Document:

EX-10.25

  Exhibit 10.25

   

  SECOND AMENDMENT TO LEASE

  (Innovation Park)

   

  THIS SECOND AMENDMENT TO LEASE (“Second Amendment”) is made and entered into as of the 17th day of November, 2021, by and between IQHQ‐4 CORPORATE, LLC, a Delaware limited liability company (“Landlord”) and ONCORUS, INC., a Delaware corporation (“Tenant”).

  R E C I T A L S:

  A.	Landlord and Tenant entered into that certain Lease Agreement entered into as of December 29, 2020 (the “Original Lease”), as amended by that certain First Amendment to Lease dated as of July 7, 2021 and that certain Amended and Restated First Amendment to Lease dated October 25, 2021 (as so amended, the “Lease”), whereby certain premises (the “Existing Premises”) containing 88,184 rentable square feet containing the entirety of Pod 4 and Pod 5 in the South Building (such building includes Pods 2, 3, 4 and 5) (“Building”) of the project (“Project”) now known as Innovation Park @ 4 Corporate Drive whose address is 4 Corporate Drive, Andover, Massachusetts, all as more particularly described in the Lease.

  B.	Tenant desires to lease additional premises consisting of approximately 17,150 rentable square feet and being the entirety of Pod 3 (the “Pod 3 Portion”) of the Building (the “Expansion Premises”) as depicted on Exhibit A attached hereto and incorporated herein and Landlord is willing to lease the Expansion Premises to Tenant on the terms and conditions hereinafter set forth.

  C.	Landlord and Tenant wish to amend the Lease to (i) provide for the leasing of the Expansion Premises to Tenant pursuant to the terms and conditions of the Lease, as amended by this Second Amendment; and (ii) amend certain other terms of the Lease as more particularly set forth herein.

  NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

  A G R E E M E N T:

  1.Capitalized Terms.  Each capitalized term used but not otherwise defined herein shall have the meaning ascribed thereto in the Lease.

  2.Confirmation of Lease Term Dates.  Landlord and Tenant hereby acknowledge and agree that (i) the Delivery Date with respect to the entire Premises is January 1, 2021; (ii) the Pod 4 Portion Commencement Date is October 1, 2021; (ii) the Pod 5 Portion Commencement Date is January 1, 2022; (iii) the Expiration Date is December 31, 2036; and (iv) the first Lease Year for the Existing Premises commenced on October 1, 2021 and expires on December 31, 2022.   

  3.Lease of Expansion Premises. 

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  (a)	Landlord hereby demises and leases to Tenant and Tenant hereby leases from Landlord, the Expansion Premises commencing on January 1, 2022 (the “Expansion Premises Commencement Date”), and expiring coterminous with the Lease Term for the Existing Premises (i.e. December, 31, 2036), as the same may be extended or earlier terminated in accordance with the terms of the Lease.

  (b)	Tenant’s lease of the Expansion Premises shall be on all of the same terms and conditions of the Lease, except as expressly modified or amended by the terms of this Second Amendment.  The Expansion Premises are being leased by Tenant in its AS-IS condition as of the Expansion Premises Commencement Date, WITHOUT REPRESENTATION OR WARRANTY by Landlord, and Tenant understands and agrees that, except as otherwise expressly set forth on Exhibit “B” attached hereto (the “Work Letter”), Landlord shall not be required to perform or pay for any work, supply any materials, incur any expense or to pay or provide any allowance or contribution in connection with preparing the Expansion Premises for Tenant’s occupancy, including, without limitation the allowances or contributions that Landlord previously paid to Tenant under the Lease with respect to the Existing Premises.  

  (c)	From and after the Expansion Premises Commencement Date, the Expansion Premises shall constitute a part of the “Premises” demised to Tenant under the Lease, and the Premises will thereafter include both the Existing Premises and the Expansion Premises, and contain 105,334 rentable square feet. Promptly following execution of this Second Amendment, Landlord and Tenant agree to execute a written notice of Term Dates and Tenant’s Proportionate Share in substantially the form attached as Exhibit “C” to the Original Lease (“the Commencement Letter”) to confirm, among other details with respect to the Expansion Premises, the Expansion Premises Commencement Date.  If Tenant shall fail to execute such Commencement Letter within five (5) business days of receipt thereof, the Expansion Premises Commencement Date shall be as specified by Landlord in such Commencement Letter.

  (d)	Beginning upon execution and delivery of this Second Amendment by Tenant and Landlord until the Expansion Premises Commencement Date (the “Early Access Period”), Tenant will have the right to access the Expansion Premises in order to design and construct the Expansion Premises Improvements (as defined in the Work Letter attached hereto as Exhibit “B”). Such early access shall be subject to all the provisions of the Lease (with specific reference to Tenant's insurance and indemnity obligations thereunder and Tenant's obligation to pay separately for electricity service to the Expansion Premises, except that Tenant's obligation to pay monthly Basic Rental and any Direct Costs for the Expansion Premises shall not apply during the Early Access Period.  Tenant shall perform the Expansion Premises Improvements to the Expansion Premises in accordance with the terms and conditions of Exhibit “B” attached hereto and the provisions of the Lease applicable to alterations. Exhibit “D” to the Original Lease shall not be applicable to the Expansion Premises or the Expansion Premises Improvements. 

  4.Basic Rental for the Expansion Premises.  Commencing on the earlier date to occur of (i) July 1, 2022 or (ii) the date Tenant commences business from all or any portion of the Expansion Premises (the “Expansion Premises Rent Commencement Date”) and thereafter during the remainder of the Term, Tenant shall pay Basic Rental for the Expansion Premises in the manner and at the times set forth in the Lease in the amounts set forth below:

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	TIME PERIOD
	RATE PRSF
	ANNUAL BASIC RENTAL
	MONTHLY BASIC RENTAL

	First (1st) EP Rent Year*
	$43.50
	$746,025.00
	$62,168.75

	Second (2nd) EP Rent Year
	$44.81
	$768,405.75
	$64,033.81

	Third (3rd) EP Rent Year 
	$46.15
	$791,457.92
	$65,954.83

	Fourth (4th) EP Rent Year 
	$47.53
	$815,201.66
	$67,933.47

	Fifth (5th) EP Rent Year
	$48.96
	$839,657.71
	$69,971.48

	Sixth (6th) EP Rent Year
	$50.43
	$864,847.44
	$72,070.62

	Seventh (7th) EP Rent Year
	$51.94
	$890,792.86
	$74,232.74

	Eighth (8th) EP Rent Year
	$53.50
	$917,516.65
	$76,459.72

	Ninth (9th) EP Rent Year
	$55.10
	$945,042.15
	$78,753.51

	Tenth (10th) EP Rent Year
	$56.76
	$973,393.41
	$81,116.12

	Eleventh (11th) EP Rent Year
	$58.46
	$1,002,595.22
	$83,549.60

	Twelfth (12th) EP Rent Year
	$60.21
	$1,032,673.07
	$86,056.09

	Thirteenth (13th) EP Rent Year
	$62.02
	$1,063,653.27
	$88,637.77

	Fourteenth (14th) EP Rent Year
	$63.88
	$1,095,562.86
	$91,296.91

   

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	From the commencement of the Fifteenth (15th) EP Rent Year through December 31, 2036
	$65.80
	N/A
	$94,035.81

   *As used in this Second Amendment, the term “EP Rent Year” means any twelve (12) month period during the Term for the Expansion Premises commencing as of the Expansion Premises Rent Commencement Date, or as of any anniversary of the Expansion Premises Rent Commencement Date, except that if the Expansion Premises Rent Commencement Date does not occur on the first day of a calendar month, then (i) the first (1st) EP Rent Year shall further include the partial calendar month in which the first (1st) anniversary of the Expansion Premises Rent Commencement Date occurs, and (ii) the remaining EP Rent Years shall be the successive twelve (12) month periods following the end of such first EP Rent Year.

  The first (1st) full month’s Basic Rental of $62,168.75 for the Expansion Premises shall be due and payable by Tenant to Landlord upon Tenant’s execution of this Second Amendment

  5.Additional Rent for the Expansion Premises. 

  (a)	Tenant shall continue to pay during the Term, as Additional Rent, Tenant’s Proportionate Share of Direct Costs for the Premises in accordance with the terms and condition of the Lease, except that, commencing on the Expansion Premises Rent Commencement Date and thereafter during the Term, Tenant’s Proportionate Share shall increase to 49.70%.

  	(b)	The electricity for the Expansion Premises is currently as of the date hereof separately submetered and Landlord shall reasonably cooperate with Tenant to separately meter, submeter or check meter the mechanical spaces within the Expansion Premises, and the Expansion Premises Collaboration Area, at Tenant's sole cost and expense, and Tenant shall make payment directly to the entity providing such electricity if the same is separately metered or Tenant shall reimburse Landlord without mark- up as and when bills are rendered as Additional Rent for the cost of such electricity if the same is submetered or check metered at the rates charged for such service by the city in which the Project is located or the local public utility, as the case may be, furnishing the same.  Tenant shall be responsible, as part of the Expansion Premises Improvements, for causing the Expansion Premises and all equipment therein to be connected to any submeters or meters measuring utility usage for the Premises.  

  	(c)	Tenant shall continue to pay during the Term, as Additional Rent, Tenant’s proportionate share of Tank Costs, RODI System Costs, utility costs under Section 11(a)(ix) of the Lease and all other Additional Rent and other costs and expenses accruing under the Lease as and when due, except that from and after the Expansion Premises Rent Commencement Date, all such Additional Rent will be calculated based on the entire Premises (the Existing Premises and the Expansion Premises).  

  6.Letter of Credit.  The “Stated Amount” set forth in Article 4 of the Lease is hereby amended to be Three Million Four Hundred Thirty-Six Thousand Five Hundred Twenty-Two and 

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  No/100 Dollars ($3,436,522.00).  Promptly following Tenant’s execution and delivery of this Second Amendment, Tenant shall deliver a new Letter of Credit or an amendment to the existing Letter of Credit to increase the face amount of the Letter of Credit being held by Landlord to the Stated Amount set forth in this Section 6.  The last paragraph of Article 4 of the Lease is hereby deleted and replaced with the following:

  “As set forth above, the Stated Amount shall initially be Three Million Four Hundred Thirty-Six Thousand Five Hundred Twenty-Two and No/100 Dollars ($3,436,522.00) (calculated based on nine (9) months of Basic Rental payable by Tenant for the first year of the initial Term (if no abatement applied); provided, however, that, except as hereinafter provided, upon the third (3rd) anniversary of the Pod 5 Portion Commencement Date (the "Adjustment Date"), the Stated Amount shall be reduced to Two Million Two Hundred Ninety Thousand Twelve and No/100 Dollars ($2,291,012.00) (calculated based on six (6) months of Basic Rental payable by Tenant for the first year of the initial Term (if no abatement applied). However, if (i) an Event of Default by Tenant occurs under this Lease, or circumstances exist that would, with notice or lapse of time, or both, constitute an Event of Default by Tenant, and Tenant has failed to cure such default or circumstances within the time period permitted by Article 19 or such lesser time as may remain before the Adjustment Date as provided above, the Stated Amount shall not thereafter be reduced unless and until such default or circumstances shall have been fully cured pursuant to the terms of this Lease, at which time the Stated Amount may be reduced as hereinabove described. The reduction of the Stated Amount of the Letter of Credit shall be effectuated by Tenant replacing the Letter of Credit then being held by Landlord with a new Letter of Credit (meeting all of the requirements of this Article 4) in the Stated Amount then required to be maintained with Landlord pursuant to the foregoing provisions (or amending the then existing Letter of Credit to the Stated Amount then required to be maintained with Landlord pursuant to the foregoing provisions) on the Reduction Date, as applicable. In the event that Tenant provides a replacement Letter of Credit, Landlord shall return the original Letter of Credit to Tenant within ten (10) business days following Landlord's receipt of the replacement Letter of Credit (or, if requested by Tenant, arrange for a simultaneous swap of the original and replacement Letter of Credit in person at the management office located in the Project). To the extent Tenant desires to reduce the Letter of Credit as set forth above by means of an amendment to the then existing Letter of Credit, Landlord shall at no cost to Landlord provide reasonable cooperation with Tenant and sign such commercially reasonable certificates reasonably required by the issuer of the Letter of Credit and reasonably acceptable to Landlord and in connection therewith, Tenant shall pay as additional rent with ten (10) business days after demand, all of Landlord's out-of-pocket fees and expenses incurred in connection with the same.”

  7.Building/Laboratory Systems.  Effective as of the Expansion Premises Commencement Date, the Exhibit A-1 attached to the Lease shall be deemed replaced with the Exhibit A-1 attached to this Second Amendment.  

  8.Parking.  From and after the Expansion Premises Rent Commencement Date, the Tenant’s Proportionate Share of the unreserved parking passes for the Project will equate to one hundred twenty-five (125) parking passes.  

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  9.Extension Option.  Tenant shall continue to have the right to exercise the  extension options set forth in Article 31 of the Lease following expiration of the current Term (i.e., December 31, 2036) and such extension options shall be applicable to the Existing Premises and the Expansion Premises collectively and not to either such space individually.

  10.Right of First Offer.  Tenant shall continue to have the right of first offer set forth in Article 32 of the Lease except that from and after the Effective Date of this Second Amendment, Pod 3 shall no longer constitute First Offer Space.  .

  11.Brokers.  Each party represents and warrants to the other that no broker, agent or finder negotiated or was instrumental in negotiating or consummating this Second Amendment. Each party further agrees to defend, indemnify and hold harmless the other party from and against any claim for commission or finder’s fee by any entity who claims or alleges that they were retained or engaged by the first party or at the request of such party in connection with this Second Amendment.

  12.No Further Modification.  Except as set forth in this Second Amendment, all of the terms and provisions of the Lease shall remain unmodified and in full force and effect. Effective as of the date hereof, all references to the “Lease” shall refer to the Lease as amended by this Second Amendment.

  13.Counterparts/Electronic Signature.  This Second Amendment may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement. This Second Amendment may be executed by a party’s signature transmitted electronically (including by DocuSign), and copies of this Second Amendment executed and delivered by electronic means shall have the same force and effect as copies hereof executed and delivered with original wet signatures. All parties hereto may rely upon electronic signatures as if such signatures were original wet signatures. Any party executing and delivering this Second Amendment by electronic means shall, if requested by the other party, promptly thereafter deliver a counterpart signature page of this Second Amendment containing said party’s original signature; provided, however, any failure to do so shall not affect the enforceability of this Second Amendment. All parties hereto agree that a signature page executed and delivered by electronic means may be introduced into evidence in any proceeding arising out of or related to this Second Amendment as if it were an original wet signature page.

  [Signatures on following page]

   

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  IN WITNESS WHEREOF, this Second Amendment has been executed as of the day and year first above written.

  “LANDLORD”	IQHQ‐4 CORPORATE LLC,

  	a Delaware limited liability company

   

   

  	By: /s/ Tracy Murphy	

   

  	Print Name: Tracy Murphy	

   

  	Title: President	

   

   

  “TENANT”	ONCORUS, INC.,

  	a Delaware corporation

   

   

  	By: /s/ Steve Harbin	

   

  	Print Name: Steve Harbin	

   

  	Title: Chief Operating Officer	

   

   

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  EXHIBIT “A”

   

  EXPANSION PREMISES FLOOR PLAN

   

  [SEE ATTACHED]

   

   

   

  A-1

   

  

   

   

   

  A-2

   

  

  EXHIBIT "A-1"

  BUILDING/LABORATORY SYSTEMS MAINTAINED BY LANDLORD 

   

  Description

   

  1.Central vacuum system

  2.Central di-ionized/Reverse Osmosis water system

  3.High pressure steam system

  4.Process cooling water system

  5.Base building security and card access system

  6.Central Uninterruptible Power System (UPS) in Pods 3, 4 and 5

  7.Emergency electrical power distribution system

  8.pH neutralization system (subject to use and permit by the Greater Lawrence Sanitary District)

  9.Hot and cold potable and non-potable water systems

  10.Compressed air distribution

  11.Elevators

  12.Air handlers #2 and #6 and applicable Exhaust fans

  A-3

   

  

  EXHIBIT “B”

   

  EXPANSION PREMISES WORK LETTER

   

  ONCORUS, INC.

   

  This Tenant Work Letter shall set forth the terms and conditions relating to the renovation of the tenant improvements in the Expansion Premises.

  SECTION 1 INTENTIONALLY OMITTED

   

  SECTION 2 EXPANSION PREMISES IMPROVEMENTS

   

  1.1Expansion Premises Improvement Allowance. Tenant shall be entitled to a one-time improvement allowance (the "Expansion Premises Improvement Allowance") in the amount of $1,715,000.00 (based on $100.00 per rentable square foot of the Expansion Premises) for the costs relating to the initial design and construction of Tenant's improvements which are permanently affixed to the Expansion Premises or exclusively serving the Expansion Premises (the "Expansion Premises Improvements") and for the other EP Improvement Allowance Items described in Section 2.2 below. In addition to the Expansion Premises Improvement Allowance, Tenant shall be entitled to elect to have Landlord disburse a one-time additional supplemental allowance (the "EP Supplemental Allowance") in the amount of $428,750.00 for the costs of performing permanent improvements to the Expansion Premises.  Further, in no event shall Tenant be entitled to any credit for any portion of the Expansion Premises Improvement Allowance and/or the EP Supplemental Allowance not used or requested by Tenant by the date that is eighteen (18) months after the Expansion Premises Commencement Date.

  	Tenant shall notify Landlord in writing by not later than January 1, 2023 whether Tenant elects to receive the EP Supplemental Allowance.  If Tenant timely elects to receive the EP Supplemental Allowance, then commencing as of Expansion Premises Rent Commencement Date, and continuing on the first day of each month thereafter throughout the initial Term of the Lease, Tenant shall pay to Landlord, as Additional Rent, Construction Rent, as hereinafter defined.  “Construction Rent” shall be the aggregate amount equal to the payments of principal and interest which would be necessary to repay a loan in the amount of the EP Supplemental Allowance, together with interest at the rate of eight (8%) percent per annum, on a level direct reduction basis over the period commencing as of the Expansion Premises Rent Commencement Date and ending as of the expiration of the initial Term of the Lease.  	Monthly payments of Construction Rent shall be payable at the same time and in the same manner as Basic Rental is payable under the Lease.  Construction Rent shall not be abated or reduced for any reason whatsoever (including, without limitation, untenantability of the Premises or termination of the Lease).  Without limiting the foregoing, the rent abatement provisions of Articles 11, 15 and 18 of the Lease shall not apply to Construction Rent.  Since the payment of Construction Rent represents a 

  B-1

   

  

  reimbursement to Landlord of costs which Landlord will incur in connection with the performance of the Expansion Premises Improvements, if there is any monetary or material, non-monetary default of any of Tenant’s obligations under the Lease (including, without limitation, its obligation to pay Construction Rent), or if the Term of this Lease is terminated for any reason whatsoever prior to the expiration of the Term of the Lease, Tenant shall pay to Landlord, immediately upon demand, the unamortized balance of the EP Supplemental Allowance.  Tenant’s obligation to pay the unamortized balance of the EP Supplemental Allowance shall be in addition to all other rights and remedies which Landlord has based upon any default of Tenant under the Lease, and Tenant shall not be entitled to any credit or reduction in such payment based upon amounts collected by Landlord from reletting the Premises after the default of Tenant.

   

  1.2Disbursement of the Expansion Premises Improvement Allowance. Except as otherwise set forth in this Work Letter, the Expansion Premises Improvement Allowance and EP Supplemental Allowance, as the case may be, shall be disbursed by Landlord (each of which disbursements shall be made pursuant to Landlord's disbursement process provided below) to Tenant (or at Landlord's election, to Contractor) with respect to the Expansion Premises Improvements for the actual costs related to the design and construction of the Expansion Premises Improvements and for the following items and costs associated with each respectively (collectively, the "EP Improvement Allowance Items"): (i) payment of the fees of the "Architect" and the "Engineers," as those terms are defined in Section 3.1 of this Work Letter in connection with design of the Expansion Premises Improvements, and, subject to the terms and conditions of Section 4.3 below, payment of the actual, out-of-pocket fees incurred by, and the actual, out-of-pocket cost of documents and materials supplied by, Landlord and Landlord's consultants in connection with the preparation and review of the "Construction Drawings," as that term is defined in Section 3.1 of this Work Letter; (ii) the cost of permits, inspections, and construction supervision fees; (iii) the cost of any changes in the Building required by the Construction Drawings; (iv) the cost of any changes to the Construction Drawings or Expansion Premises Improvements required by applicable building codes (the "Code"); (v) the cost of cabling (it being agreed that Tenant may apply for reimbursement of telecommunications/data wiring with respect to the Expansion Premises Improvement Allowance only but not form the EP Supplemental Allowance); (vi) the "Landlord EP Coordination Fee", as that term is defined in Section 4.3 of this Work Letter; and (vii) all actual out-of-pocket expenses incurred by Landlord as a direct result of Tenant's performance of the Expansion Premises Improvements subject to the terms and conditions of Section 4.3 below. However, in no event shall more than $257,250.00 (calculated as fifteen percent (15%) of the Improvement Allowance) or more than $64,312.50 of the EP Supplemental Allowance (calculated as fifteen percent (15%) of the Base Building Allowance) be used for the items described in (i) and (ii) above; any additional amount incurred as a result of (i) and (ii) above shall be paid by Tenant. In no event shall the  Expansion Premises Improvement Allowance and EP Supplemental Allowance be used for any relocation costs, furniture, fixtures and equipment or holdover rent. During the construction of the Expansion Premises Improvements, 

  B-2

   

  

  Landlord shall make monthly disbursements of the Expansion Premises Improvement Allowance and/or the EP Supplemental Allowance (as the case may be) for EP Improvement Allowance Items for the benefit of Tenant and shall authorize the release of monies for the benefit of Tenant in the case of the Expansion Premises Improvement Allowance and the EP Supplemental Allowance, as follows (it being agreed that the following provisions shall apply separately but in the same manner as it relates to the disbursement of the Expansion Premises Improvement Allowance and EP Supplemental Allowance, as applicable and otherwise mutatis mutandis):

   

  1.2.1Monthly Disbursements/Deductions. The Expansion Premises Improvement Allowance and EP Supplemental Allowance, as the case may be, will be available for monthly disbursements from and after the Expansion Premises Commencement Date subject to the requirements set forth in this Work Letter.  Not more than once per calendar month, Tenant shall deliver to Landlord: (i) a request for payment of the "Contractor," as that term is defined in Section 4.1 of this Work Letter, approved by Tenant, in a commercially reasonable form to be provided by Landlord, showing the schedule, by trade, of percentage of completion of the Expansion Premises Improvements in the Expansion Premises, reasonably detailing the portion of the work completed and the portion not completed; (ii) invoices from "Tenant's Agents," as that term is defined in Section 4.2 of this Work Letter, for labor rendered and materials delivered to the Expansion Premises for which Tenant is requesting disbursement from the Expansion Premises Improvement Allowance; executed conditional mechanic's lien releases in statutory form from the Tenant's Agents who performed work or provided services for which Tenant is requesting disbursement, such lien releases to comply with the appropriate provisions, as reasonably determined by Landlord, of any requirements under applicable laws; and (iv) all other information reasonably requested by Landlord. Thereafter, Landlord shall deliver a check to Tenant within thirty (30) days of receipt of Tenant's requisition request in payment of the lesser of: (A) the amounts so requested by Tenant, as set forth in this Section 2.2.1, above, less a five percent (5%) retention (the aggregate amount of such retentions to be known as the "Final EP Retention"), and (B) the balance of any remaining available portion of the Expansion Premises Improvement Allowance (not including the Final EP Retention).

   

  Landlord shall have the option to inspect and approve the applicable Expansion Premises Improvements for compliance with the "Approved Working Drawings," as that term is defined in Section 3.5 below, and verify the invoices and waivers; provided, however, such review, approval and verification shall not extend the thirty (30) day period within which Landlord shall make payment to Tenant for the amount set forth in the requisition request, except as expressly provided below. If Landlord reasonably disputes all or a portion of the amount of the requisition request, then Landlord shall inform Tenant of the same by written notice explaining Landlord's reasons, in reasonable detail, why some or all of the amounts described in Tenant's requisition request are not due and payable by Landlord ("EP Refusal Notice") and Landlord (and, at Landlord's election, Landlord's architect and/or engineer for the 

  B-3

   

  

  Project) shall meet to discuss the matter with Tenant (and, at Tenant's election, member of its design and construction team) (which meeting may be held via audio and/or video conferencing call (e.g. Zoom) or a similar medium) as soon as reasonably possible but in no event more than five (5) business days after the date Landlord provides Tenant with its EP Refusal Notice. If Landlord reasonably disputes only a portion of the amount requested in the requisition, Landlord shall timely pay Tenant the undisputed amount. The parties agree to work together in good faith to resolve any dispute with diligence; provided, however, each party shall retain its right to elect to have such dispute resolved by binding arbitration pursuant to Section 2.2.5 below. If the dispute is resolved outside of arbitration, and Landlord and Tenant agree that Landlord must pay Tenant for all or a portion of the disputed portion previously withheld, such payment shall be made within ten (10) days of resolution of the dispute, including interest at the Interest Rate.  Landlord's payment of such amounts shall not be deemed Landlord's approval or acceptance of the work furnished or materials supplied as set forth in Tenant's payment request.

  1.2.2Final Retention. Subject to the provisions of this Work Letter, a check for the Final EP Retention payable to Tenant shall be delivered by Landlord to Tenant following the completion of the Expansion Premises Improvements in the Expansion Premises, and within thirty (30) days after satisfaction of the following: (i) Tenant delivers to Landlord properly executed unconditional mechanics lien releases in compliance with any requirements of applicable laws, (ii) Landlord has determined that no substandard work exists which materially and adversely affects the mechanical, electrical, plumbing, heating, ventilating and air conditioning, life-safety or other systems of the Project, the curtain wall of the Project, the structure or exterior appearance of the Project, which determination by Landlord shall occur as soon as reasonably practical but not later than ninety (90) days after notice from Tenant that the Expansion Premises Improvements are substantially completed (which shall include Architect's certification as required in clause (iii) below), and (iii) Architect delivers to Landlord a certificate, in a form reasonably acceptable to Landlord, certifying that the construction of the Expansion Premises Improvements in the Expansion Premises has been substantially completed and a certificate of occupancy (or its equivalent) shall have been issued by the appropriate governmental authorities for the Expansion Premises.

   

  1.2.3Pro Rata Disbursements. Notwithstanding anything to the contrary in Section 2.2 above, Landlord shall only be required to make progress and final retention payment disbursements of the Expansion Premises Improvement Allowance to Tenant (or, at Tenant's election, Contractor) equal to Landlord's pro rata share (based on the proportion of the Expansion Premises Improvement Allowance to the final EP Cost Proposal (as defined in Section 3.4 below) as applied to such particular progress payment, less the Final EP Retention (i.e., 5% of Landlord's pro rata share) or such final retention payment, only after Tenant has paid to Contractor Tenant's pro rata share (based on the remaining proportion of the final EP Cost Proposal) as applied to such particular progress payment, less the Final EP Retention or such final retention payment, and such payment by Tenant shall be a condition to 

  B-4

   

  

  Landlord's obligation to disburse Landlord's corresponding pro rata portion of the Expansion Premises Improvement Allowance (as applied to such particular progress or final retention payment). In the event the actual costs for the Expansion Premises Improvements differ from those set forth in the final EP Cost Proposal, then the amount to be paid by Landlord shall be reconciled no later than the last progress payment such that Tenant receives the full benefit of the Expansion Premises Improvement Allowance. For purposes of clarity, there shall be no pro rata disbursement with respect to the EP Supplemental Allowance.

   

  1.2.4Other Terms. The Expansion Premises Improvements shall be deemed Landlord's property, with Landlord's right to claim the depreciation of the same, to the extent the Expansion Premises Improvement Allowance and EP Supplemental Allowance are utilized in connection with the Expansion Premises Improvements and the remaining portion of the Expansion Premises Improvements shall be deemed Tenant's property until the date immediately after the expiration or earlier termination of the Lease, with Tenant's right to claim the depreciation of same, to the extent Tenant pays the cost for completing the Expansion Premises Improvements in excess of the Expansion Premises Improvement Allowance and EP Supplemental Allowance.

   

  1.2.5Failure to Fund Allowances. If Landlord fails to timely fund any monthly payment or the Final EP Retention of the Expansion Premises Improvement Allowance and EP Supplemental Allowance within the time periods set forth above in this Section 2.2, then Tenant shall be entitled to deliver written notice ("EP Payment Notice") thereof to Landlord. If Landlord still fails to fulfill any such obligation within ten (10) business days after Landlord's receipt of the EP Payment Notice from Tenant and if Landlord failed to provide Tenant with an EP Refusal Notice explaining Landlord's reasons that the amounts described in Tenant's EP Payment Notice are not due and payable by Landlord within the thirty (30) day payment period set forth above in Section 2.2 above, then Tenant shall be entitled to fund such amount(s) itself and to offset such amount(s), together with interest at the Interest Rate from the date such payment would have initially been required to be paid by Landlord hereunder (i.e., within the 30 day payment period set forth in Section 2.2) until the date of offset, against Tenant's first obligations to pay Monthly Basic Rental for the Expansion Premises only. However, (i) in no event shall such offset exceed fifty percent (50%) of the Monthly Basic Rental for the Expansion Premises next coming due under the Lease and (ii) Tenant shall not be entitled to any such offset if Tenant is in default under the Lease (after expiration of any applicable cure period) at the time that such offset would otherwise be applicable. If Landlord delivers an EP Refusal Notice, and if Landlord and Tenant are not able to agree on the amounts to be so paid by Landlord, if any, within ten (10) business days after Tenant's receipt of such EP Refusal Notice, Landlord or Tenant may elect to have such dispute resolved by binding arbitration before a retired judge of the Superior Court of the State of Massachusetts under the auspices of JAMS/ENDISPUTE (or any successor to such organization) in Essex County, Massachusetts, according to the then rules of 

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  commercial arbitration of such organization.  If Tenant prevails in any such arbitration, the parties shall mutually agree on one of the following methods of payment, (a) Landlord shall pay Tenant for the amount determined to be payable by Landlord in such proceeding together with the interest at the Interest Rate from the date such payment would have initially been require to be paid by Landlord hereunder to the date paid by Landlord or (b) Tenant may offset the amount determined to be payable by Landlord in such proceeding together with interest at the Interest Rate from the date such payment would have initially been required to be paid by Landlord hereunder to the date of offset against Tenant's  next obligations to pay Monthly Basic Rental for the Expansion Premise only (but (i) in no event shall such offset exceed fifty percent (50%) of the Monthly Basic Rental for the Expansion Premises next coming due and (ii) Tenant shall not be entitled to any such offset if Tenant is in default under the Lease (after expiration of any applicable cure period) at the time that such offset would otherwise be applicable.

   

  SECTION 3

  CONSTRUCTION DRAWINGS

   

  1.1Selection of Architect/Construction Drawings. Tenant shall retain an architect/space planner reasonably approved by Landlord (the "Architect") to prepare the "EP Construction Drawings," as that term is defined in this Section 3.1. Tenant shall also retain engineering consultants approved by Landlord (the "Engineers"), such approval not to be unreasonably withheld, conditioned, or delayed, to prepare all plans and engineering working drawings relating to the structural, mechanical, electrical, plumbing, HVAC and lifesafety work, as applicable, of the Expansion Premises Improvements. Landlord hereby approves DPS Group as Tenant's Architect and an Engineer. The plans, specifications and drawings to be prepared by Architect and the Engineers hereunder shall be known collectively as the "EP Construction Drawings." All EP Construction Drawings shall be subject to a drawing format and specifications reasonably acceptable to Landlord, and shall be subject to Landlord's review and approval, which approval shall not be unreasonably withheld, conditioned or delayed except in connection with a Design Problem (as defined in Section 3.3 below) (in which event Landlord may withhold its approval in its sole but good faith discretion). Tenant and Architect shall verify, in the field, the dimensions and conditions as shown on the relevant portions of the base building plans that are readily observable, and Tenant and Architect shall be solely responsible for the same, and Landlord shall have no responsibility in connection therewith. Landlord's review of the EP Construction Drawings as set forth in this  Section 3, shall be for its sole purpose and shall not imply Landlord's review of the same, or obligate Landlord to review the same, for quality, design, Code compliance or other like matters. Accordingly, notwithstanding that any EP Construction Drawings are reviewed by Landlord or its space planner, architect, engineers and consultants, and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord or Landlord's space planner, architect, engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and shall not be responsible 

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  for any omissions or errors contained in the EP Construction Drawings.

   

  1.2Intentionally Omitted.

   

  1.3Final Working Drawings. Tenant shall cause the Architect and the Engineers to complete the architectural and engineering drawings for the Expansion Premises Improvements, and the final architectural working drawings in a form which is complete to allow subcontractors to bid on the work and to obtain all applicable permits (collectively, the "Final EP Working Drawings") and shall submit the same to Landlord for Landlord's review and approval, which approval shall not be unreasonably withheld, conditioned or delayed except in connection with a Design Problem (in which event Landlord may withhold its approval in its sole but good faith discretion). As used herein a “Design Problem” is defined and will be deemed to exist if Landlord’s architect or engineer for the Project determines that there is a material likelihood that any portion of the Expansion Premises Improvements will (a) have a material and adverse effect on the exterior appearance of the Building, (b) materially and adversely affect the structural portions or ongoing Building systems or operations thereof, or (c) fail to comply in all material respects with all applicable laws, statutes, ordinances, governmental regulations and requirements.

   

  1.4Cost Proposal. After all approvals of the Approved EP Working Drawings required by the terms of this Work Letter have been obtained, Tenant will provide Landlord with a cost proposal in accordance with the Approved EP Working Drawings, which cost proposal shall include, as nearly as possible, the approximate cost of all EP Improvement Allowance Items as set forth in Section 2.2 above in connection with the design and construction of the Expansion Premises Improvements, and which shall detail the application of the Expansion Premises Improvement Allowance and show any overage in the estimated aggregate cost for the design and construction of the Improvements and other costs in excess of the Expansion Premises Improvement Allowance (the "EP Cost Proposal"). If the EP Cost Proposal is changed prior to or during construction of the Expansion Premises Improvements, Tenant shall provide Landlord an updated copy of the same.

   

  1.5Permits. The Final EP Working Drawings shall be approved by Landlord (the "Approved EP Working Drawings") prior to the commencement of the construction of the Expansion Premises Improvements. Tenant shall cause the Architect to promptly submit the Approved EP Working Drawings to the appropriate municipal authorities for all applicable building permits necessary to allow "Contractor," as that term is defined in Section 4.1, below, to commence and fully complete the construction of the Expansion Premises Improvements (the "Permits"). No material changes, modifications or alterations in the Approved EP Working Drawings may be made without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed except in connection with 

  B-7

   

  

  a Design Problem (in which event Landlord may withhold its consent in its sole but good faith discretion).

   

  1.6Review Process. As provided in Section 3.1 of this Work Letter, the EP Construction Drawings are subject to Landlord's review and approval, which approval shall not be unreasonably withheld, conditioned or delayed except in connection with a Design Problem. Landlord shall either approve or provide the Tenant with any reasonable comments or input to the EP Construction Drawings with reasonable specificity in writing within fourteen (14) business days after the Tenant or Tenant's Architect submits the EP Construction Drawings to Landlord. If Landlord does not respond within such fourteen (14) business day period, Tenant shall notify Landlord (the "Second Notice") in writing that the EP Construction Drawings shall be deemed approved five (5) business days after the Second Notice, if Landlord does not disapprove the same within such five (5) business day period. Landlord shall be deemed to have approved the EP Construction Drawings if Landlord does not disapprove of the same within such five (5) business day period. If Landlord provides any such comments within such ten (10) day or fourteen (14) business day period, as applicable, the parties shall work diligently to revise and agree upon the final approved EP Construction Drawings, subject to the process set forth below.

   

  If Landlord reasonably requires that any EP Construction Drawings submission from Tenant be modified in order to obtain Landlord's approval (which comments or reasons for disapproval must be made with reasonable specificity in writing), then Tenant shall resubmit revised EP Construction Drawings within fourteen (14) business days after the date Tenant receives any such notice of disapproval, to Landlord incorporating Landlord's reasonably requested changes and responding to any other issues or questions raised by Landlord in its prior submission. On each occasion, Landlord will provide to Tenant and Tenant's Architect copies of the marked up plans, drawings and documents to which it has an objection or requires a resubmission, which marked up plans shall indicate Landlord's objection in reasonable detail. Landlord shall either approve or provide the Tenant with any reasonable comments or input to the revised EP Construction Drawings with reasonable specificity in writing within five (5) business days after the Tenant or Tenant's Architect resubmits the same to Landlord. If Landlord does not respond within such five (5) business day period, Tenant shall notify Landlord (the "Second Resubmittal Notice") in writing that the EP Construction Drawings shall be deemed approved three (3) business days after the Second Resubmittal Notice, if Landlord does not disapprove the same within such three (3) business day period. Landlord shall be deemed to have approved the applicable resubmitted EP Construction Drawings if Landlord does not disapprove of the same within such three (3) business day period. Such submission and approval process shall continue until approval is granted as submitted (or deemed granted due to Landlord's failure to timely respond). If the parties are unable to agree on the Landlord's approval of the EP Construction Drawings, either party may elect to tender such dispute to be resolved through the Dispute Resolution Process (as hereinafter defined)

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  SECTION 4

  CONSTRUCTION OF THE EXPANSION PREMISES IMPROVEMENTS

   

  1.1Contractor. A general contractor shall be retained by the Tenant to construct the Expansion Premises Improvements. Such general contractor ("Contractor") shall be selected by the Tenant and approved by Landlord, such approval not to be unreasonably withheld, conditioned, or delayed; provided, however, Landlord hereby preapproves of Wise Construction as Contractor. Prior to Tenant's execution of the construction contract and general conditions with Contractor which shall also include a form contract for Tenant's Contractor (the "Contract"), Tenant shall submit the form Contract to Landlord for its approval with regard to proper insurance and licensing requirements and any other provisions which may materially adversely affect Landlord or Landlord's interest in the Project, and which approval shall not be unreasonably withheld or delayed by more than five (5) business days after Landlord's receipt of the Contract. Prior to the commencement of the construction of the Improvements, and after Tenant has accepted all bids for the Improvements, Tenant shall provide Landlord with a reasonably detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection with the design and construction of the Improvements to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount of the Contract (the "EP Final Costs"). Notwithstanding Section 2.2 above, if the EP Final Costs exceed the Expansion Premises Allowance, Tenant shall be responsible for the excess subject to Tenant’s right to request and receive disbursement of the EP Supplemental Allowance.

   

  1.2Tenant's Agents. All subcontractors, materialmen, and suppliers used by the Tenant (such subcontractors, materialmen, and suppliers, and the Contractor to be known collectively as "Tenant's Agents") must be approved in writing by Landlord, which approval shall not be unreasonably withheld, conditioned, or delayed. If Landlord does not approve any of the Tenant's proposed subcontractors, materialmen or suppliers, the Tenant shall submit other proposed subcontractors, materialmen or suppliers for Landlord's written approval. Notwithstanding the foregoing, the Tenant shall be required to utilize subcontractors designated by Landlord for any mechanical, electrical, plumbing, life-safety, sprinkler, structural and air-balancing work. Tenant's Contractor shall competitive bid all subcontractors, materialmen and suppliers and include at a minimum three (3) qualified subcontractors, materialmen and suppliers approved by Landlord, such approval not to be unreasonably withheld, conditioned, or delayed.

   

  1.3Construction of Expansion Premises Improvements by Contractor. The Tenant shall independently retain, in accordance with Section 4.1 above, Contractor to construct the Expansion Premises Improvements in substantial accordance with the Approved EP Working Drawings and in accordance with the EP Construction 

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  Schedule. Tenant, the Contractor and all of Tenant's Agents shall abide by Landlord's construction rules and regulations attached as Exhibit I to the Lease.  The Expansion Premises Improvement Allowance shall be charged a logistical coordination fee (the "Landlord EP Coordination Fee") to Landlord in an amount equal to 7% of the lesser of (i) the total estimated costs of the Expansion Premises Improvements as set forth in the approved EP Cost Proposal plus 7% of the estimated costs of any approved change orders or (ii) the total actual cost of the Expansion Premises Improvements plus 7% of the actual costs of any approved change orders; provided, however, the Landlord EP Coordination Fee shall not apply to the cost of any equipment considered capital expenditures under standard real estate accounting principles which exceeds One Hundred Thousand Dollars ($100,000.00).  Except for the Landlord EP Coordination Fee, neither Tenant nor the Expansion Premises Improvement Allowance shall be charged a fee for Landlord's supervision, overhead or inspection. Except for the Landlord EP Coordination Fee and Landlord's actual, out-of-pocket expenses incurred by Landlord as a direct result of Tenant's performance of the Expansion Premises Improvements, Tenant shall not be charged any fees or charges in connection with the Expansion Premises Improvements, or Tenant's initial moving into the Premises (or any portion thereof). Without limiting the foregoing, throughout the period of construction of the Expansion Premises Improvements, and Tenant's initial moving into the Premises Tenant (i) may use, at no cost to Tenant, the freight elevator (subject to scheduling), (ii) shall be entitled to access to the loading dock (subject to scheduling) at no cost, (iii) shall not be charged any security guard fees, Building engineer charges or tap-in charges, and (iv) shall not be charged any costs or expenses in connection with Landlord's review and approval of the Construction Drawings (other than as part of the Landlord Coordination Fee).

   

  1.4Indemnification & Insurance.

   

  1.4.1Indemnity. Tenant's indemnity of Landlord as set forth in Article 13 of the Lease shall also apply with respect to any and all costs, losses, damages, injuries and liabilities related in any way to any act, negligence, or willful misconduct of Tenant or Tenant's Agents in connection with the performance of the Expansion Premises Improvements.

   

  1.4.2Requirements of Tenant's Agents. Each of Tenant's Agents shall guarantee to Tenant and for the benefit of Landlord that the portion of the Expansion Premises Improvements for which it is responsible shall be free from any defects (except for those inherent in the quality of the Expansion Premises Improvements in the EP Construction Documents) in workmanship and materials for a period of not less than one (1) year from the date of substantial completion thereof. All such warranties or guarantees as to materials or workmanship of or with respect to the Improvements shall be contained in the contract with Tenant's Contractor and shall be written such that such guarantees or warranties shall inure to the benefit of both Landlord and Tenant, as their respective interests may appear, and, to the extent 

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  permitted by applicable law, can be directly enforced by either. Tenant covenants to give to Landlord any assignment or other assurances which may be necessary and commercially reasonable to effect such right of direct enforcement.

   

  1.4.3Insurance Requirements.

   

  1.4.3.1General Coverages. All of Tenant's Agents shall carry worker's compensation insurance covering all of their respective employees, and shall also carry public liability insurance, including property damage, all with limits, in form and with companies as are required to be carried by Tenant as set forth in Article 14 of the Lease.

   

  1.4.3.2Special Coverages. Tenant or the Contractor shall carry "Builder's All Risk" insurance in an amount approved by Landlord, such approval not to be unreasonably withheld, conditioned, or delayed, covering the construction of the Improvements, and such other insurance as Landlord requires as set forth in the construction rules and regulations attached to the Lease as Exhibit I.

   

  1.4.3.3General Terms. Certificates for all insurance carried pursuant to this Section 4.4.3 shall be delivered to Landlord before the commencement of construction of the Expansion Premises Improvements and before the Contractor's equipment is moved onto the site. In the event that the Expansion Premises Improvements are damaged by any cause during the course of the construction thereof, Tenant shall promptly repair the same at Tenant's sole cost and expense.

   

  1.4.4Governmental Compliance. The Expansion Premises Improvements shall comply in all respects with the following: (i) Laws, as they may apply according to the rulings of the controlling public official, agent or other person as of the date of installation; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code to the extent applicable to Innovation Park; and (iii) material and equipment manufacturer's specifications for the Project that are provided to Tenant prior to submission of the Final EP Working Drawings to Landlord and for materials and equipment to be installed as part of the Expansion Premises Improvements, and the Approved EP Working Drawings.

   

  1.4.5Inspection by Landlord. During construction of the Expansion Premises Improvements, Landlord shall have the right to inspect the Improvements at all times, provided however, that Landlord shall use commercially reasonable efforts to minimize interference to completion of the Improvements and Landlord's failure to inspect the Improvements shall in no event constitute a waiver of any of Landlord's rights hereunder nor shall Landlord's inspection of the Expansion Premises 

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  Improvements constitute Landlord's approval of the same. Should Landlord disapprove any portion of the Expansion Premises Improvements due to Tenant's failure to comply with the terms of this Work Letter, Landlord shall notify Tenant in writing of such disapproval and shall specify the items disapproved and the reasons for such disapproval. Any defects or deviations in, and/or disapproval by Landlord of, the Expansion Premises Improvements due to Tenant's failure to comply with the terms of this Work Letter shall be rectified by Tenant at no expense to Landlord, provided however, that in the event Landlord reasonably determines following consultation with the architect and/or engineer for the Project on the matter that such disapproval or a defect or deviation exists and such reason for disapproval, defect, or deviation is likely to adversely affect the mechanical, electrical, plumbing, heating, ventilating and air conditioning or life-safety systems of the Project, the structure or exterior appearance of the Project or any other tenant's use of such other tenant's leased premises, and if Tenant does not correct such defect or deviation promptly after notice from Landlord and a meeting between Landlord and Tenant and/or their respective architects or engineers (which meeting may be held via audio and/or video conferencing call (e.g. Zoom) or a similar medium), Landlord may take such action as Landlord deems necessary in its reasonable discretion following consultation with the architect or engineer of the Project on the matter, at Tenant's actual, reasonable expense and without incurring any liability on Landlord's part, to correct any such defect, deviation and/or disapproving matter, including, without limitation, causing the cessation of performance of the construction of the Improvements until such time as the defect, deviation and/or matter is corrected to Landlord's reasonable satisfaction; provided, however, Landlord shall communicate and reasonably cooperate with Tenant to determine the most efficient time for such work to occur and Landlord shall not cause the cessation of performance of the construction until the parties have so discussed the matter.

   

  1.4.6Meetings. Commencing upon the execution of this Second Amendment, Tenant and Landlord shall hold meetings as required at a reasonable time with the Architect and the Contractor regarding the progress of the preparation of EP Construction Drawings and the construction of the Expansion Premises Improvements, which meetings shall be held at a location reasonably designated by Landlord, and Landlord and/or its agents designated by Landlord shall receive prior notice of, and shall have the right to attend, all such meetings, and, upon Landlord's request, Architect and/or Contractor shall attend such meetings, and further, upon Tenant's request, Landlord's architect and or general contractor shall attend such meetings, to the extent either party's architect and contractor are reasonably available to attend. All parties shall have the right to participate in the meeting via audio and/or video conferencing call (e.g. Zoom) or a similar medium.

   

  (B)Copy of "As Built" Plans. At the conclusion of construction, (i) Tenant shall cause the Architect and Contractor (A) to update the Approved EP Working Drawings as necessary to reflect all changes made to the Approved EP Working Drawings during the course of construction, to certify to the best of their knowledge that the "as built" 

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  or "record-set" of as-built drawings, as appropriate, are true and correct, with the Architect being permitted to rely upon the information supplied by Contractor for its certification, and (C) to deliver to Landlord two (2) sets of copies of such as-built drawings for the Expansion Premises Improvements within ninety (90) days following substantial completion of the Expansion Premises Improvements, and (ii) Tenant shall deliver to Landlord a copy of all warranties, guaranties, and operating manuals and information relating to the improvements, equipment, and systems in the Expansion Premises installed by or on behalf of Tenant.

   

  SECTION 5

  MISCELLANEOUS

   

  1.1Tenant's Representative. The Tenant has designated Brett Belongia as its sole representative with respect to the matters set forth in this Work Letter, who, until further notice to Landlord, shall have full authority and responsibility to act on behalf of the Tenant as required in this Work Letter.

   

  1.2Landlord's Representative. Prior to commencement of construction of Expansion Premises Improvements, Landlord shall designate a representative with respect to the matters set forth in this Work Letter, who, until further notice to the Tenant, shall have full authority and responsibility to act on behalf of the Landlord as required in this Work Letter.

   

  1.3Time of the Essence in This Work Letter. Time is of the essence with respect to the performance by Tenant and Landlord of every provision of this Work Letter. Unless otherwise indicated, all references herein to a "number of days" shall mean and refer to calendar days. If any item requiring approval is timely disapproved by Landlord or Tenant, as applicable, the procedure for preparation of the document and approval thereof shall be repeated until the document is approved by Landlord or Tenant, as applicable, except as expressly provided otherwise above.

   

  1.4Tenant's Lease Default. Notwithstanding any provision to the contrary contained in this Lease, if an Event of Default as described in the Lease or this Work Letter has occurred at any time, then (i) in addition to all other rights and remedies granted to Landlord pursuant to this Lease, Landlord shall have the right to withhold payment of all or any portion of the Expansion Premises Improvement Allowance and EP Supplemental Allowance until cure of the Event of Default and/or Landlord may cause Contractor to cease the construction of the Premises (and in each such event any resulting delay therefrom shall be deemed to be a Tenant delay) until cure of the Event of Default, and (ii) all other obligations of Landlord under the terms of this Work Letter shall be forgiven until such time as such Event of Default is cured pursuant to the terms of this Lease.

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  1.5Construction Defects. Subject to Articles 16 and 18 (Damage or Destruction and Eminent Domain) of the Lease, Landlord shall have no responsibility for the Expansion Premises Improvements and Tenant will remedy, at Tenant's own expense, and be responsible for any and all defects in the Improvements that may appear during or after the completion thereof whether the same shall affect the Improvements in particular or any parts of the Expansion Premises in general.

   

  1.6Punchlist. Upon substantial completion of the Expansion Premises Improvements, a representative of Landlord and a representative of Tenant shall perform a walk-through inspection of the Expansion Premises Improvements to identify any "punchlist" items (i.e., minor defects or conditions in such Expansion Premises Improvements that do not impair Tenant's ability to utilize the Expansion Premises for the purposes permitted hereunder), which items Tenant shall repair or correct no later than thirty (30) days after the date of such walk-through (unless the nature of such repair or correction is such that more than thirty (30) days are required for completion, in which case Tenant shall commence such repair or correction work within such thirty (30) day period and diligently prosecute the same to completion).

   

  1.7Coordination of Labor. All of Tenant's contractors, subcontractors, employees, servants and agents must work in harmony with and shall use commercially reasonable efforts not to interfere with any labor employed by Landlord, or Landlord's contractors or by any other tenant or its contractors with respect to any portion of the Project; provided, however, Landlord agrees that Tenant shall have access to the Expansion Premises to perform the Expansion Premises Improvements, subject to the terms and conditions of Section 9(j) of the Lease.

   

  B-14EX-4.5

 Exhibit 4.5 

DESCRIPTION OF SECURITIES 

We are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association, the
Cayman Islands Companies Act (As Revised) (the “Companies Act”) and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association, which was adopted prior to the consummation of our
initial public offering (the “IPO”), we are authorized to issue 500,000,000 Class A ordinary shares and 50,000,000 Class B ordinary shares, as well as 5,000,000 preference shares, $0.0001 par value each. The following description
summarizes the material terms of our shares as set out more particularly in our amended and restated memorandum and articles of association. Because it is only a summary, it may not contain all the information that is important to you. Capitalized
terms used herein but not defined shall have the meanings ascribed to them in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “Annual Report”). 

Units 
 Each unit has an offering price of
$10.00 and consists of one Class A ordinary share and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50
per share, subject to adjustment as described in our IPO prospectus. Pursuant to the warrant agreement we entered into with Continental Stock Transfer & Trust Company in March 25, 2021, a warrant holder may exercise its warrants only
for a whole number of the company’s Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder. 

The Class A ordinary shares and warrants comprising the units commenced separate trading on the Nasdaq on May 13, 2021. Holders have the
option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A ordinary shares and warrants. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least five units, you will not be able to receive or trade a whole warrant. 

Additionally, the units will automatically separate into their component parts and will not be traded after completion of our initial business
combination. 
 Ordinary Shares 
 As of
December 31, 2021, there were 7,779,076 Class B ordinary shares issued and outstanding and 31,116,305 Class A ordinary shares issued and outstanding. 

Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Except as
described below, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of our shareholders except as required by law. Unless specified in our
amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange rules, the affirmative vote of a majority of our ordinary shares that are voted is required to
approve any such matter voted on by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law, being the affirmative vote of at least two-thirds of our ordinary
shares that are voted, and pursuant to our amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum and articles of association and 

 
approving a statutory merger or consolidation with another company. 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 appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of directors can appoint all
of the directors. Our shareholders 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 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. The provisions of our amended and restated memorandum and articles of association governing the appointment or removal of directors prior to our
initial business combination 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 general meeting which shall include the affirmative
vote of a simple majority of our Class B ordinary shares. 
 Because our amended and restated memorandum and articles of association
authorize the issuance of up to 500,000,000 Class A ordinary shares, if we were to enter into and consummate a business combination, we may (depending on the terms of such a business combination) be required to increase the number of
Class A ordinary shares which we will be authorized to issue at the same time as our shareholders vote on the business combination to the extent we seek shareholder approval in connection with our initial business combination. 

Our board of directors is divided into three classes with only one class of directors being appointed in each year and each class (except for
those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with the Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year after our first
fiscal year end following our listing on the Nasdaq. There is no requirement under the Companies Act for us to hold annual or general meetings to appoint directors. We may not hold an annual general meeting to appoint new directors prior to the
consummation of our initial business combination. 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 public shareholders 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 (the “Trust Account”) calculated 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 income taxes, if any, divided by the number of the 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 owner must identify itself in order to validly redeem its shares. 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 

  
 2 

 
combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months (unless extended in accordance with the amended and restated memorandum
and articles of association) from the closing of the IPO or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares. Unlike many blank check companies that hold shareholder 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 shareholder
vote is not required by applicable law or stock exchange listing requirements, if a shareholder vote is not required by applicable law or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other
reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial
business combination. Our amended and restated memorandum and articles of association require these tender offer documents to contain substantially the same financial and other information about the initial business combination and the redemption
rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or we decide to obtain shareholder approval for business or other
reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek shareholder approval, we will complete our initial
business combination only if we recieve the approval of an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon, voting in favor
of a business combination at a general meeting. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in our IPO prospectus), if any, could result in the
approval of our initial business combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of the majority of our issued and
outstanding ordinary shares, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our amended and restated memorandum and articles of association require
that at least five days’ notice will be given of any general meeting. 
 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 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 the IPO, which we refer to as the “Excess Shares”, without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess
Shares) for or against our initial business combination. Our shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such shareholders could suffer a
material loss in their investment if they sell such Excess Shares on the open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And,
as a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss. 

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, being the affirmative vote of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon and who vote at a general meeting. 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. Additionally, 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. 

  
 3 

 Pursuant to our amended and restated memorandum and articles of association, if we have not
consummated an initial business combination within 24 months (unless extended in accordance with the amended and restated memorandum and articles of association) from the closing of the 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 income 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. 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 (unless extended in accordance with the amended and restated memorandum and articles of
association) from the closing of the 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). Our amended and restated memorandum and articles of association 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. 

In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders 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 shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other
subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price 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 income taxes, if any, divided by the number of the then-outstanding public shares, upon the
completion of our initial business combination, subject to the limitations described herein. 
 Founder Shares 

The founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary
shares, and holders of founder shares have the same shareholder rights as public shareholders, except that: (a) prior to our initial business combination, 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; (b) the founder shares are subject to certain transfer restrictions, as described in more detail below; (c) 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

  
 4 

 
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 (unless extended in accordance with the amended and restated memorandum and articles of association) from the closing of this offering or (B) with respect to any
other provision relating to the rights of holders of our Class A ordinary 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 (unless extended in accordance with the amended and restated memorandum and articles of association) from the closing of the 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); (d) 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 herein; and (e) the founder shares are entitled to registration rights. If we seek shareholder approval, we will complete our initial business
combination only if we receive the approval of an ordinary resolution under Cayman Islands law being the affirmative vote of a majority of the ordinary shares represented in person or by proxy and entitled to vote thereon, voting in favor of a
business combination at a general meeting. 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. 

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 redemption rights or be entitled to liquidating distributions from the trust account if we do not consummate an initial business combination) at the time of closing 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 (a) the total number of ordinary shares issued and outstanding upon completion of the IPO, plus (b) the total number of Class A ordinary shares issued or deemed
issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the company in connection with or in relation to the consummation of an 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 an initial business combination and any private placement warrants issued to our sponsor, its
affiliates or any member of the management team upon conversion of working capital loans made to ArcLight. 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 Class A Shares issued in a financing transaction in connection with ArcLight’s initial business combination, including but not limited to a private
placement of equity or debt. 
 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 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 sub-divisions, 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. We refer to such transfer restrictions as the lock-up. 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. 

  
 5 

 Prior to our initial business combination, holders of our founder shares are the only
shareholders of the company which 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 general 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. 
 Register of Members 

Under Cayman Islands law, we must keep a register of members and there will be entered therein: 

 

	 	•	 	 the names and addresses of the members, a statement of the shares held by each member, and of the amount paid or
agreed to be considered as paid, on the shares of each member and the voting rights of shares of each member; 

  

	 	•	 	 whether voting rights attached to the shares in issue; 

 

	 	•	 	 the date on which the name of any person was entered on the register as a member; and 

 

	 	•	 	 the date on which any person ceased to be a member. 

Under Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register of
members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name
in the register of members. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman
Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. If an application for an order for
rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court. 

Preference Shares 
 Our amended and
restated memorandum and articles of association authorize 5,000,000 preference shares and provide that preference shares may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if
any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to,
without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of
directors to issue preference shares without shareholder 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 preference shares issued and outstanding at the
date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. 

  
 6 

 Warrants 

Public Shareholders’ Warrants 

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing on the later of one year from the closing of the IPO and 30 days after the completion of our initial business combination, except as discussed in the immediately succeeding paragraph. Pursuant to
the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least five 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 Class A ordinary shares 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 Class A ordinary shares 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, or a valid exemption from registration is available. No warrant will be exercisable
and we will not be obligated to issue a Class A ordinary share upon exercise of a warrant unless the Class A ordinary share 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 Class A ordinary share underlying such unit. 

We have agreed that as soon as practicable, but in no event later than 20 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 for the registration, under the Securities Act, of 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, but we will use our commercially reasonably
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the 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 reasonably efforts to register or qualify the shares under applicable blue sky
laws to the extent an exemption is not available. In 

  
 7 

 
such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A ordinary shares equal to the lesser of (A) 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 “fair market value” (defined below) less the exercise price of the warrants by (y) the fair market value and
(B) 0.361 per warrant. The “fair market value” as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days ending on the trading day prior to the date on which the
notice of exercise is received by the warrant agent. 
 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 to each warrant holder; and

  

	 	•	 	 if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as
adjusted) 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 a registration statement under the Securities Act covering the issuance of the
Class A ordinary shares issuable upon exercise of the warrants is then 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. 

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 his, her or its warrant prior to the scheduled
redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant as described
under the heading “— Warrants — Public Shareholders’ Warrants — Anti-dilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued. 

Redemption of warrants when the price per 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; 

 

	 	•	 	 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 Class A ordinary shares to be determined by reference to an agreed table based on the redemption date and the “fair market
value” of our Class A ordinary shares except as otherwise described below; and 

  
 8 

	 	•	 	 if, and only if, the closing price of our Class A ordinary shares equals or exceeds $10.00 per share (as
adjusted) 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 the Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the private placement
warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.. 

Beginning on the date the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their
warrants on a cashless basis. The numbers in the table below represent the number of Class A ordinary shares that a warrant holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption
feature, based on the “fair market value” of our Class A ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for
these purposes based on 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, and the number of months that
the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. 
 Pursuant to the warrant agreement, references above to
Class A ordinary shares shall include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our initial business
combination. The numbers in the table below will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination.

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

  
 9 

																																							
	Redemption Date	  	Fair Market Value of Class A Ordinary Shares	 
	 (period to expiration
 of
warrants)
	  	$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	$18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the
fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For
example, if the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such
time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the exact
fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is
sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A
ordinary shares for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as
reflected in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption feature, since they will not be exercisable for
any Class A ordinary shares. 

  
 10 

 This redemption feature differs from the typical warrant redemption features used in some
other blank check companies, which only provide for a redemption of warrants for cash (other than the private placement warrants) when the trading price for the Class A ordinary shares exceeds $18.00 per share for a specified period of time.
This redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per public share, which may be at a time when the trading price of our
Class A ordinary shares is below the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set
forth above under “— Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in
effect, receive a number of shares for their warrants based on an option pricing model with a fixed volatility input as of the IPO prospectus. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding
warrants, and therefore have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose
to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best
interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders. 
 As stated above, we
can redeem the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while
providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise
price of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such
Class A ordinary shares were trading at a price higher than the exercise price of $11.50. 
 No fractional Class A ordinary shares
will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at
the time of redemption, the warrants are exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants
may be exercised for such security. At such time as the warrants become exercisable for a security other than the Class A ordinary shares, the Company (or surviving company) will use its commercially reasonable efforts to register under the
Securities Act the security issuable upon the exercise of the warrants. 
 Redemption procedures. 

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

Anti-dilution Adjustments 

If the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend paid in Class A ordinary
shares to all or substantially all holders of Class A ordinary shares, or by a split-up of ordinary shares or other similar event, then, on the effective date of such capitalization or share dividend, split-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding Class A ordinary shares. A rights
offering made to all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historical 

  
 11 

 
fair market value” (as defined below) will be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares
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 ordinary shares) and (ii) one minus the quotient of (x) the price
per Class A ordinary share paid in such rights offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in
determining the price payable for Class A ordinary shares, 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) “historical fair market
value” means the volume weighted average price of Class A ordinary shares as reported during the 10 trading day period ending on the trading day prior to the first date on which the Class A ordinary shares 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 all or substantially all of the holders of the Class A ordinary shares on account of such Class A ordinary shares (or
other securities into which the warrants are convertible), other than (a) as described above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid
on the Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other
adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the
aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, (d) to
satisfy the redemption rights of the holders of Class A ordinary shares 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 (unless extended in accordance with the amended and restated memorandum and articles of association) from the closing of the IPO or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary
shares, 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 Class A ordinary share in respect of such event. 

If the number of outstanding Class A ordinary shares is decreased by a consolidation, combination, reverse share split or
reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Class A ordinary shares issuable on
exercise of each warrant will be decreased in proportion to such decrease in outstanding Class A ordinary shares. 
 Whenever the
number of Class A ordinary shares 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 Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such adjustment and (y) the denominator of which will be the number of Class A
ordinary shares so purchasable immediately thereafter. 

  
 12 

 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 above under “— Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent)
to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “— Redemption of warrants when the price per 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. 
 In
case of any reclassification or reorganization of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), 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 Class A ordinary
shares), 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 Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of Class A ordinary shares 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. However, if such holders were entitled to exercise a right of election as to the kind or amount of
securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and
amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption
offer made by the company in connection with redemption rights held by shareholders of the company as provided for in the company’s amended and restated memorandum and articles of association or as a result of the redemption of Class A
ordinary shares by the company if a proposed initial business combination is presented to the shareholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with
members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under
the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other 

  
 13 

 
property to which such holder would actually have been entitled as a shareholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer,
accepted such offer and all of the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly
equivalent as possible to the adjustments provided for in the warrant agreement. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of Class A ordinary
shares 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. 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. 

The warrants are issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity or correct any mistake, including to conform the provisions of the warrant
agreement to the description of the terms of the warrants and the warrant agreement set forth in the IPO prospectus, or defective provision (ii) amending the provisions relating to cash dividends on ordinary shares as contemplated by and in
accordance with the warrant agreement or (iii) adding or changing any provisions with respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the
parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the holders of at least 50% of the then-outstanding public warrants is required to make any change that adversely affects the
interests of the registered holders. You should review a copy of the warrant agreement, which is filed as Exhibit 4.4 to this Annual Report for a complete description of the terms and conditions applicable to the warrants. 

The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their
warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by
shareholders. 
 No fractional warrants will be issued upon separation of the units and only whole warrants will trade. 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 the number of Class A ordinary shares to be issued to the warrant holder. 

We have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the
warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the
sole and exclusive forum. 

  
 14 

 Private Placement Warrants 

Except as described below, the private placement warrants have terms and provisions that are identical to those of the warrants constituting
the units. The private placement warrants (including the Class A ordinary shares 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 pursuant to limited exceptions as described in the Annual Report under “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters — Transfers of Founder Shares and Private Placement
Warrants,” to our officers and directors and other persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us (except as described under “— Warrants —
Public Shareholders’ Warrants — Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00”) so long as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted
transferees, has the option to exercise the private placement warrants on a cashless basis. 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 being sold in the IPO. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement
with respect to the private placement warrants will require a vote of holders of at least 50% of the number of the then outstanding private placement warrants. 

Except as described above under “— Public Shareholders’ Warrants — Redemption of warrants when the price per Class A
ordinary share equals or exceeds $10.00,” if holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its 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. For these purposes, 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 our sponsor and
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 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 shareholders who could exercise their warrants and sell the Class A ordinary
shares received upon such exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe that allowing the holders to exercise
such warrants on a cashless basis is appropriate. 
 In order to fund working capital deficiencies or 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 of the post business combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants. 

Dividends 
 We have not paid any cash
dividends on our ordinary shares 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 

  
 15 

 
cash dividends subsequent to an initial business combination will be within the discretion of our board of directors at such time. In addition, our board of directors is not currently
contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness in connection with a business combination, our ability to declare dividends may be limited by restrictive covenants
we may agree to in connection therewith. 
 Our Transfer Agent and Warrant Agent 

The transfer agent for our ordinary shares 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 shareholders, 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 claims and losses due to any gross negligence or intentional misconduct of the indemnified person or entity. 

Certain Differences in Corporate Law 

Cayman Islands companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English Law
statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws
applicable to companies incorporated in the United States and their shareholders. 
 Mergers and Similar Arrangements. 

In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman
Islands exempted company and a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction). 

Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger
or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (a) a special resolution (usually a majority of 66 2/3% in value of the voting shares voted at a general meeting)
of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a
company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court
waives such requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies will register the plan of
merger or consolidation. 
 Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect
to the foreign company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the
merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those

  
 16 

 
constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to
wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its
property or any part thereof; and (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or
restricted. 
 Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are
further required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the
merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company
(a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the
jurisdiction of the foreign company with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under
the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation. 

Where the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair
value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (a) the shareholder must give his written objection to the merger or consolidation to the
constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the
date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice
from the constituent company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment of the fair value of his shares; (d) within seven days following the date of the
expiration of the period set out in paragraph (b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must
make a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the date on which the offer was made,
the company must pay the shareholder such amount; and (e) if the company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting
shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of
their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined
to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not
available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the
consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company. 

  
 17 

 Moreover, Cayman Islands law has separate statutory provisions that facilitate the
reconstruction or amalgamation of companies in certain circumstances, schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a
“scheme of arrangement” which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically
required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent
three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a general meeting, or meeting summoned for that purpose. The convening of the meetings and
subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be
expected to approve the arrangement if it satisfies itself that: 
  

	 	•	 	 we are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions
as to majority vote have been complied with; 

  

	 	•	 	 the shareholders have been fairly represented at the meeting in question; 

 

	 	•	 	 the arrangement is such as a businessman would reasonably approve; and 

 

	 	•	 	 the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act
or that would amount to a “fraud on the minority.” 

 If a scheme of arrangement or takeover offer (as described
below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to
dissenting shareholders of United States corporations. 
 Squeeze-out Provisions. 

When a takeover offer is made and accepted by holders of 662/3% of the shares to whom the offer relates within four months, the offeror may,
within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely
to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders. 
 Further, transactions
similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements
of an operating business. 
 Shareholders’ Suits. 

Maples and Calder, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman Islands court.

  
 18 

 Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands
courts have confirmed the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers or directors usually may not be brought by a
shareholder. However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in
circumstances in which: 
  

	 	•	 	 a company is acting, or proposing to act, illegally or beyond the scope of its authority; 

 

	 	•	 	 the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by
more than the number of votes which have actually been obtained; or 

  

	 	•	 	 those who control the company are perpetrating a “fraud on the minority.” 

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to
be infringed. 
 Enforcement of Civil Liabilities. 

The Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors.
Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of the United States. 
 We have been advised
by Maples and Calder, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the
federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United
States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the
Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an
obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in
respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind the enforcement of which is, contrary to natural
justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought
elsewhere. 
 Special Considerations for Exempted Companies. 

We are an exempted company with limited liability (meaning our public shareholders have no liability, as members of the company, for
liabilities of the company over and above the amount paid for their shares) under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but
conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed
below: 
  

	 	•	 	 annual reporting requirements are minimal and consist mainly of a statement that the company has conducted its
operations mainly outside of the Cayman Islands and has complied with the provisions of the Companies Act; 

  

	 	•	 	 an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies;

  

	 	•	 	 an exempted company’s register of members is not open to inspection; 

 

	 	•	 	 an exempted company does not have to hold an annual general meeting; 

  
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	 	•	 	 an exempted company may issue shares with no par value; 

 

	 	•	 	 an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings
are usually given for 20 years in the first instance); 

  

	 	•	 	 an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman
Islands 

  

	 	•	 	 an exempted company may register as a limited duration company; and 

 

	 	•	 	 an exempted company may register as a segregated portfolio company 

“Limited liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of
the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

 Amended and Restated Memorandum and Articles of Association 

Our amended and restated memorandum and articles of association contain provisions designed to provide certain rights and protections relating
to the IPO that will apply to us until the completion of our initial business combination. These provisions cannot be amended without a special resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution is deemed to be a
special resolution where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a company’s
shareholders entitled to vote and so voting at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of association,
by a unanimous written resolution of all of the company’s shareholders. Other than as described above, our amended and restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our
shareholders. 
 Our initial shareholders and their permitted transferees, if any, who collectively beneficially own 20% of our ordinary
shares, will participate in any vote to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of
association provide, among other things, that: 
  

	 	•	 	 If we have not consummated an initial business combination within 24 months (unless extended in accordance with
the amended and restated memorandum and articles of association) from the closing of the IPO, 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, 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 income taxes that were paid by us or are payable by us, 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 each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law;

  
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	 	•	 	 Prior to or in connection with our initial business combination, we may not issue additional securities that
would entitle the holders thereof to (i) receive funds from the Trust Account or (ii) vote as a class with our public shares on an initial business combination; 

 

	 	•	 	 Although we do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, HPS, 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 independent investment banking firm or another
independent entity that commonly renders valuation opinions that such a business combination is fair to our company from a financial point of view; 

  

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

  

	 	•	 	 So long as our securities are then listed on the NYSE, 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 assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned on the
trust account) at the time of the agreement to enter into the initial business combination; 

  

	 	•	 	 If our shareholders 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 (unless extended in accordance with the amended and restated memorandum and articles of association) from the closing of the IPO or (B) with respect to any other
provision relating to the rights of holders of our Class A ordinary shares, we will provide our public shareholders with the opportunity to redeem all or a portion of their ordinary shares 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 income taxes, if any, divided by the number of the then-outstanding public shares, subject to the limitations described herein; and 

  

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

 In addition, our amended and restated memorandum and articles of association provide
that under no circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. 

The Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of a special resolution which requires the approval of the holders of at least two-thirds of such company’s issued and outstanding ordinary shares who attend and vote at a general meeting or by way of
unanimous written resolution. A company’s articles of association may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its
memorandum and articles of association regardless of whether its memorandum and articles of association provide otherwise. 

  
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 Accordingly, although we could amend any of the provisions relating to our structure and
business plan which are contained in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to
amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem their public shares. 
 Anti-Money
Laundering-Cayman Islands 
 If any person in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting,
that another person is engaged in criminal conduct money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the
regulated sector or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (As
Revised) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (As Revised) of
the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any
enactment or otherwise. 
 Data Protection-Cayman Islands 

We have certain duties under the Data Protection Act (As Revised) of the Cayman Islands (the “DPA”) based on internationally accepted
principles of data privacy. 
 Privacy Notice 

Introduction 
 This
privacy notice puts our shareholders on notice that through your investment in the Company you will provide us with certain personal information which constitutes personal data within the meaning of the DPA (“personal data”). In the
following discussion, the “company” refers to us and our affiliates and/or delegates, except where the context requires otherwise. 

Investor Data 
 We
will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain
personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of
the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the
personal data. 

  
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 In our use of this personal data, we will be characterized as a “data controller”
for the purposes of the DPA, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our “data processors” for the purposes of the DPA or may process personal
information for their own lawful purposes in connection with services provided to us. 
 We may also obtain personal data from other public
sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact
information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder’s investment
activity. 
 Who this Affects 

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements
such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the company, this will be relevant for those individuals and you should transmit the
content of this Privacy Notice to such individuals or otherwise advise them of its content. 
 How the Company May Use a
Shareholder’s Personal Data 
 The company, as the data controller, may collect, store and use personal data for lawful
purposes, including, in particular: 
 (a) where this is necessary for the performance of our rights and obligations under any purchase
agreements; 
 (b) where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance
with anti-money laundering and FATCA/CRS requirements); and/or 
 (c) where this is necessary for the purposes of our legitimate interests
and such interests are not overridden by your interests, fundamental rights or freedoms. 
 Should we wish to use personal data for other
specific purposes (including, if applicable, any purpose that requires your consent), we will contact you. 
 Why We May Transfer Your
Personal Data 
 In certain circumstances we may be legally obliged to share personal data and other information with respect to your
shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities. 

We anticipates disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain
entities located outside the United States, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf. 

The Data Protection Measures We Take 

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance
with the requirements of the DPA. 

  
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 We and our duly authorized affiliates and/or delegates shall apply appropriate technical and
organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data. 

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or
freedoms or those data subjects to whom the relevant personal data relates. 
 Certain Anti-takeover Provisions of our Amended and Restated Memorandum
and Articles of Association 
 Our amended and restated memorandum and articles of association provide that our board of directors will
be 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 general meetings. 

Our authorized but unissued Class A ordinary shares and preference shares will be available for future issuances without shareholder
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 Class A ordinary shares
and preference shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Securities Eligible for Future Sale 

31,116,305 Class A ordinary shares are freely tradable without restriction or further registration under the Securities Act. All of the
Class B ordinary shares and all of the private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions not involving a public offering. 

Rule 144 
 Pursuant
to Rule 144, a person who has beneficially owned restricted shares 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 twelve months (or such shorter period as we were required to file reports) preceding the sale. 

Persons who have beneficially owned restricted shares 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 ordinary shares then-outstanding; or 

 

	 	•	 	 the average weekly reported trading volume of the Class A ordinary shares 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. 

  
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 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; and 

  

	 	•	 	 the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable,
during the preceding twelve months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; 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 sponsor will be able to sell its 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 Shareholder Rights 

The holders of the founder shares, private placement warrants, and warrants that may be issued upon conversion of Working Capital Loans (and
any Class A ordinary shares issuable upon the exercise of the private placement warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration rights pursuant to a registration and shareholder
rights agreement signed upon the effective date of the IPO. The holders of these securities were 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 the completion of the initial Business Combination. We will bear the expenses incurred in connection with the filing of any such registration
statements. 
 Except as described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell
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 sub-divisions, 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, reorganization 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 will be subject to the same restrictions and other agreements of our sponsor with
respect to any founder shares. We refer to such transfer restrictions as the lock-up. 
 In
addition, pursuant to the registration and shareholder rights agreement, our sponsor, upon and following consummation of an initial business combination, will be entitled to nominate three individuals for election to our board of directors, as long
as the sponsor holds any securities covered by the registration and shareholder rights agreement. 

  
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 Listing of Securities 

Our units are listed on the Nasdaq under the symbol “ACTDU” The Class A ordinary shares and warrants are listed on the Nasdaq
under the symbols “ACTD” and “ACTDW,” respectively. The units will automatically separate into their component parts and will not be traded following the completion of our initial business combination. 

  
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