Document:

ex_175439.htm

 

Exhibit 10.9

 

COMMERCIAL LEASE AGREEMENT

 

 

THIS LEASE AGREEMENT is effective the 1st day of May, 2019, by and between PJ LLC whose mailing address is 7313 International Place, Suite 120, Sarasota, Florida 34240, its successors and or assigns, hereinafter referred to as Landlord, and, Invo BioScience LLC whose mailing address is 5582 Broadcast Court, Sarasota, Florida 34240, hereinafter referred to as Tenant.

 

ARTICLE I

BASIC LEASE INFORMATION

 

In addition to the terms that are defined or modified elsewhere in this Lease, the following defined terms are used in this Lease:

 

	
			1.1

				
			Commencement Date. The Commencement Date of the Lease shall be upon full execution of this Lease by both parties, however, for purposes of calculating adjustments to Rent, the Commencement Date shall be deemed to be May 1, 2019.

			

	
			1.2

				
			Term. The "Term" shall consist of a Period from May 1, 2019 for five (5) years through April 30, 2024.

			

	
			1.3

				
			Option to Renew. Tenant shall have one option to renew this Lease for an additional three (3) year term with three (3) percent annual increase as follows:

			

 

 

	
			Option Period One

				
			*Date of Option Period:

			May 1, 2024 to April 30, 2027

				
			**Option Exercise Period:

			December 1, 2023 to March 1, 2024

			

 

* The date of the Option Period will commence on the first day immediately following the last day of the Initial Period.

 

** The Option Exercise Period is the period during which Tenant must notify Landlord of its exercise of its option to renew the Lease. If Landlord does not receive the written notice within the Option Exercise Period, Tenant shall be deemed not to have exercised its option to renew the Lease. Time is of the essence in this regard.

 

	
			1.4

				
			Premises. Landlord does hereby lease to Tenant, and Tenant does hereby rent from Landlord, the premises located at 5582 Broadcast Court, Sarasota, Florida 34240, as legally described on Exhibit "A" attached hereto and hereby made a part hereof consisting of approximately 1,223 rentable square feet.

			

 

Landlord also agrees to lease the premises furnished in "as is" turnkey condition including, if any, all existing furniture and equipment currently located in the rental premises. However, Tenant agrees that any replacement or maintenance of any of the existing furnishings or equipment shall be at Tenant's sole expense.

 

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1.5     Modified Gross Rent. The term "Modified Gross Rent" shall, for the first year of the Initial Period, be payable to PJ LLC in the amount of $1,850 per month plus applicable sales tax of 6.7% on the rent for a total of $1,973.95 per month, which shall commence on May 1, 2019. If amount is scheduled to change during the first year refer to paragraph 1.6.

 

1.6 Deleted.

 

1.7 Security Deposit. $1,850 payable with first month's rent.

 

1.8 Permitted Use. General office.

 

1.9 Additional Defined Terms.

 

	 	
			(a)

				
			Building. The building in which the Premises are located.

			

 

	 	
			(b)

				
			Common Facilities. All common areas (including, without limitation, all parking areas, driveways, sidewalks, entrances, exits, improvements, facilities) which are designated by Landlord from time to time as being for the general use, in common, of all tenants of the Building, their officers, agents, employees, contractors. invitees and servants.

			

 

	 	
			(c)

				
			Lease. This Lease (including any exhibits) as it may be amended from time to time.

			

 

	 	
			(d)

				
			Property. The office known as 5582 Broadcast Court, Sarasota, Florida 34240.

			

 

The land and Building located in Sarasota, Florida (Sarasota County), as described in the legal description attached hereto as Exhibit "A".

 

	 	
			(e)

				
			Rent. All amounts, monies, charges or other sums payable by Tenant under this Lease, including without limitation: (i) Modified Gross Rent, and (ii) Sales Tax.

			

 

	 	
			(f)

				
			Tenant's Property. Tenant's office furnishings, furniture, appliances, equipment, business machines or fixtures, inventory, supplies, decorations and other items of Tenant's personal property {or the personal property of Tenant's affiliates, principals, agents, contractors, employees, guests and/or invitees) placed in or about the Premises by Tenant (or such other persons) during the Term.

			

 

ARTICLE II

DEMISE OF PREMISES

 

In consideration of the rents and covenants herein stipulated to be paid and performed by Tenant and upon the terms and conditions herein specified, Landlord leases to Tenant and Tenant leases from Landlord the Premises, for the duration of the Term.

 

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ARTICLE III

TERM AND RENEWALS

 

	
			3.1

				
			Term. Subject to the terms, covenants, agreements, and conditions contained herein, this Lease shall commence on the Commencement Date and shall terminate on the Termination Date, lasting for the Term. There shall be no delay in the Commencement Date of this Lease or payment of Rent as provided where Tenant fails to occupy the Premises.

			

 

	
			3.2

				
			Renewal of Term. Tenant shall have the right to renew the Term, beyond the Initial Period, for the additional term of three (3) years as specified in Paragraph 1.10 above, provided that: (a) this Lease shall not have been previously terminated in accordance with the terms hereof; (b) Tenant is not in default of any of its obligations under this Lease at the time of Tenant's exercise of its option to renew; (c) Tenant has not been in default of its obligations under this Lease, for any consecutive three (3) month period within the twelve (12) month period prior to the time of Tenant's exercise of its option to renew, in an amount equal to or greater than the Monthly Modified Gross Rent; (d) Tenant has not assigned or sublet the Premises during the previous period (i.e., the Initial Period or the previous Option Period, as applicable); and (e) this Lease, for the duration of any Option Period, shall be subject to all terms and conditions in this Lease. The option to renew shall be given by Tenant. in writing, during the Option Exercise Period specified in paragraph 1.10 above. Time is of the essence with respect to the giving of such notice.

			

 

 

ARTICLE IV

RENT

 

	
			4.1

				
			Rent.

			

 

	 	
			(a)

				
			Generally. Tenant agrees to pay all Rent when due and payable, without any setoff, deduction, or prior demand to Landlord at the address given for Landlord at the beginning of this Lease, or at such other address as Landlord may, from time to time, designate in a notice to Tenant for this purpose, Rent shall be deemed paid upon the date received by Landlord or Landlord's managing agent. Tenant shall make reasonable attempts to secure direct banking arrangements so that its Rent payment obligations each month can be automatically transferred from Tenant's bank account to Landlord's bank account for direct deposit.

			

 

	 	
			(b)

				
			No Accord and Satisfaction. Any payment by Tenant or acceptance by Landlord of a lesser amount than shall be due from Tenant to Landlord shall be treated as a payment on account. The acceptance by Landlord of a check for a lesser amount with an endorsement or statement thereon, or upon any letter accompanying such check, that such lesser amount is payment in full shall be given no effect, and Landlord may accept such check without prejudice to any other rights or remedies which Landlord may have against Tenant.

			

 

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			4.2

				
			Modified Gross Rent.

			

 

	 	
			(a)

				
			Generally. Tenant shall pay monthly Modified Gross Rent on or before the first day of each calendar month during the term of this Lease.

			

 

	
			Date

				
			Rent

				
			Total

			
	
			5/1/2019

				
			$1850.00

				
			$1973.95

			
	
			5/1/2020

				
			$1905.50

				
			$2033.17

			
	
			5/1/2021

				
			$1962.67

				
			$2094.16

			
	
			5/1/2022

				
			$2021.54

				
			$2156.99

			
	
			5/1/2023

				
			$2082.19

				
			$2221.70

			

 

	 	
			(b)

				
			Adjustment to Modified Gross Rent. Commencing on the first anniversary of the Commencement Date and as of each anniversary thereafter, the Modified Gross Rent for the immediately succeeding year shall be increased by three (3) percent over the existing Modified Gross Rent amount or the Consumer Price Index for the previous twelve months, whichever is greater

			

 

NOTE: If a percentage is used it is based on three per cent for illustrative purposes only - it may be more based on the CPI for the previous twelve months.

 

	 	
			(c)

				
			Tenant shall make the applicable adjustments to Modified Gross Rent as set forth above, without notice, and it is Tenant's obligation to pay the Adjusted Modified Gross Rent without the necessity of Landlord's demand for same.

			

 

	
			4.3

				
			Sales Tax. All State of Florida sales, use, or personal property tax, tax on rentals, and any other charge or tax imposed on the privilege of renting which may be required by law shall be paid by Tenant to Landlord on a monthly basis, with the next installment of Monthly Modified Gross Rent.

			

 

 

ARTICLE V

SECURITY DEPOSIT

 

	
			5.1

				
			Payment of Security Deposit. Landlord shall hold the Security Deposit without liability for interest and as security for the performance by Tenant of Tenant's covenants and obligations under this Lease, it being expressly understood that the Security Deposit shall not be considered an advance payment of Modified Gross Rent (specifically including the last installment of Monthly Modified Gross Rent), an advance payment of any rental adjustment, or Additional Rent as provided herein, or a measure of the damages which would be suffered by Landlord in the case of a default by Tenant.

			

 

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			5.2

				
			Application and Restoration of Security Deposit. It is agreed that Landlord may, at its option, at the time of any default by Tenant under any terms, provisions, covenants, or conditions of this Lease, apply the Security Deposit or any part thereof towards the payment of Rent and all other sums payable by Tenant under this Lease and towards the performance of each and every one of Tenant's covenants under this Lease. In that event, Landlord shall notify Tenant in writing of such application and Tenant shall deposit with Landlord such amount of cash as is necessary to fully restore the original Security Deposit. Tenant's failure to fully restore the Security Deposit within ten (10) days after such notice shall be an event of default under this Lease. Within thirty (30) days of the termination of this Lease, Landlord shall return to Tenant the Security Deposit less any sums thereof which have been applied by Landlord to cure a default of Tenant or applied to any damages suffered by Landlord. Tenant shall return to Landlord all keys, passes, parking tags or cards, and other items of access upon vacating the Premises. Any so items not returned to Landlord shall be charged to Tenant or taken from Tenant's Security Deposit, as the case may be.

			

 

	
			5.3

				
			Assignment of Security Deposit. If Landlord transfers its interest in the Premises while this Lease is in effect, Landlord may assign the Security Deposit to the transferee and thereafter have no further obligation for the return of such Security Deposit.

			

 

 

ARTICLE VI

USE OF PREMISES AND LANDLORD'S RIGHTS

 

6.1     Permitted Use.

 

	 	
			(a)

				
			Generally. Tenant may use the Premises for the Permitted Use or such other purposes as Landlord may approve in writing, in advance, but for no other purpose. Landlord reserves the right to approve or deny any other use, to be determined in Landlord's sole discretion.

			

 

	 	
			(b)

				
			Tenant's Covenants Regarding Use. Tenant shall use and maintain the Premises in a clean, careful, safe, and proper manner and shall comply with all applicable laws, ordinances, orders, rules, and regulations of all legally constituted governmental authorities. Tenant shall not permit any nuisance on or in the Premises. Tenant will not use the Premises for lodging or sleeping purposes or for any immoral or illegal purposes. Tenant will conduct its business and occupy the Premises and will control its agents, employees, contractors, licensees, invitees, officers, servants, visitors, patrons and customers in such a manner so as not to create any nuisance or disturb any of the other tenants in the Building, or Landlord in its management of the Building, and so as not to injure the reputation of the Building. Tenant shall not use the Premises or allow or permit same to be used in any way or for any purpose that Landlord, in its sole discretion, deems to be hazardous. Tenant agrees to conduct its business according to the generally accepted written or unwritten code of ethics or business principles of the trade, business, or profession in which Tenant is engaged.

			

 

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6.2     Landlord's Reservation of Rights.

 

	 	
			(a)

				
			Generally. Landlord or its agents shall have the right, at any reasonable time or times during the business hours of Tenant (or at such other times as the parties may agree upon), to enter the Premises to (i) inspect the Premises, (ii) make repairs, (iii) exhibit the Premises to prospective tenants or others, and (iv) perform any other services to uphold Landlord's obligations under this Lease (or Tenant's obligations if Tenant is delinquent in upholding such obligations). Landlord shall immediately repair any damage to the Premises occasioned by the exercise of its rights hereunder. In the event of an emergency, in Landlord's sole opinion, Landlord may immediately enter the Premises with or without prior notice. The tenant's phone number is 508-277-9817.

			

 

	 	
			(b)

				
			Preparation for New Tenant. During the last ninety (90) days of the Term of this Lease, or any time after vacation of the Premises by Tenant, Landlord and Landlord's agents shall have the right to place signs in one or more conspicuous places upon the interior or exterior of the Premises advertising the Premises "For Rent." Any time after the vacation of the Premises by Tenant, Landlord and Landlord's agents shall have the right to decorate, remodel, repair, alter, or otherwise prepare the Premises for subsequent occupancy.

			

 

	 	
			(c)

				
			No Liability. Landlord may exercise any or all of the foregoing rights reserved without being liable for eviction, disturbance of the Tenant's use, possession, or quiet enjoyment of the Premises, or any injury, inconvenience, or interference with Tenant's business, and such entry shall not entitle Tenant to any abatement of Rent.

			

 

	 	
			(d)

				
			Miscellaneous. Landlord shall have the right to change the street address or the name of the building or the designation of the Premises or the arrangement or location of entrances, passageways, doors, doorways, corridors, stairs, or other public parts of the building, without liability to Tenant, and to designate all sources for signs, pest control services, air conditioning services, repairs and maintenance or other similar services required in the maintenance or repair of the Premises or within the Building.

			

 

	 	
			(e)

				
			Exclusivity. Landlord shall have the right to grant anyone the exclusive privilege of conducting any particular business or activity in the Building not in derogation of Article 1.8 of this Lease.

			

 

	 	
			(f)

				
			Alterations. At any time or times Landlord, either voluntarily or pursuant to government requirements, may, at Landlord's expense, make repairs, alterations or improvements in or to the building or any part thereof, and during such times may temporarily close entrance doors, corridors or other facilities. Without limiting the generality of the foregoing, Landlord shall specifically have the right to remove, alter and improve the exterior facade of the Building as the same may be constituted, or any part thereof.

			

 

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			6.3

				
			Pass Keys. Landlord shall have the right to have pass keys to the Premises. In the event Tenant changes the locks on the doors, duplicate keys shall immediately be delivered to Landlord. Tenant agrees to use locksmith designated by Landlord on his list of Service Providers. This will insure compliance with fire regulations.

			

 

	
			6.4

				
			Control of Common Facilities by Landlord. In addition to the Premises, Tenant shall have the right to the non-exclusive use of the Common Facilities, including automobile parking areas, in common with Landlord and other tenants and their agents, employees, contractors, licensees, invitees, officers, servants, visitors, patrons and customers. However, the Common Facilities shall be at all times subject to the exclusive control and management of Landlord. Landlord shall have the right, from time to time, to:

			

 

	 	
			(a)

				
			establish, modify, and enforce reasonable rules and regulations with respect to the Common Facilities and to police same;

			

 

	 	
			(b)

				
			change the area, level, location, reservation, and arrangement of parking areas and other Common Facilities;

			

 

	 	
			(c)

				
			designate parking for employees, customers, or others and generally restrict parking by and enforce parking charges to tenants, their officers, contractors, agents, invitees, employees, servants, licensees, visitors, patrons, and customers; and

			

 

	 	
			(d)

				
			do and perform such other acts in and to the Common Facilities as, in the sole judgment of Landlord, are advisable with a view to the improvement of the convenience and use thereof by tenants, their officers, contractors, agents, invitees, employees, servants, licensees, visitors, patrons, and customers.

			

 

Landlord shall operate and maintain the Common Facilities in such manner as Landlord shall determine from time to time, in its sole discretion.

 

ARTICLE VII

SIGNAGE, IMPROVEMENTS, ALTERATIONS, 

REPAIRS. AND MAINTENANCE OF PREMISES

 

	
			7.1

				
			Signage. Tenant shall have the right to construct, erect, place, put, paint, maintain, and/or control certain signage on the Building for its business; provided. however, that any signage which is visible from outside of the Premises (including both interior signs in the Premises which are visible from outside of the Premises and exterior signs on the Premises, the Building, and/or the Property) shall be subject to Landlord's prior written approval (not to be unreasonably withheld) of the same (including, without limitation, final written approval over the location, size, content, material, and other characteristics of all such signs), and to Tenant's securing all relevant permits and/or approvals by governing authorities (including developmental approval). After receiving landlord's approval, such sign or signs must be installed and maintained so as to not cause damage

			

 

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to the Premises, the Building, and the Property and in compliance with all rules, regulations, laws, statutes, ordinances, and applicable governmental authorities. Tenant agrees to keep the same in a good state of repair and to defend, indemnify and hold harmless Landlord (and Landlord's principals, affiliates, employees, agents [including the managing agent], successors and assigns) from and against any Losses (as defined in Article 7.2(e) below) in connection therewith. Certain locations may not be allowed to post signage in some instances. In addition, so long as Tenant remains in possession of the Premises and is not in uncured default hereunder, Tenant's name may be displayed on any building directory or monument of the Building. Signage approval may also be required by the Lakewood Ranch Corporate Park Association Inc. All signage shall be at Tenant's expense.

 

7.2     Improvements and Alterations.

 

	 	
			(a)

				
			"As Is". Tenant has inspected the Premises and is satisfied with same and hereby accepts the Premises in its "as is" condition.

			

 

	 	
			(b)

				
			Structural Improvements. Tenant may not make any material or structural additions, alterations, and improvements (hereinafter referred to as "Structural Improvements"), including any Structural Improvements that may be contemplated as part of Tenant's Initial Improvements, without Landlord's prior written approval. Except as otherwise provided below, the Structural Improvements attached or made to the Premises prior to or during the Term of this Lease which cannot be removed without physical damage to the Premises shall become and be Landlord's property and, unless Landlord otherwise elects, shall be and remain part of the Premises at the termination of this Lease.

			

 

	 	
			(c)

				
			Non-Structural Improvements. Landlord agrees that Tenant may make, at its own expense, any minor, non-structural alterations, repairs, replacements, or additions to the Premises (hereinafter referred to as "Non-Structural Improvements"), provided that any such Non-Structural Improvements shall not lessen the value of the Building as it shall be at the Commencement Date. Except as otherwise provided below, the Non-Structural Improvements attached or made to the Premises prior to or during the Term of this Lease which cannot be removed without physical damage to the Premises shall become and be Landlord's property and, unless Landlord otherwise elects, shall be and remain part of the Premises at the termination of this Lease.

			

 

	 	
			(d)

				
			Construction and Maintenance of Improvements. Construction of any improvements by Tenant may be made only by a licensed, bonded, and insured contractor who has been approved in writing by Landlord, which approval shall not be unreasonably withheld. Tenant agrees that construction of the improvements shall be performed diligently and in a good and workmanlike manner and shall be expeditiously completed in compliance with all applicable laws, ordinances, orders, rules, regulations, and requirements, and in accordance with the rules and regulations of the local board of the Fire Insurance

			

 

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Underwriters. Any construction that will interfere with other tenants' quiet enjoyment of their space (e.g. use of a jack hammer) must be accomplished during non-business hours.

 

	 	
			(e)

				
			No Liens. Tenant shall never allow a lien for work performed to the Premises to be filed against the Premises or the Property. Any such liens are expressly prohibited. Should any lien be filed on account of Tenant's improvements, Tenant shall satisfy same or cause such lien to be removed by bond within fifteen (15) days from the filing of the lien. Tenant agrees to indemnify and hold Landlord harmless from any and all claims, demand, and liability, including damage to person or property arising out of or in connection with any such work and including Landlord's reasonable attorney's fees and costs incurred if any lien is recorded against the Property as a result of Tenant's work. In order to comply with the provisions of Section 713.10, Florida Statutes, it is specifically provided that neither Tenant nor anyone claiming by, through, or under Tenant, including but not limited to contractors, subcontractors, material men, mechanics, and laborers, shall have any right to file or place any mechanics' or material means' liens of any kind whatsoever upon the Premises or the Property. All parties with whom Tenant may deal are put on notice that Tenant has no power to subject Landlord's interest to any mechanic's or material men's lien of any kind or character, and all such persons so dealing with Tenant must look solely to the credit of Tenant, and not to Landlord's interest or assets.

			

 

	 	
			(f)

				
			Removal of Improvements. By notice given to Tenant at the time Landlord approves improvements and/or at least thirty (30) days prior to the expiration of the Lease, Landlord may require that Tenant remove any or all Structural or Non-Structural Improvements which are made in or upon the Premises. In that event, Tenant shall remove such Structural or Non-Structural Improvements at Tenant's expense and shall restore the Premises to the condition existing before such Structural or Non-Structural Improvements were made, reasonable wear and tear excepted. If Landlord does not give Tenant such notice, then all such Structural or Non-Structural Improvements shall become and be Landlord's property and shall be and remain part of the Premises at the termination of this Lease.

			

 

	 	
			(g)

				
			Improvements by Landlord. Landlord agrees to paint interior with a color of tenant's choice. Landlord agrees to reimburse tenant for cost of replacing existing flooring with said cost not to exceed Three thousand five hundred ($3,500) dollars. This said cost shall include removal of existing flooring and installation of new. Tenant to provide Landlord with a sample for his approval. Landlord will reimburse Tenant upon completion of installation of new flooring. If Tenant chooses not to replace flooring, landlord will clean existing carpeting. Landlord will deliver space with all mechanical, electrical, and plumbing systems in good working condition.

			

 

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			7.3

				
			Tenant's Property; Payment of Tangible Personal Property Tax. Subject to the provisions of this Article, Tenant may place Tenant's Property in the Premises. Tenant's Property shall be placed and maintained by Tenant, at its expense, in settings sufficient to absorb and prevent vibration, noise, and annoyance. Tenant covenants and agrees that all Tenant's Property of every kind, nature, and description which may be in or upon the Premises, the Building, and the Property during the Term hereof shall be at the sole risk of Tenant. Tenant hereby indemnifies Landlord and holds it harmless from and against any liability, loss, injury, claims, or suit resulting directly or indirectly there from except as may be caused by Landlord's willful misconduct. Tenant shall timely pay all tangible personal property tax on any and all of the Tenant's property subject to such tax, located within the Premises, including but not limited to furniture, furnishings, equipment and any and all other tangible personal property which is required to be disclosed on the tangible personal property tax return filed with the Sarasota County Tax Collector. Tenant's failure to pay its tangible personal property taxes when due, constitutes an event of default under the terms of this Lease.

			

 

7.4     Maintenance and Repair of the Premises.

 

	 	
			(a)

				
			Generally. Tenant shall, at its sole cost and expense, maintain the Premises in good order, condition, and repair, including repairs to doors, locks, hardware, flooring, walls, ceilings, electrical fixtures, plumbing, plate glass, windows, and equipment in the Premises. Landlord will have the HVAC units of the Building covered by a service contract. Landlord shall remain responsible for the roof and structural repairs outside of the Premises. Tenant shall directly bear the cost of maintenance of lighting fixtures and replacement of lamps, bulbs, tubes, ballasts, and starters located in their Premises. Tenant shall maintain all areas of the Premises in a clean and sanitary condition. Tenant agrees to cooperate with Landlord's request for cleanliness and maintenance to the extent such requests are as a result of Tenant, it's agents, employees, contractors, licensees, invitees, officers, servants, visitors, patrons or customers or Tenant's operations. Landlord shall be responsible for pest control. Landlord will provide Tenant a list of Service Providers. The Tenant will contact these providers when service that is the Landlord's responsibility is required. Landlord will not be responsible for services provided by anyone not on this list without prior approval.

			

 

Landlord shall be responsible for all exterior pest control- Tenant shall be responsible for interior pest control.

 

	 	
			(b)

				
			Repair of Tenant's Damage. Tenant shall not in any manner deface, injure, or damage the Premises, the Building, or the Property, or any part thereof. Tenant shall promptly repair, at its own expense, or pay Landlord on demand for any such damage to the Premises, the Building, or the Property caused by any negligence or willful act or misuse or abuse (whether or not any such misuse or abuse results from negligence, or willful act) by Tenant or any of its agents, employees, contractors, licensees, invitees, officers, servants, visitors, patrons or customers.

			

 

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			(c)

				
			Landlord's Responsibility. Landlord will be responsible for the repair, maintenance and replacement of all structural parts of the Building which are external to the Premises, including mechanical, electrical, plumbing, roofing, pest control and parking areas; provided, however, that Tenant shall be responsible for the repair, maintenance and replacement of all structural and non-structural aspects within the Premises (in accordance with Paragraph 7.4(a) above).

			

 

7.5     Services.

 

	 	
			(a)

				
			Generally. Tenant shall pay, when due, for all charges imposed by public and private utility companies for all utility services provided exclusively and/or primarily to the Premises (including, without limitation, electricity, recycling, telephone, internet, cable or satellite television). If any such services are not paid directly by Tenant, Landlord shall have the option to bill them back to Tenant based on actual or estimated usage. Landlord shall have the right to meter and to charge separately for such services in the future. Tenant shall use only office machines and equipment that operate on the Building's standard electric circuits but which in no event shall overload the Building's standard electric circuits from which Tenant obtains electric current.

			

 

	 	
			(b)

				
			Janitorial Service. Landlord shall provide and pay for janitorial service in the Common Facilities. Tenant shall be responsible and pay for janitorial service within the Premises. However, Tenant shall only provide such service through a qualified janitorial contractor or employee who is, and shall continuously be, reasonably satisfactory to Landlord. Although janitorial service within the Premises shall be Tenant's sole responsibility, Landlord shall have the right to reasonably assist Tenant in the direction and control of the performance of such janitorial service for the Premises.

			

 

	 	
			(c)

				
			No Liability. Tenant agrees that Landlord shall not be liable in damages, by abatement of Rent or otherwise, for failure to furnish or any delay in furnishing any service hereunder when the failure or delay is occasioned, in whole or in part, by (i) repairs or improvements, (ii) strike, lockout, or other labor dispute, (iii) the inability to secure electricity, gas, water or other fuel, (iv) any accident or casualty whatsoever, or (v) any cause beyond the control of Landlord. No failure or delay shall be deemed to constitute an eviction or disturbance of Tenant's use and possession of the Premises or relieve the Tenant from paying Rent or otherwise performing any of the obligations under this Lease. Landlord shall not be liable for injury to any person or property caused by any defects in the electrical, heating, ventilating or air conditioning systems, elevators, or water apparatus, or for any damages arising out of the failure to furnish any services.

			

 

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ARTICLE VIII

CASUALTY AND CONDEMNATION

 

 

8.1     Casualty.

 

	 	
			(a)

				
			Landlord's Option to Restore or Terminate Lease. In the event of damage or destruction to the Premises by fire or other casualty, Landlord shall have the option to (i) repair and/or restore the Premises at Landlord's expense, or (ii) terminate this Lease. Landlord shall notify Tenant of the option selected by Landlord within thirty (30) days after such casualty event.

			

 

	 	
			i.

				
			If Landlord Terminates Lease. If Landlord opts to terminates this Lease, Landlord shall thereupon return all unearned rental monies and security deposits to Tenant.

			

 

	 	
			ii.

				
			If Landlord Repairs Premises. If Landlord opts to repair and/or restore the Premises, such shall be done within a period of one hundred eighty (180) days from the date of such casualty. Landlord shall not be responsible for any delay in repairing or restoring the Premises if such is due to governmental regulations, casualties and strikes, unavailability of labor and materials, and/or other causes beyond the control of Landlord, nor shall Landlord be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting from reasonable delays in repairing such damage to the Premises. The Premises shall be restored at least to the character and appearance of the Premises immediately prior to the casualty. This Lease shall continue in full force and effect; provided, that if such damage or destruction shall be of such extent that the conduct of Tenant's business is materially affected during the period of repair and restoration, as determined by Tenant in its sole and absolute discretion, then the Modified Gross Rent which Tenant is obligated to make hereunder shall abate until the Premises have been fully and completely restored by Landlord and possession thereof is delivered to Tenant. Any Modified Gross Rent paid in advance shall be proportionately rebated (or credited against future payments of Rent). If Tenant can continue to conduct business in the Premises, as determined by Tenant in its sole and absolute discretion, but is deprived of the use of a part or parts of the Premises by reason of such casualty, then the Modified Gross Rent which Tenant is obligated to make hereunder shall equitably abate in proportion to the rental value of the space which Tenant is unable to use, in accordance with the procedure outlined in Article 8.3 below, until the Premises have been fully and completely restored by Landlord.

			

 

	 	
			(b)

				
			Tenant's Property. In the event of a casualty, all repairs to and replacement of Tenant's Property and improvements shall be made by, and at the sole expense of, Tenant.

			

 

12

 

 

	 	
			(c)

				
			Damage by Tenant. In no event shall any Rent abate if the damage or destruction is caused by the willful act, negligence, misuse, or abuse (whether or not any such misuse or abuse results from negligence or willful act) of the Tenant or any of its agents, employees, contractors, licensees, invitees, officers, servants, visitors, patrons or customers, and Landlord is prejudiced thereby in respect to collection of proceeds from any insurance policy covering the Premises. Landlord shall have no liability under any circumstances for any business losses of Tenant, or for any losses to Tenant's Property, fixtures, and improvements to the Premises made by Tenant or which Tenant is responsible to maintain. Tenant shall pay Landlord on demand for any damage to the Premises, the Building, and the Property caused by any negligence or willful act or misuse or abuse (whether or not any such misuse or abuse results from negligence or willful act) by Tenant or any of its agents, employees, contractors, licensees, invitees, officers, servants, visitors, patrons or customers.

			

 

8.2     Condemnation.

 

	 	
			(a)

				
			Generally. In the event that all or any portion of the Premises or the Property are taken under condemnation proceedings, or by sale under threat of condemnation, Tenant shall have no right to any portion of the condemnation award. Landlord shall have no responsibility to restore or to compensate Tenant for any taking by condemnation of the Premises, or the Property, or Tenant's Property. Nothing contained herein shall preclude a separate award being made to Tenant by the condemning authority for loss of business, or depreciation to, and costs of removal of, Tenant's Property and improvements.

			

 

	 	
			(b)

				
			Tenant's Right to Terminate Lease. In the event that the portion or amount of the Premises taken by condemnation or by sale under threat of condemnation is such as to preclude Tenant from effectively conducting Tenant's business, then Tenant shall have the right to terminate this Lease, which right shall be exercised, if at all, by Tenant so notifying Landlord in writing within fifteen (15) days after the taking or conveyance of the Premises. Time is of the essence with respect to the giving of such notice.

			

 

	 	
			i.

				
			If Tenant Terminates Lease. If Tenant opts to terminates this Lease, Landlord shall thereupon return all unearned rental monies and security deposits to Tenant.

			

 

	 	
			ii.

				
			If Tenant Does Not Terminate Lease. If Tenant does not opt to terminate this Lease, then this Lease shall continue in full force and effect. If the portion of the Premises taken is such that Tenant is not materially affected in the conduct of Tenant's business, then there shall be no abatement of Modified Gross Rent to be paid hereunder as though such property was not taken. If, on the other hand, the taking of a portion of the Premises is such as to materially affect the conduct of Tenant's business, then and in that event Tenant shall have the

			

 

13

 

 

right to an equitable abatement of Modified Gross Rent, in accordance with the procedure outlined in Article 8.3 below.

 

	
			8.3

				
			Procedure for Determining Equitable Abatement. Landlord and Tenant shall try to agree upon an equitable abatement of Modified Gross Rent pursuant to Article 8.1 or 8.2, as the case may be. If the parties cannot agree within a reasonable period of time, then the same shall be referred to a panel of three (3) arbitrators, one of whom is appointed by each party, and the third appointed by the first two arbitrators. The three (3) arbitrators shall meet within ten (10) days of appointment and then and there determine a fair, equitable abatement of Modified Gross Rent. Both parties covenant and agree to be bound by the arbitration decision. The cost of the arbitrators shall be shared equally by Tenant and Landlord.

			

 

ARTICLE IX

TENANT'S COVENANTS

 

	
			9.1

				
			Indemnification. Tenant hereby indemnifies and covenants to save Landlord, its agents, officers, representatives, contractors, and employees harmless from and against any and all claims, liabilities, or penalties asserted by or on behalf of any individual, person, firm, corporation, public authority, or any other entity on account of or based upon the following:

			

 

	 	
			(a)

				
			any injury to person, or loss of or damage to tangible personal property, sustained or occurring on the Premises on account of or based upon the act, omission, fault, negligence, or misconduct of any person other than Landlord or its servants, agents, or employees;

			

 

	 	
			(b)

				
			any injury to person, or loss of or damage to tangible personal property, sustained or occurring in or about the Premises, the Property, or on or about the Common Facilities, sidewalks, approaches, roof, or other appurtenances and facilities used in connection with the Property or the Premises arising out of the use or occupancy of the Property or the Premises by Tenant or by any person claiming by, through, or under Tenant, and caused by the act, omission, fault, negligence, or misconduct of any person other than Landlord or its servants, agents, or employees; and

			

 

 

	 	
			(c)

				
			any work or thing whatsoever done by Tenant on the Premises during the Term and during the period of time, if any, prior to the Commencement Date when Tenant may have been given access to the Premises;

			

 

 

	 	
			(d)

				
			in respect of any of the foregoing, all costs, expenses, reasonable attorney's fees, and liabilities incurred in or in connection with any such claim, or any action or proceeding brought thereon.

			

 

If any action or proceeding is brought against Landlord on account or by reason of any of the foregoing claims, Tenant shall, at Tenant's expense, defend such claim, action, or

 

14

 

 

proceeding. The provisions of this Article shall survive the expiration or termination of this Lease.

 

9.2     Tenant's Assumption of Risk.

 

	 	
			(a)

				
			Damage Caused by Premises. Tenant assumes the risk of, and Landlord shall not be liable or responsible to Tenant or to those claiming by, through, or under Tenant for the condition of the Premises or any injury or damage to persons, tangible personal property, or to the operation of Tenant's business resulting from the condition of the Premises, the Building, or the Property and/or cessation of operations or malfunction of any equipment or apparatus serving the Premises including (i) fire, explosion, falling plaster, sick building syndrome, or broken glass, (ii) gas, electricity, or electrical disturbance, (iii) any dampness, water, rain, or leaks from pipes, appliances, plumbing works, the roof, the street, or subsurface, or any other part of the Property, (iv) any latent or apparent defect or change of condition in the Premises, the Building, the Property, or the Common Facilities, (v) crime, accident, or natural disorder, (vi) electrical, mechanical, or plumbing equipment, or (vii) any other cause of whatever nature, unless caused by or due to the willful misconduct of Landlord. The Premises is leased subject to any and all conditions that an accurate examination of the Premises would disclose.

			

 

	 	
			(b)

				
			Damage Caused by Other Tenants. Tenant assumes the risk of, and Landlord shall not be liable or responsible to Tenant or to those claiming by, through, or under Tenant for, any damages caused from any act, negligence, or misuse of co-tenants or other occupants of other parts of the Property, or any owners or occupants of adjacent or contiguous property.

			

 

	 	
			(c)

				
			Damage Caused by Others. Tenant assumes the risk of, and Landlord shall not be liable or responsible to Tenant or to those claiming by, through, or under Tenant for, any theft of or damage to any personal property or other property brought into the Premises or onto the Property by Tenant, its employees, agents, contractors, licensees, invitees, officers, servants, visitors, patrons or customers, or any damage to Tenant's Property stored in the Premises or any property of Tenant in the Property or entrusted to persons employed to provide services in the Property, or caused by construction operations of any private, public, or quasi-public person or entity, nor any other cause not the result of the willful misconduct of Landlord.

			

 

	 	
			(d)

				
			Acts of God and Similar Causes. Tenant assumes the risk of, and Landlord shall not be liable or responsible to Tenant or to those claiming by, through, or under Tenant for, any and all losses or damages to any property or person occasioned by fire, act of God, public enemy, injunction, riot, strike, insurrection, war, court order, requisition, or order of governmental body or authority, or other matter beyond the reasonable control of Landlord.

			

 

15

 

 

	
			9.3

				
			Rules and Regulations and Governmental Regulations. Tenant will faithfully observe and comply with all existing and future rules and regulations of the Property promulgated by Landlord, together with all laws, rules, regulations, requirements, or ordinances imposed, from time to time, by any federal, state, county, or municipal or other local governmental authorities which have jurisdiction over Tenant. At the present time there are no published rules and regulations/

			

 

	
			9.4

				
			Anti-Terrorism Statute Compliance. Tenant hereby represents and warrants to Landlord that Tenant is not: (1) in violation of any Anti-Terrorism Law; (2) conducting any business or engaging in any transaction or dealing with any Prohibited Person, including the making or receiving or any contribution of funds, goods or services to or for the benefit of any Prohibited Person; (3) dealing in, or otherwise engaging in any transaction relating to, any property or interest in property blocked pursuant to Executive Order No. 13221; (4) en●gaging in or conspiring to engage in any transaction that evades or avoids, or had the purpose of evading or avoiding, or attempts to violate any of the prohibitions set forth in any Anti-Terrorism Law; or (5) a Prohibited Person, nor are any of its partners, members, managers, officers or directors a Prohibited Person. As used herein, "Antiterrorism Law" is defined as any law relating to terrorism, anti-terrorism, money laundering or anti-money laundering activities, including Executive Order No. 13224 and Title 3 ofthe USA Patriot Act. As used herein "Executive Order No. 13224" is defined as Executive Order No. 13224 on Terrorist Financing effective September 24, 2001, and relating to "Blocking Property and Prohibiting Transactions With Persons Who Commit, or Support Terrorism," "Prohibited Person" is defined as (1) a person or entity that is listed in the Annex to Executive Order 13224; (ii) a person or entity with whom Tenant or Landlord is prohibited from dealing or otherwise engaging in any transaction by any Anti Terrorism Law, or (iii) a person or entity that is named as a "specially designated national and blocked person" on the most current list published by the U.S. Treasury Department Office Of Foreign Assets Control as its official website, http://www.treas.gov/ofac/t11sdn.pdf or at any replacement website or other official publication of such list. ● "USA Patriot Act" is defined as the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001" (Public Law 107-56).

			

 

ARTICLE X

INSURANCE

 

	
			10.1

				
			Types of Coverage Required. At all times subsequent to the Commencement Date and during the full term, Tenant shall keep the Premises covered, at Tenant's sole cost and expense, by the following types of insurance:

			

 

	 	
			(a)

				
			Fire and extended coverage multi-peril insurance in an amount equal to 100% of the full replacement cost of Tenant's Property. Any policy providing such coverage shall contain the so called special coverage all risk endorsement and the full replacement cost endorsement.

			

 

16

 

 

	 	
			(b)

				
			Coverage against claims for personal injury or property damage under a policy of commercial general liability insurance (to be written on an "occurrence" basis, not a "claims made" basis), with limits of at least One Million Dollars ($1,000,000) per occurrence, and One Million Dollars ($1,000,000) in the aggregate per policy year, for bodily injury or death and property damage liability.

			

 

	 	
			(c)

				
			Flood insurance in an amount equal to 100% of the full replacement cost of Tenant's Property, if the Premises are located on the ground floor of the Building.

			

 

	 	
			(d)

				
			Workers compensation coverage and coverage against such other hazards and in such amounts as the holder of any mortgage to which this Lease is subordinate may from time to time require.

			

 

	
			10.2

				
			Policies' Requirements. All insurance policies required to be maintained by Tenant shall be obtained through insurers with recognized responsibility and/or ratings acceptable to Landlord and shall:

			

 

	 	
			(a)

				
			name Tenant, Landlord, and Landlord's managing agent as additional named insured's;

			

 

	 	
			(b)

				
			Deleted.

			

 

	 	
			(c)

				
			to the extent obtainable, provide that any loss shall be payable to Landlord or to the holder of any mortgage notwithstanding any act or omission of Tenant (other than non-payment of premiums) which might otherwise result in forfeiture of such insurance; and

			

 

	 	
			(d)

				
			to the extent obtainable, contain an agreement by the insurers that such policies shall not be canceled without at least ten (10) days prior written notice to Landlord and to the holder of any mortgage to whom loss hereunder by be payable.

			

 

	
			10.3

				
			Delivery of Evidence of Policies. Within fifteen (15) days after the Commencement Date, Tenant shall promptly deliver to Landlord reasonably satisfactory proof of insurance (such as a duplicate policy, binder, or Certificate or Evidence of Insurance, as appropriate) that Tenant has complied with the requirements in this Article. Within fifteen (15) days after the premium of each such policy is due, Landlord shall be furnished with satisfactory evidence of payment of such premium.

			

 

	
			10.4

				
			Increase in Landlord's/Other Tenants' Premiums. If, because of anything done, caused, or permitted to be done by Tenant, the insurance premiums for Landlord's or other Tenants' insurance policies with respect to the Property and/or businesses being conducted thereon shall be higher than they would otherwise be, Tenant shall reimburse Landlord and such other Tenants for the additional premiums paid within ten (10) days after receiving proof of such payment and a statement reflecting the amount of the increase.

			

 

17

 

 

	
			10.5

				
			Landlord to Purchase Insurance on Tenant's Behalf. If Tenant fails to provide for the coverage's required to be provided herein, Tenant authorizes Landlord to purchase such coverage on Tenant's behalf and at Tenant's sole cost.

			

 

 

ARTICLE XI

ASSIGNMENTS

 

	
			11.1

				
			Assignment by Tenant Requires Landlord's Consent. Tenant may not assign, transfer, sublet, mortgage, pledge, or otherwise encumber (hereinafter collectively referred to as an "assignment") this Lease or the Premises or any part thereof without prior written consent of Landlord, as more fully described below. The consent by Landlord to an assignment of this Lease shall not in any way be construed to relieve Tenant from obtaining Landlord's written consent to any further assignment. An attempted transfer of an interest in this Lease or the Premises without Landlord's prior written approval shall be null and void. In the event of a request by Tenant to Landlord to approve an assignment, Tenant shall reimburse to Landlord the reasonable costs and value of time invested by Landlord in determining the proposed assignee's acceptability, which reimbursement shall be a condition of approval. Such reimbursement shall also include all legal fees and disbursements incurred relative to the same; provided, however, that Tenant's reimbursement shall in no event exceed One Thousand Dollars ($1,000) per request.

			

 

11.2        Tenant Still Liable. Notwithstanding any such assignment, Tenant shall at all times remain fully responsible and liable for the payment of Rent and other sums of money due hereunder and for the performance and compliance of all of the obligations of Tenant under the terms, covenants, and conditions of this Lease.

 

	
			11.3

				
			Requirements for Assignment by Tenant. After Tenant obtains Landlord's consent, any assignment of this Lease shall be upon the express condition that the assignee and Tenant shall promptly execute, acknowledge, and deliver to Landlord an agreement in form and substance satisfactory to Landlord whereby the assignee agrees to be personally bound by the terms, covenants, and conditions of this Lease and shall contain the agreement of the assignee there under that, upon default of this Lease and upon Landlord's written request, it will pay all rents under the assignment directly to Landlord. If this Lease, the Premises, or any part thereof is assigned or occupied by anyone other than Tenant, Landlord, after default by Tenant hereunder, may collect Rent from such assignee or occupant, as the case may be, and apply the amount collected to the Rent due hereunder. No such assignment, occupancy, or collection shall be deemed a waiver of the requirements set forth in this Article or be deemed the acceptance by Landlord of such assignee or occupant as a tenant or be deemed a release of Tenant from the future performance by Tenant of its obligations contained in this Lease. Tenant shall be liable for all expenses, including leasing expenses, associated with any assignment.

			

 

18

 

 

	
			11.4

				
			Further Requirements for Certain Assignments by Tenant. If Landlord consents to a proposed assignment of all or substantially all of the Premises, then in addition to the other requirements of an assignment as set forth in this Article, the written instrument of consent shall be executed and acknowledged by Landlord, Tenant, and the assignee and shall contain provisions substantially similar to the following:

			

 

	 	
			(a)

				
			Assignee's Defaults. Tenant and the assignee hereby agree that, if the assignee shall be in default of any obligation of assignee under the assignment, which default also constitutes a default by Tenant under this Lease, then Landlord shall be permitted to avail itself of all of the rights and remedies available to Tenant, as Landlord, in connection with such assignment.

			

 

	 	
			(b)

				
			Landlord's Rights. Without limiting the generality of the foregoing, Landlord shall be permitted (by assignment of a cause of action or otherwise) to institute an action or proceeding against the assignee in the name of Tenant in order to enforce Tenant's rights under the assignment, and also shall be permitted to take all ancillary actions (e.g., serve default notices and demands} in the name of Tenant as Landlord reasonably shall determine to be necessary.

			

 

	 	
			(c)

				
			Tenant's Cooperation. Tenant agrees to cooperate with Landlord, and to execute such documents as shall be reasonably necessary, in connection with the implementation of the foregoing rights of Landlord.

			

 

	 	
			(d)

				
			Tenant Remains Liable. Tenant expressly acknowledges and agrees that the exercise by Landlord of any of the foregoing rights and remedies shall not constitute an election of remedies, and shall not in any way impair Landlord's entitlement to pursue other rights and remedies directly against Tenant.

			

 

	
			11.5

				
			Assignment Does Not Affect Permitted Use. No assignment or use of the Premises shall affect the Permitted Use of the Premises as provided for in this Lease.

			

 

11.6         Assignment for Higher Rent. If Tenant makes an assignment for Rent higher than that stated in this Lease, one-half (1/2) of the increased Rent shall be paid to the Landlord, and one-half (1/2) of the increased Rent may be retained by the assignor.

 

	
			11.7

				
			Landlord May Lease to Assignee. Notwithstanding anything in this Article to the contrary, in the event Tenant wishes to assign this Lease, Landlord may instead choose to release Tenant under this Lease and enter into a new lease directly with the proposed assignee, instead of consenting or not consenting to the proposed assignment. Landlord may exercise this option at its sole discretion. Landlord may condition any such release of Tenant hereunder on the execution of a new lease with the proposed assignee on such terms and conditions as Landlord may, in its sole discretion, desire.

			

 

	
			11.8

				
			Assignment by Landlord. Landlord may assign, transfer, mortgage, pledge, or encumber its interest in this Lease, the Property, or the Premises for any purpose. Additionally, if

			

 

19

 

 

Landlord's transferee agrees in writing to assume all of Landlord's obligations hereunder, Landlord shall be deemed released from its obligations hereunder.

 

 

ARTICLE XII

DEFAULT

 

	
			12.1

				
			Default: Remedies. If Tenant defaults in the payment of any rent obligation or other payment when due under the terms of this Lease, and such default in payment continues for a period of three (3) business days after receipt by Tenant of written notice thereof (Tenant hereby acknowledges that it shall be responsible for any late payment penalty provided for in Paragraph 4.1 above that is incurred during or after such cure period), or in the event the Tenant abandons or repudiates this Lease in writing before the expiration of the Term, or commits any other act or omission constituting a breach of this Lease, and such breach continues for a period of thirty (30) days after receipt by Tenant of written notice thereof, or if there is a receiver appointed to take possession of all or substantially all of Tenant's Property or if there is a general assignment by Tenant for the benefit of creditors, or if Tenant, either voluntarily or involuntarily, files for protection under the United States Bankruptcy Act (except for an involuntary filing that Tenant causes to be lifted or withdrawn within sixty (60) days), all of which shall constitute breaches of this Lease by Tenant, then in such event, the Landlord may at its sole and exclusive discretion:

			

 

	 	
			(a)

				
			Terminate this Lease, effective upon delivery of written notice to Tenant, at which time Tenant shall pay to Landlord, and Landlord shall be entitled to recover as liquidated damages, in order to cover the unknown costs and expenses associated with termination and re-letting of the Premises and because of the uncertainty of Landlord's ability to find a new tenant(s), Landlord shall receive from Tenant, the then present value of the Monthly Modified Gross Rent plus applicable sales tax thereon , multiplied by six (6) months (which the parties hereto agree is a reasonable estimate or forecast of Landlord's actual damages in such instance); and Landlord shall have the immediate right to re- entry and may remove all persons and property from the Premises, by summary legal process or otherwise; or

			

 

	 	
			(b)

				
			Elect to re-enter and retake possession of the Premises without terminating this Lease, in which case Tenant shall not be deemed released from its obligations to pay Rent hereunder (including both Modified Gross Rent and Sales Tax reserved for the entire remainder of the stated Term shall, at the Landlord's option, be accelerated and become immediately due and payable by Tenant to Landlord. In no event shall Landlord be required to postpone or delay its lawsuit or action for damages or accelerated rent until the date when the Term would have expired or until such Rent would have become payable, had the Rent not been accelerated; provided however, that the option set forth in this subparagraph (b) shall not diminish in any respect Landlord's duty to mitigate its damages resulting from any breach giving rise to Landlord's exercise of this option; or

			

 

20

 

 

	 	
			(c)

				
			Elect to re-enter and retake possession of the Premises without terminating this Lease, for the account of Tenant, and Landlord shall make good faith efforts to re-let the Premises on as favorable terms, conditions and Rent as Landlord can reasonably obtain. In such case, Tenant shall be liable for Landlord's reasonable incidental and consequential damages including but not limited to, the cost to re-let the Premises, including but not limited to the reasonable cost of remodeling and/or building out the Premises for new tenant(s), the reasonable costs of realtor, broker or other commissions paid in connection with such re-letting, all reasonable attorney's fees and costs incurred in connection with removing Tenant and in collecting sums due Landlord from Tenant and in negotiating and drafting the new leases(s), and for any deficiency in rent to be received by Landlord as a result of any such re-letting of the Premises, in which event the rents received by Landlord from such re-letting shall be applied, first, to the payment of any costs and expenses Landlord incurs in regaining possession of the Premises from Tenant, including attorney's fees, second, to the payment of any costs and expenses of such re-letting including but not limited to brokerage fees, costs of such alterations and repairs as described above, and third, to the amount of rent and other charges payable by Tenant under the terms of this Lease. Tenant shall be liable to Landlord for any resulting deficiency in rents received after application of the foregoing costs, compared with rents to be received under the terms of this Lease.

			

 

	
			12.2

				
			Re-entry Not a Termination. No re-entry or taking of the Premises by Landlord shall be construed as an election on its part to terminate this Lease, unless written notice of such intention to terminate the Lease is given to Tenant, or the Premises are re-let, or unless the termination is decreed by a court of competent jurisdiction. Notwithstanding any such re-letting or other action by Landlord, as described above, Landlord may at any time, elect to terminate this Lease for any breach, in which case Landlord shall be entitled to recover its damages described in Paragraph 12.1(a) above.

			

 

	
			12.3

				
			Legal Fees. In the event Tenant defaults or breaches any term or condition or covenant of this Lease, and Landlord is put to the necessity of retaining an attorney as a result of such default or breach, then Tenant agrees to pay Landlord's reasonable attorney's fees, paralegal fees, legal assistant fees and court costs and expenses associated with Tenant's default or breach, including but not limited to all such fees and costs through trial and all appeals.

			

 

	
			12.4

				
			Waiver of Notice. TENANT HEREBY EXPRESSLY WAIVES ANY RIGHT WHICH TENANT MAY HAVE UNDER FLORIDA STATUTE §83.20 OR ANY SUCCESSOR OR REPLACEMENT STATUTE OR AMENDMENT OR MODIFICATION TO SUCH STATUTE, OR UNDER ANY OTHER LOCAL, STATE OR FEDERAL LAW, ORDINANCE, RULE OR REGULATION, TO RECEIVE ADVANCED NOTICE OF ANY DEFAULT OR OTHER NOTICE OF ANY DEFAULT OR OPPORTUNITY TO CURE ANY DEFAULT. TENANT'S RIGHTS IN THE EVENT OF DEFAULT SHALL BE LIMITED TO THE 

			

 

21

 

 

RIGHTS (INCLUDING, WITHOUT LIMITATION, THE RIGHTS TO NOTICE AND CURE OF DEFAULTS) SET FORTH IN THIS LEASE.

 

	
			12.5

				
			Except as otherwise expressly set forth in this Lease, Tenant shall have any and all remedies available to it at law or in equity for a breach of Landlord hereunder.

			

 

 

ARTICLE XIII

MISCELLANEOUS

 

	
			13.1

				
			Surrender of Possession. At the expiration or earlier termination of this Lease, Tenant shall promptly quit and peaceably yield up to Landlord the Premises, together with any improvements made and designated to remain in the Premises, to Landlord broom-clean and in the same condition as they were on the Commencement Date, except for reasonable wear and tear.

			

 

	
			13.2

				
			Holdover. Any holdover by Tenant without a written agreement to extend its occupancy beyond the expiration of this Lease, as extended or renewed, shall cause the Modified Gross Rent to be increased fifty (50) percent. During such time as Tenant shall continue to hold the Premises after the expiration of this Lease, as extended or renewed, Tenant shall be regarded as a Tenant from month-to-month; subject, however, to all the terms, provisions, covenants, and agreements on the part of Tenant hereunder. Tenant shall be liable to Landlord for all damage which Landlord shall suffer by reason of Tenant's holding over and Tenant shall indemnify, defend, and hold Landlord harmless against all claims made by any other tenant or prospective tenant against Landlord resulting from delay by Landlord in delivering possession of the Premises to such other tenant or prospective tenant.

			

 

	
			13.3

				
			Notices. Any notice or demand by Tenant to Landlord shall be given in writing personally, by registered or certified mail (return receipt requested), or by private overnight carrier (e.g. Federal Express), addressed to Landlord at the address at the head of this Lease, or at such other address indicated to Tenant in writing. Any notice or demand by Landlord to Tenant shall be given in writing personally, by registered or certified mail (return receipt requested), or by private overnight carrier (e.g. Federal Express), addressed to Tenant at the Premises. Notice shall be deemed effective upon receipt.

			

 

	
			13.4

				
			Cross Default. If Tenant has another lease for any other space in this Building and, after executing this Lease, the term of such other lease is terminated or made terminable because of any default of Tenant under such other lease, such default shall, ipso facto, constitute a default hereunder and Landlord shall have the option to proceed in accordance with the terms of Article XII above as a result of such default.

			

 

	
			13.5

				
			Non-Smoking Building. Tenant acknowledges that the Building is designated a "non smoking building" and therefore shall not smoke cigarettes, cigars, or pipes in the

			

 

22

 

 

Building, nor allow its employees, agents, representatives, or clients/customers to smoke in the Building.

 

	
			13.6

				
			ADA. Landlord acknowledges that it is aware that Title Ill of the ADA became effective on January 26, 1992. It shall be Tenant's responsibility to comply with applicable provisions of the ADA within the Premises occupied by Tenant.

			

 

Within ten (10) days after receipt, Landlord and Tenant shall advise the other party in writing, and provide the other with copies of (as applicable), any notices alleging violation of the ADA relating to any portion of the Property or the Premises; any claims made or threatened in writing regarding noncompliance with the ADA and relating to any portion of the Property or the Premises; or any governmental or regulatory actions or investigations instituted or threatened regarding noncompliance with the ADA and relating to any portion of the Property or the Premises. Landlord shall have the right to provide information and copies of notices regarding violations or alleged violations of the ADA to other tenants.

 

	
			13.7

				
			Quiet Enjoyment. So long as Tenant shall uphold its obligations and covenants of this Lease, Tenant shall and may peaceably and quietly have, hold, and enjoy the Premises for the Term.

			

 

	
			13.8

				
			Limitation of Landlord's Liability/Negation of Personal Liability. The term "Landlord" as used in this Lease so far as obligations to be performed by Landlord are concerned is limited to mean and include only the owner or owners of the Property at the time in question. In the event of any transfer or transfers of title to the Property, the Landlord herein named and, in case of any subsequent transfers or conveyances, the then grantor shall be automatically relieved from liability hereunder, after the date of such transfer or conveyance on the part of the Landlord contained in this Lease or on the part of Landlord's assigns. This Paragraph does not release Landlord from liability for matters, acts, occurrences, or obligations arising before such conveyance and transfer.

			

 

Moreover, Tenant agrees that Landlord's principals and agents have no personal liability under any provision of this Lease. Tenant agrees to look solely to Landlord's equity or estate in the Property, subject to the rights of the holder of any mortgage thereon, as the sole asset for collection of any claim, judgment, or damages or enforcement of any other judicial process requiring payment of money. Tenant agrees that no other assets of Landlord or any principal or agent of Landlord shall be subject to levy, execution, or other procedures for satisfaction of Tenant's rights or remedies.

 

	
			13.9

				
			Short Form Lease. Tenant shall, if so requested by Landlord at any time, execute a short form Lease in recordable form setting forth the name of the parties, the Term of the Lease, and the description of the Premises. This Lease or any memorandum hereof shall not be recorded in the public records without Landlord's prior written consent.

			

 

23

 

 

13.10     Subordination.

 

	 	
			(a)

				
			Generally. This Lease is subject and subordinate in all aspects to (i) any mortgage or security instrument (hereafter a "Mortgage") which may now or at any time hereafter be placed on or affect this Lease, the Building, the Property, or the Premises, or Landlord's interest or estate therein, (ii) each advance made or hereafter to be made under any such Mortgage, (iii) all renewals, modifications, consolidations, replacements, and extensions thereof and all substitutions therefore, and (iv) to such mortgagee's exercise of all other rights regarding the Premises or the Property. This Article shall be self operative and no further instrument of subordination shall be required.

			

 

	 	
			(b)

				
			Confirmation of Subordination. In confirmation of such subordination, Tenant shall execute and deliver, within seven (7) days of receipt, any certificate acknowledging or confirming such subordination and any other terms that Landlord or any mortgagee, secured interest holder, or their respective successors in interest may request from time to time. In the event Tenant shall fail or neglect to execute, acknowledge, or deliver any such subordination certificate, Landlord, in addition to any other remedies it may have, may, as the agent and attorney-in-fact of Tenant, execute, acknowledge and deliver same.

			

 

 

	 	
			(c)

				
			Mortgagee May Cure Default. If the Premises or the Property is, at any time, subject to a mortgage, and if Tenant has received written notice, any mortgagee shall have the right, but not the obligation, to cure any default on the part of the Landlord of its obligations under this Lease. Tenant shall accept any cure offered by any such mortgagee as if it were made by Landlord.

			

 

	
			13.11

				
			Radon Gas - Notice to Prospective Tenant. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from the County Public Health Unit, pursuant to Section 404.056(6), Florida Statutes.

			

 

	
			13.12

				
			Hazardous Materials. Tenant agrees that the Premises or the Property shall not be used for the discharge or storage of any "hazardous substance" as such term may be defined in any federal, state, or local statute, rule, regulation, or ordinance. Tenant agrees to indemnify Landlord and hold Landlord harmless from and against any and all losses, liabilities, including strict liability, damages, injuries, expenses, including reasonable attorney's fees, paralegal's fees, and legal assistant's fees, costs of any settlement or judgment in claims of any and every kind, whatsoever paid, incurred, or suffered by or served against Landlord, by any person or entity or governmental agency for, with respect to, or as a direct or indirect result of, the presence on or under, or the escape, seepage, leakage, spillage, discharge, emission, or release from the Premises, in connection with Tenant's operations thereon, of any hazardous substance, including any such loss or liability arising under the Comprehensive Environmental Response,

			

 

24

 

 

Compensation and Liability Act, and any similar federal, state, or local laws or ordinances. If Tenant receives any notice of: (i) the happening of any material event involving the escape, seepage, leakage, spillage, discharge, emission, release, or clean up of any hazardous substance on the Premises in connection with Tenant's operations thereon, or (ii) any complaint, order, citation, or material notice with regard to air emission, water discharge, or any other environmental health or safety matter affecting Tenant (an "environmental complaint") from any person or entity, Tenant shall immediately notify Landlord orally and in writing of said notice. Any breach of any warranty or representation contained in this Article 13.13 shall be an event of default under Article 12.1(c) of this Lease.

 

	
			13.13

				
			Waiver of Jury Trial. LANDLORD AND TENANT HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THEM AGAINST THE OTHER OR ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT'S USE OR OCCUPANCY OF THE PREMISES, AND/OR CLAIM OR INJURY OR DAMAGE. TENANT HEREBY AGREES THIS LEASE ORA COPY THEREOF MAY BE MADE A PART OF THE RECORD IN ANY LITIGATION TO ENFORCE THE TERMS AND CONDITIONS OF THIS LEASE.

			

 

	
			13.14

				
			Relationship of the Parties. The parties agree that payments to Landlord under this Lease are rental for the use of the Premises and nothing herein shall be deemed or construed to make Landlord a partner or associate of Tenant in the conduct of any business, or render Landlord liable for any debts, liabilities, or obligations incurred by Tenant in the conduct of any business. Nothing herein contained shall be deemed or construed as creating the relationship of principal and agent or of partnership or joint venture between Landlord and Tenant; it being understood and agreed that neither the method of computing rent nor any other provision contained here nor any acts of Landlord and Tenant shall be deemed to create any relationship between the parties other than that of Landlord and Tenant.

			

 

	
			13.15

				
			Abandonment. Tenant is expected to occupy the Premises. If Tenant has removed substantially all belongings and ceased to utilize the Premises for more than five (5) continuous days, the Premises will be considered to have been abandoned; provided, that the period of vacancy can be increased by the mutual written consent by both parties. No period of vacancy or abandonment shall relieve Tenant of its obligations under this Lease. By signing this rental agreement, Tenant agrees that upon surrender or abandonment, Landlord shall not be liable or responsible for storage or disposition of Tenant's personal property.

			

 

	
			13.16

				
			Estoppel Certificates. Tenant shall, at any time and from time to time, within fifteen (15) days after receipt of a written request from Landlord, execute, acknowledge, and deliver to Landlord (or such other persons or entities as Landlord may request), a certificate executed by Tenant in a form reasonably satisfactory to Landlord certifying (i) that this Lease is unmodified and in full force and effect (or that this Lease is in full force and

			

 

25

 

 

effect as modified, and stating the modifications), (ii) the amount of Monthly Modified Gross Rent, (iii) the dates to which Rent has been paid in advance, (iv) the amount of the Security Deposit, and (v) any other information reasonably requested by Landlord. If Tenant fails to execute and deliver any such certificate within fifteen (15) days after such request, then (i) such failure shall constitute a material default by Tenant under this Lease, and in such event Tenant agrees to pay to Landlord as liquidated damages there for (and in addition to all equitable remedies available to Landlord) an amount equal to $150.00 per day for each day that Tenant fails to so deliver such certificate to Landlord after the expiration of the fifteen (15) day period, and (ii) Tenant irrevocably appoints Landlord as its attorney-in-fact, in Tenant's name, to execute such instrument.

 

	
			13.17

				
			Security Interest of Landlord. To secure the payment of Rent and the performance of Tenant's other obligations hereunder, Tenant hereby grants Landlord a first priority security interest (pursuant to the Uniform Commercial Code of the State of Florida) in all the personal property of Tenant in or about the Premises and/or the Property or that may be placed therein during the Term of this Lease. Notwithstanding any other provision hereof to the contrary, no fixtures or personal property of Tenant shall be removed from the Premises and/or the Property after the occurrence of a default under this Lease, unless Landlord gives its specific prior written consent. Tenant shall from time to time execute any financing statement and other instruments necessary to perfect the security interest granted herein and to carry out the terms of this Article. Upon the occurrence of an event of default by Tenant under this Lease, Landlord shall have the option, in addition to any other remedies provided herein or by law, to enter upon the Premises with or without the permission of Tenant and take possession of any and all personal property of Tenant situated on the Premises and/or the Property without liability for trespass or conversion and to enforce the security interest hereby granted in any manner provided by law or equity. Notwithstanding anything to the contrary in this Paragraph 13.18, Landlord acknowledges that Tenant may enter into one or more personal property lease agreements or financing arrangements for furniture, fixtures and/or equipment to physically be located at the Premises. In the event that a lender, financier or equipment lessor requires a Landlord Lien Waiver or Subordination Agreement to be signed by Landlord as acknowledgment of such, Landlord hereby agrees to furnish said Landlord Waiver or Subordination Agreement with respect to such of Tenant's Property as shall be the subject matter of said loan, financing arrangement or equipment lease.

			

 

13.18     Tenant Entity or Individual.

 

	 	
			(a)

				
			Tenant is an Entity. If Tenant executes this Lease as an entity (including but not limited to a corporation, general or limited partnership, limited liability company, limited liability partnership, etc.), then each of the persons executing this Lease on behalf of Tenant does hereby covenant, warrant, and represent that Tenant is a duly organized and validly existing entity, that Tenant has and is qualified to do business in the State of Florida, that the entity has full right and authority to enter into this Lease, and that each and all persons signing on behalf of the entity were authorized to do so. Upon Landlord's request, Tenant shall provide Landlord with

			

 

26

 

 

evidence reasonably satisfactory to Landlord confirming the foregoing covenants and warranties.

 

	 	
			(b)

				
			Tenant is an Individual. If Tenant executes this Lease as an individual, Tenant does hereby covenant, warrant, and represent that his/her legal residence address and social security number is that set forth below his/her signature on this Lease.

			

 

	
			13.19

				
			Time is of the Essence. Time is of the essence in fulfilling all terms and conditions of this Lease.

			

 

	
			13.20

				
			Waiver. The failure of Landlord to insist at any time upon the strict performance of any covenant or agreement herein, or to exercise any option, right, power or remedy contained in this Lease, shall not be construed as a waiver of or a relinquishment thereof for the future. The consent or approval of Landlord to or of any act by Tenant of a nature requiring consent or approval shall not be deemed to waive or render unnecessary consent to or approval of any subsequent similar act.

			

 

	
			13.21

				
			Entire Agreement: Modification. This Lease contains the entire agreement of the parties hereto and no representations, inducements, promises, or agreements, oral or otherwise, between the parties not embodied herein shall be of any force or effect. Tenant hereby declares that in entering into this Lease, Tenant relied solely upon the statements contained in this Lease and fully understands that no agents or representatives of Landlord have authority to in any manner change, add to, or detract from the terms of this Lease. This Lease cannot be changed or terminated orally, and may only be amended by a writing signed by both parties.

			

 

	
			13.22

				
			Invalidity of Particular Provisions. If any term or provision of this Lease shall be invalid or unenforceable, the remaining terms and provisions hereof shall not be affected thereby and shall remain in full force and effect. If the application of any term or provision of this Lease to any person or circumstance shall to any extent be invalid or unenforceable, such term or provision shall remain applicable as to those persons or circumstances to which it shall be valid and enforceable. Each term and provision of this Lease shall be valid and enforceable to the fullest extent permitted by law.

			

 

	
			13.23

				
			Cumulative Remedies. The various rights and remedies contained in this Lease and reserved to Landlord shall not be exclusive of any other right or remedy of such party, but shall be constructed as cumulative and shall be in addition to every other remedy now or hereafter existing at law, in equity, or by statute.

			

 

	
			13.24

				
			Gender; Grammar. The masculine, feminine, or neuter gender, wherever used herein, shall be deemed to include the masculine, feminine, and neuter whenever and wherever applicable herein. Whenever the singular is used it shall be deemed to include the plural whenever and wherever applicable herein, and vice versa.

			

 

27

 

 

	
			13.25

				
			Captions; Headings. The captions contained herein are for the convenience of the parties and are not a part of, nor do they limit, modify, amplify, explain, or aid in the interpretation, construction, or meaning of any provisions of this Lease.

			

 

	
			13.26

				
			Joint Tenants. If Tenant shall be two or more persons or entities, each such person or entity shall be jointly and severally liable for the payment of all sums due to Landlord from Tenant under this Lease and the performance of all of Tenant's covenants, agreements, and obligations under this Lease.

			

 

	
			13.27

				
			Execution in Counterparts. This Lease may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.

			

 

	
			13.28

				
			Exhibits and Schedules. Each and every Exhibit and Schedule to this Lease is hereby incorporated herein and is made an integral part hereof.

			

 

	
			13.29

				
			Successors and Assigns. The provisions of this Lease shall bind and inure to the benefit of Landlord, Tenant, and their respective successors, heirs, legal representatives and (where permitted) assigns.

			

 

	
			13.30

				
			Time Periods/Due Dates. All time periods measured in days in this Lease shall refer to calendar days, not business days; provided, however, that if the due date of any payment or the last day of any time period provided herein falls on Saturday, Sunday, or a federal or State of Florida holiday, such payment may be made on, and such time period shall not expire until, the next following business day.

			

 

	
			13.31

				
			Governing Law: Venue. The parties hereto agree that this Lease shall be governed by and construed under the laws of the State of Florida, and that any litigation brought by either party to interpret or enforce this Lease shall be brought in Sarasota County, Florida.

			

 

ARTICLE XIV

BROKERAGE

 

	
			14.0

				
			Brokerage. Landlord and Tenant each hereby represent and warrant to the other that unless noted below, it has not engaged, employed or utilized the services of any business or real estate brokers, salespersons, agents or finders in the initiation, negotiation or consummation of the business and real estate transaction reflected in the Lease.

			

 

If it shown below that Landlord was represented by Wagner Realty, Landlord shall pay any commissions due Wagner Realty pursuant to the terms of a separate written agreement.

 

28

 

 

 

	
			Signature

				 	
			Capacity

			
	
			 

			 

			/s/Kathleen Karloff

				 	
			 

			 

			Chief and Principal Executive Officer and Director

			
	
			Kathleen Karloff

				 	 
	
			 

			 

			/s/Robert J Bowdring

				 	
			 

			Director and Acting Chief Financial Officer

			(and acting principal accounting officer)

			
	
			Robert J. Bowdring

				 	 
	
			 

			 

			/s/Kevin Doody

				 	
			 

			 

			Director

			
	
			Kevin Doody, MD

				 	 

 

 

 

29Exhibit
4.2

 

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

 

As
of March 30, 2020, Conyers Park II Acquisition Corp. (the “Company” or “we,” “us,” and
“our”) had the following classes of securities registered pursuant to Section 12 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”): (1) units, each consisting of one share of Class A common stock and
one-fourth of one redeemable warrant (“Units”), (2) shares of Class A common stock, $0.0001 par value
(“Class A Common Stock”) and (3) warrants, each whole warrant exercisable for one share of Class A Common Stock
at an exercise price of $11.50 (“Warrants”). Our Units, Class A Common Stock and Warrants are listed on NASDAQ
under the symbols “CPAAU,” “CPAA” and “CPAAW,” respectively. The following description
summarizes the material terms of our registered securities. Because it is only a summary, it may not contain all the
information that is important to you.

 

Certain
Terms

 

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

 

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

 

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

 

		●	“initial
                                         stockholders” are to holders of our founder shares prior to our initial public
                                         offering.

 

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

 

		●	“sponsor”
                                         are to Conyers Park II Sponsor LLC, a Delaware limited liability company and an affiliate
                                         of Centerview Capital;

 

		●	“founder
                                         shares” are to shares of our Class B Common Stock, 11,250,000 of which are currently
                                         outstanding and have been issued to our initial stockholders prior to our initial public
                                         offering and the shares of our Class A Common Stock issued upon the conversion thereof;

 

		●	“common
                                         stock” are to our Class A Common Stock and our Class B Common Stock, collectively;
                                         and

 

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

 

     

     

    

 

General

 

Pursuant
to our amended and restated certificate of incorporation (the “Certificate of Incorporation”), our authorized capital
stock will consist of 500,000,000 shares of Class A common stock, $0.0001 par value, 50,000,000 shares of Class B common stock,
$0.0001 par value (“Class B Common Stock”), and 1,000,000 shares of undesignated preferred stock, $0.0001 par value.
The following description summarizes the material terms of our capital stock. Because it is only a summary, it may not contain
all the information that is important to you.

 

Units

 

Each
Unit has an offering price of $10.00 and consists of one whole share of Class A Common Stock and one-fourth of one Warrant. Each
whole Warrant entitles the holder thereof to purchase one share of our Class A Common Stock at a price of $11.50 per share, subject
to adjustment as described in the registration statement on Form S-1 (No. 333-232449) (the “Registration Statement”).
A Warrant holder may exercise its Warrants only for a whole number of shares of Class A Common Stock. This means that only a whole
Warrant may be exercised at any given time by a Warrant holder. No fractional Warrants will be issued and only whole Warrants
will trade. Accordingly, unless you purchase at least four Units, you will not be able to receive or trade a whole Warrant.

 

The
Class A Common Stock and Warrants began separate trading on September 9, 2019. Holders of the Units have the option to continue
to hold Units or separate their Units into the component securities. Holders need to have their brokers contact our transfer agent
in order to separate the Units into shares of Class A Common Stock and Warrants.

 

Common
Stock

 

Upon
the closing of our initial public offering, 56,250,000 shares of common stock were outstanding including:

 

		●	45,000,000
                                         shares of our Class A Common Stock underlying the Units being offered in our initial
                                         public offering; and

 

		●	11,250,000
                                         shares of Class B common stock held by our initial stockholders.

 

Common
stockholders of record are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of
the Class A Common Stock and holders of the Class B Common Stock vote together as a single class on all matters submitted to a
vote of our stockholders, except as required by law. Unless specified in the Certificate of Incorporation or bylaws (the “Bylaws”),
or as required by applicable provisions of the General Corporation Law of Delaware, as amended (the “DGCL”), or applicable
stock exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any
such matter voted on by our stockholders.

 

    2

     

    

 

Because
the Certificate of Incorporation authorizes the issuance of up to 500,000,000 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 business combination.

 

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 the Bylaws, unless such election
is made by written consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors
prior to the consummation of our initial business combination, and thus we may not be in compliance with Section 211(b) of the
DGCL, which requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation
of our initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court
of Chancery in accordance with Section 211(c) of the DGCL. Prior to the completion of an initial business combination, any vacancy
on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior
to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board
of directors for any reason.

 

We
will provide our stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our
initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust
account as of two business days prior to the consummation of our initial business combination including interest earned on the
funds held in the trust account and not previously released to us to pay up to $1,000,000 of our working capital requirements
as well as to pay our franchise and income taxes, divided by the number of then outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be approximately $10.00 per public share. The per-share
amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions
we will pay to the underwriters. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to
which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them
in connection with the completion of our business combination. Unlike many blank check companies that hold stockholder votes and
conduct proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public
shares for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder
vote is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant
to the Certificate of Incorporation, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange
Commission (“SEC”), and file tender offer documents with the SEC prior to completing our initial business combination.
Our Certificate of Incorporation requires these tender offer documents to contain substantially the same financial and other information
about the initial business combination and the redemption rights as is required under the SEC’s proxy rules. If, however,
a stockholder approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other
legal reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant
to the proxy rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business
combination only if a majority of the outstanding shares of common stock voted are voted in favor of the business combination.
A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of
the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to
vote at such meeting. However, the participation of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated
transactions, if any, could result in the approval of our business combination even if a majority of our public stockholders vote,
or indicate their intention to vote, against such business combination. For purposes of seeking approval of the majority of our
outstanding shares of common stock voted, non-votes will have no effect on the approval of our business combination once a quorum
is obtained. We intend to give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of
any such meeting, if required, at which a vote shall be taken to approve our business combination. These quorum and voting thresholds,
and the voting agreements of our initial stockholders, may make it more likely that we will consummate our initial business combination.

 

    3

     

    

 

If
we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our business
combination pursuant to the tender offer rules, our 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 more than an aggregate
of 10% of the shares of common stock sold in our initial public offering, which we refer to as the Excess Shares. However, we
would not be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against
our business combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability
to complete our business combination, and such stockholders could suffer a material loss in their investment if they sell such
Excess Shares on the open market. Additionally, such stockholders will not receive redemption distributions with respect to the
Excess Shares if we complete the business combination. And, as a result, such stockholders will continue to hold that number of
shares exceeding 10% and, in order to dispose such shares would be required to sell their stock in open market transactions, potentially
at a loss.

 

If
we seek stockholder approval in connection with our business combination, our initial stockholders have agreed to vote their founder
shares and any public shares purchased 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 16,875,001, or 37.5%, of the 45,000,000 public shares
sold in our initial public offering to be voted in favor of a transaction (assuming all outstanding shares are voted) in order
to have our initial business combination approved. Additionally, each public stockholder may elect to redeem its public shares
irrespective of whether they vote for or against the proposed transaction (subject to the limitation described in the preceding
paragraph).

 

Pursuant
to our Certificate of Incorporation, if we are unable to complete our business combination within 24 months from the closing of
our initial public offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the public shares,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned
on the funds held in the trust account and not previously released to us to pay up to $1,000,000 of our working capital requirements
as well as to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the
number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as
reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors,
dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the
requirements of other applicable law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant
to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder
shares held by them if we fail to complete our business combination within 24 months from the closing of our initial public offering.
However, if our sponsor or members of our management acquire public shares after our initial public offering, they will be entitled
to liquidating distributions from the trust account with respect to such public shares if we fail to complete our business combination
within the prescribed time period.

 

    4

     

    

 

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 stock, if any, having preference over the common stock. Our stockholders have no preemptive or other subscription
rights. There are no sinking fund provisions applicable to the common stock, except that we will provide our stockholders with
the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in
the trust account, upon the completion of our initial business combination, subject to the limitations described herein.

 

Founder
Shares

 

The
founder shares are identical to the shares of Class A Common Stock included in the Units 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 sponsor, officers and directors have entered
into a letter agreement with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder
shares and any public shares held by them in connection with the completion of our business combination and (B) to waive their
rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete
our business combination within 24 months from the closing of our initial public offering, although they will be entitled to liquidating
distributions from the trust account with respect to any public shares they hold if we fail to complete our business combination
within such time period, (iii) the founder shares are shares of our Class B Common Stock that will automatically convert into
shares of our Class A Common Stock at the time of our initial business combination, or at any time prior thereto at the option
of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein and
(iv) are subject to registration rights. If we submit our business combination to our public stockholders for a vote, our initial
stockholders have agreed to vote any founder shares held by them and any public shares purchased after our initial public offering
in favor of our initial business combination.

 

    5

     

    

 

The
shares of Class B Common Stock will automatically convert into shares of Class A Common Stock at the time of our initial business
combination on a one-for-one basis (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations
and the like), and subject to further adjustment as provided herein. In the case that additional shares of Class A Common Stock,
or equity-linked securities, are issued or deemed issued in excess of the amounts offered in our initial public offering and related
to the closing of the business combination, including pursuant to a specified future issuance, the ratio at which shares of Class
B Common Stock shall convert into shares of Class A Common Stock will be adjusted (unless the holders of a majority of the outstanding
shares of Class B Common Stock agree to waive such adjustment with respect to any such issuance or deemed issuance, including
a specified future issuance) so that the number of shares of Class A Common Stock issuable upon conversion of all shares of Class
B Common Stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common
stock outstanding upon completion of our initial public offering plus all shares of Class A Common Stock and equity-linked securities
issued or deemed issued in connection with the business combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the business combination). Holders of founder shares may also elect to convert their shares
of Class B Common Stock into an equal number of shares of Class A Common Stock, subject to adjustment as provided above, at any
time.

 

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

 

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

 

    6

     

    

 

Dividends

 

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

 

Preferred
Stock

 

Our
Certificate of Incorporation provides that shares of preferred stock may be issued from time to time in one or more series. Our
board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating,
optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each
series. Our board of directors is able to, without stockholder approval, issue preferred stock with voting and other rights
that could adversely affect the voting power and other rights of the holders of the common stock and could have antitakeover effects.
The ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying,
deferring or preventing a change of control of us or the removal of existing management. We have no preferred stock outstanding
on the date hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will
not do so in the future. No shares of preferred stock were issued or registered in our initial public offering.

 

Warrants

 

Public
Stockholders’ Warrants

 

Each
whole Warrant entitles the registered holder to purchase one whole share of our Class A Common Stock at a price of $11.50 per
share, subject to adjustment as discussed below, at any time commencing on the later of twelve months from the closing of our
initial public offering or 30 days after the completion of our initial business combination. Pursuant to the warrant agreement,
dated July 22, 2019, between the Company and Continental Stock Transfer & Trust Company (the “Warrant Agreement”),
a Warrant holder may exercise its Warrants only for a whole number of shares of Class A Common Stock. You should review a copy
of the Warrant Agreement, which has been filed with the SEC, for a complete description of the terms and conditions applicable
to the warrants. This means that only a whole Warrant may be exercised at any given time by a Warrant holder. No fractional Warrants
will be issued upon separation of the Units and only whole Warrants will trade. Accordingly, unless you purchase at least four
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.

 

    7

     

    

 

We
will not be obligated to deliver any shares of Class A Common Stock pursuant to the exercise of a Warrant and will have no obligation
to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the shares of Class A
Common Stock underlying the Warrants is then effective and a prospectus relating thereto is current, subject to our satisfying
our obligations described below with respect to registration. No Warrant will be exercisable and we will not be obligated to issue
shares of Class A Common Stock upon exercise of a Warrant unless Class A Common Stock issuable upon such Warrant exercise has
been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder
of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to
a Warrant, the holder of such Warrant will not be entitled to exercise such Warrant and such Warrant may have no value and expire
worthless. In 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 twenty business days after the closing of our initial business
combination, we will use our commercially reasonable efforts to file with the SEC a registration statement for the registration,
under the Securities Act, of the shares of Class A Common Stock issuable upon exercise of the Warrants. We will use our commercially
reasonable efforts to cause the same to become effective within 60 business days following our initial business combination 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. Notwithstanding the above, if our Class A Common Stock
is at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies 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
be required to use our commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the
extent an exemption is not available.

 

Redemption
of Warrants for cash. Once the Warrants become exercisable, we may call the Warrants for redemption:

 

		●	in
                                         whole and not in part;

 

		●	at
                                         a price of $0.01 per Warrant;

 

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

 

		●	if,
                                         and only if, the reported closing price of the Class A Common Stock equals or exceeds
                                         $18.00 per share for any 20 trading days within a 30-trading day period ending three
                                         business days before we send the notice of redemption to the Warrant holders.

 

    8

     

    

 

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 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 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 well as the $11.50
(for whole shares) Warrant exercise price after the redemption notice is issued.

 

Redemption
of Warrants for Class A Common Stock. Commencing ninety days after the Warrants become exercisable, we may redeem the outstanding
Warrants:

 

		●	in
                                         whole and not in part;

 

		●	at
                                         $0.10 per Warrant upon a minimum of 30 days’ prior written notice of redemption
                                         provided that holders will be able to exercise their Warrants prior to redemption and
                                         receive that number of shares determined by reference to the table below, based on the
                                         redemption date and the “fair market value” of our Class A Common Stock except
                                         as otherwise described below;

 

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

 

		●	if,
                                         and only if, there is an effective registration statement covering the shares of Class
                                         A Common Stock issuable upon exercise of the Warrants and a current prospectus relating
                                         thereto available throughout the 30-day period after written notice of redemption is
                                         given.

 

The
numbers in the table below represent number of Class A Common Stock that a Warrant holder will receive upon exercise in connection
with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A Common
Stock on the corresponding redemption date (assuming holders elect to exercise their Warrants and such Warrants are not redeemed
for $0.10 per Warrant), determined based on the average of the last reported sales price for the 10 trading days ending on the
third trading day prior to the date on which the notice of redemption is sent to the Warrant holders, 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.

 

    9

     

    

 

The
stock 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 is adjusted as set forth in the first three paragraphs under the heading “-Anti-dilution
Adjustments” below. The adjusted stock prices in the column headings will equal the stock 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.

 

	Redemption Date (period to 	 	Fair Market Value of Class A Common Stock	 
	expiration of Warrants)	 	 	10.00	 	 	 	11.00	 	 	 	12.00	 	 	 	13.00	 	 	 	14.00	 	 	 	15.00	 	 	 	16.00	 	 	 	17.00	 	 	 	18.00	 
	57 months	 	 	0.257	 	 	 	0.277	 	 	 	0.294	 	 	 	0.310	 	 	 	0.324	 	 	 	0.337	 	 	 	0.348	 	 	 	0.358	 	 	 	0.365	 
	54 months	 	 	0.252	 	 	 	0.272	 	 	 	0.291	 	 	 	0.307	 	 	 	0.322	 	 	 	0.335	 	 	 	0.347	 	 	 	0.357	 	 	 	0.365	 
	51 months	 	 	0.246	 	 	 	0.268	 	 	 	0.287	 	 	 	0.304	 	 	 	0.320	 	 	 	0.333	 	 	 	0.346	 	 	 	0.357	 	 	 	0.365	 
	48 months	 	 	0.241	 	 	 	0.263	 	 	 	0.283	 	 	 	0.301	 	 	 	0.317	 	 	 	0.332	 	 	 	0.344	 	 	 	0.356	 	 	 	0.365	 
	45 months	 	 	0.235	 	 	 	0.258	 	 	 	0.279	 	 	 	0.298	 	 	 	0.315	 	 	 	0.330	 	 	 	0.343	 	 	 	0.356	 	 	 	0.365	 
	42 months	 	 	0.228	 	 	 	0.252	 	 	 	0.274	 	 	 	0.294	 	 	 	0.312	 	 	 	0.328	 	 	 	0.342	 	 	 	0.355	 	 	 	0.364	 
	39 months	 	 	0.221	 	 	 	0.246	 	 	 	0.269	 	 	 	0.290	 	 	 	0.309	 	 	 	0.325	 	 	 	0.340	 	 	 	0.354	 	 	 	0.364	 
	36 months	 	 	0.213	 	 	 	0.239	 	 	 	0.263	 	 	 	0.285	 	 	 	0.305	 	 	 	0.323	 	 	 	0.339	 	 	 	0.353	 	 	 	0.364	 
	33 months	 	 	0.205	 	 	 	0.232	 	 	 	0.257	 	 	 	0.280	 	 	 	0.301	 	 	 	0.320	 	 	 	0.337	 	 	 	0.352	 	 	 	0.364	 
	30 months	 	 	0.196	 	 	 	0.224	 	 	 	0.250	 	 	 	0.274	 	 	 	0.297	 	 	 	0.316	 	 	 	0.335	 	 	 	0.351	 	 	 	0.364	 
	27 months	 	 	0.185	 	 	 	0.214	 	 	 	0.242	 	 	 	0.268	 	 	 	0.291	 	 	 	0.313	 	 	 	0.332	 	 	 	0.350	 	 	 	0.364	 
	24 months	 	 	0.173	 	 	 	0.204	 	 	 	0.233	 	 	 	0.260	 	 	 	0.285	 	 	 	0.308	 	 	 	0.329	 	 	 	0.348	 	 	 	0.364	 
	21 months	 	 	0.161	 	 	 	0.193	 	 	 	0.223	 	 	 	0.252	 	 	 	0.279	 	 	 	0.304	 	 	 	0.326	 	 	 	0.347	 	 	 	0.364	 
	18 months	 	 	0.146	 	 	 	0.179	 	 	 	0.211	 	 	 	0.242	 	 	 	0.271	 	 	 	0.298	 	 	 	0.322	 	 	 	0.345	 	 	 	0.363	 
	15 months	 	 	0.130	 	 	 	0.164	 	 	 	0.197	 	 	 	0.230	 	 	 	0.262	 	 	 	0.291	 	 	 	0.317	 	 	 	0.342	 	 	 	0.363	 
	12 months	 	 	0.111	 	 	 	0.146	 	 	 	0.181	 	 	 	0.216	 	 	 	0.250	 	 	 	0.282	 	 	 	0.312	 	 	 	0.339	 	 	 	0.363	 
	9 months	 	 	0.090	 	 	 	0.125	 	 	 	0.162	 	 	 	0.199	 	 	 	0.237	 	 	 	0.272	 	 	 	0.305	 	 	 	0.336	 	 	 	0.362	 
	6 months	 	 	0.065	 	 	 	0.099	 	 	 	0.137	 	 	 	0.178	 	 	 	0.219	 	 	 	0.259	 	 	 	0.296	 	 	 	0.331	 	 	 	0.362	 
	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 Common
Stock 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 average last reported sale price of our Class A Common Stock for the 10 trading
days ending on the third trading date prior to the date on which the notice of redemption is sent to the holders of the Warrants
is $11 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 Common Stock 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 average last reported sale price
of our Class A Common Stock for the 10 trading days ending on the third trading date prior to 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
Common Stock for each whole Warrant. In no event will the Warrants be exercisable in connection with this redemption feature for
more than 0.365 Class A ordinary shares per Warrant. 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 shares of Class A Common Stock.

 

    10

     

    

 

This
redemption feature differs from the typical Warrant redemption features used in other blank check offerings, which typically only
provide for a redemption of Warrants for cash (other than the private placement warrants) when the trading price for the Class
A Common Stock exceeds $18.00 per share for a specified period of time. This redemption feature is structured to allow for all
of the outstanding Warrants (other than the private placement warrants) to be redeemed when the Class A Common Stock are trading
at or above $10.00 per share, which may be at a time when the trading price of our Class A Common Stock is below the exercise
price of the Warrants. We have established this redemption feature to provide us with the flexibility to redeem the Warrants without
the Warrants having to reach the $18.00 per share threshold set forth above under “-Redemption of Warrants for cash.”
Holders choosing to exercise their Warrants in connection with a redemption pursuant to this feature will, in effect, receive
a number of shares representing “fair value” for their Warrants based on a Black-Scholes option pricing model with
a fixed volatility input as of the date of the final prospectus relating to our initial public offering. 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 and we will be
required to pay the 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 Common Stock 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 Common Stock are trading at a price below the exercise price of the Warrants,
this could result in the Warrant holders receiving fewer Class A Common Stock than they would have received if they had chosen
to wait to exercise their Warrants for Class A Common Stock if and when such Class A Common Stock were trading at a price higher
than the exercise price of $11.50.

 

No
fractional Class A Common Stock 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 Common Stock 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.

 

    11

     

    

 

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

 

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 shares of Class A Common Stock outstanding immediately after giving effect to such exercise.

 

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

 

    12

     

    

 

In
addition, if we, at any time while the Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash,
securities or other assets to the holders of Class A Common Stock on account of such shares of Class A Common Stock (or other
shares of our capital stock into which the Warrants are convertible), other than (a) as described above, (b) certain ordinary
cash dividends, (c) to satisfy the redemption rights of the holders of Class A Common Stock in connection with a proposed initial
business combination, (d) to satisfy the redemption rights of the holders of Class A Common Stock in connection with a stockholder
vote to amend our Certificate of Incorporation to modify the substance or timing of our obligation to redeem 100% of our Class
A Common Stock if we do not complete our initial business combination within 24 months from the closing of our initial public
offering or which adversely affects the rights of holders of our Class A Common Stock, or (e) in connection with the redemption
of our public shares upon our failure to complete our initial business combination, then the Warrant exercise price will be decreased,
effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities
or other assets paid on each share of Class A Common Stock in respect of such event.

 

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

 

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

 

The
Warrants have been issued in registered form under the Warrant Agreement. The Warrant Agreement provides that the terms of the
Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires
the approval by the holders of at least 50% of the then outstanding public Warrants to make any change that adversely affects
the interests of the registered holders of public Warrants.

 

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

 

    13

     

    

 

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

 

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 saleable until 30 days after the completion of our initial business combination (except, among
other limited exceptions as described under the section of the final prospectus relating to our initial public offering entitled
“Principal Stockholders—Restrictions on Transfers of Founder Shares and Private Placement Warrants,” to our
officers and directors and other persons or entities affiliated with our sponsor) and they will not be redeemable by us so long
as they are held by our sponsor or its permitted transferees. Otherwise, the private placement warrants have terms and provisions
that are identical to those of the Warrants being sold as part of the Units in our initial public offering, including as to exercise
price, exercisability and exercise period. If the private placement warrants are held by holders other than the sponsor or its
permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis
as the Warrants included in the Units 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
their Warrants for that number of shares of Class A Common Stock equal to the quotient obtained by dividing (x) the product of
the number of shares of Class A Common Stock underlying the Warrants, multiplied by the difference between the exercise price
of the Warrants and the fair market value by (y) the fair market value. The reason that we have agreed that these Warrants will
be exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees is because it is not known
at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their
ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that prohibit
insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders will
be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public
information. Accordingly, unlike public stockholders who could sell the shares of Class A Common Stock issuable upon exercise
of the Warrants freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe
that allowing the holders to exercise such Warrants on a cashless basis is appropriate.

 

In
order to finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of
our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000
of such loans may be convertible into Warrants at a price of $1.50 per Warrant at the option of the lender. Such Warrants would
be identical to the private placement warrants, including as to exercise price, exercisability and exercise period.

 

    14

     

    

 

Our
Transfer Agent and Warrant Agent

 

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

 

Our
Certificate of Incorporation

 

Provisions
relating to our Initial Public Offering

 

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

 

		●	If
                                         we are unable to complete our initial business combination within 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 not more than ten business days
                                         thereafter subject to lawfully available funds therefor, redeem 100% of the public shares,
                                         at a per-share price, payable in cash, equal to the aggregate amount then on deposit
                                         in the trust account including interest earned on the funds held in the trust account
                                         and not previously released to us to pay up to $1,000,000 of our working capital requirements
                                         as well as to pay our franchise and income taxes (less up to $100,000 of interest to
                                         pay dissolution expenses), divided by the number of then outstanding public shares, which
                                         redemption will completely extinguish public stockholders’ rights as stockholders
                                         (including the right to receive further liquidating distributions, if any), subject to
                                         applicable law, and (iii) as promptly as reasonably possible following such redemption,
                                         subject to the approval of our remaining stockholders and our board of directors, dissolve
                                         and liquidate, subject in each case to our obligations under Delaware law to provide
                                         for claims of creditors and the requirements of other applicable law;

 

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

 

		●	Although
                                         we do not intend to enter into a business combination with a target business that is
                                         affiliated with our sponsor, our directors or our officers, we are not prohibited from
                                         doing so. In the event we enter into such a transaction, we, or a committee of independent
                                         directors, will obtain an opinion from an independent investment banking firm that is
                                         a member of FINRA or an independent accounting firm that such a business combination
                                         is fair to our company from a financial point of view;

 

    15

     

    

 

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

 

		●	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 our assets held in the trust account
                                         (excluding the deferred underwriting commissions 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 stockholders approve an amendment to our amended and restated certificate of incorporation
                                         that would affect the substance or timing of our obligation to redeem 100% of our public
                                         shares if we do not complete our business combination within 24 months from the closing
                                         of this offering or which adversely affects the rights of holders of our Class A common
                                         stock, we will provide our public stockholders with the opportunity to redeem all or
                                         a portion of their shares of Class A common stock upon such approval at a per-share price,
                                         payable in cash, equal to the aggregate amount then on deposit in the trust account,
                                         including interest earned on the funds held in the trust account and not previously released
                                         to us to pay up to $1,000,000 of our working capital requirements as well as to pay our
                                         franchise and income taxes, divided by the number of then outstanding public shares;
                                         and

 

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

 

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

 

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

 

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

 

		●	prior
                                         to such time, our board of directors approved either the business combination or the
                                         transaction which resulted in the stockholder becoming an interested stockholder;

 

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		●	upon
                                         consummation of the transaction that resulted in the stockholder becoming an interested
                                         stockholder, the interested stockholder owned at least 85% of our voting stock outstanding
                                         at the time the transaction commenced, excluding certain shares; or

 

		●	at
                                         or subsequent to that time, the business combination is approved by our board of directors
                                         and by the affirmative vote of holders of at least 662/3% of the
                                         outstanding voting stock that is not owned by the interested stockholder.

 

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

 

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

 

Our
Certificate of Incorporation provides that Centerview Capital Holdings LLC, the Sponsor and their respective affiliates, any of
their respective direct or indirect transferees of at least 15% of our outstanding common stock and any group as to which such
persons are party to, do not constitute “interested stockholders” for purposes of this provision.

 

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

 

Our
authorized but unissued common stock and preferred stock are available for future issuances without stockholder approval (including
a specified future issuance) and could be utilized for a variety of corporate purposes, including future offerings to raise additional
capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved common stock and preferred
stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer,
merger or otherwise.

 

    17

     

    

 

Exclusive
forum for certain lawsuits

 

Our
amended and restated certificate of incorporation provides that, unless we consent in writing to the selection of an alternative
forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive
forum for any (1) derivative action or proceeding brought on behalf of our company, (2) action asserting a claim of breach of
a fiduciary duty owed by any director, officer, employee or agent of our company to our company or our stockholders, or any claim
for aiding and abetting any such alleged breach, (3) action asserting a claim against our company or any director or officer of
our company arising pursuant to any provision of the DGCL or our amended and restated certificate of incorporation or our bylaws,
or (4) action asserting a claim against us or any director or officer of our company governed by the internal affairs doctrine
except for, as to each of (1) through (4) above, any claim (A) as to which the Court of Chancery determines that there is an indispensable
party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction
of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a
court or forum other than the Court of Chancery, or (C) arising under the federal securities laws, including the Securities Act
as to which the Court of Chancery and the federal district court for the District of Delaware shall concurrently be the sole and
exclusive forums. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any
liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of
America shall be the sole and exclusive forum. Although we believe this provision benefits us by providing increased consistency
in the application of Delaware law in the types of lawsuits to which it applies, the provision may have the effect of discouraging
lawsuits against our directors and officers. Furthermore, the enforceability of choice of forum provisions in other companies’
certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types
of provisions to be inapplicable or unenforceable.

 

Special
meeting of stockholders

 

Our
bylaws provide that special meetings of our stockholders may be called only by a majority vote of our board of directors, by our
Chief Executive Officer or by our Chairman.

 

Advance
notice requirements for stockholder proposals and director nominations

 

Our
bylaws provide that stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates
for election as directors at our annual meeting of stockholders, must provide timely notice of their intent in writing. To be
timely, a stockholder’s notice will need to be received by the company secretary at our principal executive offices not
later than the close of business on the 90th day nor earlier than the open of business on the 120th day prior to the anniversary
date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking
inclusion in our annual proxy statement must comply with the notice periods contained therein. Our bylaws also specify certain
requirements as to the form and content of a stockholders’ meeting. These provisions may preclude our stockholders from
bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

 

Action
by written consent

 

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

 

    18

     

    

 

Classified
Board of Directors

 

Our
board of directors is divided into three classes, Class I, Class II and Class III, with members of each class serving staggered
three-year terms. The Certificate of Incorporation provides that the authorized number of directors may be changed only by resolution
of the board of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office
at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding
shares of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy
on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by
vote of a majority of our directors then in office and 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.

 

Class
B Common Stock Consent Right

 

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

 

Securities
Eligible for Future Sale

 

We
have 56,250,000 shares of common stock issued and outstanding. Of these shares, the 45,000,000 shares of Class A Common Stock
sold in our initial public offering are freely tradable without restriction or further registration under the Securities Act,
except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining
11,250,000 Class B Common Stock and all 7,333,333 private placement warrants are restricted securities under Rule 144, in that
they were issued in private transactions not involving a public offering. These restricted securities are subject to registration
rights as more fully described below under “—Registration and Stockholder Rights.”

 

Rule
144

 

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

 

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

 

		●	1%
                                         of the total number of shares of common stock then outstanding, which equals 562,500
                                         shares immediately after our initial public offering; or

 

		●	the
                                         average weekly reported trading volume of the common stock during the four calendar weeks
                                         preceding the filing of a notice on Form 144 with respect to the sale.

 

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

 

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

 

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

 

		●	the
                                         issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

		●	the
                                         issuer of the securities is subject to the reporting requirements of Section 13 or 15(d)
                                         of the Exchange Act;

 

		●	the
                                         issuer of the securities has filed all Exchange Act reports and materials required to
                                         be filed, as applicable, during the preceding twelve months (or such shorter period that
                                         the issuer was required to file such reports and materials), other than Current Reports
                                         on Form 8-K; and

 

		●	at
                                         least one year has elapsed from the time that the issuer filed current Form 10 type information
                                         with the SEC reflecting its status as an entity that is not a shell company.

 

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

 

    20

     

    

 

Registration
and Stockholder Rights

 

The
holders of the founder shares, private placement warrants and Warrants that may be issued upon conversion of working capital loans
(and any shares of Class A Common Stock issuable upon the exercise of the private placement warrants and Warrants that may be
issued upon conversion of working capital loans and upon conversion of the founder shares) are entitled to registration rights
pursuant to a registration rights and stockholder agreement, dated July 17, 2019, between the Company and certain security holders
(the “Registration Rights Agreement”), requiring us to register such securities for resale (in the case of the founder
shares, only after conversion to our Class A Common Stock). The holders of the majority of these securities are entitled to make
up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to our completion of our initial business combination
and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration
and stockholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to
become effective until termination of the applicable lock-up period, which occurs (i) in the case of the founder shares, on the
earlier of (A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination,
(x) if the closing price of our Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange,
reorganization or other similar transaction that results in all of our stockholders having the right to exchange their shares
of common stock for cash, securities or other property and (ii) in the case of the private placement warrants and the respective
Class A Common Stock underlying such Warrants, 30 days after the completion of our initial business combination. We will bear
the expenses incurred in connection with the filing of any such registration statements.

 

In
addition, pursuant to the Registration Rights Agreement, our sponsor, upon consummation of an initial business combination, will
be entitled to nominate three individuals for election to our board of directors.

 

 

21

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