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Exhibit 4.5
DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 
OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
The following description sets forth certain material terms and provisions of the securities of Tribe Capital Growth Corp I (“we,” “our,” or “us”) that are registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The following description of our securities is not complete and may not contain all the information you should consider before investing in our securities. This description is summarized from, and qualified in its entirety by reference to, our amended and restated certificate of incorporation, which are incorporated herein by reference..
As of December 31, 2021, we had the following three classes of securities registered under Section 12 of the Exchange Act: (i) our units, consisting of one share of common stock and one warrant, with each warrant entitling the holder thereof to purchase one share of common stock (the “Units”), (ii) our Class A common stock, $0.0001 par value per share (“Common Stock”), and (iii) our public warrants, with each warrant exercisable for one share of Common Stock for $11.50 per share (the “Warrants”).
Pursuant to our amended and restated certificate of incorporation, our authorized capital stock consists of 300,000,000 shares of common stock, including 280,000,000 shares of Class A common stock and 20,000,000 shares of Class B common stock, and 1,000,000 shares of preferred stock, $0.0001 par value per share. The following description summarizes the material terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our amended and restated certificate of incorporation, our bylaws and our warrant agreement, each of which is incorporated by reference as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of which this Exhibit 4.5 is a part.  The summary below is also qualified by reference to the Delaware General Corporation Law
Defined terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Report.
Units
Each unit consists of one share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as described in the Report and this Exhibit 4.5. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the shares of Company’s Class A common stock. This means only a whole warrant may be exercised at any given time by a warrant holder. For example, if a warrant holder holds one-fourth of one warrant to purchase a share of Class A common stock, such warrant will not be exercisable. If a warrant holder holds four-fourths of one warrant, such whole warrant will be exercisable for one share of Class A common stock at a price of $11.50 per share. The Class A common stock and warrants comprising the units are expected to begin separate trading on the 52nd day following the date of our IPO prospectus unless Cantor informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. Once the shares of Class A common stock and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into Class A common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three units, you will not be able to receive or trade a whole warrant.
Common Stock
34,500,000 of our shares of common stock are outstanding including:
		●	27,600,000 shares of Class A common stock; and

		●	6,900,000 shares of Class B common stock held by our initial stockholders.

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Stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law. Unless specified in our amended and restated certificate of incorporation, or as required by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on by our stockholders. Our board of directors is divided into two classes, each of which will generally serve for a term of two years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor.
Because our amended and restated certificate of incorporation authorizes the issuance of up to 280,000,000 shares of Class A common stock, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek stockholder approval in connection with our initial business combination. Our board of directors is divided into two classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a two-year term.
In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.
We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account 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 (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the representative of the underwriters. Our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares they hold in connection with the completion of our initial business combination. Unlike many special purpose acquisition companies that hold stockholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation requires these tender offer documents to contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many special purpose acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the shares of common stock voted are voted in favor of our initial business combination. However, the participation of our sponsor, officers, directors 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 stockholders vote, or indicate their intention to vote, against such initial
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business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.
If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent. However, we would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss.
If we seek stockholder approval in connection with our initial business combination, our initial stockholders, sponsor, officers and directors have agreed to vote any founder shares they hold and any public shares purchased during or after our initial public offering in favor of our initial business combination. As a result, in addition to our initial stockholders’ founder shares, we would need 10,350,001, or 37.5%, of the 27,600,000 public shares sold in our initial public offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming all outstanding shares are voted and the over-allotment option is not exercised). Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.
Pursuant to our amended and restated certificate of incorporation, if we are unable to complete our initial business combination within 24 months from the closing of this offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than 10 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 (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our initial stockholders have entered into agreements with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination within 24 months from the closing of our initial public offering or any extended period of time that we may have to consummate an initial business combination as a result of an amendment to our amended and restated certificate of incorporation. However, if our initial stockholders or management team acquire public shares in or after our initial public offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed time period.
In the event of a liquidation, dissolution or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our public stockholders 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 (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, upon the completion of our initial business combination, subject to the limitations described herein.
Founder Shares
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The founder shares are designated as Class B common stock and, except as described below, are identical to the shares of Class A common stock included in the units being sold in our initial public offering, and holders of founder shares have the same stockholder rights as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below, (ii) our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares and public shares they hold in connection with the completion of our initial business combination, (B) to waive their redemption rights with respect to any founder shares and public shares they hold in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within 24 months from the closing of our initial public offering or with respect to any other material provisions relating to stockholders’ rights (including redemption rights) or pre-initial business combination activity and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our initial business combination within 24 months from the closing of our initial public offering or any extended period of time that we may have to consummate an initial business combination as a result of an amendment to our amended and restated certificate of incorporation, although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within such time period, and (iii) the founder shares are automatically convertible into Class A common stock upon the consummation of our initial business combination on a one-for-one basis, subject to adjustment as described herein and in our amended and restated certificate of incorporation. If we submit our initial business combination to our public stockholders for a vote, our initial stockholders have agreed to vote their founder shares and any public shares purchased during or after our initial public offering in favor of our initial business combination.
The founder shares will automatically convert into shares of Class A common stock upon the consummation of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of shares of Class A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the total number of shares of Class A common stock outstanding after such conversion, including the total number of shares of Class A common stock 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 the initial business combination, excluding (i) any shares of Class A common stock redeemed by public stockholders in connection with the initial business combination and (ii) any shares of Class A common stock or equity-linked securities or rights exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, officers or directors upon conversion of working capital loans, provided that such conversion of founder shares will never occur on a less than one-for-one basis.
With certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial business combination or earlier if, subsequent to our initial business combination, the closing price of the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock 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, and (B) the date following the completion of our initial business combination on which we complete a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their Class A common stock for cash, securities or other property. Up to 900,000 founder shares will be forfeited by our initial stockholders depending on the exercise of the over-allotment option.
Preferred Stock
Our amended and restated certificate of incorporation authorizes 1,000,000 shares of preferred stock and provides that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series.
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Our board of directors will be able to, without stockholder approval, issue shares of preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of directors to issue shares of preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We have no preferred shares outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future. No shares of preferred stock are being issued or registered in our initial public offering.
Warrants
Public Stockholders’ Warrants
Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of our initial public offering and 30 days after the completion of our initial business combination, provided in each case that we have an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three 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 common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue a share of Class A common stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying such unit.
We have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A common stock issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A common stock 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, and in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
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Redemption of warrants
Once the warrants become exercisable, we may call the warrants for redemption for cash:
		●	in whole and not in part;

		●	at a price of $0.01 per warrant;

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

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

If and when the warrants become redeemable by us for cash, 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 criterion 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 common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.
If we call the warrants for redemption, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” of our Class A common stock (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” will mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take advantage of this option, the holders of the private placement warrants and their permitted transferees would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.
A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Class A common stock outstanding immediately after giving effect to such exercise.
If the number of outstanding shares of Class A common stock is increased by a share capitalization payable in shares of Class A common stock, or by a split-up of common stock or other similar event, then, on the effective date of such share capitalization, split-up or similar event, the number of shares of Class A common stock issuable on exercise of
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each warrant will be increased in proportion to such increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling holders to purchase Class A common stock at a price less than the fair market value will be deemed a share capitalization of a number of shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for Class A common stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights offering and divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for shares of Class A common stock, in determining the price payable for Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of shares of Class A common stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A common stock trades on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock on account of such Class A common stock (or other securities into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Class A common stock in connection with a proposed initial business combination, or (d) in connection with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each share of Class A common stock in respect of such event.
If the number of outstanding shares of Class A common stock is decreased by a consolidation, combination, reverse share split or reclassification of Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding share of Class A common stock.
Whenever the number of shares of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately thereafter.
In addition, if (x) we issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares held by our initial stockholders 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 common stock during the 20 trading day period starting on the trading day after 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 under “— Redemption of warrants” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
In case of any reclassification or reorganization of the outstanding Class A common stock (other than those described above or that solely affects the par value of such Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class A common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have
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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 common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of Class A common stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction is payable in the form of Class A common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes Warrant 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 warrants will be 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 to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will require the vote or written consent of the holders of at least a majority of the then outstanding public warrants, and, solely with respect to any amendment to the terms of the private placement warrants, a majority of the then outstanding private placement warrants. You should review a copy of the warrant agreement, which is filed as an exhibit to the Report, for a complete description of the terms and conditions applicable to the warrants.
The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive Class A common stock. After the issuance of Class A common stock 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 stockholders.
No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of shares of Class A common stock 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. See “Risk Factors — Our warrant agreement designates the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.” 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.
Private Placement Warrants
The private placement warrants (including the Class A common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except, in certain limited circumstances, to our officers, directors and other persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by us so long as they are held by the initial stockholders or their permitted transferees. The initial purchasers, or their permitted transferees, have the option to exercise the private placement warrants on a cashless basis. Except as described in this section, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as part of
​

-8-

​

the units in our initial public offering. If the private placement warrants are held by holders other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable by us for cash and exercisable by the holders on the same basis as the warrants included in the units being sold in our initial public offering.
If holders of the private placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the “fair market value” of our Class A common stock (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” will mean the average closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by the initial purchasers or their 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 prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders who could exercise their warrants and sell the shares of Class A common stock 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 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 on a non-interest bearing basis. Up to $1,500,000 of such loans may be convertible into warrants of the post-business combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants.
Our initial stockholders have agreed not to transfer, assign or sell any of the private placement warrants (including the Class A common stock issuable upon exercise of any of these warrants) until the date that is 30 days after the date we complete our initial business combination, except that, in certain circumstances, transfers can be made to our officers, directors and Cantor and other persons or entities affiliated with the sponsor and Cantor.

-9-Exhibit 10.1

 

 

 

Natus
Medical Incorporated

12301
Lake Underhill Rd. Suite 201 Orlando, FL 32828

 

April
17, 2022

 

Thomas J. Sullivan

Address on
File

 

Retention
Agreement

 

Dear Tom:

 

As
you are aware, Natus Medical Incorporated, a Delaware Corporation (the “Company”), has entered into an Agreement and
Plan of Merger, made and entered into as of the date hereof (the “Merger Agreement”), by and among the Company, Prince
Parent Inc., a Delaware corporation (“Parent”), and Prince MergerCo Inc., a Delaware corporation, and wholly-owned
subsidiary of Parent (“Merger Sub”), which contemplates that Parent will acquire the Company (the “Transaction”).
Parent considers your continued dedication to the Company following the closing of the Transaction (the “Closing”)
as critical to the success of the Transaction and, therefore, has required that you enter into this letter agreement (this “Agreement”)
to ensure your continued dedication following the Closing. Terms used but not defined herein shall have the meanings set forth in the
Merger Agreement.

 

1.        MSUs;
Retention Payment.  You, Parent and the Company agree that, notwithstanding Section 2.8 of the Merger Agreement, any Company
Stock Plan or any agreement between you and the Company (including the Employment Agreement (as defined below)) to the contrary:

 

  (a)    The
performance goals applicable to the Company Restricted Stock Units held by you that are market stock units (collectively, the “MSUs”)
shall not be deemed achieved at maximum levels as of the Closing, but instead, shall be deemed achieved at the actual performance level
based on the Per Share Price, and shall otherwise be treated as set forth in Section 2.8(b) of the Merger Agreement in connection with
the Closing.

 

(b)
 An amount equal to $6,000,000 (the “Retention Payment”) that would otherwise be payable to you upon the Closing
in respect of your Company Restricted Stock Units pursuant to Section 2.8 of the Merger Agreement shall not become payable to you upon
the Closing and, instead, subject to Paragraph 2 below, shall become payable (i) in respect of the first 50% of the Retention Payment,
subject to your continued

 

     

     

    

employment
by the Company or one of its Affiliates until the six (6) month anniversary of the Closing (such date, the “First Retention
Date”), and (ii) in respect of the remaining 50% of the Retention Payment, subject to your continued employment by the Company
or one of its Affiliates until the first (1st) anniversary of the Closing (such date, the “Second Retention Date”;
each of the First Retention Date and the Second Retention Date is hereinafter referred to as a “Retention Date”).
In the event that you remain employed until the applicable Retention Date, the Company shall pay the applicable portion of the Retention
Payment to you (subject to Paragraph 3 below) no later than the first regular payroll date following the applicable Retention Date.

 

2.        Termination
of Employment.

 

  (a)    If,
prior to the Second Retention Date, your employment is terminated by the Company, Parent or one of their respective Affiliates without
Cause, by you for Good Reason or as a result of your death or Disability, subject to Paragraph 3 below, all unpaid portions of the Retention
Payment will be paid to you (or your estate, in the case of your death) by the Company in a lump sum as soon as practicable but no later
than the earlier of (x) fifty-five (55) days after the date of such termination and (y) the second regular payroll date following
the Effective Date (as defined in Exhibit A) (the earlier of such dates, the “Payment Date”). Notwithstanding
the foregoing, in the event of a termination without Cause or for Good Reason, a condition precedent to the Company’s obligation
to pay any portion of the Retention Payment that relates to a Retention Date that has not yet occurred as of your termination date shall
be your execution and delivery of a release of claims in the form set forth in Exhibit A attached hereto (provided that the Company
may update such release of claims to the extent necessary to reflect changes in Law) (the “Release”) within the time
period set forth in the Release, and your non-revocation of the Release during the revocation period specified therein. The Release shall
be provided to you upon your termination of employment. If you shall fail to timely execute and deliver the Release, or if you revoke
the Release as provided therein, then you will forfeit all rights in respect of any portion of the Retention Payment that relates to
a Retention Date that has not yet occurred as of your termination date. In addition, in the event of a termination without Cause or for
Good Reason, the Company’s obligation to pay any portion of the Retention Payment that relates to a Retention Date that has not
yet occurred as of your termination date shall be subject to and conditioned upon your continued compliance with the terms of the non-solicitation
restrictions set forth in Section 11(a) of the Employment Agreement.

 

(b)
“Cause” and “Disability” shall have the meanings set forth in the Employment Agreement, entered
into as of December 13, 2021 by and between you and the Company (the “Employment Agreement”). “Good Reason”
shall mean, without your express written consent, (i) the material reduction of your duties or responsibilities relative to your duties
or responsibilities in effect immediately prior to such reduction, including a reduction in duties or responsibilities in connection
with the Company being acquired and made part of a larger entity, following which Executive is not made the Chief Executive Officer of
the acquiring corporation, but disregarding any reduction in your duties or responsibilities that is primarily attributable to the fact
that the Company shall no longer be publicly traded following the Transaction; (ii) a material reduction in

 

    2 

     

    

your annual
base salary or target annual bonus amount, each as in effect immediately prior to such reduction; (iii) a failure to continue your remote
working arrangement in accordance with the Employment Agreement or the relocation of your primary worksite to a facility or a location
that increases your one-way commute distance by more than 35 miles from your then primary worksite (disregarding for this purpose any
remote working arrangement) or (iv) the failure of the Company to obtain the assumption of this Agreement by any successors contemplated
in Paragraph 4 below or the failure of the Company to obtain the assumption of the Employment Agreement by any successors contemplated
in Section 12 of the Employment Agreement; provided, that, notwithstanding anything else contained herein, in the event of
the occurrence of a Good Reason condition listed above, you must provide notice to the Company within ninety (90) days of the initial
occurrence of such Good Reason condition and allow the Company thirty (30) days in which to cure such condition, and if the Company fails
to cure the condition within the cure period provided, you must terminate employment with the Company within ninety (90) days of the
end of the cure period in order to claim a Good Reason termination.

 

  (c)    If,
prior to the applicable Retention Date, your employment terminates for any reason other than those set forth in Paragraph 2(a) above,
any portion of the Retention Payment that relates to a Retention Date that has not yet occurred as of your termination date will be immediately
forfeited and you will have no further rights with respect thereto. For the avoidance of doubt, in the event that you take a leave of
absence (i) to care for an immediate family member that has a serious health condition or (ii) for any other reason mutually agreed between
you and the Company, such leave of absence shall not be considered a termination of your employment and shall not be considered a violation
of your duties or otherwise provide the Company or any of its Affiliates with grounds to terminate your employment for Cause and, instead,
your employment shall be deemed to have continued during such leave for purposes of the Retention Payment.

 

3.        Withholding.  Subject
to applicable law, the Company may deduct and withhold from any amount payable under this Agreement such Federal, state, local, foreign
or other taxes as are required to be withheld pursuant to any applicable law or regulation.

 

4.        Assignment.

 

  (a)    
This Agreement is personal to you and, without the prior written consent of Parent and the Company, shall not be assignable by you otherwise
than by will or the laws of descent and distribution, and any assignment in violation of this Agreement shall be void. Notwithstanding
the foregoing sentence, this Agreement and all of your rights hereunder shall inure to the benefit of and be enforceable by your personal
or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 

  (b)    
This Agreement is not assignable by the Company without your prior written consent. The Company shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or

 

    3 

     

    

assets of the
Company (a “Successor”) to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would have been required to perform it if no such succession had taken place and shall perform any obligations such Successor
fails or refuses to provide thereafter. As used in this Agreement, the term “Company” shall mean the Company as hereinbefore
defined and any Successor and any permitted assignee to which this Agreement is assigned.

 

5.        Amendment/Waiver.  No
provisions of this Agreement, and no terms and conditions of any Company Restricted Stock or Company Restricted Stock Units, may be amended,
modified, waived or discharged except by a written document signed by you, the Company and Parent. In the event that the Merger Agreement
is amended or modified in any manner that adversely and disproportionately affects your rights hereunder or thereunder, such amendment
or modification shall not apply with respect to you unless you consent to such change in writing. The failure of a party to insist upon
strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive
such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

 

6.        Entire
Agreement.  This Agreement, the award agreements governing your Company Restricted Stock and Company Restricted Stock Units,
your Employment Agreement and the Merger Agreement set forth the entire agreement of the parties hereto in respect of the subject matter
contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties,
whether oral or written, by any officer, employee or representative of any party hereto. None of the parties shall be liable or bound
to any other party in any manner by any representations and warranties or covenants relating to such subject matter except as specifically
set forth herein. The parties acknowledge and agree that, except as specifically set forth herein in respect of the MSUs and the amounts
otherwise payable in respect of your Company Restricted Stock Units that are subject to the Retention Payment, upon the Closing, all
other shares of Company Restricted Stock and Company Restricted Stock Units that you hold shall be treated in accordance with Section
2.8 of the Merger Agreement, as in effect on the date hereof. The parties further agree that this Agreement shall not alter, amend or
modify the rights of you or the Company pursuant to the Employment Agreement, which shall continue in full force and effect, provided
that the parties hereby agree that the Release shall constitute the release of claims required by Section 11(c) of the Employment Agreement.

 

7.       Effectiveness
of this Agreement. This Agreement shall be effective immediately upon execution by all of the parties, provided that if the Merger
Agreement is terminated and the Closing does not occur or if your employment terminates for any reason prior to the Closing, this Agreement
shall automatically become null and void ab initio. The parties agree that the Company Restricted Stock and Company Restricted
Stock Units held by you are set forth on Exhibit B, and the Company hereby represents and warrants that each such award of Company
Restricted Stock and Company Restricted Stock Units has been issued in compliance in all material respects with the applicable Company
Stock Plan under which it was granted and all applicable Laws and constitutes a legal, valid and binding obligation of the Company.

 

    4 

     

    

8.        Governing
Law; Dispute Resolution.  The validity, interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of New Jersey without giving effect to its conflicts of law. Section 15 of the Employment Agreement shall apply
mutatis mutandis to any dispute pursuant to this Agreement.

 

9.      Section 409A
Compliance.  The Retention Payment relates to an amount otherwise payable in respect of your Company Restricted Stock Units
that is not subject to a deferral election pursuant to the Company Nonqualified Plan or otherwise and that is exempt from Section 409A
of the Code pursuant to the short-term deferral rule pursuant to Treasury Regulation Section 1.409A-1(b)(4) (the “Short-Term
Deferral Rule”). It is the intention of the parties that the Retention Payment shall remain subject to a substantial risk of
forfeiture (within the meaning of Treasury Regulation Section 1.409A-1(d)) from and after the Closing pursuant to this Agreement and
in accordance with Treasury Regulation Section 1.409A-3(i)(5)(iv)(B). Accordingly, it is the intention of the parties that, from and
after the Closing, the Retention Payment shall remain exempt from Section 409A of the Code pursuant to the Short-Term Deferral Rule.
In the event that the parties determine the Retention Payment constitutes “nonqualified deferred compensation” under Section 409A
of the Code and that the terms of this Agreement do not comply with Section 409A of the Code, the parties will negotiate reasonably
and in good faith to amend the terms of this Agreement such that they comply (in a manner that shall not result in a reduction of any
amounts payable pursuant to this Agreement) within the time period permitted by the applicable Treasury Regulations.

 

10.       Counterparts.  This
Agreement may be executed in two or more counterparts (including by facsimile of PDF), each of which will be deemed an original but all
of which together will constitute one and the same instrument.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    5 

     

    

IN WITNESS WHEREOF,
you, Parent and the Company each have caused this Agreement to be executed as of the date set forth above and effective for all purposes
as provided above.

 

	 	 	 	Prince Parent Inc. 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
Justin Bateman    	 
	 	 	 	 	Name:	Justin Bateman	 
	 	 	 	 	Title:	President	 
	 	 	 	 	 	 	 

 

 

	 	 	 	Natus Medical Incorporated 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
Douglas Balog    	 
	 	 	 	 	Name:	Douglas Balog	 
	 	 	 	 	Title:	General Counsel and Secretary	 
	 	 	 	 	 	 	 

 

 

 

 

Accepted and
Agreed:

 

	/s/ Thomas J. Sullivan	 
	Thomas J. Sullivan	 

 

 

 

______________

 

    6 

     

    

EXHIBIT A

 

GENERAL
RELEASE AGREEMENT

 

This
General Release Agreement (“Agreement”) is made between Natus Medical Incorporated (“Company”) and Thomas J.
Sullivan (“Employee”) to document their agreement with respect to Employee’s termination of employment with the Company.
This Agreement becomes effective on the eighth day after it is executed by Employee (the “Effective Date”) if it is not revoked
by Employee in accordance with Section 5 below. All terms used but not defined in this Agreement shall have the meanings set forth in
that certain Retention Agreement, by and between Employee, Prince Parent Inc. (“Parent”) and the Company, dated as of April
17, 2022 (the “Retention Agreement”).

 

1)
Separation

 

(a).       Employee’s
last day of work with the Company shall be <Termination Date> (the “Separation
Date”).

 

2)
Payment of Wages

 

(a).       On
the next regular payroll date following the Separation Date, the Company will pay Employee all accrued wages, and all accrued and unused
vacation earned through the Separation Date, subject to withholding of applicable taxes in accordance with applicable law. Employee
is entitled to these payments, and shall be paid them regardless of whether Employee executes this Agreement.

 

3)
TERMINATION PAYMENTS AND BENEFITS

 

(a).       Subject
to the effectiveness of this Agreement, the Employee shall be entitled to the termination payments and benefits set forth in Annex
A attached hereto, subject to withholding of applicable taxes in accordance with applicable law.

 

4)
RELEASES

 

(a).       Employee
hereby releases the Company, Parent and their respective successors, assigns, partners, officers, directors, agents, employees, attorneys,
affiliates, shareholders, related organizations and related employee benefit plans (collectively, the “Released Parties”)
from any and all claims, liabilities, demands, rights, causes of action, costs, expenses, attorneys’ fees, damages, indemnities,
potential suits, and obligations of every kind and nature, in law, equity, or otherwise, known or unknown, which Employee may have or
claim to have had against any Released Party, arising at any time in the past, to and including, the earliest date upon which this Agreement
is executed by Employee, including but not limited to:

 

		►	claims
                                            or demands related to wages, bonuses, commissions;

 

		►	claims
                                            or demands related to vacation pay, fringe benefits, expense reimbursements, severance pay,
                                            or any other form of compensation;

 

		►	claims
                                            pursuant to any federal, state, or local law, statute, or cause of action including, but
                                            not limited to, those arising under Title VII of the Civil Rights Act of 1964, as amended,
                                            42 U.S.C. §2000e et seq; the Americans with Disabilities Act, 42 I/S/C §121-1
                                            et seq; the Age Discrimination in Employment Act (“ADEA”), as amended,
                                            29 U.S.C §621 et seq; the Fair Labor Standards Act; the U.S. Equal Pay Act of

 

    7 

     

    

1963; the
Sarbanes-Oxley Act of 2002; the federal Vocational Rehabilitation Act of 1973; federal OSHA; Cal. OSHA; Employee Retirement Income Security
Act (“ERISA”); the Employee Polygraph Protection Act; the Immigration Reform and Control Act; the U.S. Consumer Credit Protection
Act; the Worker Adjustment and Retraining Notification Act; the federal Family Medical Leave Act; the California Fair Employment and
Housing Act, as amended, Cal. Government Code §12900 et seq; the California Unruh Civil Rights; the California Family Rights
Act, Cal. Government Code §12945.2; the California Business & Professions Code; the California Labor Code, the California Constitution;
the New Jersey Law Against Discrimination; the New Jersey Conscientious Employee Protection Act; the New Jersey Family Leave Act; the
New Jersey Discrimination in Wages Law; the New Jersey Civil Rights Act; the provisions of the New Jersey Workers’ Compensation
Act relating to unlawful discharge, retaliation and/or discrimination; the New Jersey Wage Payment Law; the New Jersey Wage and Hour
Law; the New Jersey Security and Financial Empowerment Act; the New Jersey Diane B. Allen Equal Pay Act; the New Jersey Earned Sick Leave
Law; the New Jersey Family Leave Insurance Law; any tort law (statutory and common law); any contract law (statutory and common law);
and any other federal state, or local civil, human rights, labor, or employment law, regulation, or ordinance; and

 

		►	anything
                                            else arising out of, or in any way connected with, Employee’s employment with, or termination
                                            from, the Company.

 

All of the foregoing
claims and all other claims released pursuant to this Agreement are hereinafter referred to as the “Released Claims”.

 

(b).       Employee
further acknowledges that the terms of this Agreement have been negotiated and agreed upon after considering the possibility of discovering
facts other than or different from those which Employee now knows or believes to be true with respect to the subject matter covered by
this Agreement, and Employee intends to fully, finally, and forever settle and release any and all claims, known or unknown, suspected
or unsuspected, contingent or non-contingent that Employee has or may have with respect to the Released Claims against the Released Parties.
Therefore, Employee expressly waives any rights that Employee may have in any such claims, which now exist, or heretofore have existed
upon any theory of law or equity now existing (or coming into existence in the future), without regard to the subsequent discovery or
existence of such different or additional facts, and specifically and expressly waives all right or benefits that Employee now has, or
in the future may have, under California Civil Code, Section 1542, which provides as follows:

 

“Certain
Claims Not Affected by General Release -- A general release does not extend to claims that the creditor or releasing party does not
know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially
affected his or her settlement with the debtor or released party.”

 

(c).       Employee
further waives any other state or federal statutes or common law principles of similar effect to Civil Code §1542.

 

(d).       Without
limiting the above, this Agreement shall operate as a complete bar to any litigation, arbitration, charges, complaints, grievances, or
demands of any kind whatsoever with respect to the Released Claims, which arose on or before the date that this Agreement is executed
by Employee.

 

(e).       Employee
warrants that Employee has not, and will not for any Released Claims, file any claim, charge, or action against any Released Party in
respect of any Released Claim and that Employee has

 

    8 

     

    

not assigned or
transferred (and will not assign or transfer) any interest in any Released Claim which Employee may have against the Released Parties.
Employee agrees to indemnify and hold the Released Parties harmless from any liability, claims, demands, damages, costs, expenses and
attorneys’ fees incurred by the Released Parties as the result of any breach by Employee of the preceding sentence (excluding any
such attorneys’ fees that are attributable Employee’s good faith challenge to or a request for declaratory relief with respect
to the validity of the waiver herein under the ADEA). It is the intention of the parties that this indemnity does not require payment
as a condition precedent to recovery by the Released Parties against Employee under this indemnity.

 

(f).       If
a claim is brought on Employee’s behalf for a Released Claim, or for Employee’s benefit, in a court, arbitral forum, or administrative
agency, Employee waives and agrees not to take any award of money or other damages as a result of the claim. Further notwithstanding
the release of the Released Claims, nothing in this Agreement prevents Employee from filing any non-legally waivable claim (including
a challenge to the validity of this Agreement) with the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority
(FINRA) or any other U.S. or non-U.S. federal, state, or local governmental agency, authority, or commission (each, a “Governmental
Agency”) or participating in any investigation or proceeding conducted by any Governmental Agency or cooperating with any Governmental
Agency; however, Employee understands and agrees that, to the extent permitted by law, Employee is waiving any and all rights to recover
any monetary or personal relief from any Released Party as a result of such Governmental Agency proceeding or subsequent legal actions.
Nothing herein waives Employee’s right to receive an award for information provided to a Governmental Agency.

 

(g).Employee
understands and agrees that neither the payment of any sum of money nor the execution of this Agreement shall constitute or be construed
as an admission of any liability whatsoever by any of the Released Parties who have consistently taken the position that they have no
liability whatsoever to Employee.

 

5)
ADEA Waiver

 

(a).Employee
acknowledges that Employee is knowingly and voluntarily waiving and releasing any rights that Employee may have under the federal Age
Discrimination in Employment Act (“ADEA”). Employee also acknowledges that the consideration given for the waivers and releases
in this Agreement is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that Employee
has been advised by this writing, as required by the ADEA, that:

 

		(1).	Employee’s
                                            waiver and release does not apply to any rights or claims that may arise after the date that
                                            this Agreement is executed by Employee;

 

		(2).	Employee’s
                                            waiver specifically waives all of Employee’s rights or claims arising under the ADEA;

 

		(3).	Employee
                                            has the right to consult with an attorney prior to executing this Agreement, and accordingly
                                            Employee is advised to consult with an attorney prior to executing this Agreement;

 

		(4).	If a dispute
                                            arises over whether the requirements for a valid waiver under the ADEA are met by this Agreement,
                                            then the party asserting the validity of the waiver bears the burden of proving its validity;

 

		(5).	Employee
                                            is waiving Employee’s rights or claims under the ADEA in exchange for consideration
                                            that is in addition to anything of value to which Employee is already entitled;

 

		(6).	Employee
                                            has [twenty one (21)] [forty five (45)] calendar days to consider this Agreement (the “Consideration
                                            Period”) although Employee may choose to voluntarily execute this Agreement earlier;

 

    9 

     

    

		(7).	If Employee
                                            signs this Agreement prior to the expiration of the [twenty-one (21)] [forty five (45)] day
                                            period, Employee waives the remainder of that period; and Employee waives the restarting
                                            of the [twenty-one (21)] [forty five (45)] day period in the event of any modification of
                                            the Agreement, whether or not material;

 

		(8).	Employee
                                            has seven (7) calendar days following the execution of this Agreement in which to revoke
                                            the Agreement (the “Revocation Period”); and

 

		(9).	this Agreement
                                            shall not be effective until the Revocation Period has expired, which shall be the eighth
                                            calendar day after this Agreement is executed by Employee.

 

(b).       If
Employee chooses to accept this Agreement, then Employee must execute this Agreement and return it no later than the last day of the
Consideration Period, to the Company’s General Counsel at [email / address].

 

(c).       If
Employee chooses to revoke this Agreement within the seven (7)-day Revocation Period after Employee executes this Agreement, Employee
must communicate such revocation in writing to the Company’s General Counsel.

 

6)
RELEASE EXCLUSIONS

 

(a).       Notwithstanding
anything to the contrary contained in this Agreement, this Agreement does not release, and the Released Claims do not include, and this
Agreement shall not be construed as attempting to release:

 

a.       any
Employee claims that cannot be legally released by an agreement between the Company and Employee, including but not limited to, New Jersey
workers’ compensation claims, unemployment claims, violations of the federal Fair Labor Standards Act, or the Uniformed Services
Employment and Reemployment Rights Act;

 

b.       any
obligations of the Company to continue to provide indemnification to Employee as provided in the Company’s by-laws, articles of
incorporation or other governing documents or any other agreement, any rights of Employee under Section 6.10 of the Merger Agreement,
or Employee’s rights (if any) to be covered under any applicable insurance policy with respect to any liability Employee incurs
as a result of Employee’s status as an employee, officer or director of the Company or any affiliate of the Company;

 

c.       any
rights to vested or accrued benefits under any applicable employee benefit plan (within the meaning of Section 3(3) of ERISA) of the
Company or any of its affiliates, the rights to which are governed by the terms of the applicable plan documents;

 

d.       any
rights of Employee to the payments provided under Annex A of this Agreement (which payments are, among other good and valuable consideration,
provided to Employee in exchange for Employee executing and not revoking this Agreement);

 

e.       [any
rights of Employee to the payments he is entitled to receive under Section 2.8 of the Merger Agreement;]1

 

f.       any
rights of Employee in connection with any equity-based, equity-related or other long-term incentive awards granted to Employee by the
Company or any affiliate following the Closing, solely to extent that Employee’s rights thereunder survive termination of employment
pursuant to the applicable plan or agreement; and/or

 

g.
       any obligation of the Company to reimburse Employee for business expenses

 

______________

1 To
be included only if termination occurs before payment under Section 2.8.

    10 

     

    

properly incurred
on or prior to the Separation Date in accordance with the Company’s expense reimbursement policy.

 

7)
arbitration

 

(a).       All
disputes arising out of or relating to this Agreement, or relating to Employee’s employment with the Company or the termination
thereof, shall be resolved in accordance with Section 15 of the Employment Agreement.

 

8)
Governing law

 

(a).       This
Agreement will be governed by the laws of the State of New Jersey (without regard to its conflict of laws provisions).

 

9)
miscellaneous

 

(a).Employee
acknowledges and agrees that Employee is bound by that certain Confidential Information Agreement (as defined in the Employment Agreement)
and Section 11 of the Employment Agreement (“Conditional Nature of Severance Payments”). Employee hereby reaffirms the covenants,
terms and conditions set forth in the Confidential Information Agreement and Section 11 of the Employment Agreement, and acknowledges
and agrees that the Confidential Information Agreement and Section 11 of the Employment Agreement remain in full force and effect in
accordance with their respective terms. The parties acknowledge and agree that this Agreement shall constitute the release of claims
required by Section 11(c) of the Employment Agreement.

 

(b).       The
Company and Employee covenant that this Agreement has been freely and voluntarily entered into by them, and that no representations or
promises of any kind other than as contained in this Agreement have been made by any party to induce any other party to enter into this
Agreement.

 

(c).If
any part, term, or provision of this Agreement is found to be illegal or invalid, such illegality or invalidity shall not affect the
validity of the remainder of the Agreement.

 

(d).       The
Company represents and warrants that the signatory of this Agreement is authorized to enter into this Agreement on behalf of the Company,
and that said individual does hereby execute such authority on behalf of the Company.

 

(e).       This
Agreement constitutes the entire agreement and understanding concerning the matters addressed herein and replaces all prior discussions
and agreements. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained
herein, and it supersedes any other such promises, warranties, or representations. This Agreement may only be modified by a writing signed
by both of the parties.

 

(f).       This
Agreement may be executed in counterparts, all of which together shall constitute one and the same instrument, and a facsimile signature
shall have the same force and effect as an original penned in ink.

 

 

 

	Dated:	 	 	Dated:	 	 
	 	 	 	 	 	 
	 	 	 	 
	 	Employee’s
    signature	 	 	Vice President, General Counsel & Secretary for Natus Medical Incorporated (“Company”)

 

 

 

    11 

     

    

 

Annex
A

 

Termination
Payments and Benefits

 

	Description	Amount	Timing
	[Any
    unpaid portions of the Retention Payment]2	$[  ]	[Lump sum
    as soon as practicable after the Separation Date but no later than the earlier of (x) 55 days after the Separation Date and
    (y) the second regular payroll date following the Effective Date]
	Cash
    severance pursuant to Section [7(d)]3 of Employment Agreement	$[  ]	Lump sum
    not later than 30 days following the Separation Date 
	[Pursuant
    to the Employment Agreement, annual bonus relating to the year immediately prior to the year of termination, to the extent not yet
    paid]4 	$[  ]	[Payable
    at the time annual bonuses for such year are paid to executives of the Company generally, but in no event later than March 15th of
    the year following the year to which such annual bonus relates]
	Pursuant
    to the Employment Agreement, prorated target annual bonus for the year of termination, with the amount of such target annual prorated
    to reflect the number of days Employee was employed by the Company and its affiliates during the applicable year prior to the Separation
    Date	$[  ]	[Payable
    at the time annual bonuses for such year are paid to executives of the Company generally, but in no event later than March 15th of
    the year following the year to which such annual bonus relates]
	Continued
    group health coverage of the level provided by the Company to Employee at the time of such termination pursuant to Section 7(a)(iv)
    of Employment Agreement (but in all cases, subject to the last sentence of Section 7(a)(iv) of the Employment Agreement)	Payment
    by the Company of the necessary premiums for coverage of Employee and Employee’s eligible dependents with group health continuation
    coverage under COBRA (as defined in the Employment Agreement) and then, if applicable, a comparable policy or provision of healthcare
    	Pursuant
    to the Employment Agreement, coverage through the lesser of (i) the number of months until the third December 31st from the Separation
    Date, or (ii) the date upon which Employee and each of Employee’s eligible dependents become covered under similar plans; provided, however,
    that 

________________

2 To
be included only if the Separation Date occurs prior to full payment of the Retention Payment.

3 This
will be changed to Section 7(a)(i) if the Separation Date occurs more than 24 months after the Closing.

4 To
be included only if applicable.

    12 

     

    

	Description	Amount	Timing

	 	benefits
    for coverage of Employee and Employee’s eligible dependents at the end of the COBRA coverage period	Employee
    timely elects such COBRA coverage

    13 

     

    

EXHIBIT
B

 

Company
Restricted Stock and Company Restricted Stock Units

 

	Grant
    Date	Type	Grant	Shares5
	6/17/2021	RSA	4050	5,214
	12/27/2021	MSU	4096	107,021
	12/27/2021	PSU	4097	107,021
	1/3/2022	MSU	4262	36,459
	1/3/2022	MSU	4263	15,625
	1/3/2022	PSU	4260	72,917
	1/3/2022	PSU	4261	31,250
	1/3/2022	RSA	4256	52,084

 

 

 

_______________

5 In the case of MSUs and PSUs, all
Share numbers above are based on target level (i.e., 100%) performance. Notwithstanding the foregoing or anything to the contrary
in the Merger Agreement, the parties agree that the level of performance achieved in connection with the Transaction shall be 200% of
target for all PSUs, 143.4% of target for MSU Grant 4096 and 139.6% of target for MSU Grant 4262 and MSU Grant 4263.

 

    14

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