares or warrants in such transactions. If they engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if
such purchases are prohibited by Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender
offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the
purchasers will comply with such rules. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. See “Proposed
Business—Permitted Purchases and Other Transactions with Respect to Our Securities” for a description of how our sponsor, directors, executive officers, advisors or their affiliates will select which shareholders to purchase securities
from in any private transaction. 
 The purpose of any such transaction could be to (1) vote in favor of the business combination and thereby increase
the likelihood of obtaining shareholder approval of the business combination, (2) reduce the number of public warrants outstanding or vote such warrants on any matters submitted to the warrant holders for approval in connection with our initial
business combination or (3) satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such
requirement would otherwise not be met. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been possible. In addition, if such purchases are made, the public
“float” of our Class A ordinary shares or public warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our
securities on a national securities exchange. 

  
 7 

 Redemption Rights for Public Shareholders Upon Completion of Our Initial Business Combination 

We will provide our public shareholders with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the
initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any, divided by the number of then- outstanding public shares, subject to the limitations described
herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we
will pay to the underwriters. The redemption rights will include the requirement that a beneficial holder must identify itself in order to validly redeem its shares. There will be no redemption rights upon the completion of our initial business
combination with respect to our warrants. Further, we will not proceed with redeeming our public shares, even if a public shareholder has properly elected to redeem its shares, if a business combination does not close. Our sponsor and each member of
our management team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with (i) the completion of our
initial business combination and (ii) a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our
Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing
of our IPO or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. 
 Limitations on
Redemptions 
 Our amended and restated memorandum and articles of association will provide that in no event will we redeem our public shares in an
amount that would cause our net tangible assets to be less than $5,000,001 (so that we do not then become subject to the SEC’s “penny stock” rules). However, a greater net tangible asset or cash requirement may be contained in the
agreement relating to our initial business combination. For example, the proposed business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working
capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed business combination. Furthermore, although we will not redeem shares in an amount that would
cause our net tangible assets to fall below $5,000,001, we do not have a maximum redemption threshold based on the percentage of shares sold in our IPO, as many blank check companies do. In the event the aggregate cash consideration we would be
required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash
available to us, we will not complete the business combination or redeem any shares, and all Class A ordinary shares submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business
combination. 
 Manner of Conducting Redemptions 
 We
will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination either (i) in connection with a shareholder meeting called to approve the
business combination or (ii) by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based
on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement. Asset acquisitions and share purchases
would not typically require shareholder approval, while direct mergers with our company and any transactions where we issue more than 20% of our outstanding ordinary shares or seek to amend our amended and restated memorandum and articles of
association would typically require shareholder approval. We currently intend to conduct redemptions in connection with a shareholder vote unless shareholder approval is not required by applicable law or stock exchange listing requirement or we
choose to conduct redemptions pursuant to the tender offer rules of the SEC for business or other reasons. 
 If we hold a shareholder vote to approve our
initial business combination, we will: 
  

	 	•	 	 conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act,
which regulates the solicitation of proxies, and not pursuant to the tender offer rules; and 

  

	 	•	 	 file proxy materials with the SEC. 

  
 8 

 If we seek shareholder approval, we will complete our initial business combination only if we obtain the
approval of an ordinary resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company. In such case, our sponsor and each member of our management
team have agreed to vote their founder shares and public shares in favor of our initial business combination. As a result, in addition to our initial shareholders’ founder shares, we would need 9,375,001, or 37.5% (assuming all issued and
outstanding shares are voted and the over-allotment option is not exercised), or 1,562,501, or 6.25% (assuming only the minimum number of shares representing a quorum are voted and the over-allotment option is not exercised), of the 25,000,000
public shares sold in our IPO to be voted in favor of an initial business combination in order to have our initial business combination approved. 
 Each
public shareholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction or vote at all. Our amended and restated memorandum and articles of association will require that at least five
days’ notice will be given of any such shareholder meeting. 
 If we conduct redemptions pursuant to the tender offer rules of the SEC, we will,
pursuant to our amended and restated memorandum and articles of association: 
  

	 	•	 	 conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the
Exchange Act, which regulate issuer tender offers; and 

  

	 	•	 	 file tender offer documents with the SEC prior to completing our initial business combination which contain
substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation I4A of the Exchange Act, which regulates the solicitation of proxies. 

Upon the public announcement of our initial business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we and our sponsor
will terminate any plan established in accordance with Rule I0b5-1 to purchase our Class A ordinary shares in the open market, in order to comply with Rule 14e-5
under the Exchange Act. 
 In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20
business days, in accordance with Rule 14e-l(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. In addition,
the tender offer will be conditioned on public shareholders not tendering more than the number of public shares we are permitted to redeem. If public shareholders tender more shares than we have offered to purchase, we will withdraw the tender offer
and not complete such initial business combination. 
 Limitation on redemption rights of shareholders holding more than 15% of the shares sold in our
IPO if we hold shareholder vote 
 Notwithstanding the foregoing redemption rights, if we seek shareholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association will provide that a public shareholder, together with
any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more
than an aggregate of 15% of the shares sold in our IPO, without our prior consent. We believe the restriction described above will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their
ability to redeem their shares as a means to force us or our management to purchase their shares at a significant premium to the then- current market price or on other undesirable terms. Absent this provision, a public shareholder holding more than
an aggregate of 15% of the shares sold in our IPO could threaten to exercise its redemption rights against a business combination if such holder’s shares are not purchased by us, our sponsor or our management at a premium to the then- current
market price or on other undesirable terms. By limiting our shareholders’ ability to redeem to no more than 15% of the shares sold in our IPO, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to
block our 

  
 9 

 
ability to complete our initial business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or
a certain amount of cash. However, we would not be restricting our shareholders’ ability to vote all of their shares (including all shares held by those shareholders that hold more than 15% of the shares sold in our IPO) for or against our
initial business combination. 
 Release of funds in trust account on closing of our initial business combination 

On the completion of our initial business combination, the funds held in the trust account will be distributed by the trustee to pay amounts due to any public
shareholders who properly exercise their redemption rights as described above adjacent to the caption “Redemption rights for public shareholders upon completion of our initial business combination,” to pay the underwriters their deferred
underwriting commissions, to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination. If our initial
business combination is paid for using equity or debt or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination or the redemption of our public shares, we
may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of post-transaction businesses, the payment of principal or interest due on indebtedness
incurred in completing our initial business combination, to fund the purchase of other companies or for working capital. 
 Redemption of public shares
and distribution and liquidation if no initial business combination 
 Our amended and restated memorandum and articles of association will provide that
we will have only 24 months from the closing of our IPO to consummate our initial business combination. If we have not consummated an initial business combination within 24 months from the closing of our IPO, we will: (i) cease all operations
except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, if any (less up to $100,000 of interest to pay dissolution expenses) divided
by the number of the then-outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly
as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands
law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to consummate an initial
business combination within 24 months from the closing of our IPO. 
 Our sponsor and each member of our management team have entered into an agreement with
us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to consummate an initial business combination within 24 months from the closing
of our IPO (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame). The underwriters
have agreed to waive their rights to their deferred underwriting commission held in the trust account in the event we do not consummate an initial business combination within 24 months from the closing of our IPO and, in such event, such amounts
will be included with the funds held in the trust account that will be available to fund the redemption of our public shares. 
 Our sponsor, executive
officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated memorandum and articles of association (A) that would modify the substance or timing of our
obligation to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business
combination within 24 months from the closing of our IPO or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares; unless we provide our public shareholders with the opportunity to redeem
their Class A ordinary shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on
the funds held in the trust account and not previously released to us to pay our taxes, if 

  
 10 

 
any, divided by the number of the then-outstanding public shares, subject to the limitations described above adjacent to the caption “Limitations on redemptions.” For example, our board
of directors may propose such an amendment if it determines that additional time is necessary to complete our initial business combination. In such event, we will conduct a proxy solicitation and distribute proxy materials pursuant to Regulation 14A
of the Exchange Act seeking shareholder approval of such proposal and, in connection therewith, provide our public shareholders with the redemption rights described above upon shareholder approval of such amendment. This redemption right shall apply
in the event of the approval of any such amendment, whether proposed by our sponsor, any executive officer, director, or any other person. 
 Our amended
and restated memorandum and articles of association will provide that, if we wind up for any other reason prior to the consummation of our initial business combination, we will follow the foregoing procedures with respect to the liquidation of the
trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. 

  
 11Exhibit
10.24

 

PERSONAL
EMPLOYMENT AGREEMENT

 

THIS
PERSONAL EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into this 16 of December, 2021 by and between
Orgenesis Ltd. of 8 Pinhas Sapir Street, Ness Ziona, Israel (the “Company”), and Efrat Assa Kunik I.D. No.
027341833 of Ge’alya, Israel (the “Employee”).

 

WHEREAS,
This employment agreement replaces all employment agreements and amendments thereto signed between the Company and Employee to date.
Employee confirms that she has received full consideration of all employment agreements and amendments to date and has no
outstanding claims thereto with the exception of unused leave days due to employee in the amount of 70.43 days (balance at 16
December).

 

WHEREAS,the
parties desire to state the terms and conditions of the Employee’s employment by the Company, as set forth below.

 

NOW,
THEREFORE, in consideration of the mutual premises, covenants and other agreements contained herein, the parties hereby agree as
follows:

 

	1.	Preamble
    

 

	 	1.1.	The
    preamble of this Agreement constitutes an integral part thereof. 
	 	 	 
	 	1.2.	The
    division of the terms of this Agreement into clauses and the headings of the clauses are solely for the sake of convenience and they
    may not be used for interpretive purposes. The Appendixes to this Agreement constitute an integral part hereof.
	 	 	 
	 	1.3.	References
    in this Agreement to a particular gender shall be applicable to all genders.

 

	2.	Position.
    The Employee shall serve in the position described in Exhibit A, In such position the Employee shall report regularly
    and shall be subject to the direction and control of the Company’s management and specifically under the direction of the person
    specified in Exhibit A. The Employee represents that he has the knowledge, abilities and skills required to perform
    the duties of his position. The Employee shall perform his duties diligently, conscientiously and in furtherance of the Company’s
    best interests. The Employee agrees and undertakes to inform the Company, immediately after becoming aware of any matter that may
    in any way raise a conflict of interest between the Employee and the Company. During his employment by the Company, the Employee
    shall not receive any payment, compensation or benefit from any third party in connection, directly or indirectly, with his position
    in the Company. The Employee shall follow all Company’s instructions, guidelines, rules and regulations, policies and decisions,
    with regard to his employment with the Company and/or the fulfillment of his position.
	 	 
	3.	Full
    Time Employment. The Employee will be employed on a full time basis. The Employee shall devote his entire business time and attention
    to the business of the Company and shall not undertake or accept any other paid or unpaid employment or occupation or engage in any
    other business activity, except with the prior written consent of the Company. 
	 	 
	4.	Location.
    The Employee understands and agrees that his position shall involve international travel. 

 

    	 

    	 

    

 

	5.	Employee’s
    Representations and Warranties. The Employee represents and warrants that the execution and delivery of this Agreement and the
    fulfillment of its terms: (i) will not constitute a default under or conflict with any agreement or other instrument to which he
    is a party or by which he is bound; and (ii) do not require the consent of any person or entity. Further, with respect to any past
    engagement of the Employee with third parties and with respect to any permitted engagement of the Employee with any third party during
    the term of his engagement with the Company (for purposes hereof, such third parties shall be referred to as “Other Employers”),
    the Employee represents, warrants and undertakes that: (a) his engagement with the Company is and/or will not be in breach of any
    of his undertakings toward Other Employers, and (b) he will not disclose to the Company, nor use, in provision of any services to
    the Company, any proprietary or confidential information belonging to any Other Employer.
	 	 
	6.	Employee’s
    Undertakings. The Employee undertakes (i) to take all necessary steps and actions, in the framework of his position, to protect
    and prevent damage to the Company’s property, rights, interests, standing and reputation, including without limitation, to
    the extent required in the framework of his position, by representing the Company in a reputable and worthy manner, (ii) to assist
    the Company, at its request, in any action in which the Company is involved, and, unless required by law, not to assist any action
    brought against the Company, all except for any actions of the Employee against the Company, and (iii) not to make any representations,
    or give any guaranties on behalf of the Company, except as authorized to do. 
	 	 
	7.	Personal
    Agreement. This Agreement is personal and special, and exclusively defines the entire relationship between the Company and the
    Employee, and contains all compensation and/or benefits and/or other conditions of any kind to which the Employee is entitled from
    the Company, and supersedes all prior agreements, understandings and arrangements, oral or written, between the parties hereto with
    respect to the subject matter hereof. The Employee shall not be entitled to, and shall not demand, any other remuneration and/or
    benefit from the Company, unless explicitly provided for hereunder, and no practice and/or custom existing between the Company and
    other employees, if any, shall apply to the relationship between the Employee and the Company, unless explicitly incorporated into
    this Agreement, and only to the extent so incorporated. If the Company grants to the Employee, on any occasion, a benefit, of any
    kind, which is not specified in this Agreement, each such grant shall be deemed a non-recurring event, and shall neither give rise
    to any new right of the Employee, nor constitute a practice and/or custom and/or precedent between the parties which shall obligate
    the Company on any additional and/or other occasions 

 

Term
of Employment

 

	8.	Term.
    The Employee’s employment by the Company shall commence on the date set forth in Exhibit A (the “Commencement
    Date”), and shall continue in full force and effect until terminated pursuant to the terms hereof.
	 	 
	9.	Either
    party may terminate the employment relationship hereunder at any time by giving the other party a prior written notice as set forth
    in Exhibit A (the “Notice Period”). Notwithstanding the foregoing, the Company is entitled to terminate
    this Agreement with immediate effect upon a written notice to Employee and to pay the Employee a one-time amount equal to the Salary
    that would have been paid to the Employee during the Notice Period including social benefits and travel expenses, in lieu of such
    prior notice.

 

    	 

    	 

    

 

	10.	Termination
    for Cause. Without derogating from the Company’s rights under this Agreement and according to law, the Company may terminate
    the Employee’s employment immediately without the delivery of a prior written notice and/or payment for Notice Period, for
    Cause. For purposes of this Agreement, the term “Cause” shall mean (a) a serious breach of trust including but not limited
    to theft, embezzlement, self-dealing, prohibited disclosure to unauthorized persons or entities of confidential or proprietary information
    of or relating to the Company or its affiliates and the engaging by the Employee in any prohibited business competitive to the business
    of the Company; or (b) conviction of a felony involving moral turpitude; or (c) any willful failure to perform or willful failure
    to perform competently any of the Employee’s fundamental functions or duties hereunder, or (d) any other cause justifying termination
    or dismissal in circumstances in which the Company can deny the Employee severance payment under applicable law. The above provisions
    shall not derogate, in any way, from the rights of the Company to terminate the Employee’s position under the applicable law.
	 	 
	11.	Notice
    Period; End of Relations. During the Notice Period and unless otherwise determined by the Company in a written notice to the
    Employee, the employment relationship hereunder shall remain in full force and effect, the Employee shall be obligated to continue
    to discharge and perform all of his duties and obligations with Company, and the Employee shall cooperate with the Company and assist
    the Company with the integration into the Company of the person who will assume the Employee’s responsibilities. At the end
    of the employer-employee relationship for any reason whatsoever, the Employee shall return to the Company all the property of the
    Company that was provided to the Employee by the Company, including without limitation, if and to the extent placed at his disposal
    - telephone, computer etc. 

 

	12.	Working
    Days/ Working Hours

 

	 	12.1.	The
    working days in the Company are Sunday to Thursday. The weekly rest day is Saturday. 
	 	 	 
	 	12.2.	Normal
    working hours for full time position in the Company are between 9:30 through 18:30. A regular working day is 9.1 hours long, including
    a 30 minute lunch break, whereas Sunday shall be a weekly shortened day on which the number of regular net working hours is 8.1,
    and in total 191 gross monthly working hours which are 182 net monthly working hours for an average month. The Company may change
    the weekly shortened day at any time at its discretion and according to work needs.
	 	 	 
	 	12.3.	As
    the Employee is employed hereunder in a senior managerial position involving a fiduciary relationship between the Employee and the
    Company, the Law of Working Hours and Rest 5711-1951, or any law amending or replacing such law, shall not apply to the employment
    of the Employee and the Employee shall not be entitled to payments thereunder. The Employee may be required, from time to time and
    according to the work load demanded of him, to work beyond the regular working hours and he shall not be entitled to any additional
    consideration for work during overtime hours and/or on days that are not regular business days. The Employee acknowledges and agrees
    that the Salary and the compensation set for him hereunder include a proper and just reward for the requirements of his position
    and status and the obligation to work at irregular hours of the day. 

 

    	 

    	 

    

 

	13.	Salary

 

	 	13.1.	In
    consideration for the Employee’s services in full time capacity, and subject to the fulfillment of all the Employee’s
    duties and obligations under this Agreement the Company shall pay to the Employee a gross monthly salary in the amount set forth
    in Exhibit A (the “Salary”). 
	 	 	 
	 	13.2.	The
    Salary shall be paid to the Employee no later than the 9th day of each calendar month, for the preceding month.
	 	 	 
	 	13.3.	All
    the amounts specified in this Agreement are gross sums. The Company shall deduct all required taxes and other statutory payments,
    including health insurance contributions and national insurance contributions from the Salary and from all other rights and benefits
    received by the Employee. 
	 	 	 
	 	13.4.	The
    Employee shall regard and retain as confidential and shall not divulge to any of the Company’s employees and/or any third party,
    either during or after the Employee’s employment period, directly or indirectly, the terms of the Employee’s employment
    and Salary.

 

	14.	Pension
    Insurance

 

	 	14.1.	The
    Company shall comply with the provisions of the “Expansion Order of extensive pension” (the “Order”),
    with respect to Company and Employee contributions to pension fund and severance pay (“Pension Plan”) as required
    by the Order. 
	 	 	 
	 	14.2.	The
    contributions to the Pension Plan shall be as follows:

 

	 	14.2.1.	The
    Company shall pay a sum equal to 8.33% of the Employee’s Salary and Over-Time Compensation on account of severance pay. 
	 	 	 
	 	14.2.2.	The
    Company shall pay a sum equal to 6.5% of the Employee’s Salary and Over-Time Compensation on account of pension fund payment.
    In case the Pension Plan is Managers Insurance, the Company’s above contribution shall include Company’s payment for
    the Employee’s disability insurance in the amount required to insure 75% of Employee’s Salary and Over-Time Compensation,
    provided that Company’s payment to pension shall not be less than 5% of the Salary and Over-Time Compensation. 
	 	 	 
	 	14.2.3.	The
    Company shall deduct 6% from the Employee’s Salary and Over-Time Compensation to be paid on behalf of the Employee towards
    such Pension Plan. 

 

	 	14.3.	In
    accordance with Section 9 of the Order, Company’s contributions to severance pay as aforementioned shall be in lieu of payment
    of severance pay, pursuant to section 14 of the Severance Pay Law, and shall be non-refundable.
	 	 	 
	 	14.4.	Other
    than in events in which the Company is entitled to withhold the Pension Plan under the Order, the Company shall automatically transfer
    the Pension Plan to the Employee, subject to any applicable law, upon the termination of Employee’s employment by either party.
	 	 	 
	 	14.5.	The
    Company and the Employee pension contributions indicated in this paragraph 14 shall be updated and amended according to the applicable
    law and extension orders. 
	 	 	 
	 	14.6.	It
    is hereby clarified that in case the Employee will not notify the Company in writing, within 60 days from the Commencement Date,
    which fund he chooses, the Company will insure the Employee in the default fund of the Company.

 

    	 

    	 

    

 

	15.	Advanced
    Study Fund

 

	 	15.1.	The
    Company shall make monthly contributions on the Employee’s behalf to a recognized advanced study fund (“Keren Hishtalmut”)
    (hereinafter the “Study Fund”), in an amount equal to 5% of the Salary and the Over-Time Compensation In addition, the
    Company shall deduct 2.5% from the Salary and the Over-Time Compensation also to be paid to the Study Fund as recognized by the Income
    Tax
	 	 	 
	 	 	Authorities.
    The Employee’s contributions shall be transferred to the Fund by the Company, against deduction of such amounts from each monthly
    Salary and Over-Time Compensation , and the Employee hereby instructs the Company to transfer to the Fund from each monthly salary
    payment due to him the amount of the Employee’s and the Company’s contribution, as set forth above. For the avoidance
    of any doubt, no amount remitted by the Company in respect of the Fund shall be considered as part of the Salary for purposes of
    any deduction therefrom or calculation of severance compensation The Employee shall be responsible for any tax imposed in connection
    with contributions to the Study Fund.

 

	16.	Additional
    Benefits

 

	 	16.1.	Expenses.
    The Company will reimburse the Employee for business expenses borne by the Employee, provided that such expenses were approved in
    advance by the Company, and against valid invoices therefore furnished by the Employee to the Company, all in accordance with the
    Company’s policy as amended from time to time. 
	 	 	 
	 	16.2.	Vacation.
    The Employee shall be entitled to the number of vacation days per year as set forth in Appendix A, as coordinated with
    the Company. In the event that the demands of the Employee’s activities shall preclude or limit the Employee’s ability
    to actually use such vacation days in any specific year, he will be entitled to accumulate the unused balance of the vacation days
    standing to his credit up to a maximum of 30 days (the “Maximum”), provided that the Employee uses at least seven (7)
    vacation days each year. Any Annual Vacation Days which exceed the Maximum shall be deleted. For avoidance of any doubt, it is hereby
    agreed that the Company shall be entitled to determine that the Employee should exercise his vacation days in case he did not exercise
    it.
	 	 	 
	 	16.3.	Sick
    Leave. The Employee shall be entitled to sick leave (“Yemei Mahala”) as provided by the Sickness Pay Law,
    5736-1976. The Employee shall notify the Company, immediately, of any absence due to sickness and furnish the Company with an applicable
    medical certificate to approve it. Absence without an applicable medical certificate shall be considered as absence due to vacation.
	 	 	 
	 	16.4.	Convalescence
    Pay. The Employee shall be entitled to annual Convalescence Pay (“Dmei Havra’a”) pursuant to applicable
    law.
	 	 	 
	 	16.5.	Travel
    Expenses. The Employee shall be entitled to reimbursement of travel expenses, as set forth in Exhibit A.

 

    	 

    	 

    

 

	 	16.6
    	Options.
    Pending the approval of the parent company’s Board of Directors, the Employee may be entitled to receive such number of options
    thereunder, as shall be later determined by the Company and its management and approved by the Board. The terms and conditions of
    the option plan and of the option agreement as will be signed between the parties, which will include all terms and condition of
    the Option, including, without the limitation, the exercise price and the vesting schedule of the Options. No right to any option
    is earned or accrued until such time that vesting occurs according to the option agreement, nor does the grant confer any right to
    continue vesting or employment. Notwithstanding the above, if the Employee’s employment is terminated for Cause (as defined
    below), the entire unexercised Options (whether vested or not) shall ipso facto terminate, and the Employee shall have no further
    rights with respect to such Options, including, without limitation, to purchase the shares subject thereto.

 

	 	16.7	Cellular
    Telephone. The Company shall bear all expenses relating thereto duties hereunder and will pay all operating expenses associated
    with use of your cellular phone. The Employee shall bear all tax consequences arising out of the possession and use of the cellular
    phone by him/her and shall not be entitled to any reimbursement.

 

	17.	Company’s
    Computers

 

	 	17.1.	The
    e-mail provided to the Employee by the Company upon the commencement of his employment is a professional e-mail, designated to be
    used by the Employee only for the purpose of performing his work in the Company and the Employee is required to use it only for professional
    purposes. 
	 	 	 
	 	17.2.	In
    order to protect Company’s confidential information and prevent impairments, computer viruses and transfer of illegal information
    and/or software and/or copyright infringement and/or destruction to computer web traffic and/or damages to Company’s communication
    and/or Company’s reputation and/or any other damages to the Company’s business and/or its ongoing business and its customers’
    relations and in order to verify that the use of the Company’s computer systems is being done for work purposes and conducted
    in accordance with the applicable Company’s policies, and in order to prevent the Company’s exposure to any damage due
    to unauthorized use of Company’s computer network and communication system; It is hereby clarified, that the Company monitors
    any and all information stored in the Company computers including professional e-mail and/or any information transferred through
    the Company’s computer and communication networks. Furthermore, the Company performs various backups of all information transferred
    through the Company’s computer network systems.
	 	 	 
	 	17.3.	Monitoring
    shall be performed at all times without prior notice and by various means. Monitoring can be done either by technological means,
    with regard to traffic volume and content traffic or by human resources, to the extent necessary where it is being suspected that
    the Company’s policies were breached and/or where there is a need to locate information for ongoing work purposes, need to
    attend technical malfunctions and/or any other need required for professional and business needs.

 

    	 

    	 

    

 

	 	17.4.	The
    Company reserves the right to take control of the computer meansh provided to the Employee in order to perform his work at all times
    and without prior notice, and to block any access to it, in order to protect the Company’s rights, attending technical malfunctions
    and for any other professional and/or business purposes. 
	 	 	 
	 	17.5.	For
    avoidance of any inconvenience and to assure professional usage of the Company’s computers, including the electronic e-mail
    systems, the web, the Company’s communication means and the professional e-mail provided to the Employee in order to perform
    his work; the Employee shall refrain from transferring and/or saving any personal information which the Employee does not wish exposed
    in his professional e-mail and/or in any other computerized means provided to him by the Company in order to perform his work.
	 	 	 
	 	17.6.	The
    Employee understands and free willingly acknowledges that the Company, as a organization which its work is conducted via computer
    means, is thus obligated, in order to guard proper management of its business, to execute all the means outlined in this Agreement.
    The Employee undertakes the restrictions derived from the means outlined in this Agreement and in Company’s policies.
	 	 	 
	 	17.7.	Nothing
    herein diminishes from the Employee’s right to open personal e-mail for himself without using Company’s computer means.
    Such personal e-mail shall not be subject to the Company’s monitoring and controlling means compelling all traffic that passes
    through the Company’s computers.
	 	 	 
	 	17.8.	The
    Employee is aware of and agrees that the Company is entitled to put the information transferred in its computers and communication
    networks to any use, for the purpose of protecting its rights, at any and all time, without prior notice. 

 

	18.	Confidentiality,
    Non-Competition and Intellectual Property Assignment- 

 

	 	18.1.	As
    a pre-condition to the entering into force of this Agreement, the Employee shall execute the Statement of Undertaking –Confidentiality,
    Non- Compete and Intellectual Property attached hereto as Appendix B and constituting an integral part of this Agreement.

 

	19.	Miscellaneous

 

	 	19.1.	This
    Agreement constitutes a “Notice” as defined in the Notice to Employee (Terms of Employment) Law 5762-2002. 
	 	 	 
	 	19.2.	The
    Company shall be entitled to set off and deduct from the payments due to the Employee, proven debts which the Employee owes to the
    Company, all according and subject to the provisions of the applicable law.
	 	 	 
	 	19.3.	The
    laws of the State of Israel shall apply to this Agreement and the sole and exclusive place of jurisdiction in any matter arising
    out of or in connection with this Agreement shall be the Tel-Aviv Regional Labor Court. 
	 	 	 
	 	19.4.	The
    provisions of this Agreement are in lieu of the provisions of any collective bargaining agreement, and therefore, no collective bargaining
    agreement shall apply with respect to the relationship between the parties hereto (subject to the applicable provisions of law).
    

 

	 	19.5.	No
    failure, delay or forbearance of either party in exercising any power or right hereunder shall in any way restrict or diminish such
    party’s rights and powers under this Agreement, or operate as a waiver of any breach or nonperformance by either party of any
    terms or conditions hereof. 
	 	 	 
	 	19.6.	In
    the event it shall be determined under any applicable law that a certain provision set forth in this Agreement is invalid or unenforceable,
    such determination shall not affect the remaining provisions of this Agreement unless the business purpose of this Agreement is substantially
    frustrated thereby. 
	 	 	 
	 	19.7.	This
    Agreement constitutes the entire understanding and agreement between the parties hereto, supersedes any and all prior discussions,
    agreements and correspondence with regard to the subject matter hereof, and may not be amended, modified or supplemented in any respect,
    except by a subsequent writing executed by both parties hereto. 
	 	19.8.	The
    Employee acknowledges and confirms that all terms of the Employee’s employment are personal and confidential, and undertake
    to keep such terms in confidence and refrain from disclosing such terms to any third party. 

 

    	 

    	 

    

 

IN
WITNESS WHEREOF the parties have signed this Agreement as of the date first hereinabove set forth.

 

	 	 	 	 
	Orgenesis
    Ltd	 	Efrat
    Assa Kunik	 
	 	 	 	 	 
	By:	Vered
    Caplan	 	 	 
	Title:	CEO
    Orgenesis Inc.	 	 	 
	 	 	 	 	 
	 	 	 	 
	Orgenesis
    Ltd	 	 	 
	 	 	 	 	 
	By:	Evan
    Fishman	 	 	 
	Title:	CFO	 	 	 

 

    	 

    	 

    

 

Exhibit
A 

 

	Employee
    Name	Efrat
    Assa Kunik
	Address	Harimon
    St 36 Ge’alya, Israel
	Position
    	Chief
    Development Officer and General Manger Orgenesis LTD.
	Under
    the Direction of	CEO
    Orgenesis Inc.
	Commencement
    Date	16/12/2021
	Notice
    Period	60
    days.
	Salary	NIS
    45,000 gross.
	Annual
    Vacation 	24
    days.
	Travel
    Expenses	According
    to applicable law.

 

    	 

    	 

    

 

Exhibit
B

 

Statement
of Undertaking –Confidentiality, Non-Compete and Intellectual Property

 

Efrat
Assa Kunik (the “Employee”) warrants and undertakes that for as long as he is employed by Orgenesis Ltd. (the: “Company”),
and upon termination of employment thereafter, for any reason, he shall maintain in complete confidence any matters that relate to the
Company and its present and future parent companies, subsidiaries and affiliates and successors, (all of the aforementioned entities
shall be referred to collectively as the “Company Group”), their affairs and/or business, pursuant to this Agreement,
and since the Employee has and will have access to the Company Group’s intellectual property he hereby declares and undertakes
as follows:

 

	 	1.	Confidentiality

 

	 	1.1.	The
    Employee undertakes to maintain the confidentiality of the Confidential Information (as defined below), during the term of his employment
    with the Company and after the termination of such employment, for any reason.
	 	 	 
	 	1.2.	Without
    derogating from the generality of the foregoing, the Employee hereby agrees that he shall not, directly or indirectly, disclose or
    transfer to any person or entity, at any time, either during or subsequent to the employment period, any trade secrets or other confidential
    information, whether patentable or not, of the Company Group, including but not limited to, all the Company Group’s trade secrets,
    property, business, any information directly or indirectly related to research and development connected with present or future products,
    inventions, hardware, software, production processes, discoveries, improvements, developments, innovations, designs, drawings, sketches,
    design, calculations, diagrams, formulas, computer files, computer programs, data, planning processes, list of clients, list of suppliers,
    costing, prices, terms of payment, plans, business secrets, business plans, plans for research, development, new products, marketing
    and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers, information
    regarding the skills and compensation of other employees of the Company Group, names of clients, sales, and any other information
    related to the business of the Company Group and/or their clients, including clients with whom the Company Group is negotiating and
    including affiliates and/or subsidiaries, present and future, all the foregoing whether or not such information is protectable as
    a patent or any other proprietary right and any other information purchased or received directly or indirectly in connection with
    Company Group, their affairs and/or business (collectively, “Confidential Information”), of which the Employee
    is or becomes informed or aware during the employment period, whether or not developed by the Employee. Confidential Information
    may be in any form including oral, writing, stored in a computer file and/or in any other digital or other existing and/or future
    media.

 

    	 

    	 

    

 

	 	 	Notwithstanding
    the above, Confidential Information shall not include any information which: (i) was publicly known and made generally available
    in the public domain prior to the time of disclosure to the Employee; (ii) becomes publicly known and made generally available after
    disclosure by the Company through no action or inaction of the Employee; (iii) is required by law to be disclosed by the Employee,
    provided that the Employee gives the Company a prompt written notice of such requirement prior to such disclosure and assistance
    in obtaining an order protecting the information from public disclosure.
	 	 	 
	 	1.3.	The
    Employee undertakes not to use the Confidential Information for any purpose whatsoever other than the performance of his services
    on behalf of the Company. Without limiting the scope of this duty, he shall only use the Confidential Information for the benefit
    of the Company Group, and only to the extent required for the performance of his duties and may not disclose the Confidential Information
    to any other third party who is not performing the service. 
	 	 	 
	 	1.4.	The
    Employee undertakes not to directly or indirectly give and/or transfer, sale, publish, distribution, for any purposes, to any third
    party, any information in any media, and not to photocopy and/or print and/or duplicate object containing any or all of the Confidential
    Information without the Company’s Group expressed prior written authorization.
	 	 	 
	 	1.5.	In
    the event the Employee is in breach of any of his above obligations, he shall be liable to compensate the Company in respect of all
    damages and/or expenses incurred by the Company as a result of such a breach, including trial costs and legal fees and statutory
    VAT, and such being without derogating from any other relief and/or remedy available to the Company by virtue of any law. 
	 	 	 
	 	1.6.	Third
    Party Information. The Employee understands that the Company Group has received and in the future will receive from third parties
    confidential or proprietary information (“Third Party Information”) subject to a duty on the Company Group’s
    part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of the
    Employee’s employment and thereafter, the Employee will hold Third Party Information in the strictest confidence and will not
    disclose Third Party Information to anyone (other than Company personnel who need to have such information in connection with their
    work for the Company) and will not use Third Party Information, except in connection with the Employee’s work for the Company,
    unless expressly authorized by an officer of the Company in writing,
	 	 	 
	 	1.7.	No
    Improper Use of information of Prior employers and Others. The Employee undertakes that during his employment with the Company
    he will not improperly use or disclose any confidential information or trade secrets of any former employer or any other person to
    whom the Employee has an obligation of confidentiality, and he will not bring onto the premises of the Company any unpublished documents
    or any property belonging to any former employer or any other person to whom the Employee has an obligation of confidentiality unless
    consented to in writing by that former employer or person.

 

    	 

    	 

    

 

	 	2.	Non-Competition/
    Non-Solicitation

 

	 	2.1.	In
    consideration of Employee’s terms of employment hereunder, which include special compensation for his undertakings under this
    Section 2.1 and the following Section 2.2, and in order to enable the Company to effectively protect its Confidential Information,
    Employee agrees and undertakes that he will not, so long as the Agreement is in effect and for a period of twelve (12) months following
    termination of the Agreement, for any reason whatsoever, directly or indirectly, in any capacity whatsoever, engage in, become financially
    interested in, be employed by, or have any connection with any business or venture that is engaged in any activities competing with
    the activities of the Company Group.
	 	 	 
	 	2.2.	Employee
    agrees and undertakes that during the employment relationship and for a period of twelve (12) months following termination of this
    engagement for whatever reason, Employee will not, directly or indirectly, including personally or in any business in which Employee
    may be an officer, director or shareholder, solicit for employment any person who is employed by the Company Group, or any person
    retained by the Company Group as a consultant, advisor or the like who is subject to an undertaking towards the Company Group to
    refrain from engagement in activities competing with the activities of the Company Group (for purposes hereof, a “Consultant”),
    or was retained as an employee or a Consultant during the six months preceding termination of Employee’s employment with the
    Company.

 

	 	3.	Intellectual
    Property, Copyright and Patents

 

	 	3.1.	The
    Employee hereby assigns to the Company, all of the Employee’s rights, title and interest in and to all inventions, trade secrets,
    professional secrets, innovations, copyrightable works, Confidential Information, discoveries, processes, designs, works of authorship,
    and other intellectual property and all improvements on existing inventions, discoveries, processes, designs, works and other intellectual
    property made or discovered by the Employee or any person subordinate to him during the term of employment or as a result of such
    employment with the Company, for no additional consideration provided that he shall not be required to bear any expenses as a result
    of such assignment. The Company and its successors shall be entitled to protect any invention and/or patent and/or trade secret and/or
    professional secret and/or innovation as aforesaid by way of registration and/or in any other manner, in Israel or anywhere else
    in the world.
	 	 	 
	 	3.2.	The
    Employee declares that his salary shall constitute full consideration for the above assignment in accordance with Section 134 of
    the Patents Law – 1967 (hereinafter: the “Patents Law”) and he shall not be entitled to royalties and/or to any
    other payments or considerations beside his salary for or in respect with the service invention and/or in respect to the above assignment
    and/or to any intellectual property outcome of his employment and/or in respect to the commercial use of the service invention and/or
    the products of his services to the Company.

 

    	 

    	 

    

 

	 	3.3.	The
    Employee undertakes that upon the demand of the Company, including after the termination of his employment for any reason, he shall
    sign, execute and deliver to the Company such documents as the Company may request to confirm the assignment of the Employee’s
    rights herein, and if requested by the Company, shall assist the Company, and shall execute any necessary documents, at the Company’s
    expense, in applying for and prosecuting any patents, trademarks, trade secrets or copyright registration which may be available
    in respect thereof in accordance with the laws of the State of Israel or any other foreign country. 
	 	 	 
	 	3.4.	In
    the event the Company is unable for any reason, after reasonable effort, to secure the Employee’s signature on any document
    needed in connection with the actions specified in the preceding paragraph, the Employee hereby irrevocably designates and appoints
    the Company and its duly authorized officers and agents as his agent and attorney in fact, which appointment is coupled with an interest,
    to act for and in the Employee’s behalf to execute, verify and file any such documents and to do all other lawfully permitted
    acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by the Employee. 
	 	 	 
	 	3.5.	The
    Employee undertakes to deliver to the Company, written notice of any invention and/or patent and/or commercial secret and/or innovation
    invented by him and/or employees of the Company and/or its successors who are subordinate to him, immediately upon the discovery
    thereof.
	 	 	 
	 	3.6.	The
    Employee’s obligations pursuant to this Section 3 shall survive the termination of his employment with the Company and/or its
    successors and assigns with respect to inventions conceived by him during the term of his employment or as a result of his employment
    with the Company.

 

	 	4.	Reasonableness
    of Protective Covenants- Insofar as the protective covenants set forth in this Agreement are concerned, Employee specifically
    acknowledges, stipulates and agrees as follows: (i) the protective covenants are reasonable and necessary to protect the goodwill,
    property and Confidential Information of the Company Group, and the operations and business of the Company Group; and (ii) the time
    duration of the protective covenants is reasonable and necessary to protect the goodwill and the operations and business of Company
    Group, and does not impose a greater restrain than is necessary to protect the goodwill or other business interests of the Company
    Group. Nevertheless, if any of the restrictions set forth in this Agreement is found by a court having jurisdiction to be unreasonable
    or overly-broad as to geographic area, scope or time or to be otherwise unenforceable, the parties hereto intend for the restrictions
    set forth in this Agreement to be reformed, modified and redefined by such court so as to be reasonable and enforceable and, as so
    modified by such court, to be fully enforced.
	 	 	 
	 	5.	General
    

 

	 	5.1.	Successors
    and Assigns. This Agreement will be binding upon the Employee’s heirs, executors, administrators and other legal representatives
    and will be for the benefit of the Company Group, its successors, and its assigns.

 

    	 

    	 

    

 

	 	5.2.	Waiver.
    No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by
    the Company of any right under this Agreement shall be construed as a waiver of any other right. The Company shall not be required
    to give notice to enforce strict adherence to all terms of this Agreement.
	 	 	 
	 	5.3.	Assignment.
    This Agreement may be assigned by the Company. The Employee may not assign or delegate his duties under this Agreement without the
    Company’s prior written approval. 
	 	 	 
	 	5.4.	Injunction.
    The Employee agrees that it would be difficult to measure damage to the Company Group from any breach of his undertakings set forth
    in Sections 1-3 above, and that injury to the Company from any such breach would be impossible to calculate, and that money damages
    would therefore be an inadequate remedy for any such breach. Accordingly, the Employee agrees that if he breaches any provision of
    Sections 1-3 hereof, the Company Group will be entitled, in addition to all other remedies it may have, to an injunction or other
    appropriate orders to restrain any such breach by the Employee without showing or proving any actual damage sustained by the Company
    Group.
	 	 	 
	 	5.5.	Governing
    Law. This Agreement shall be governed by, and construed in accordance with the laws of the State of Israel, without giving effect
    to the rules respecting conflict-of-law.

 

	Efrat
    Assa Kunik	 
	Name 	 
	 	 
	 	 
	Signature	 
	 	 
	 	 
	Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]