Document:

Exhibit 4.5

 

DESCRIPTION
OF SECURITIES

 

The following is a summary of the material
terms of our securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
as of December 31, 2020, and provisions of our amended and restated certificate of incorporation and bylaws. The summary is subject
to and qualified in its entirely by reference to the charter and bylaws, each of which is filed as an exhibit to the Annual Report
on Form 10-K. The following also summarizes certain provisions of the General Corporation Law of the State of Delaware (the “DGCL”)
and is subject to and qualified in its entirely by reference to the DGCL.

 

General

 

Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 250,000,000 shares of Class A common stock, $0.0001 par value per share,
20,000,000 shares of Class B common stock, $0.0001 par value per share, and 1,000,000 shares of undesignated preferred stock, $0.0001
par value per share. The following description summarizes certain terms of our capital stock as set out more particularly in our
amended and restated certificate of incorporation. Because it is only a summary, it may not contain all the information that is
important to you.

 

Units

 

Each unit consists of one whole share of
Class A common stock and one-half of one 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 discussed below. Pursuant to the warrant agreement, a warrantholder
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 warrantholder.

 

Our units are listed on the New York Stock
Exchange (the “NYSE”) under the symbol “SPAQ U.” On January 15, 2021, we announced that, commencing January
15, 2021, holders of our units may elect to separately trade the shares of Class A common stock and warrants included in the units.
The shares of Class A common stock and warrants that are separated will trade on the NYSE under the symbols “SPRQ”
and “SPRQ WS,” respectively. Those units not separated will continue to trade on the NYSE under the symbol “SPRQ
U.” No fractional warrants will be issued upon separation of the units, and only whole warrants will trade.

 

Additionally, any units that are not separated
prior to the completion of our initial business combination will automatically separate into their component parts and will not
be traded after completion of our initial business combination.

 

Common Stock

 

As of March 3, 2021, 34,500,000 shares of
our Class A common stock (the “public shares”) and 8,625,000 shares of our Class B common stock (the “founder
shares”) were outstanding.

 

Common stockholders of record are entitled
to one vote for each share held on all matters to be voted on by stockholders. Holders of our Class B common stock will have the
right to appoint all of our directors prior to our initial business combination. On any other matter submitted to a vote of our
stockholders, holders of the Class A common stock and holders of the Class B common stock will vote together as a single class
on all matters submitted to a vote of our stockholders except as required by law. Unless specified in our amended and restated
certificate of incorporation or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules,
the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on
by our stockholders. Our board of directors is divided into three classes, each of which generally serves for a term of three years
with only one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors,
with the result that the holders of more than 50% of the shares voted for the election of directors can elect all of the directors.
Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally
available therefor. Pursuant to the terms of our amended and restated certificate of incorporation, holders of our Class B common
stock have the exclusive right to elect, remove and replace any director prior to the consummation of our initial business combination.
This provision may only be amended if approved by holders of 90% of our common stock entitled to vote thereon.

 

     

     

    

 

Because our amended and restated certificate
of incorporation authorizes the issuance of up to 250,000,000 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.

 

Our board of directors is divided into three
classes with only one class of directors being elected in each year and each class (except for those directors appointed prior
to our first annual meeting of stockholders) serving a three-year term. In accordance with the NYSE 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 the NYSE. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes
of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting.
We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination,
and thus, we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting. Therefore, if our stockholders
want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to
hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.

 

We will provide our public stockholders with
the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business
days prior to the consummation of our initial business combination including interest earned on the funds held in the trust account
and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares,
subject to the limitations described herein. The per-share amount we will distribute to investors who properly redeem their shares
will not be reduced by the deferred underwriting discounts and commissions that we will pay to the underwriters of our initial
public offering. 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 our amended and restated
certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents
with the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation will require
these tender offer documents to contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the SEC’s proxy rules. If, however, 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.

 

    2 

     

    

 

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 amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of
such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under
Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of
the public shares, 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 15% 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
during or after our initial public offering in favor of our initial business combination. As a result, in addition to our initial
stockholders’ founder shares, we would need 12,937,500, or 37.5%, of the 34,500,000 public shares sold in our initial public
offering to be voted in favor of the business combination (assuming all outstanding shares are voted) in order to have our initial
business combination approved. Additionally, each public stockholder may elect to redeem its public shares irrespective of whether
it votes for or against the proposed transaction (subject to the limitation described in the preceding paragraph).

 

Pursuant to our amended and restated certificate
of incorporation, if we are unable to complete our business combination within 24 months from the closing of our initial public
offering (or 27 months from the closing of our initial public offering if we have executed a letter of intent, agreement in principle
or definitive agreement for a 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 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 (or 27 months from the closing of our initial public offering if we have executed a letter of intent, agreement
in principle or definitive agreement for a business combination within 24 months from the closing of our initial public offering).
However, if our sponsor, officers or directors acquire public shares in or after our initial public offering, they will be entitled
to liquidating distributions from the trust account with respect to such public shares if we fail to complete our business combination
within the prescribed time period.

 

In the event of a liquidation, dissolution
or winding up of the company after a business combination, our stockholders are entitled to share ratably in all assets remaining
available for distribution to them after payment of liabilities and after provision is made for each class of 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 public 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.

 

    3 

     

    

 

Founder Shares

 

The founder shares are identical to the shares
of Class A common stock included in the units sold in our initial public offering, and holders of founder shares have the same
stockholder rights as public stockholders, except that (i) only holders of the founder shares have the right to vote on the appointment
of directors prior to our initial business combination, (ii) the founder shares are subject to certain transfer restrictions, as
described in more detail below, (iii) 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, (B) to waive their redemption rights with respect to any founder
shares and public shares held by them in connection with a stockholder vote to 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 have not consummated an initial business combination within 24 months from the closing of our initial public offering (or 27
months from the closing of our initial public offering if we have executed a letter of intent, agreement in principle or definitive
agreement for a business combination within 24 months from the closing of our initial public offering) and (C) to waive their rights
to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our
business combination within 24 months from the closing of our initial public offering (or 27 months from the closing of our initial
public offering if we have executed a letter of intent, agreement in principle or definitive agreement for a 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, (iv) 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 on a one-for-one basis, subject to adjustment pursuant to
certain anti-dilution rights, as described herein and (v) the founder shares are subject to registration rights. If we submit our
business combination to our public stockholders for a vote, we will complete our initial business combination only if a majority
of the outstanding shares of common stock voted are voted in favor of the initial business combination. Our initial stockholders
have agreed to vote any founder shares held by them and any public shares purchased during or after our initial public offering
in favor of our initial business combination.

 

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 sold in our initial public offering and related to the closing of the business combination, the
ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders
of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance
or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common
stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock
outstanding upon completion of our initial public offering plus all shares of Class A common stock and equity-linked securities
issued or deemed issued in connection with the business combination (excluding any shares or equity-linked securities issued, or
to be issued, to any seller in the business combination).

 

Our initial stockholders have agreed not
to transfer, assign or sell any founder shares held by them until one year after the date of the consummation of our initial business
combination or earlier if, subsequent to our business combination, (i) the last sale price of our common stock equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days
within any 30-trading day period commencing at least 150 days after our initial business combination or (ii) we consummate a subsequent
liquidation, merger, stock exchange 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.

 

Preferred Stock

 

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

 

    4 

     

    

 

Warrants

 

Public Stockholders’ Warrants

 

 

Each whole warrant entitles the registered
holder to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed
below, at any time commencing on the later of 12 months from the closing of our initial public offering or 30 days after the completion
of our initial business combination, provided in each case that we have an effective registration statement under the Securities
Act of 1933, as amended (the “Securities Act”) covering the shares of Class A common stock issuable upon exercise of
the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless
basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration
under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrantholder
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 warrantholder. The warrants will expire five years after the completion of our initial business
combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to deliver any shares
of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is
then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect
to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise
of a warrant unless the Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be
exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be
entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net
cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser
of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock
underlying such unit.

 

We have agreed that as soon as practicable,
but in no event later than 15 business days, after the closing of our initial business combination, we will use our best efforts
to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class A common stock
issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the
effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in
accordance with the provisions of the warrant agreement. 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 best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common
stock equal to the lesser of (A) the quotient obtained by dividing (x) the product of (i) the number of shares of our Class A common
stock underlying the warrants, and (ii) the excess of the “fair market value” (defined below) over the exercise price
of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in this paragraph shall
mean the average reported last sale price of our Class A common stock for the 10 trading days ending on the trading day prior to
the date on which the notice of exercise is received by the warrant agent.

 

    5 

     

    

 

Redemption of warrants when the price per share
of Class A common stock equals or exceeds $18.00

 

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

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon a minimum of 30 days’ prior written notice
of redemption, or the 30-day redemption period, to each warrantholder; and

 

		●	if, and only if, the reported last sale price of our
Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within a 30-day trading period ending on the third trading day prior to the date on which
we send the notice of redemption to the warrantholders.

 

We will not redeem the warrants as described
above unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise
of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout
the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we
are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

 

We have established the last of the redemption
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 warrantholder
will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock
may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

 

Redemption of warrants when the price per share
of Class A common stock equals or exceeds $10.00 

 

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

 

		●	in whole and not in part;

 

		●	at a price of $0.10 per warrant, provided that holders
will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares of Class A common
stock determined by reference to the table below, based on the redemption date and the “fair market value” of our
Class A common stock (as defined below) except as otherwise described below;

 

		●	upon a minimum of 30 days’ prior written notice
to each warrantholder;

 

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

 

		●	if the reported last sale price of our Class A common
stock on the trading day prior to the date on which we send the notice of redemption to the warrantholders is less than $18.00
per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like), the private placement
warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.

 

Beginning on the date the notice of redemption
is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers
in the table below represent the number of shares of Class A common stock that a warrantholder will receive upon a cashless 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), 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.

    6 

     

    

 

	Redemption Date  	 	Fair Market Value of Class A Common Stock	 
	(period to expiration of

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

 

The “fair market value” of our
Class A common stock shall mean the average reported last sale price of our Class A common stock for the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of warrants. We will provide our warrantholders with
the final fair market value no later than one business day after the ten-trading day period described above ends.

 

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 shares 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 reported last sale price of our Class A common stock for the 10 trading days immediately following
the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are
57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their
warrants for 0.277 shares of 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 reported last sale price of our Class A common stock for
the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is
$13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection
with this redemption feature, exercise their warrants for 0.298 shares of Class A common stock for each whole warrant. In no event
will the warrants be exercisable on a cashless basis in connection with this redemption feature for more than 0.361 shares of Class
A common stock per whole warrant (subject to adjustment). Finally, as reflected in the table above, if the warrants are “out
of the money” (i.e. the trading price of our Class A common stock is below the exercise price of the warrants) 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.

 

    7 

     

    

 

This redemption feature differs from the
typical warrant redemption features used in some 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 to
be redeemed when the Class A common stock is 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. Holders choosing
to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares
for their warrants, based on the “redemption price” as determined pursuant to the above table. We have calculated the
“redemption prices” as set forth in the table above to reflect a Black-Scholes option pricing model with a fixed volatility
input as of the date of our final prospectus filed with the SEC on November 27, 2020. 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 effectively be required to
pay the redemption price to warrantholders if we choose to exercise this redemption right, 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 warrantholders.

 

As stated above, we can redeem the warrants
when the Class A common stock is 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 warrantholders with the opportunity
to exercise their warrants on a cashless basis for the applicable number of shares of Class A common stock. If we choose to redeem
the warrants when the Class A common stock is trading at a price below the exercise price of the warrants, this could result in
the warrantholders receiving fewer shares of Class A common stock than they would have received if they had chosen to wait to exercise
their warrants for shares of Class A common stock if and when such shares of Class A common stock were trading at a price higher
than the exercise price of $11.50.

 

No fractional shares of 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 shares of Class A common stock to be issued to the holder.

 

    8 

     

    

 

Redemption Procedures

 

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

 

Anti-Dilution Adjustments

 

The stock prices set forth in the column
headings of the table above shall be adjusted as of any date on which the number of shares issuable upon exercise of a warrant
is adjusted pursuant to the following two paragraphs. The adjusted stock prices in the column headings shall 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 above shall be adjusted in the same manner and at the same
time as the number of shares issuable upon exercise of a warrant.

 

If the 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 average last reported sale price of Class A common stock as reported for 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.

 

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.

 

    9 

     

    

 

In case of any reclassification or reorganization
of the outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such
shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than
a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization
of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of
the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the
holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the warrants and in lieu of the shares of our Class A common stock immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the holder of the warrants would have received if such holder had exercised his, her or its warrants immediately
prior to such event. If less than 70% of the consideration receivable by the holders of Class A common stock in such a transaction
is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or
is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event,
and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such
transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value
(as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value
to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which
the holders of the warrants otherwise do not receive the full potential value of the warrants. The warrant exercise price will
not be adjusted for other events.

 

The warrants have been issued in registered
form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement
provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision, 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. You should review a copy of the warrant agreement,
which is filed as an exhibit to the Annual Report on Form 10-K, for a complete description of the terms and conditions applicable
to the warrants.

 

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

 

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

 

Private Placement Warrants

 

The private placement warrants (including
the shares of Class A common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable
or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions to our
officers and directors and other persons or entities affiliated with our sponsor), and they will not be redeemable by us (except
as described above under “—Redemption of warrants when the price per share of Class A common stock equals or exceeds
$10.00”) so long as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted transferees,
has the option to exercise the private placement warrants for cash or on a cashless basis. Except as described below, the private
placement warrants have terms and provisions that are identical to those of the warrants sold as part of the units in our initial
public offering, including as to exercise price, exercisability and exercise period. If the private placement warrants are held
by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us in all
redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in our initial
public offering.

 

    10 

     

    

 

If holders of the private placement warrants
elect to exercise them on a cashless basis, they would pay the exercise price by surrendering the warrants in exchange for a number
of shares of our Class A common stock equal to the quotient obtained by dividing (x) the product of (A) the number of shares of
our Class A common stock underlying the warrants and (B) the excess of the “fair market value” (defined below) over
the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average last
reported sale price of the Class A common stock as reported for the 10 trading days ending on the third trading day prior to the
date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will
be exercisable on a cashless basis so long as they are held by our sponsor and its permitted transferees is because it is not known
at this time whether they will be affiliated with us following a business combination. If they remain affiliated with us, their
ability to sell our securities in the open market will be significantly limited. We expect to have policies in place that 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 to fund their cash exercise price, 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. If we complete our initial business combination,
we would repay such loaned amounts out of the proceeds of the trust account released to us. In the event that our initial business
combination does not close, we may use a portion of the working capital held outside the trust account to repay such loaned amounts
but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible
into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement
warrants, including as to exercise price, exercisability and exercise period.

 

Our sponsor has agreed not to transfer, assign
or sell any of the private placement warrants (including the Class A common stock issuable upon exercise of any of these warrants)
until the date that is 30 days after the date we complete our initial business combination (except, among other limited exceptions,
to our officers and directors and other persons or entities affiliated with our sponsor). If our sponsor transfers our private
placement warrants to any person other than a permitted transferee, the transferred warrants will become identical to our public
warrants, including that they will be subject to redemption in certain circumstances, they generally will not be exercisable on
a cashless basis, and they will be exercisable solely for Class A common stock.

 

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.

 

Our Amended and Restated Certificate of Incorporation

 

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 (other than amendments relating to the appointment of directors, which require
the approval of a majority of at least 90% of our common stock voting at a stockholder meeting) cannot be amended without the approval
of the holders of 65% of our common stock. Our initial stockholders, who collectively beneficially own 20% of our common stock,
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:

 

    11 

     

    

 

		●	If we are unable to complete our initial business
combination within 24 months from the closing of our initial public offering (or 27 months from the closing of our initial public
offering if we have executed a letter of intent, agreement in principle or definitive agreement for a 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 not more than ten business days thereafter subject to lawfully available funds
therefor, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account including interest earned on the funds held in the trust account and not previously released to us to pay
our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right
to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate,
subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law;

 

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

 

		●	Although we do not intend to enter into 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;

 

		●	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;

 

		●	The NYSE rules require that our initial business combination
must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the net assets
held in trust (net of amounts disbursed to management for working capital purposes and excluding the amount of any deferred underwriting
discount held in trust) 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 have not consummated an initial business combination within 24 months from the closing of our initial public offering
(or 27 months from the closing of our initial public offering if we have executed a letter of intent, agreement in principle or
definitive agreement for a business combination within 24 months from the closing of our initial public offering), we will provide
our public stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon such approval
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, divided
by the number of then outstanding public shares; and

 

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

 

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

 

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

 

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

 

    12 

     

    

 

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

 

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

 

		●	at or subsequent to that time, the business combination
is approved by our board of directors and by the affirmative vote of holders of at least 66-2/3% of the outstanding voting stock
that is not owned by the interested stockholder.

 

Generally, a “business combination”
includes a merger, asset or stock sale or certain other transactions resulting in a financial benefit to the interested stockholder.
Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates
and associates, owns, or within the previous three years owned, 20% or more of our voting stock.

 

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

 

Our amended and restated certificate of incorporation
provides that our sponsor and its respective affiliates, any of their respective direct or indirect transferees of at least 20%
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 amended and restated certificate of incorporation
provides that our board of directors is classified into three classes of directors. As a result, in most circumstances, a person
can gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

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

 

Exclusive Forum For Certain Lawsuits

 

Our amended and restated certificate of incorporation
requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers
and employees for breach of fiduciary duty and other similar actions (other than actions arising under the Securities Act or the
Exchange Act) may be brought only in the Court of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder
bringing the suit will be deemed to have consented to service of process on such stockholder’s counsel. Although we believe
this provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which
it applies, the provision may have the effect of discouraging lawsuits against our directors and officers.

 

    13 

     

    

 

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 close of business on the 120th day prior to the anniversary date of the immediately preceding
annual meeting of stockholders. Pursuant to Rule 14a-8 under 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. Our bylaws allow the chairman
of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings which may have the effect
of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may
also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own
slate of directors or otherwise attempting to influence or obtain control of us.

 

Action by Written Consent

 

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

 

Classified Board of Directors

 

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

 

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 of 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.

 

Registration 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) will be entitled to registration rights pursuant to a registration rights agreement
dated November 24, 2020, 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 these securities, having at least $25 million in the aggregate, are entitled to make
up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to our completion of our initial business combination
and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. We will bear the
expenses incurred in connection with the filing of any such registration statements.

 

 

14Form of Warrant

       

      Form of Underwriter’s Warrant Agreement

       

      THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES BY HIS, HER OR ITS ACCEPTANCE HEREOF, THAT SUCH HOLDER WILL NOT FOR A PERIOD OF
        ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE EFFECTIVE DATE (AS DEFINED BELOW) OF THE REGISTRATION STATEMENT: (A) SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT TO ANYONE OTHER THAN OFFICERS OR PARTNERS OF BOUSTEAD SECURITIES,
        LLC, EACH OF WHOM SHALL HAVE AGREED TO THE RESTRICTIONS CONTAINED HEREIN, IN ACCORDANCE WITH FINRA CONDUCT RULE 5110(E)(1), OR (B) CAUSE THIS PURCHASE WARRANT OR THE SECURITIES ISSUABLE HEREUNDER TO BE THE SUBJECT OF ANY HEDGING, SHORT SALE,
        DERIVATIVE, PUT OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS PURCHASE WARRANT OR THE SECURITIES HEREUNDER, EXCEPT AS PROVIDED FOR IN FINRA RULE 5110(E)(2).

       

      THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [●], 20__ [DATE OF ISSUANCE]. VOID AFTER 5:00 P.M., EASTERN TIME, [●], 20__ [DATE
        THAT IS FIVE YEARS FROM THE DATE ON WHICH THE REGISTRATION STATEMENT IS DECLARED EFFECTIVE].

       

      COMMON SHARES PURCHASE WARRANT

       

      For the Purchase of [●] Common Shares

       

      Of

      

        

        FLORA GROWTH CORP.

       

      1.           Purchase Warrant. THIS CERTIFIES THAT, pursuant
        to that certain Underwriting Agreement by and between Flora Growth Corp., a company incorporated in the Province of Ontario (the “Company”) and
        Boustead Securities, LLC (“Boustead”), dated [●], 2021 (the “Underwriting Agreement”), Boustead (in such capacity with its permitted successors or assigns, the “Holder”), as
        registered owner of this Purchase Warrant, is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time or from time to time from [●], 20__ (the “Exercise Date”) [THE DATE THAT THE WARRANT IS ISSUED], and at or before 5:00 p.m., Eastern time, [●], 20__ [DATE THAT IS FIVE YEARS FROM THE DATE ON WHICH THE REGISTRATION
        STATEMENT IS DECLARED EFFECTIVE] (the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to
        [●] Common Shares of the Company, without par value (the “Shares”), subject to adjustment as provided in Section 5 hereof. If the Expiration Date is a day on which banking institutions are authorized by law or executive order to close, then this Purchase Warrant may be exercised on the
        next succeeding day that is not such a day in accordance with the terms herein. During the period commencing on the date hereof and ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant.
        This Purchase Warrant is initially exercisable at $[●] per Share (125% of the price of the Shares sold in the Offering); provided, however, that upon the occurrence of any of the events specified in Section 5 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The
        term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. Any term not defined herein
        shall have the meaning ascribed thereto in the Underwriting Agreement.

      
        1

        
          

      

       

      2.           Exercise.

       

      2.1          Exercise Form. In order to
        exercise this Purchase Warrant, the exercise form attached hereto as Exhibit A (the “Exercise Form”) must be duly executed and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire
        transfer of immediately available funds to an account designated by the Company or by certified check or official bank check to the order of the Company. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m.,
        Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented hereby shall cease and expire.

       

      2.2          Cashless Exercise. In lieu of
        exercising this Purchase Warrant by payment of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive
        the number of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the Exercise Form, in which event the Company shall issue to Holder,
        Shares in accordance with the following formula:

       

      X = Y(A-B)

      

                  A

       

      

      Where,

       X   =    The number of Shares to be issued to Holder;

      Y   =    The number of Shares for which the Purchase Warrant is being exercised;

      A   =    The fair market value of one Share; and

      B   =    The Exercise Price.

       

      For purposes of this Section 2.2, the fair
        market value of a Share is defined as follows:

       

      (i)          if the Company’s Common Shares are traded on a securities exchange, the value shall be deemed to be the closing price on
        such exchange on the trading day immediately prior to the Exercise Form being submitted in connection with the exercise of this Purchase Warrant; or

       

      (ii)         if the Company’s Common Shares are actively traded over-the-counter, the value shall be deemed to be the closing bid
        price on the trading day immediately prior to the Exercise Form being submitted in connection with the exercise of the Purchase Warrant; if there is no public market, the value shall be the fair market value thereof, as determined in good faith by
        the Company’s Board of Directors.

        

      2.3          Lockup. The holder of this
        Purchase Warrant represents that it (or permitted assignees under FINRA Rule 5110(e)(1)) will not sell, transfer, assign, pledge, or hypothecate this Purchase Warrant or the securities underlying the Purchase Warrant, nor will it engage in any
        hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the warrants or the underlying securities for a period of 180 days from the date the registration statement is declared effective
        by the Commission (the “Effective Date”), except as provided for in FINRA Rule 5110(e)(2).

       

      3.           Transfer.

       

      3.1          General Restrictions. The
        registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not for a period of one hundred eighty (180) days following the Effective Date of the Registration Statement: (a) sell, transfer, assign,
        pledge or hypothecate this Purchase Warrant to anyone other than: (i) Boustead or an underwriter or a selected dealer participating in the initial public offering (the “Offering”) contemplated by the Underwriting Agreement, or (ii) officers or partners of Boustead, each of whom in (i) and (ii) shall have agreed to the restrictions contained herein, in accordance with FINRA Conduct
        Rule 5110(e)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase
        Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after that date that is one hundred eighty (180) days after the Effective Date of the Registration Statement, transfers to others may be made subject to
        compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto as Exhibit B duly executed and completed, together with this Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business Days transfer this
        Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares
        purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

      
        2

        
          

      

       

      3.2          Restrictions Imposed by the Act.
        The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration under
        the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, (ii) a registration statement relating to the offer and sale of such securities that includes a current prospectus
        has been filed and declared effective by the Securities and Exchange Commission (the “Commission”) and compliance with applicable state
        securities law has been established.

       

      4.           New Purchase Warrants to be Issued.

       

      4.1          Partial Exercise or Transfer.
        Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise or
        assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereof, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the
        name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

       

      4.2          Lost Certificate. Upon receipt
        by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase
        Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

       

      5.           Adjustments.

       

      5.1          Adjustments to Exercise Price and Number
            of Shares. The Exercise Price and the number of Shares underlying this Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth:

       

      5.1.1       Share Dividends; Split Ups. If,
        after the date hereof, and subject to the provisions of Section 5.1.3 below, the number of outstanding Shares is increased by a stock dividend payable in
        Shares or by a split up of Shares or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding shares, and the Exercise Price shall be
        proportionately decreased.

       

      5.1.2       Aggregation of Shares. If,
        after the date hereof, and subject to the provisions of Section 5.1.3 below, the number of outstanding Shares is decreased by a consolidation, combination or
        reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares, and the Exercise Price shall be
        proportionately increased.

       

      5.1.3       Replacement of Shares upon Reorganization,
            etc. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by Section 5.1.1 or Section 5.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share reconstruction or amalgamation or consolidation of the
        Company with or into another corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
        Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant
        shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and
        amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by
        a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 5.1.1 or Section 5.1.2, then such adjustment shall be made pursuant to Section 5.1.1, Section 5.1.2 and this Section 5.1.3. The provisions of this Section 5.1.3 shall similarly apply to successive reclassifications,
        reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

      
        3

        
          

      

         

      5.1.4       Changes in Form of Purchase Warrant.
        This form of Purchase Warrant need not be changed because of any change pursuant to this Section 5.1, and Purchase Warrants issued after such change may
        state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or
        permissive change shall not be deemed to waive any rights to an adjustment occurring after the date hereof or the computation thereof.

       

      5.2          Substitute Purchase Warrant.
        In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any
        reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each
        Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other
        securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such
        consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 5. The above provision of this Section 5 shall similarly apply to successive consolidations or
        share reconstructions or amalgamations.

       

      5.3          Elimination of Fractional Interests.
        The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the
        parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

       

      6.           Reservation and Listing. The Company shall at all
        times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of this Purchase Warrant, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise
        thereof. The Company covenants and agrees that, upon exercise of this Purchase Warrant and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and
        validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further covenants and agrees that upon exercise of this Purchase Warrant and payment of the exercise price therefor, all Shares and
        other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as this Purchase Warrant shall be outstanding, the Company shall use its
        commercially reasonable efforts to cause all Shares issuable upon exercise of this Purchase Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Bulletin Board or any
        successor trading market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

       

      7.           Certain Notice Requirements.

       

      7.1          Holder’s Right to Receive Notice.
        Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the
        Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section 7.2 shall
        occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books (the “Notice Date”) for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to
        vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each
        Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

      
        4

        
          

      

       

      7.2          Events Requiring Notice. The
        Company shall be required to give the notice described in this Section 7 upon one or more of the following events: (i) if the Company shall take a record of
        the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting
        treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of
        capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
        of all or substantially all of its property, assets and business shall be proposed.

       

      7.3          Notice of Change in Exercise Price.
        The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 5 hereof, send notice to the Holders of such event
        and change (“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be
        certified as being true and accurate by the Company’s Chief Financial Officer.

       

      7.4          Transmittal of Notices. All
        notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been duly made (1) when hand delivered, (2) when mailed by express mail or private courier service or (3) when the
        event requiring notice is disclosed in all material respects and filed in a current report on Form 8-K (or similar report of the Company required of foreign private issuers) or in a definitive proxy statement on Schedule 14A prior to the Notice
        Date: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice to
        the Holders:

        

      If to the Holder:

      

      

      Boustead Securities, LLC

      6 Venture, Suite 265

      Irvine, CA 92618

      Fax: (815) 301-8099

      Attention: Keith Moore, CEO

      

      

      with a copy (which shall not constitute notice) to:

       

      BEVILACQUA PLLC

        1050 Connecticut Avenue, Suite 500

        Washington, DC 20036

        Fax: (202) 869-0889

      Attn: Louis A. Bevilacqua, Esq.

       

      If to the Company:

       

      Flora Growth Corp.

      65 Queen Street West, Suite 900

      Toronto, Ontario M5H 2M5

      Fax:

      Attention: Luis Merchan, CEO

       

      with a copy (which shall not constitute notice) to:

       

      Greenberg Traurig, P.A.

      401 East Las Olas Boulevard, Suite 2000

        Fort Lauderdale, Florida 33301

      Fax: (561) 338-7099

      Attn: Rebecca G. DiStefano

      

      

      
        5

        
          

      

      8.           Miscellaneous.

       

      8.1          Amendments. The Company and
        Boustead may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
        any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Boustead may deem necessary or desirable and that the Company and Boustead deem shall not adversely affect the
        interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought.

       

      8.2          Headings. The headings
        contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

         

      8.3          Entire Agreement. This
        Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
        supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

       

      8.4          Binding Effect. This Purchase
        Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees and respective successors and no other person shall have or be construed to have any legal or equitable right, remedy
        or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

       

      8.5          Governing Law; Submission to Jurisdiction.
        This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim
        against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the New York Supreme Court, New York County, or in the United States District Court for the Southern District of New York, and irrevocably
        submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company
        may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section
            8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be
        entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

       

      8.6          Waiver, etc. The failure of
        the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision
        hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be
        effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a
        waiver of any other or subsequent breach, non-compliance or non-fulfillment.

       

      8.7          Exchange Agreement. As a
        condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Boustead enter into an agreement (“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of
        both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

      
        6

        
          

      

       

      8.8          Execution in Counterparts.
        This Purchase Warrant may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via
        facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g.,
        www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

       

      [Remainder of page intentionally left blank.] 

       

      
        7

        
          

      

      IN WITNESS WHEREOF, the Company has caused this
        Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2021.

       

      	
              FLORA GROWTH CORP.

            	
               

            
	
               

            	
               

            	
               

            
	
              By:

            	
               

            	
               

            
	
               

            	
              Name:

            	
               

            
	
               

            	
              Title:

            	
               

            

       

       

      
        8

        
          

      

      

      

      EXHIBIT A

       

      Form to be used to exercise Purchase Warrant:

       

      Date: __________, 20___

       

      The undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ Shares of Flora Growth Corp., a company
        incorporated in the Province of Ontario (the “Company”) and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the
        Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this
        Purchase Warrant has not been exercised.

       

      or

       

      The undersigned hereby elects irrevocably to convert its right to purchase ___ Shares under the Purchase Warrant for ______ Shares, as
        determined in accordance with the following formula:

       

      

      
          X = Y(A-B)

        

                    A

         

        

        Where,

         X   =    The number of Shares to be issued to Holder;

        Y   =    The number of Shares for which the Purchase Warrant is being exercised;

        A   =    The fair market value of one Share; and

        B   =    The Exercise Price.

         

        

      

      The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any
        disagreement with respect to the calculation shall be resolved by the Company in its sole discretion.

       

      Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if
        applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

       

      Signature

       

      Signature Guaranteed

       

       

      
        9

        
          

      

      

      

      INSTRUCTIONS FOR REGISTRATION OF SECURITIES

       

      Name:

       

      (Print in Block Letters)

       

      Address:

       

      NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration
        or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities exchange.

       

       

      
        10

        
          

      

      

      

      EXHIBIT B

       

      Form to be used to assign Purchase Warrant:

       

      (To be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

       

      FOR VALUE RECEIVED,                                            does
        hereby sell, assign and transfer unto the right to purchase shares of Flora Growth Corp., a company incorporated in the Province of Ontario (the “Company”),
        evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

       

      Dated:  ____________, 20__

       

      Signature

       

      NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without
        alteration or enlargement or any change whatsoever.

      

      

    

  

  11

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